Maximising my SS support claim

dantheman61

Hi my name is Dan 
I have worked almost all of my working life in various types of employment and have recently been made redundant on the 31/8/20.
I have applied for the New JSA and have been informed that my claim has been accepted, I'm unsure of what other forms of support I may be entitled to and could do with some advice/guidance on how to proceed. My savings are below 16k and
I am 62 on the 16/2/21
Is it worth considering taking my state pension early 

Cheers Dan 

poppy12345

dantheman61 said:

Hi my name is Dan 
I have worked almost all of my working life in various types of employment and have recently been made redundant on the 31/8/20.
I have applied for the New JSA and have been informed that my claim has been accepted, I'm unsure of what other forms of support I may be entitled to and could do with some advice/guidance on how to proceed. My savings are below 16k and
I am 62 on the 16/2/21
Is it worth considering taking my state pension early 

Cheers Dan 

You can look at claiming Universal Credit but claiming this will depend on your circumstances. The New style JSA will be deducted £1 for £1 from any UC entitlement. If you live with a partner you claim as a couple. Savings/capital of more than £6,000 will see a deduction of £4.35 per week for every £250 (or part there of) over that amount.

Use a benefits calculator. https://www.entitledto.co.uk/benefits-calculator/Intro/Home?cid=0c671e4e-d1e0-45ea-999f-9177ac187b7e

A claim for UC will end any tax credits you may already be claiming.

You can't claim your state pension early.

edit to add, council tax reduction can be claimed from your local council.

dantheman61

Hi thanks for that👍
I looked online and the info suggested that you could access yr state pension from 62yrs old but it may be at a reduced amount, possibly by up to 25%??

calcotti

dantheman61 said:

Hi thanks for that👍
I looked online and the info suggested that you could access yr state pension from 62yrs old but it may be at a reduced amount, possibly by up to 25%??

Where did you read this? There is absolutely no way to access your state pension early. 

poppy12345

dantheman61 said:

Hi thanks for that👍
I looked online and the info suggested that you could access yr state pension from 62yrs old but it may be at a reduced amount, possibly by up to 25%??

You've definitely misread that. You claim your state pension at state pension age and not before. Until then you claim working age benefits.

calcotti

https://www.gov.uk/early-retirement-pension

The earliest you can get your State Pension is when you reach your State Pension age. You’ll have to wait to claim your State Pension if you retire before you reach that age.

anmarj

If you have any private pensions, you might be able to take them early but they will be taken in to account against any UC claim.

Dantheman59

Thanks again
It may have been work / personal pension? 
I'll check it later
Cheers Dan 

poppy12345

Dantheman59 said:

Thanks again
It may have been work / personal pension? 
I'll check it later
Cheers Dan 

That's totally different to a state pension. You need to get some advice before taking any pension because this will reduce any Universal Credit you maybe entitled to £1 for £1.

calcotti

poppy12345 said:

Dantheman59 said:

Thanks again
It may have been work / personal pension? 
I'll check it later
Cheers Dan 

That's totally different to a state pension. You need to get some advice before taking any pension because this will reduce any Universal Credit you maybe entitled to £1 for £1.

Pension income over £50/week also reduces new style JSA.

dantheman61

So much to take in..its a minefield 🤔