RETIREMENT
BENEFITS FOR THE ELDERLY
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.
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
|
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
It's
all free for Seniors
|
|
|
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
|
|
|
|
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
|
