Retirement guide

Free, Impartial

Debt Advice

StepChange Debt Charity

Retirement Guide

Contents

Introduction How this guide will help you 3

Section 1 Planning your retirement 4

­• What­income­you­can­expect­to­receive­from­a­Basic­State­Pension

• How­to­claim­your­State­Pension

• Get­more­help­from­us­to­assist­with­your­retirement­planning

Section 2 Personal pensions 7

­• Making­a­decision­about­when­to­take­money­from­a­personal­pension

• Get­more­help­from­us­to­review­your­pension­arrangements

Section 3 Additional state benefit 9

Section 4 Reviewing your insurance 11

Section 5 Equity Release 13

Section 6 Help from other charities 14

Section 7 Other free services 15

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Retirement Guide

Introduction

Free anonymous debt adviceFree­debt­help­online­from­StepChange­DebtCharity­at­www.stepchange.org

How this guide will help you

We­realise­that­when­you­are­coming­up­toretirement­or­have­recently­retired,­there­aresome­big­decisions­you­have­to­face­that­willaffect­you­for­the­rest­of ­your­life.

This­booklet­provides­you­with­information­to­help­youplan­ahead­and­to­deal­with­some­of ­the­financialdecisions­you­will­need­to­make.­

It­will­help­you­take­a­look­at­your­future­income­andexpenditure­to­see­whether­you:

•­can­afford­to­retire­at­your­normal­state­pensionage,­or­

•­will­need­to­continue­working­to­repay­or­maintainyour­current­financial­commitments.­

If ­you­have­recently­retired,­this­booklet­will­help­youreview­your­finances­to­see­if ­you­can­make­anychanges­to­improve­your­lifestyle,­provide­you­withpractical­advice­and­give­you­further­sources­of ­helpand­support.

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Planning your retirement

When­you­are­only­a­few­years­away­fromretirement­it­is­always­good­to­plan­whatyour­financial­situation­might­look­like­whenyou­are­no­longer­working.­

The­information­in­this­section­provides­you­with:

•­details­of ­where­your­retirement­income­is­likely­tocome­from

•­ways­to­find­out­how­much­you­will­receive,­and­

•­some­ideas­on­how­to­increase­your­income.­

It­will­also­help­you­decide­if ­you­can­afford­to­retireor­whether­you­need­to­continue­working.

What income you can expect

to receive from a Basic

State Pension

Most­people­are­entitled­to­claim­the­BasicState­Pension­when­they­reach­state­pension­age.­­

State­pension­age­is­the­earliest­date­you­are­able­toclaim­the­Basic­State­Pension.­It­varies­slightlydepending­on­when­you­were­born­and­whether­youare­a­man­or­a­woman.­From­April­2010,­there­aregradual­changes­planned­to­the­age­when­you­will­beable­to­take­your­State­Pension.­To­find­out­when­youwill­be­able­to­claim­yours,­check­the­information­onwww.gov.uk

The­Basic­State­Pension­provides­you­with­a­regularallowance­to­meet­your­basic­living­needs.­Theamount­you­receive­depends­on­how­many­qualifyingyears­of ­National­Insurance­(NI)­contributions­youhave­built­up.­Your­contributions­are­normally­paidthrough­payments­deducted­directly­by­youremployer,­shown­on­your­salary­slip.­­

When­you­reach­state­pension­age­you­will­need­30­qualifying­years­to­be­entitled­to­a­full­Basic­State­Pension.­So,­if ­you­have­not­been­working­andthere­are­gaps­in­your­NI­contributions,­yourentitlement­to­a­full­Basic­State­Pension­is­affected.(See­the­next­page­for­more­details­about­how­to­dealwith­these­gaps.)

To­find­out­how­many­qualifying­years­you­havealready­built­up­and­how­much­income­you­will­beentitled­to,­you­can­get­a­State­Pension­forecast.Either­telephone­The­Pension­Service’s­State­PensionForecasting­Team­on­0845­300­0168­(text­phone­0845300­0169)­or­apply­online­at­www.gov.uk

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Retirement Guide

Planning your retirement

Extra income from Additional

State Pension

As­well­as­the­Basic­State­Pension,­you­may­also­beentitled­to­an­Additional­State­Pension.­­This­used­tobe­known­as­SERPS­(the­State­Earnings-RelatedPension­Scheme)­but­it­is­now­known­as­the­State­Second­Pension­Scheme.­­

If ­you­are­employed­and­a­member­of ­anoccupational­pension­scheme,­you­will­have­beengiven­the­choice­to­‘opt­in’­or­‘opt­out’­of ­the­StateSecond­Pension­Scheme.­When­you­opt­in,­thismeans­that­you­or­your­employer­has­contributed­tothe­‘additional’­State­Pension.­This­entitles­you­toclaim­an­additional­amount­when­you­reach­statepension­age.

How to claim your State Pension

The­Pension­Service­will­normally­send­you­a­claimpack­a­few­months­before­you­reach­state­pensionage.­This­information­provides­you­with­details­of ­howmuch­State­and­Additional­State­Pension­income­youare­likely­to­receive.­It­will­also­help­you­decide­whento­retire.

How to boost your National

Insurance credits to increase the

income from your State Pension

If ­you­have­identified­gaps­in­your­NI­contributions,this­will­result­in­a­reduction­in­your­income­providedby­State­Pension­and­you­may­not­be­able­to­maintaina­reasonable­standard­of ­living.­To­prevent­this,­thereare­a­few­steps­you­can­consider­taking:

Free anonymous debt adviceFree­debt­help­online­from­StepChange­DebtCharity­at­www.stepchange.org

Making­voluntary­contributions

If ­you­can­afford­to,­you­may­be­able­to­plug­the­gapsin­your­NI­contributions­by­making­small­additionalvoluntary­payments.­­This­can­improve­the­number­ofqualifying­years­you­build­up­before­you­reach­statepension­age­and­increase­the­amount­you­can­claim.There­are­time­limits­for­making­voluntarycontributions.­Normally­you­can­only­fill­gaps­withinthe­last­6­tax­years.­To­make­additional­contributionsyou­will­need­to­contact­your­current­employer­orcontact­the­HMRC­National­Insurance­EnquiryHelpline­on­0845­915­5996.

Claiming­through­your­husband,­wife­or­civil­partner

If ­you­are­married­or­are­in­a­civil­partnership­andyou­do­not­qualify­for­a­full­Basic­State­Pension,­youmay­be­able­to­make­a­claim­because­your­husband,wife­or­civil­partner­has­made­full­contributions.­­Formore­information­to­see­if ­you­are­able­to­make­aclaim­contact­the­Department­of ­Works­and­Pension(DWP)­or­visit­www.gov.uk

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Retirement Guide

Planning your retirement

Claiming­NI­contributions­when­you­are­inreceipt­of ­Carer’s­Credit

If ­you­have­been­unable­to­make­sufficient­NIcontributions,­you­may­get­NI­credited­to­you­by­theGovernment.­For­example:

If ­you­are­a­parent­with­a­child­under­12­or­anapproved­foster­parent,­you­will­be­eligible­for­Carer'sCredit­to­help­you­build­up­your­entitlement­to­a­BasicState­Pension.­As­a­foster­parent,­because­you­don’treceive­Child­Benefit,­you­will­need­to­apply­forCarer’s­Credit­as­it­is­not­automatically­provided.Please­visit­www.gov.uk.

If ­you­care­for­a­sick­or­disabled­person­for­20­hoursa­week­or­more­you­may­be­able­to­claim­Carer’sCredit.­­In­order­to­claim,­the­person­you­look­aftermust­be­getting­a­benefit­such­as­AttendanceAllowance,­or­be­certified­as­needing­care.­For­moreinformation­visit­www.gov.uk.­

Other­ways­to­buy­more­qualifying­years

When­you­reach­state­pension­age­you­no­longer­payNI­contributions,­even­if ­you­continue­working.­Youcannot­build­up­any­more­qualifying­years­towardsyour­pension­through­your­work.­But­there­are­waysof ­paying­small­amounts­to­increase­your­entitlement,even­if ­you­have­recently­retired.­For­more­informationon­this,­contact,­HMRC­National­Insurance­EnquiryHelpline­on­0845­915­5996.

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Get more help from us to assist

with your retirement planning

You­may­still­have­difficulty­in­working­out­what­yourfinancial­position­will­be­when­you­retire.­

Once­you­have­received­your­State­Pension­forecast,you­can­use­our­on-line­welfare­benefits­calculator­tohelp­you­understand­how­much­income­you­canexpect­when­you­reach­state­pension­age.­To­accessthe­calculator­please­visit:

www.stepchange.org/benefits-check

This­service­is­free­and­confidential­and­will­help­youdecide­whether­you­can­afford­to­retire­or­if ­you­willneed­to­stay­on­at­work­for­longer.­

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Personal pensions

In­addition­to­the­Basic­State­Pension,­some­peopleare­able­to­claim­extra­income­through­a­personalpension.­To­qualify,­you­or­your­employer­will­havepaid­into­a­personal­pension­policy­at­some­timeduring­your­working­life.­This­may­mean­that­you­haveextra­income­to­boost­your­financial­situation.

To­find­out­if ­you­have­an­old­personal­pensioncontact­The­Pension­Tracing­Service.­They­will­helpyou­track­it­down­to­see­how­much­it­is­worth.­Youcan­call­them­on­0845­600­2537­or­visit­www.gov.uk

If ­you­have­a­personal­pension,­the­followinginformation­will­take­you­through­some­of ­theconsiderations­you­will­need­to­think­about­as­youapproach­retirement.

Making­a­decision­about­when­to­takemoney­from­your­personal­pension

You­can­choose­to­take­out­your­personal­pensionbenefits­anytime­between­the­age­of ­55­or­75.­Youcan­do­this­and­continue­to­work­if ­your­financeswon’t­allow­you­to­fully­retire.

If ­you­decide­not­to­claim­the­benefits­from­yourpersonal­pension,­you­can­carry­on­working­and­stilltake­your­Basic­State­Pension.­You­can­continuepaying­into­a­personal­pension­up­to­the­age­of ­75and­then­use­the­extra­money­in­this­fund­when­youdecide­to­retire.­

What­to­do­as­you­approach­retirement­age

Each­year­you­will­receive­a­statement­from­yourpersonal­pension­provider.­This­will­provide­you­withdetails­of ­what­your­fund­value­might­be­at­the­normalstate­pension­age.­It­will­give­you­an­indication­ofwhat­amount­of ­gross­annual­income­you­mightexpect­to­receive.­This­will­help­you­decide­if ­you­canafford­to­retire­at­your­normal­retirement­age­orwhether­you­need­to­continue­working.

The­closer­you­get­to­your­normal­retirement­age­it­isadvisable­to­seek­independent­advice­to­review­thefunds­where­your­pension­is­invested­to­ensure­thatany­risks­are­minimised.­You­should­always­getreliable­and­regular­financial­advice­to­help­plan­for­arealistic­retirement­income.­But­be­careful­to­checkany­charges­you­may­have­to­pay­for­the­advice­you­receive.

Free anonymous debt adviceFree­debt­help­online­from­StepChange­DebtCharity­at­www.stepchange.org

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Retirement Guide

Personal pensions

What­decisions­you­need­to­take­when­youhave­chosen­to­retire

When­you­want­to­release­your­personal­pensionfunds,­there­are­a­number­of ­decisions­you­will­haveto­make:

•­To­release­a­tax-free­lump­sum,­normally­up­to­25%of ­the­fund­you­have­built­up.

•­When­and­how­to­exercise­your­income­option.­(Youcan­do­this­by­using­either­an­‘annuity’­or­‘incomedrawdown’­option.)

An­‘annuity’­is­a­regular­income­which­is­payable­forlife.­When­you­retire,­you­can­use­the­pension­fundyou­have­been­paying­into­to­buy­an­annuity­from­alife­insurance­company.­This­provides­you­with­aregular­income­that­is­paid­to­you­for­the­rest­of ­yourlife.­The­life­insurance­company­simply­spreads­thetotal­value­of ­the­pension­fund­you­have­been­payinginto­over­the­term­of ­your­life­expectancy.­If ­you­takethe­annuity­option,­you­always­have­to­take­your­tax-free­lump­sum­at­the­same­time.

Under­the­‘income­drawdown’­option,­you­havecontrol­of ­the­amount­of ­income­you­wish­to­take­atany­time.­You­are­not­obliged­to­take­the­wholeamount­at­the­same­time.­Using­income­drawdown,you­can­take­your­tax-free­lump­sum­but­deferreceiving­your­other­income­anytime­up­to­age­75.

Further­help­and­information

General­information­is­available­about­personalpensions­from­any­one­of ­the­following:

•­The­Pension­Advisory­Service­on­0845­601­2923­orvisit­www.pensionsadvisoryservice.org.uk

•­The­Pension­Service­on­0845­606­0265­or­visitwww.gov.uk

•­The­Financial­Services­Authority­on­0300­500­5000or­visit­www.fsa.gov.uk

For­more­individual­advice,­speak­to­an­independent,authorised­financial­advisor­or­your­Human­Resourceor­Pension­department.

Get more help from us to review

your pension

We­have­an­established­arrangement­with­a­trustedfinancial­service­broker,­who­will­provide­you­with­freepension­advice.­To­arrange­for­a­review­or­if ­you­havea­pension­query­please­call:

J­F­Financial­Associates­on­0845­508­8588­or­emailenquiries@jffinancial.co.uk

Alternatively,­you­may­decide­that­you­wish­to­chooseyour­own­preferred­representative­to­provide­a­similar­review.

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Retirement Guide

Additional state benefit

There­are­times­when­you­may­feel­unable­to­copewith­your­limited­finances.­If ­this­is­the­case,­you­maybe­able­to­make­a­claim­for­extra­income­from­statebenefit.­All­claims­are­subject­to­a­short­assessmentbut­if ­you­are­successful,­the­extra­money­you­receivecan­make­a­huge­difference­to­you­and­your­family.Remember­that­you­do­not­need­to­repay­your­statebenefit,­even­when­your­situation­improves.

Take­a­look­at­the­short­summary­of ­benefits­below­to­see­if ­you­are­entitled­to­make­a­claim­to­improve­your­income:­

Pension­Credit

Pension­credit­is­a­means­tested­benefit­that­is­paid,free­of ­tax.­(Means­tested­is­where­the­PensionService­takes­into­account­all­your­current­income­tosee­if ­you­qualify.)­You­do­not­need­to­have­made­anyNI­contributions­to­qualify­for­it.­There­are­twoelements­that­make­up­Pension­Credit:

•­Guaranteed­credit.­If ­your­income­is­below­acertain­level,­an­amount­is­paid­to­top­up­yourweekly­income­to­a­guaranteed­minimum­amount.­

•­Savings­credit.­Can­be­paid­to­provide­extra­moneyfor­you­even­if ­you­have­already­built­up­somesavings­for­your­retirement.

Even­if ­you­own­your­own­home,­or­live­with­family,you­may­still­be­eligible­for­Pension­Credit.­TheGuaranteed­Credit­may­also­entitle­you­to­helptowards­paying­for­your­housing­costs­(such­as­rent,­mortgage­or­service­charges)­and­council­tax­charges.­­

If ­you­receive­Pension­Credits­you­will­also­qualify­fora­Christmas­bonus­and­cold­weather­payments.­Cold­weather­payments­are­only­made­when­theaverage­temperature­where­you­live­is­recorded­as,or­forecast­to­be,­zero­degrees­Celsius­or­below­over7­consecutive­days­during­the­period­from­1November­to­31­March.

To­apply­for­Pension­Credit­you­can­telephone­ThePension­Service­on­0800­991­234­or­text­phone­0800169­0133.­An­adviser­will­help­you­with­the­claim­formand­will­also­check­your­entitlement­to­Housing­andCouncil­Tax­Benefit.

Winter­Fuel­Payment

Winter­fuel­payments­are­paid­to­help­meet­the­extracost­of ­heating­in­winter.­To­apply,­call­The­Winter­Fuelpayment­Helpline­on­0845­915­1515­or­get­a­claimform­online­at­www.gov.uk.­You­only­need­to­make­oneclaim­and­then­in­each­of ­the­following­years­thepayment­is­paid­automatically.

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Additional state benefit

Attendance­Allowance

If ­you­are­65­or­over­and­have­a­disability­or­long-term­illness­you­may­be­able­to­claimAttendance­Allowance.­­This­is­a­non-means­testedand­non-taxable­benefit­to­help­you­meet­the­extraliving­costs­because­of ­your­disability­or­illness.­Non–means­tested­means­that­the­assessment­hasnothing­to­do­with­your­income.­You­may­be­able­toget­Attendance­Allowance­if ­you­have­needed­helpwith­your­personal­care­for­at­least­6­months.­Even­if ­you­have­not­actually­received­any­help­over­this­period.­

Disability­Living­Allowance­(DLA)

If ­you­are­under­65­and­have­a­disability­or­long-termillness­you­may­be­able­to­claim­DLA.­­This­is­a­non-means­tested­and­non-taxable­benefit­to­helpyou­meet­the­extra­living­costs­because­of ­yourdisability­or­illness.­You­may­get­DLA­if ­you­need­helpwith­your­personal­care­or­you­have­difficulty­walking.You­must­have­needed­this­help­for­at­least­3­monthsand­will­continue­to­need­it­for­at­least­the­next­6months.­Even­if ­you­have­not­actually­received­anyhelp­over­this­period.

Carer’s­Allowance

If ­you­look­after­someone­who­has­a­disability­orlong-term­illness­for­at­least­35­hours­a­week­you­maybe­able­to­claim­Carer’s­Allowance.­The­person­youlook­after­must­be­getting­either:

•­Attendance­Allowance­or­DLA­at­the­middle­orhigher­rate,­or­

•­Constant­Attendance­Allowance­paid­with­theIndustrial­Injuries­or­War­Pensions­schemes.­

Carer’s­Allowance­is­a­non-means­tested­benefit­anddoes­not­depend­on­your­NI­contributions.­However,­itis­taxable­and­is­counted­as­income­for­any­othermeans­tested­benefits­you­receive.­There­may­also­beimplications­on­the­benefit­entitlement­for­the­personyou­look­after.­For­this­reason­it­is­recommended­thatyou­always­seek­advice­before­making­a­claim.­Wecan­provide­you­with­any­advice­you­need.

Get more help from us to review

your entitlement

If ­you­are­unsure­whether­you­are­entitled­to­any­ofthe­benefits­mentioned­here­and­need­moreinformation,­you­can­use­our­on-line­welfare­benefitscalculator.­To­access­the­calculator­please­visitwww.stepchange.org/benefits-check This­simplecheck­will­help­you­identify­any­missing­benefits­youare­entitlement­to­and­tell­you­how­to­make­a­claim.The­service­is­free­and­confidential.

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Reviewing your insurance

Over­the­years,­you­may­have­taken­out­a­number­ofdifferent­insurances.­­It­is­likely­that­your­situation­haschanged­since­first­taking­out­the­insurance­and­youwould­benefit­from­a­short­review­to­see­if ­you­cansave­money.­

A­review­will­identify­if ­you­are­paying­for­insuranceyou­no­longer­require­or­where­perhaps­you­haveseveral­insurances­that­overlap­and­you­are­now­‘overinsured’.­You­may­also­be­paying­more­than­you­needto­for­your­insurance,­so­shopping­around­for­a­betterdeal­may­save­you­money.­Several­comparisonwebsites­are­available­to­give­you­an­idea­of ­themoney­you­might­save.­Be­careful­to­make­sure­thatthe­cover­and­benefits­you­will­receive,­if ­you­make­aclaim,­are­the­same­as­you­have­now.

Take­a­look­at­some­of ­the­areas­you­may­be­insuredfor­and­consider­if ­you­still­need­it:­

Life­Insurance­and­Critical­Illness­Insurance

Life­insurance­or­life­assurance­will­provide­a­lumpsum­cash­payment­if ­you­pass­away.­Critical­illnessinsurance­will­provide­a­lump­sum­cash­payment­ifyou­are­diagnosed­with­one­of ­the­critical­illnesseslisted­in­your­insurance­policy.

These­types­of ­insurance­policies­are­generally­takenout­over­a­defined­period,­normally­until­yourmortgage­is­repaid,­up­to­your­retirement­age­and­tomake­sufficient­provision­for­dependants­or­familywho­survive­you.

Family­Income­Benefit­and­Long-TermIncome­Protection

Family­income­benefit­insurance­will­maintain­yourfamily’s­income­if ­you­die­while­the­policy­is­in­force.Income­protection­insurance­(formerly­known­aspermanent­health­insurance)­will­provide­payment­toyou­if ­you­are­incapacitated­and­unable­to­work­dueto­illness­or­accident.­

These­types­of ­policy­are­generally­taken­out­over­adefined­period­of ­time,­normally­to­cover­a­mortgageterm,­up­to­your­retirement­age­or­until­yourdependants­reach­a­certain­age.­

Free anonymous debt adviceFree­debt­help­online­from­StepChange­DebtCharity­at­www.stepchange.org

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Reviewing your insurance

Accident,­Sickness­and­Unemployment­Insurance­

Accident,­sickness­and­unemployment­insurance­willprovide­a­short-term­payment­(usually­for­no­morethan­12­or­24­months)­if ­you­are­incapacitated­andunable­to­work­due­to­illness­or­accident­or­if ­you­are­made­redundant.­This­type­of ­insurance­does­not­have­a­specific­term­and­is­available­up­to­retirement­age.

You­will­have­or­need­this­type­of ­insurance­in­place­ifyou­have:­­

•­a­mortgage­or­rented­accommodation

•­dependants­

•­limited­sick­pay­from­your­employer,­or

•­certain­bills­you­wish­to­protect.

Buildings­and­Contents­Insurance­

Buildings­and­contents­insurance­will­provide­youwith­full­protection­for­your­property­and­possessionsin­the­event­of ­problems­either­within­or­outside­yourhome.­You­will­need­to­maintain­this­insurance­if ­you:

•­Own­a­property­and­have­a­mortgage­on­it.­It­is­arequirement­within­the­terms­and­conditions­of ­yourmortgage­contract­to­insure­the­‘building’.‘Contents’­insurance­is­optional.

•­Rent.­You­only­need­to­take­out­contents­insurance,as­your­landlord­will­usually­insure­the­building.

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your insurance

We­have­our­own­insurance­advice­team­who­canhelp­you­review­your­insurance­needs.­StepChangeInsurance­Services­offers­free,­confidential­andindependent­insurance­advice.­

You­can­contact­StepChange­Insurance­to­arrange­areview­of ­your­insurance­arrangements­with­a­view­tosaving­money,­or­to­discuss­any­insurance­query­youhave­on­0844­264­0527.­

StepChange­Insurance­Services­is­a­trading­name­of ­the­Consumer­Credit­Counselling­Service­(EquityRelease)­Ltd.­The­Consumer­Credit­CounsellingService­(Equity­Release)­Ltd­is­authorised­andregulated­by­the­Financial­Services­Authority.

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Retirement Guide

Equity Release

Equity­Release­allows­homeowners­to­unlock­theequity­tied­up­in­the­home­while­still­living­there.­It­allows­you­to­release­a­tax-free­cash­lump­sum­for­any­purpose,­such­as­repaying­debt,­homeimprovements­or­to­allow­you­a­regular­income.­

Types­of ­Equity­Release­

Lifetime­mortgages­let­you­borrow­against­the­valueof ­your­home­while­retaining­ownership.­­Interest­canbe­paid­monthly­or­added­to­the­mortgage.­Flexiblemortgages­allow­you­to­access­funds­as­required­soyou­only­pay­interest­on­what­you­actually­borrow.The­equity­release­loan­does­not­require­you­to­makemonthly­repayments­and­is­paid­off­in­full,­often­after­your­death,­from­the­proceeds­of ­the­sale­ofyour­home.

Home­reversion­plans­let­you­sell­all­or­a­share­ofyour­home­at­a­discount.­You­can­choose­to­have­thesale­proceeds­as­a­cash­lump­sum,­a­regular­incomeor­both.­You­retain­the­right­to­carry­on­living­in­yourhome,­rent­free,­for­the­rest­of ­your­life.

Get more advice from us about

Equity Release

We­have­our­own­team­who­can­help­you­with­adviceabout­equity­release.­StepChange­Equity­Releaseoffers­free,­confidential­and­independent­advice­inthis­complex­and­specialist­area.

As­the­only­charity­owned­and­operated­equityrelease­advice­service­in­the­UK,­we­will­ensure­thatyou­have­the­knowledge­and­confidence­to­makeinformed­decisions.

You­can­contact­StepChange­Equity­Release­for­more­information­or­to­arrange­for­a­review­on­08442­641­969.­

This­arrangement­may­involve­either­a­lifetimemortgage­or­home­reversion­plan.­To­understand­thefeatures­and­risks­ask­for­a­personalised­illustration.

StepChange­Equity­Release­is­a­trading­name­of ­theConsumer­Credit­Counselling­Service­(EquityRelease)­Ltd.­­The­Consumer­Credit­CounsellingService­(Equity­Release)­Ltd­is­authorised­andregulated­by­the­Financial­Services­Authority.

Free anonymous debt adviceFree­debt­help­online­from­StepChange­DebtCharity­at­www.stepchange.org

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StepChange Debt Charity

Retirement Guide

Help from other charities

Many­other­charities­throughout­the­UK­provide­a­freeservice­and­can­advise­you­on­some­of ­the­things­weare­unable­to­help­with.­

The­following­summary­provides­you­with­a­briefoutline­of ­those­trusted­organisations­that­will­alsoprovide­support­to­you­as­you­reach­retirement.­They­may­also­give­you­ideas­to­help­you­reducesome­of ­your­costs­and­provide­you­with­ideas­for­a­better­lifestyle.

TaxHelp­for­Older­People­

TaxHelp­for­Older­People­(TOP)­is­a­national­charitythat­can­help­you­if ­you­are­experiencing­taxproblems­and­can­save­money­if ­you­have­overpaidtax.­They­provide­free,­confidential­and­professionaladvice­on­personal­tax­to­older­people­who­are­on­asole­or­joint­income­of ­less­than­£17,000­a­year.

If ­you­care­for­an­older­person­who­is­eligible­to­useTOP­you­can­request­help­on­that­person’s­behalf,even­if ­you­do­not­have­Power­of ­Attorney.

TaxHelp­for­Older­People­can­be­contacted­on­0845601­3321­or­visit­their­website­at­www.taxvol.org.uk.Before­calling­please­make­sure­you­have­payslips,P60s,­P45s­and­state­pension­details­to­hand.

Age­UK

Age­Concern­and­Help­the­Aged­have­joinedtogether.­­The­new­organisation­is­called­Age­UK­andis­the­UK’s­largest­charity­for­older­people.Information­guides,­leaflets,­books­and­factsheets­areavailable­aimed­at­older­people­and­the­carers­wholook­after­them.­They­provide­simple,­expertinformation­to­help­you­make­the­right­choices­duringyour­retirement.

You­can­call­The­Age­UK­Information­Line­on­0800169­6565­or­visit­their­website­at­www.ageuk.org.uk.If ­you­live­in­Wales,­please­contact­your­local­AgeConcern­or­visit­www.accymru.org.uk

The­Cinnamon­Trust

The­Cinnamon­Trust­is­a­nationwide­charity­for­elderlyand­disabled­people­with­pets.­They­have­volunteerswho­can­help­you­with­caring­for­your­pet­if ­you­areno­longer­able­to­do­so­yourself.­­For­example,­theycan­walk­your­dog­for­you­if ­you­are­housebound­ortake­care­of ­your­pet­if ­you­are­due­to­go­intohospital.­­This­can­save­you­money,­time­and­give­youpeace­of ­mind.

You­can­telephone­The­Cinnamon­Trust­on­01736­757900­or­visit­their­website­at­www.cinnamon.org.uk

Free debt adviceFree­debt­help­from­StepChange­Debt­Charitycall­0800 138 1111

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Retirement Guide

Other free services

You­may­be­paying­for­things­that­you­no­longer­need­to­pay­for.­Have­a­look­at­the­following­areas­to­see­what­you­can­get­free.­This­will­help­saveyou­more­money.­

Health­Costs

Once­you­have­reached­state­pension­age­youautomatically­become­eligible­for­free­National­HealthService­(NHS)­prescriptions­and­eyesight­tests.­Youcan­claim­your­transport­costs­back­for­frequent­visitsto­hospital­from­the­NHS.­For­more­information­visitwww.nhsbsa.nhs.uk

Bus­Travel

If ­you­are­at­state­pension­age,­or­are­an­eligibledisabled­person,­and­you­live­in­England­you­areentitled­to­a­free­annual­bus­pass.­The­pass­gives­youfree­off-peak­travel­on­local­buses­in­England.­Somelocal­authorities­offer­more­benefits­to­residents­intheir­local­area,­so­it­is­worth­contacting­your­localauthority­to­find­out.

If ­you­are­aged­60­or­over­and­you­live­in­Scotlandyou­are­entitled­to­a­National­Entitlement­Card.­­Thecard­gives­you­free­travel­on­local­bus­and­scheduledlong-distance­coach­services­within­Scotland­at­anytime­of ­the­day.­­The­scheme­is­run­by­TransportScotland­and­you­need­to­apply­for­a­NationalEntitlement­Card.­For­more­information­visitwww.transportscotland.gov.uk or­telephone­0141­272­7100.

If ­you­are­aged­60­or­over­and­you­live­in­Wales­youare­entitled­to­a­free­bus­pass­from­your­localauthority.­­The­pass­gives­you­free­travel­on­all­localbus­services­in­Wales­at­any­time­of ­the­day.­­It­canalso­be­used­on­some­long-distance­services.

If ­you­are­aged­65­or­over­and­you­live­in­NorthernIreland­you­are­entitled­to­a­Senior­SmartPass.­­Thepass­gives­you­unlimited­free­travel­on­buses­andtrains.­­Application­forms­are­available­from­Translinkbus­and­rail­stations.­To­request­an­application­form,telephone­0845­600­0049.

Other

When­you­reach­the­age­of ­75­you­qualify­for­a­freeTV­licence.­If ­you­were­born­on­or­before­2ndSeptember­1929,­you­are­entitled­to­a­free­passport.

Free anonymous debt adviceFree­debt­help­online­from­StepChange­DebtCharity­at­www.stepchange.org

©­2012­Foundation­for­Credit­CounsellingRegistered­Office:­Wade­House,­Merrion­Centre,­Leeds­LS2­8NGRegistered­in­England­No­2757055­Registered­Charity­No­1016630

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