Pensioners urged to claim benefit as cost of living surges

Pensioners

Last week, Chancellor Rishi Sunak issued his Spring statement in which he announced the threshold for National Insurance would increase to $16,530.62 a year

A £3,000 ($3,945.25) benefit could massively help hard-up pensioners who are concerned about their finances as their bills soar in the cost of living crisis. It’s been suggested that if the claimants apply for the additional benefit, they could claim thousands of pounds each year.

Last week, Chancellor Rishi Sunak issued his Spring statement in which he announced the threshold for National Insurance would increase to £12,570 ($16,530.62) a year.

He also detailed a cut in fuel duty and announced that homeowners would pay zero VAT on energy saving materials, including heat pumps and solar panels for their homes over the next five years.

He also shared a new ‘tax plan’ which he said would ‘help families with the cost of living’ while also creating ‘the conditions for higher growth’ and it would share the proceeds of growth ‘fairly’, YorkshireLive reports. However, the money saving expert Martin Lewis was less than impressed on social media.

He wrote: If that’s all he’s doing on energy – it is limited and won’t impact the majority of households who will see a likely £1,300 ($1,709.61) average increase in year-on-year bills by October. My head has sunk.

The statement was also underwhelming for OAPs who are being urged to find alternative support. One option for this is available through Pension Credit.

The benefit provides extra cash to those on low incomes to help with bills. Pension Credit can increase weekly income to £177.10 ($232.90) for single claimants and joint weekly income of £270.30 ($355.47) for couples in a process which is known as Guarantee Credit.

And EdinburghLive reports, claimants may even be entitled to more if they have other responsibilities and costs to account for. People who saved money for their retirement may be eligible for an extra sum known as Savings Credit — though they must have reached the State Pension age before April 6 2016.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Getting Money Wise. The information provided on Getting Money Wise is intended for informational purposes only. Getting Money Wise is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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