Low income retirement - where to turn for advice?

gobsmacker

Hi all, I am on UC, long-term sick, and will be at retirement age in a couple of years. I have a small private pension - not growing, and not enough to provide an adequate income after retirement - but I am paid up (almost) with NI so should get almost the full state pension. My pensions advisor can't give advice on what benefits I will be entitled to once I'm past retirement age or how income from my private pension would affect them. I have Attention Deficit Disorder and find in very hard to get my head around financial information. Almost all retirement advice I can find is provided by investment companies which frankly are not interested in you if you're unemployed or poor. Does anyone know where I can turn to find clear advice and help with planning - from a human being rather than a website for those on low incomes? Citizens Advice Bureau or....? Thanks for reading!

CKhalvashi

If you're renting, you may be entitled to Housing Benefit. Again, depending on your total income you may be entitled to some Council Tax Support.

Turn2Us has a benefits calculator which should take about 10 minutes to complete (add a few years to your age to get to SPA). The Money Advice Service may also be a resource of huge benefit to you.

MallyGirl

Another vote for Turn2Us. 

https://benefits-calculator.turn2us.org.uk/

tacpot12

I find the Benefit Calculator at EntitledTo.co.uk easier to use that the Turn2Us one. You can enter your financial situation as you expect it to be when you are retired into these calculators and it will tell you what benefits you might be able to claim. 

Have you asked the Future Pensions Centre whether you can pay more NI to increase your state pension? If not, their contact details are here: Contact the Future Pension Centre - GOV.UK (www.gov.uk)

Your local Citizens Advice may be able to help, but realistically you are more to find help from friends and family. Ask around to see if there is anyone who is comfortable with their own pension situation.  

Albermarle

but I am paid up (almost) with NI so should get almost the full state pension

As a priority you should find the money to make the final top up , to make sure you get a full state pension. The link is provided in the previous post .

My pensions advisor can't give advice on what benefits I will be entitled to once I'm past retirement age or how income from my private pension would affect them. 

When you say 'pensions advisor' what exactly do you mean ? It would be unusual for someone with a small pension to have a pensions/financial advisor. In fact any private pension income will be taken into account when calculating benefits as far as I know . If you do not actually take an income from the pot and just leave it alone, an estimated of pension income will be used.

 The Money Advice Service may also be a resource of huge benefit to you

The Money advice service does not really exist anymore , it is now part of Free and impartial help with money, backed by the government | MoneyHelper

xylophone

My pensions advisor can't give advice on what benefits I will be entitled to once I'm past retirement age or how income from my private pension would affect them. 

Why not post your query on this board

https://forums.moneysavingexpert.com/categories/benefits-tax-credits

https://forums.moneysavingexpert.com/profile/calcotti is very knowledgeable about benefits etc.

Xbigman

As suggested above, get over to the benefits board. The biggest question is whether your private pension will block you from pension credit (the benefits board posters should be able to answer that). If it isn't big enough to do that then its fine. If it is the question becomes, can you draw down enough of it before state pension age to get back below the pension credit level. These are big questions and the answers can be tricky. You need to investigate every option and keep an open mind. 


Darren