WHEN you reach state pension age you'll start getting up to £203.85 per week.
But bear in mind that other benefits may stop when you reach the current retirement age of 66.
How much your state pension is worth will depend on the national insurance contributions you have made over the course of your working life.
The current full state pension amount is £203.85 a week and this is set to increase by 8.5% a week in April 2024 due to the triple lock guarantee.
The triple lock guarantee is a safeguard that means your state pension will not lose value because of inflation and will keep pace with rising living costs.
You do not have to start claiming your state pension as soon as you are 66, it is possible to defer.
But some benefits will definitely stop when you do reach the current retirement age of 66.
Here we explain how your benefits may become affected.
Which benefits stop at state pension age?
There are two main benefits that you will no longer be able to get when you reach state pension age, according to charity Turn2Us.
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They are:
- Jobseeker's Allowance (JSA)
- Employment and Support Allowance (ESA)
Two further benefits available to the bereaved also stop:
- Bereavement Support Payment
- Widowed Parent's Allowance
Universal Credit will stop at pension credit age and instead you should make a claim for Pension Credit.
Pension credit age is the same as the state pension age, unless you are a man born before 6 December 1953.
If you're in a couple and are different ages then it's when the youngest person reaches state pension age that joint Universal Credit claims will stop.
There are further benefits which you can't make a new claim for after state pension age too – but if you are already claiming them, they won't stop.
- Disability Living Allowance (DLA)
- Personal Independence Payment (PIP)
You can also renew a claim for them after state pension age, as long as it's for the same issue and you previous claim ended less than one year ago.
Which benefits continue after state pension age?
There are other benefits that you can continue to get after reaching the state pension age providing that you are eligible.
They include:
- Child Benefit
- Carer's Allowance
- Statutory Sick Pay
- Housing Benefit
- Council Tax support
- Support for mortgage interest
- Working tax credits (if you already get it, but not for new claims)
- Child tax credits (if you already get it, but not for new claims)
- Help with health costs
- Cold Weather payments
- Warm Home Discount Scheme
What else can I claim after state pension age?
As well as the state pension there are other benefits designed specifically for those in retirement.
Pension credit gives you extra money to help with your living costs if you’re over the State Pension age and on a low income.
Typically, it is worth around £67 a week ore more than£3,500 a year on average.
You can also get extra help if you're a carer, disabled, or responsible for a child.
You can get pension credit when you reach pension credit age.
Pension credit age is the same as the state pension age, unless you are a man born before 6 December 1953.
Claiming pension credit – even if it's just worth pennies to you – unlocks many more discounts, like a free TV licence, so it's worth looking into.
Attendance allowance and a senior railcard are also available to cut costs for pensioners
Check out how to claim these and other pensioner perks, worth thousands of pounds each year.
How to check what benefits you can get
You can use a benefits calculator to help you check that you are not missing out on money you are entitled to.
Charity Turn2Us' benefits calculator works out what you could get.
Entitledto's free calculator works out whether you qualify for various benefits, tax credits and Universal Credit.
MoneySavingExpert.com and charity StepChange both have benefits tools powered by Entitledto's data.
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You can use Policy in Practice's calculator to not only find out which benefits you could receive but also to find out how much cash you'll have leftover each month after paying for housing costs.
Your exact entitlement will only be clear when you make a claim, but calculators can show you what you could be eligible for.
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