Finances

Are my benefits affected when I reach retirement?

Why don’t you try? : How to check if my benefits are affected in retirement

When it comes to taking pension savings, people “should not overlook the implications for their tax credit awards, benefits and overall household income,” says revenue benefits.
If you get a means-tested benefit such as jobseeker’s allowance, housing benefit, council tax credits, tax credits or pension credit, your pension income, along with any other sources of income such as rent or savings interest, can reduce what you are entitled to.
Any lump sums or income from your pension that take you over a certain limit could even see you risk losing all State support such as housing benefit, for example.
It’s an important issue given that more than one million people age 65 or over get some help with their rent, says thisismoney.co.uk. According to MoneySavingsExpert.com: “If you get a lump sum, then this may count towards your savings total & if you’ve over £6,000 of savings it can reduce your benefit, and over £16,000 it can stop it.”

Source: Standard Life
Source: Pexels

Here’s a tip for you to try this week :

Use a benefit checker such as Turn2Us or visit gov.uk to see if you are entitled to any additional benefits or financial support, Book an appointment with a member of the Bridgit Carer Coach team, Visit the Money Helper website for information and tips on money management,

You can visit the Bridgit Shop at anytime to find our what products and services can support you.

Ask Bridgit for an interactive carer assessment

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