Are you claiming everything you’re entitled to in retirement?
Every year, billions of pounds in financial support go unclaimed by those who are eligible for it. In fact, an estimated £2.2 billion in Pension Credit and Housing Benefit is left unclaimed annually. Many people simply don’t realise what they could be entitled to, while others assume they won’t qualify. Meanwhile, over half of Brits anxious about retiring cited ‘not having enough money saved’ or ‘the cost of living crisis’ as the main causes for their concerns.
If you’re planning for your future, it’s important to make the most of every financial resource available to you. Whether it’s help with everyday costs, tax-free allowances, or support with healthcare, understanding your options can make a real difference.
This guide is designed to help you navigate some of the financial support that could be available to you, so you can approach later life with more confidence and ease.
Government benefits and financial support you could be eligible for
There are so many financial entitlements available to you in retirement. They cover areas from pensions and healthcare to travel and day-to-day costs. Here, we’ve outlined key benefits you might be entitled to, as well as information on eligibility and how to apply.
Pension and income support
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State Pension – If you’ve made enough National Insurance contributions, you’ll receive the full new State Pension, currently £221.20 per week (as of 2024/25). The amount you receive depends on your contribution history and you need at least 10 years of National Insurance contributions to qualify. The State Pension age is currently 66 - that’s expected to rise to 67 between 2026 and 2028.
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Additional State Pension – Also known as SERPS, some people may have built up extra pension contributions before the system changed in 2016. This could provide an additional payment alongside your State Pension. It should be automatically added to your pension payouts, but if you think you’re eligible and you’re not receiving the payments for it, a financial adviser can help you find out what’s happened.
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Personal and Workplace Pensions – If you’ve contributed to a private or workplace pension, you can start drawing from it once you reach retirement age. You may also be able to withdraw 25% tax-free from your pension pot. Remember, you might have pensions that you haven’t consolidated. If you have, pension providers can typically trace these for you if you request it.
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Tax Benefits: Pensioners may benefit from tax relief on pension contributions, and personal allowances may be higher for older adults. You can also withdraw a portion of your pension pot tax-free (up to 25% of your total pension savings).
- Employment and Support Allowance (ESA): If you're under State Pension age and unable to work due to illness or disability, you may be eligible for ESA, which provides financial support and can help with the costs of living.
Help with living costs
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Council Tax Reduction – You may qualify for a discount or even full exemption on your council tax depending on your income and living situation - each council has its own scheme. You can check with your local council to see if you could be eligible.
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Great British Insulation Scheme – Homeowners, landlords and tenants may be eligible for grants to improve their home’s energy efficiency, reducing heating bills. You may be eligible if your home has an energy performance certificate (EPC) of D to G (check your EPC here), or if your home is in Council Tax bands A-D (England) or A-E (Scotland and Wales). You can check your band here.
Healthcare benefits
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Free NHS Prescriptions – If you’re aged 60 or over, you are entitled to free prescriptions in England. You’ll only need to show proof of age if your date of birth isn’t on your prescription.
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Free Eye Tests – If you’re over 60, you can get free NHS eye tests every two years. You can even claim back eye tests you’ve already paid for over 60 by completing this form and, with your receipt, sending it off to the address marked on the form.
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Attendance Allowance – If you have a disability or health condition that requires personal care, you could receive between £72.65 or £108.55 per week, tax-free (2024/25 rates). This is not means-tested, so your income and savings won’t affect your eligibility.
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Personal Independence Payment (PIP): Although primarily for working-age adults, if you are under State Pension age and have a long-term health condition or disability, you might qualify for PIP. PIP helps with the extra costs associated with a disability.
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Carer’s Allowance – If you provide care for someone for you for at least 35 hours a week, you may be entitled to £81.90 per week (2024/25) to support your role as a carer. This is also true is someone is providing care for you for at least 35 hours weekly.
Travel and transport benefits
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Free Bus Pass – Once you reach State Pension age, you’re entitled to free bus travel in England. In London, you may qualify earlier for a 60+ Oyster card which grants you free travel across a lot of London’s public transport services.
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Senior Railcard – If you're over 60, you can get a third off rail fares across the UK with a Senior Railcard, which costs £30 per year but can quickly pay for itself (an average of £96 per year, according to the Senior Railcard website).
Additional financial support
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Bereavement Support Payment – If you lose a spouse or civil partner, you may be eligible for a lump sum payment of £2,500-£3,500, plus further monthly payments for 18 months of £100-£350.
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Christmas Bonus – A tax-free payment of £10 is automatically paid in December to those receiving the State Pension and certain other benefits. You shouldn’t have to make a claim, but if you don’t receive the payment in the first week of December, you can contact the Pension Service.
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Home Adaptations – Your local council should pay for home adaptations, like grab rails or a concrete ramp, that cost under £1,000 each. You can get a free home assessment by calling your local council or applying online.
How to check what you're entitled to
If you’re unsure what financial support you might be eligible for, the Money Helper Benefits Calculator is a great place to start. It takes just a few minutes to complete and provides tailored advice based on your circumstances.
For more personalised support, you can also contact your local council, Citizens Advice, or visit GOV.UK to check your eligibility.
Making the most of your finances in later life
We know that moving to a retirement community is a big decision, and understanding your financial options is an important part of the journey. That’s why we believe in providing clear, straightforward advice to help you feel confident in your next steps.
By making the most of what’s available to you, you can put yourself in a stronger financial position, giving you more freedom to enjoy life the way you want to.
Want to explore how living in one of our communities could work for you?
Planning for the future isn’t just about understanding what financial support you’re entitled to—it’s also about making choices that enhance your quality of life. By taking advantage of available entitlements, you can put yourself in a stronger financial position, giving you greater freedom to shape your retirement in a way that suits you best.
If you’re exploring different living options, a retirement community could be part of that plan. With incredible amenities and vibrant, thriving communities, our villages are designed to help you enjoy later life with ease.
Want to see if this could be the right fit for you? Browse our properties for sale and rent or join us at one of our open days to experience our communities first-hand.
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