State pensioners fail to claim £1,900 retirement boost – act now | Personal Finance | Finance
Many state pensioners are struggling with their income, but there is support available. Primarily, this is available through Pension Credit – designed to help those on a low income.
Pension Credit provides Britons over state pension age with extra money to help with living costs.
It can also help older people with housing costs such as ground rent or service charges.
However, it is estimated that a third of those entitled to the payment are failing to claim.
Approximately, this means 850,000 families are missing out on support.
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“Pensioners are facing a steep increase in inflation which could rise to over seven percent this year according to the Bank of England.
“That would outstrip by some margin the one-off ‘double lock’ state pension increase of 3.1 percent that is coming in April.”
Mr Lowe suggested that as the cost of living continues to skyrocket, now is a perfect time to see whether one is entitled to support.
Pension Credit could prove to be a lifeline for those who are impacted by income struggles and rising energy bills.
Britons will need certain information to hand, including:
- National Insurance number
- Information about any income, savings and investments a person has
- Information about income, savings and investments on the date they want to backdate their application to.
Those applying by phone or by post will also need to provide their bank details.
The online service is seen as the quickest way to apply.
This can only be used by those who have already applied for their state pension sum.
