Times are difficult financially for many people right now, and as the costs of the pandemic as well as the war in the Ukraine start to show, economies around the world are struggling with the financial fallout. Being on a pension can be even more of a struggle than it is for most people and with the cost of living crisis continuing to have an impact all over the UK, now is a good time to consider some of the things that you can do to give your finances a bit of a boost if you are retired.
Here are some of the things that could help:
Can you Claim Any Benefits? There are many people who don’t realise that they are entitled to claim benefits, and it is worth looking into this as you may well be eligible for some. It might be that you receive reductions in tax, or payments to help with gas and electricity in the winter months. If you are entitled to claim them, it could help you a lot. Age UK may be able to help you to find out more about what you are entitled to financially.
How can you Reduce Outgoings? There are a few things that you can do in order to help reduce your costs – for example, now is a good time to think about downsizing your property and moving to somewhere that is suited for a retirement lifestyle like these park homes Gloucestershire. As well as the fact that this could free up some money, a smaller property is cheaper to run and maintain.
You can also go through all of your outgoings and check that you aren’t paying for things that you could get cheaper elsewhere or that you don’t tend to use much.
Do you Have Money you have Forgotten About? Throughout your working life, you may well have paid into multiple pensions. In addition to this you may have paid into savings schemes that you have now long forgotten about. Now is the time to start tracing all of that money that you have put aside over the years, and you might find that you have more than you had realised!
