Many over 55s are unaware of the monetary help obtainable to them, leaving vital financial savings untapped.
Many over 55s danger lacking out on substantial financial savings (Picture: Getty)
Over 55s might danger lacking out on £13,000 a 12 months by not realizing what monetary help they’re entitled to. The ballot of 1,000 adults aged over 55, commissioned by McCarthy Stone, revealed 43% have by no means checked whether or not they’re eligible for age-related schemes. And 16% discover it obscure the details about monetary help.
Analysis discovered 65% of adults over 55 are unclear about their later life monetary choices, with 71% missing confidence of their understanding of the help they’re entitled to.
McCarthy Stone, a developer for retirement communities teamed up with private finance and client knowledgeable Sue Hayward to spotlight the schemes flying beneath the radar.
One of many key areas she stated are sometimes ignored is the Later Life Shared Possession scheme. The initiative permits consumers aged 55 and over to buy a share of a house whereas paying decreased hire on the remaining portion, doubtlessly saving hundreds in housing prices annually.
Information from McCarthy Stone revealed that 178 householders utilizing this mannequin saved a mixed £14.5 million in 2025 – a median saving of round £80,000 per residence.
Practically half (43%) have by no means checked Pension Credit score. Hayward added round a million retirees fail to say it annually, regardless of it being price a median of £2,600 yearly for these over state pension age.
Hayward explains this scheme acts as a significant ‘top-up’ cost and might unlock extra help, together with a free TV licence and different cost-of-living advantages.
Many are additionally overlooking the likes of Attendance Allowance, which may very well be as a lot as £4,750 a 12 months, to journey reductions at £200 and round £500 of council tax advantages.
Brits might save on the whole lot from housing to journey (Picture: Getty)
“Planning and analysis is vital in the case of having the facility to decide on the retirement you need,” Hayward stated.
“For those who’ve constructed up fairness in your property, it’s price exploring all avenues, because it is probably not sensible to remain in your present residence eternally and there are different choices in the case of supporting an impartial, however safer and safer way of life”.
When requested what may immediate them to maneuver residence aged 55 or over, the primary causes have been decreasing family payments (32%) and chopping down on upkeep (28%).
Practically a fifth (18%) would take into account relocating to be nearer to household, in keeping with the OnePoll.com figures.
Chrissy Fice, from McCarthy Stone, which has launched its government-backed later-life shared possession scheme, Dwelling Patrons Assist, delivered in partnership with Houses England, added: “When folks perceive the monetary and housing choices obtainable to them, it could unlock confidence, flexibility and significant financial savings.
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“By way of our government-backed later-life shared possession scheme, we’ve already seen clients save a mixed £14.5 million in 2025 whereas having fun with the advantages of a secure and safe new residence – proof of how the proper info can flip choices into actual monetary and way of life outcomes.”
Downsizing:
Downsizing and shopping for a smaller property could also be one answer should you nonetheless stay in a big household residence with excessive vitality payments and upkeep prices. There are schemes in place that may aid you with this. McCarthy Stone, for instance, gives a Clean Transfer bundle to assist ‘declutter’ and usually streamline the transferring course of.
Shared Possession:
You too can take into account later life shared possession, the place you purchase a share of a purpose-built residence with versatile possession choices. In some instances, you might not must pay hire on the remaining share.
Journey:
Verify your eligibility for a free bus cross; the age necessities range relying on the place you reside. You too can purchase a Senior Railcard for £35 a 12 months and save a 3rd on practice journey from age 60. You should purchase coach low cost playing cards too, such because the Nationwide Categorical one at £15 a 12 months.
Pensions:
Give your self a monetary well being verify. Begin by checking pension pots as you might be price greater than you assume you probably have misplaced or forgotten pots from previous jobs. It’s simple for paperwork to go astray with home strikes, so use the free Pension Tracing Service should you need assistance contacting earlier pension suppliers.
Pension Credit score:
Verify you’re claiming the whole lot you’re entitled to. Round 1,000,000 individuals who might declare Pension Credit score miss out. Value a median of £2,600 a 12 months to these over state pension age, it’s a ‘top-up’ cost that unlocks the door to different advantages, together with a free TV licence. Use the free Pension Credit score calculator on the federal government web site
Forecast:
Get a free state pension forecast to see how a lot you’ll get and when. You possibly can delay taking your state pension, which suggests boosting funds by almost 6% a 12 months.
Council Tax:
For those who’re the one grownup residing in your property, you possibly can declare a 25% council tax low cost. You possibly can even have as much as 100% of your invoice waived beneath the Council Tax Discount scheme in case you are on a low earnings or declare advantages. Contact your council for particulars.
Reductions:
There are many age-related offers and reductions, from grocery store financial savings to meal offers, cinema tickets, and decreased entry at sights. At all times price asking – and take proof of ID for eligibility.
Attendance Allowance:
For those who want further assist with every day duties like washing or getting dressed as a consequence of a well being situation or incapacity, and are state pension age or older, you might be eligible for Attendance Allowance. That is price from £3,800 a 12 months as much as £5,700.
Deadlines:
Some advantages and funds can solely be backdated for a restricted time, usually one to a few months, so all the time apply as quickly as you possibly can to keep away from lacking out. Remember to declare any change in circumstances too.
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