Martin Lewis urges retirees to apply for ‘entry benefit’ for top-up income | Personal Finance | finance

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In retirement, any additional income can go a long way toward covering living expenses. The money-saving expert urged Britons to apply for a pension loan.

Pension Credit is a benefit for people over the statutory retirement age who have a lower income.

The statutory retirement age in the UK is currently 66 for both men and women.

Speaking on The Martin Lewis Money Show Live, Mr. Lewis explained the benefits of retirement savings to beneficiaries.

He said: “There are over a million people of state retirement age who do not receive a pension credit. If this is you, think about it, if you know someone, talk to them.

READ MORE: State retirement age update: New hope for WASPI as MPs campaign for compensation

Other benefits that may be available to beneficiaries of Pension Credit include:

  • Housing benefit for those who rent out the property they live in
  • Mortgage rate support for those who own the property they live in
  • Help with NHS dental care, glasses and transport costs for hospital appointments

authorization

Pension Credit is means-tested, so an applicant’s income is assessed to determine eligibility.

How to apply

Britons wishing to apply for pension credits can do so via the Government’s website or by calling 0800 99 1234.

It is also possible to apply by post by sending an application form to the pension service.

Applications can be made up to four months before reaching statutory retirement age and retrospectively for three months.

The Martin Lewis Money Show resumes next Thursday at 8.30pm on ITV.

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