People of State Pension age living on their own could be due £3,500 income top-up this year
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, has warned that despite the 10.1 per cent bumper increase to State Pension payments earlier this year, they still come “nowhere near meeting our retirement income needs”. The full new State Pension is worth around £10,600 and a full Basic State Pension is £8,100 during the 2023/24 financial year.
“Many over-65s will have their retirement incomes bolstered by final salary pension provision but those who don’t face real challenges and those of us still working need to plan if we are to have enough to live well in retirement.” The next cost of living payment due this Autumn is for £300 and will be paid to those on income-related benefits, including Pension Credit.
Below is everything you need to know about the benefit to make a claim for yourself, a family member or friend, including how to use the Pension Credit calculator and other entitlement an award of just a few pence may provide access to.
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