Retirement Advice: Financial Entitlements

Whether you are enjoying your retirement or considering the transition from the working world, financial stability is an important consideration. As you are moving into your later years, you are entitled to many benefits. Here are just a few of many to be aware of to ensure you get what you deserve after your years of hard work.

1. Free Bus Pass

Owning a car is a constant financial burden, whether it’s just fuel costs or you need a complete service. Nowadays, getting about in public transport is a breeze and the services are constantly improving.   If you are old enough to claim your state pension then you are also able to claim an older person's bus pass. This entitles you to free bus travel which can really make a difference when you add it up.

2. Discounted Rail Fares

Once you turn 60 you are eligible for a Senior Railcard. It will cost you £28 a year but given that the card gives you a third off all UK rail tickets you'll quickly make your money back. This can really help if you’re worried about being able to visit friends and family around the UK. Plus, we all love a nice trip on the train with a good book to read!

3. Winter Fuel Payment

In the UK, we’re lucky to have a relatively mild winter but sometimes a cold spell hits and really chills your bones.  Unfortunately, with rising fuel costs, we may try to scrimp and save on the heating by popping an extra coat and scarf on indoors to keep warm. In your later years, it’s important to feel comfortable in your home and you are entitled to help. On top of the winter fuel payment, pensioners who get Pension Credit usually qualify for a Cold Weather Payment if the temperature drops particularly low during the winter.

4. Free TV License

Relaxing on the sofa with a cup of tea and switching through the TV channels is how some of us spend our evenings. As you move into your later life, your loyalty is rewarded, allowing you a free TV license. If you have a TV licence you will automatically receive a refund for any payments made after your 75th birthday and yours will be converted into an Over 75 Licence.

5. Free Prescriptions

While the rest of us moan  about paying £7.30 for prescriptions, those of you who are over 60 can go in and out of the pharmacy as often as you like for free prescriptions. That can really add up to some pretty big savings as the years go by.

With cut backs being made and the pension age being extended, it’s easy to feel unappreciated as an older person in society. However, there are still many benefits available and it’s important to be knowledgeable about these. For more information about what you’re entitled to, visit Age UK for an extensive breakdown of entitlements to help you have a comfortable retirement.

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