If you are nearing retirement age, it is good to start planning your personal finances now. If you have reached retirement age or nearing it, you can get an estimate of your state pension. On the UK government website, there is a calculator. You’ll also need to get in touch with all of your pension providers and let them know that you’re planning on retirement. In case you have lost contact with some of them, you can use the Pension Tracing Service who will be able to help. You can reach them on 0845 6002 537. If you are taking benefits, you will have to let the benefit provider know that you are planning to retire. However, you still might be entitled to some benefits, you can check this out here.
If you are struggling financially, you can take some or all of your pension pot as a lump sum. Something you need to be aware of is the rise of pension scams since April, 2015 when the rules were changed and people were allowed to take their pension as a lump sum. The Moneyhelper website has more information on it which you can find here. If you need a free and impartial service, so you can better assess your pension options, you need to explore the Pension Wise service on moneyhelper.org.uk here. If you go on Pension Wise, you can book a free appointment with a pensions guidance specialist who will be able to lay out your different pension options. These appointments will be relevant for you if you have a defined contribution pension pot and you’re over 55. You can book the appointment online or call 030 0330 1001.
Here are a few tips on how to make some savings on your household bills. We are living in one of the biggest cost of living crises in generations, but there are always ways you can cut your bills. The energy bills have been especially problematic given the global price rise of gas. The most immediate way to cut your energy bill is to reduce the amount of energy you use in the first place. Of course, this is not always possible. Last year, the government announced that there will be extra help for households during the winter to help with the rising energy bills. The sum is £400 in England, Scotland and Wales. Furthermore, there are some schemes that can help you reduce your bills. The Warm Home Discount scheme offers a £150 discount with energy bills for low income households. This discount isn’t available in Northern Ireland. If you qualify for the discount, it will be automatically given to you. To find out if you qualify, call this number: 0800 731 0214 between 14 November and 31 March 2023. If you want to reduce your water bill, there are a few options. You could have a free water meter installed and switch to a more efficient shower head.
