State Benefits
There are a number of State Benefits available that can help imrpove the income for the less affluent pensioner and these should not be ignored. However many pensioners entitled to these additional benefits fail to make a claim.
It has been estimated that £4 billion of State Benefits fail to reach the pockets of pensioners. This could be due to ignorance - ignorance of their entitlement to some, or all, of the many State Benefits and Grants that are available. This could be coupled also with not knowing where to go to seek help.
A weekly "applicable amount" is an income figure established by government for those who have reached 60 years. If net income is below this "applicable amount" then the difference is paid as Benefit.
"Age Concern", "Help The Aged", and "The Citizens Advice Bureau" should be able to offer guidance.
The receipt of these State Benefits does not preclude the use of an Equity Release Plan, but there are certain Benefit Office rules that have to be acknowledged.
