Financial support is available
UK households aged between 65 and 74 average weekly spend was £455.30 in 2021/22 according to a new report on family spending data across the UK from the Office for National Statistics . This totals up to nearly £23,000 a year.
“Many over-65s will have their retirement incomes bolstered by final salary pension provision but those who don’t face real challenges and those of us still working need to plan if we are to have enough to live well in retirement.” Financial support for people over State Pension age Pension Credit tops up a person's income to a minimum of £201.05 per week for single pensioners and up to £306.85 for couples - or more if a person has a disability or caring responsibilities.
People can check their eligibility for Pension Credit using the online calculator here or by calling the Pension Credit helpline on 0800 99 1234.
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