What Financial Help Might Be Available in Later Life?

Reaching later life does not automatically mean you will know what financial help is available.

Your income may come from several places. Your health may have changed. You might be caring for somebody, paying more for heating, struggling with housing costs or simply finding that your pension does not stretch as far as it used to.

There are several different types of financial support worth checking.

And importantly, having savings, receiving a pension or owning your home does not automatically mean there is nothing you can claim.

Start with your State Pension

Your State Pension is based mainly on your National Insurance record.

It is worth checking:

• when you can receive your State Pension
• how much you are expected to receive
• whether there are gaps in your National Insurance record
• whether you have other workplace or private pensions

Do not assume the amount will automatically be enough to cover all your living costs.

Other financial support may still be available.

What is Pension Credit?

Pension Credit provides additional financial help for people who have reached the qualifying age and meet the financial rules.

It is separate from the State Pension.

You may be able to receive Pension Credit even if you:

• receive the State Pension
• have a private or workplace pension
• have savings
• own your home

Your income and circumstances are considered when entitlement is calculated.

Does having savings mean I cannot get Pension Credit?

No.

For Pension Credit, savings and investments of £10,000 or less do not affect the calculation.

If you have more than £10,000, an amount is treated as weekly income when Pension Credit is calculated.

There is not a simple £10,000 cut-off where entitlement automatically ends.

This is different from some working-age benefits.

If you have savings above £10,000, it can therefore still be worth checking.

Could disability or caring responsibilities affect Pension Credit?

Yes.

The amount you may qualify for can depend on more than your basic income.

Additional amounts can potentially apply in circumstances including where you:

• have certain disability-related benefits
• care for another person
• have particular housing costs

This means somebody whose income initially appears too high for Pension Credit may still potentially qualify depending on their circumstances.

What about Attendance Allowance?

Attendance Allowance is particularly important to consider if you have reached State Pension age and need personal help or supervision because of a health condition or disability.

It is not means-tested.

Your savings and income do not determine whether you qualify.

You do not need to have a professional carer or somebody officially caring for you.

The question is whether you need the relevant help or supervision.

There are separate MH360 guides explaining Attendance Allowance in more detail.

Could getting Attendance Allowance unlock other help?

Potentially.

An Attendance Allowance award can sometimes affect entitlement to means-tested benefits.

For example, it may potentially increase the amount of Pension Credit somebody can receive.

It may also be relevant to somebody who provides substantial care for you.

This is why it can be useful to complete a full benefits check after receiving a new disability benefit rather than looking at each benefit separately.

Can I get help with my rent?

If you have reached State Pension age and rent your home, Housing Benefit may be available depending on your circumstances.

Housing Benefit can help towards eligible rent.

The rules depend on matters including your income, savings, household and housing circumstances.

If rent is becoming difficult to manage, check your entitlement rather than waiting until arrears develop.

What if I own my home?

Being a homeowner does not mean there is no financial support available.

Depending on your circumstances, it may still be worth checking:

• Pension Credit
• Attendance Allowance
• Council Tax Reduction
• help with certain housing costs
• Support for Mortgage Interest where applicable
• help with energy and other essential costs

Different schemes have different financial and eligibility rules.

Do not apply the rules of one benefit to all the others.

Can I get help with Council Tax?

Possibly.

Council Tax Reduction can reduce Council Tax for people on a low income.

The exact scheme is administered by your local council and the rules can vary.

Other Council Tax reductions or exemptions may also apply depending on who lives in the property and their circumstances.

For example, separate rules can sometimes be relevant where somebody has a severe mental impairment, lives alone or has particular disability-related circumstances.

Check with your council rather than assuming you have to pay the full bill.

What help might be available with heating and energy costs?

There are different forms of support with energy and heating costs.

Depending on your circumstances and the current schemes, this can include help such as:

• Winter Fuel Payment
• Warm Home Discount
• Cold Weather Payments
• local-authority support
• help offered by energy suppliers

Eligibility rules can change, so check the current arrangements rather than relying on what applied in a previous winter.

What about NHS and health costs?

Depending on your age, income, benefits and where in the UK you live, help may be available with certain health costs.

This can include help with things such as:

• NHS dental treatment
• glasses
• travel for NHS treatment
• other qualifying health costs

Receiving the Guarantee Credit part of Pension Credit can provide access to help with certain NHS costs.

Check your individual entitlement rather than avoiding treatment because you are worried about the cost.

What if I care for somebody?

If you provide substantial care for another person, check whether financial support may be available to you as a carer.

Depending on your circumstances, this could include:

• Carer’s Allowance
• Carer’s Credit
• additional amounts within means-tested benefits
• other help with household costs

Carers’ benefits can interact with State Pension and other benefits, so a full benefits check can be particularly useful.

What if I need help with care costs?

Benefits and social-care funding are not the same thing.

If you need care at home or are considering residential care, there may be separate questions about:

• a care needs assessment
• local-authority financial assessment
• self-funding
• NHS Continuing Healthcare
• NHS-funded nursing care
• Attendance Allowance

Do not assume that needing care automatically means you must pay the entire cost yourself.

MH360 has a separate section explaining care costs and NHS Continuing Healthcare.

What if I need adaptations to stay in my home?

Financial help may sometimes be available for adaptations that help somebody remain independent.

This can include Disabled Facilities Grants in England and Wales, subject to the relevant rules.

Adaptations might include changes such as improving access, adapting bathroom facilities or making parts of the home safer and more accessible.

There are separate MH360 guides about remaining independent and adapting your home.

What if I’m struggling with everyday essentials?

If your income does not cover essential costs, there may be other help available.

Depending on where you live and your circumstances, this could include:

• local welfare assistance
• help with food and essential household costs
• energy support
• charitable grants
• Council Tax support
• housing assistance
• free debt advice

Local schemes vary considerably.

Your local council can be an important place to check.

I have savings, is a benefits check still worthwhile?

Yes.

Different forms of support treat savings differently.

For example:

Attendance Allowance is not means-tested.

Pension Credit takes savings into account differently and does not simply stop because savings exceed £10,000.

Other benefits and support schemes have their own rules.

A person can therefore be financially comfortable in one sense and still qualify for support because of their age, health, disability, caring responsibilities or other circumstances.

I own my house, is it still worth checking?

Yes.

Home ownership does not automatically prevent entitlement to benefits.

For example, somebody who owns their home may potentially qualify for:

• Pension Credit
• Attendance Allowance
• Council Tax Reduction
• certain help with housing costs
• energy-related support

Your actual circumstances matter.

When should I check my entitlement again?

Benefits are worth checking after a significant change.

For example:

• reaching State Pension age
• retirement
• becoming ill or disabled
• receiving Attendance Allowance
• becoming a carer
• your partner dying
• moving home
• moving into or out of a care home
• a significant change in income or savings
• separating from a partner

A previous benefits check does not necessarily tell you what you are entitled to now.

Where should I start?

You do not need to understand the whole benefits system.

Start by gathering some basic information about:

• your income
• pensions
• savings
• housing costs
• Council Tax
• existing benefits
• health or disability
• caring responsibilities

Then complete a full benefits and financial-support check.

MH360 Entitled can help people explore benefits and financial support they may be missing.

The important thing is not to rule yourself out before checking.

7.9: What Benefits Might I Be Entitled To?

7.10: How Can I Check Whether I’m Missing Out on Benefits?

7.14: What Financial Support Is Available if I Have a Disability or Long-Term Health Condition?

7.15: What Benefits and Financial Help Are Available for Carers?

7.27: What Is Attendance Allowance?

7.28: Who Can Claim Attendance Allowance?

7.29: Does Having Savings Affect Attendance Allowance?

7.31: What Help Can I Get With My Rent?

7.32: What Help Can I Get With Council Tax?

13.16: Who Pays for Care at Home or in a Care Home?

15.7: How Can I Stay Independent at Home?

15.9: What Help Is Available to Adapt My Home?

Important information

This guide provides general information and is not intended to provide benefits, financial, care, legal or other professional advice. Benefits, pension rules, financial-support schemes and eligibility criteria can change, and individual circumstances can be different. Check current information from official sources or seek advice from an appropriately qualified benefits adviser before making important decisions.