Save money in retirement
Whatever your financial position in retirement, don’t miss these fantastic ways to make yourself better off.
As life expectancy continues to increase, many of us will need an even larger savings pot in our golden years.
This means it’s a good idea to pay into a private pension during your working years. However, there are also ways to save once you have reached a certain age.
Watch TV for free
Watching television will become less expensive as soon as you reach 75 – regardless of any savings or pensions.
You’ll receive a free colour licence when you provide TV Licensing with your National Insurance number. If you are not the current licence holder, you can transfer the licence into your name.
You’ll also get help during the upcoming digital TV switchover when the traditional signal is switched off. After this point, those without a digital set won’t be able to watch television.
Under the Switchover Help Scheme, anyone 75 or over will have their television converted to digital free of charge – including home delivery and installation.
To learn more, visit the Switchover Help Scheme website.
Cheaper travel
As long as you live in England and have reached state pension age, you should be entitled to free off peak travel on local buses.
Your bus pass will allow you to travel between 9.30 am and 11.00 pm during the week and all day on weekends or bank holidays.
Every council is different so contact your local pass provider to see if you are entitled to other travel benefits such as rail discounts.
Even if rail travel isn’t free, retired people qualify for substantial discounts. By applying for a senior railcard, you will receive a discount of one third on train fares.
Although you pay £26 per year for your card, the average passenger saves £86 per year.
For more information, visit the Senior Railcard website.
Staying warm
Following this year’s Big Freeze in which temperatures plummeted, people of all ages struggled to pay sky high heating bills.
You may be eligible for government-funded Winter Fuel Payments of between £125 and £400 for those over 80.
You could also benefit from a Warm Front grant if you own or rent your own home and claim certain kinds of state benefits such as Income Support or Housing Benefit. This award could provide up to £3,500 of insulation and heating improvements.
If these improvements involve low carbon and renewable energy sources, the reward could be £6000.
Get fit for less
Getting into shape can be a great way to spend your time in retirement but private gym memberships can be pretty pricey.
Council-run gyms are more reasonably priced and often offer discounts for those over 60. In fact, 261 local councils offer free swimming for people in this age range.
**This material is for information purposes only and should not be considered financial advice. We strongly encourage our readers not to rely solely on this content, but to seek independent advice when making financial decisions.**
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