RETIREMENT BENEFITS FOR THE ELDERLY

 

In retirement benefits
  Retirement benefits & allowances

ELDERLY RETIREMENT BENEFITS


There are many benefits and allowances that the elderly can legitimately claim but, unfortunately, many people are not aware of the financial help they are entitled to. It seems to be the case that you have to know to ask the question, rather than receiving the information automatically. We have listed many benefits & allowances here and hope to keep this area up-to-date with any changes in allowances available. Please contact us if you are aware of one that we've missed.

Personal allowances and benefits for the elderly

 


If you are an elderly taxpayer on a low income and your taxable income falls below your personal allowance, you may be able to claim a repayment if:
· you have had tax deducted at source from your income (e.g. bank/building society interest etc), and
· part of your taxed income falls within the personal allowance available to you for the tax year.
You could also be entitled to the age allowance and higher married couples allowance, which increases your personal allowances, if you are over 65 years old at 5 April 2000.
Income tax allowances
The following table shows how much income you can earn that is exempt from income tax.

 

Allowances
2006/2007
(£)
2007/2008
(£)
Personal allowance: under 65
5 035
5225
Personal allowance: 65 to 74
7 280
7550
Personal allowance: 75 and above
7 420
7690
Married couple's allowance *1: both under 65
nil
nil
Married couple's allowance: 65 to 74
6 065
6285
Married couple's allowance: 75 and above
6 135
6365
Income limit for age allowances
20 100
20900
Minimum married couple's allowance *2
2 350
2440
Blind person's allowance
1 660
1730


Notes

*1 The married couple's allowance is only available to couples where one or both partners was born before 6 April 1935.
*2 Relief is restricted to 10%.

Taxable Bands

Taxable Bands Allowances
2006/2007
(£)
2007/2008
(£)
Starting rate 10%
0 - 2,150
0 - 2,230
Basic rate 22%
2,151 - 33,300
2,231 - 34,600
Higher rate 40%
Over 33,300
Over 34,600

 

 

Benefits for the elderly

 

 

You may be entitled to:
A retirement pension
You must have reached state pension age (men: 65, women: 60) and have paid enough NI contributions. A widowed person may be able to claim on the record of a spouse or deceased spouse. The pension consists of a basic amount and increases based on age, dependants, and spouse's contributions. Pension income is taxable in the UK.
Income support
You must be aged 60 or over. If you are residing in a care or nursing home, your savings cannot exceed £8,000. If you are not residing in a care or nursing home, your savings cannot exceed £16,000. Savings include: cash, bank accounts, national savings, premium bonds, shares, and land and property (not including main home).
Housing benefit
You must be occupy the dwelling as your home, be liable to pay rent, and be entitled to income support, the jobseeker's allowance, or have a low income.
Council tax benefit
You must be liable to pay council tax on property in which you are resident, have a low income, and not have savings exceeding £16,000.

 

For more information about any of these benefits, refer to the Benefits Agency Web site. Various leaflets covering elderly issues are also available from the DSS.

The Inland Revenue also have a number of publications available covering certain aspects of the tax regime and how it affects the elderly:
· Income Tax and Pensioners (Leaflet IR121): a leaflet that does not cover all the issues that a pensioner would want and those that are covered lack depth. The figures are out of date.

· A Guide for People with Savings (Leaflet IR110): a very important topic for the pensioner.

· Income Tax and Incapacity Benefit (Leaflet IR144): an out of date leaflet which still explains the principles.

 

A-Z LIST OF BENEFITS
A full list of the benefits and services available to all. More...

HEATING & INSULATION GRANT
The Warm Front Team is a Government funded scheme managed by Powergen Warm Front to help people in receipt of income or disability related benefits to improve the insulation and heating in their home.
If you own your home or privately rent, you could have a range of insulation and heating improvements installed in your home. If you are under 60, this could be up to the value of £1,500 or £2,500 if you are 60 or over.
More...

ADDITIONAL STATE PENSION - Depending on your individual circumstances, you may be entitled to additional State Pension. As its name suggests, additional State Pension is paid in addition to the basic State Pension. More...

ATTENDANCE ALLOWANCE
This benefit is for people who become disabled after the age of 65 years and there is no equivalent of the mobility component for older disabled people. It is paid at 2 rates and the claim process is the same as for DLA. Like DLA it does not matter how much income or savings the claimant has.
Getting AA will also help you to qualify for the Pension Credit (guarantee credit), Housing Benefit to help pay any rent you may have, and Council Tax Benefit (rate rebate in Northern Ireland). If someone is looking after a person who gets AA, they may also be able to get Carer's Allowance (CA) as their carer. It is usually best to get this checked out first, since an award of CA can, in some cases, lead to the disabled person losing some of their means-tested benefits, e.g. Income Support, Housing Benefit and Council Tax Benefit.
More...


BEREAVEMENT ALLOWANCE (formerly Widows Pension)
A new system of bereavement benefits for men and women was introduced in April 2001. The new system will not affect women who were already getting benefits under the previous scheme as long as they qualify under the rules.
More...

CARERS ALLOWANCE
You must spend at least 35 hours a week caring, which need not be every day, and the person you care for could be a relative, friend or neighbour CA can be paid to more than one person in a household, such as a couple caring for each other.
More...

WINTER FUEL PAYMENT
To get a Winter Fuel Payment for winter 2004/05 you need to be aged 60 or over in the qualifying week of 20 to 26 September 2004 and normally living in Great Britain or Northern Ireland in that week. However, some people cannot get a Winter Fuel Payment

More...

VEHICLE TAXATION
You can apply for exemption from VED in the Disabled taxation class if you receive one of the following benefits:-
· the higher rate of the mobility component of Disability Living Allowance
· War Pensioners Mobility Supplement
or
· you have an invalid carriage not exceeding 508kg unladen weight any such vehicle that weighs less that 113.4kg (250lbs) and cannot exceed a speed of 4 miles per hour is exempt from both registration and licensing.
More...

FREE TV LICENCE
Anyone aged 75 or over is now entitled to a free TV Licence for their principal residence, i.e. the place where they live most of the time.
More...

REPAIRS & IMPROVEMENTS
Your local authority has general powers to improve living conditions in its area and may provide assistance in:-
Repair, improvement and adaption of housing
Demolition and rebuilding of living accommodation
Acquiring new living accommodation.
More...

CHRISTMAS BONUS
The Christmas Bonus is a tax-free payment paid, before Christmas, to customers who are getting one or more qualifying benefits.
More...


COMMUNITY CARE GRANTS
Community Care Grants help people who are getting Income Support or income based Jobseeker's Allowance or Pension Credit who are likely to get one of these benefits when moving out of residential care.
More...


HOME RESPONSIBILITIES PROTECTION
If you do not work or your earnings are low and you are caring for someone, you may be able to get Home Responsibilities Protection.
More...

DISABILITY LIVING ALLOWANCE
Disability Living Allowance (DLA) is a tax-free benefit for children and adults who need help with personal care or have walking difficulties because they are physically or mentally disabled. More...


OVER 80 PENSION
Over 80 Pension is a non-contributory pension for people aged 80 or over with little or no State Pension. Aged 80 or over? If you are not getting a State Pension or you are getting less than a full State Pension because you have not paid enough National Insurance (NI) contributions and currently living in England, Scotland or Wales.
More...

Click here to apply for heating & insulation grant

JUST SCROLL DOWN TO CONTINUE

Category Click on the link Description
     

Pensions

 

Pensions are a complicated subject that needs professional help to explain the options that are available at all stages of the pension process, or indeed, to help with the decision of whether pensions are the most appropriate retirement income planning tool at all. Buy-to-Let properties and ISA's, to give two examples, present other options available to retirement planning.

 

 

 

Department of Work & pensions Provides information and services for everyone whether they are planning for retirement or about to retire.
  The Pension Service Designed to be the first port of call for state pensions and private pension information on the web.
  The pension Sorter

Unbiased, independent and totally user friendly information on all aspects of UK personal finance. Specializes in retirement planning.

 

The Pensions Advisory Service (OPAS)

 

Information and guidance on the whole spectrum of pensions. They also help any member of the public who has a problem, complaint or dispute with their occupational or private pension arrangement.
Top of Page
     
Legal

Many of the reasons for which individuals find the need for legal assistance are at best stressful and at worst distressing. From buying or selling a house, accident or injury claim, preparing a Will or arranging your affairs, you may need a solicitor that will handle your case quickly, efficiently and with understanding. The elderly need advice that shows that their needs, wishes and best interests are of paramount importance at all times. However, this is obviously best obtained at the lowest cost possible, in time as well as money.

 

The Citizens Advice Bureau

 

Provides up-to-date, independent advice, around the clock.

 

Solicitors for the elderly

 

Committed to providing and promoting a comprehensive range of high quality legal services for older people, their family and carers.



Entitlements

 

Make sure you claim all you’re are entitled to. This book will help you find the help you need. From health benefits, through home security, to ‘virtually’ free flights.
Not surprisingly, this is one of the most popular books in the series. It has been written specifically for ‘mature’ or senior citizens and is packed with essential information, often not easily available, to ensure that no-one need miss out on their entitlements. The information is presented in an easy-to-access format and ranges from the serious aspects of social and financial benefits to the more frivolous ‘Secrets of Romany long life and health’. There are lists of useful addresses and contacts.
A must for any retired person. more

Free for seniors

It's all free for Seniors

 

 

 

 

Other related page: Financial retirement planning


Latest top news for seniors...

 

 

 

See the site map for an overview of the content channels or have a browse around the 'Mabels' site by clicking on the following popular quick links below :-

Quick links

Top Shopping Names
Take a Trip / Holiday
Motoring
Best Finance advice
Best Pension advice
Organisations
Mobility
Find People
Directories

Improve Your Health
Improve Your Hobby
Home & Garden
Antiques knowledge
Nostalgia
Traditional Goods
Hints & Tips
Best Articles
Horoscopes
Humour & Jokes
Special offers

 


 

retirement handbook

The Retirement handbook

A practical guide to the opportunities available to, and problems encountered by, retired people. It covers money management, activities, health, relationships and housing options.


 

 

 


 

 

USEFUL LINKS

Top of Page

Link to us | Other useful Links


Guide to care - A free resource for care providers and those seeking care for the older person


Care directions - The internet's unique guide to care and the rights of the elderly.


Age concern - Age Concern is the UK's largest organisation working with and for the elderly.


Rukba - The Royal United Kingdom Beneficent Association is a charity helping elderly people stay independent, and provides survival income for the elderly at home. More

 


Retirement ebooks, magazines and links to interesting retirement websites from Rob Hopcott


Independent living - Retirement Benefit advice


 

 

 

Top of Page / Previous Page

Link to us | Other useful Links

 

The site is always being updated

Email - Webmaster

Please visit our retirement benefits site again shortly

Thank you


 

 

 

 

 


 

All content © 2003/2004 Mabels.Retirement benefits. A ll rights reserved.