The state pension is typically issued in four-week instalments
State pensioners have been urged to make a change to their online banking(Image: Getty)
State pensioners have been encouraged to make a simple change to their online banking arrangements. Financial specialists at savings platform Marygold & Co have shared some guidance about how to best keep your finances in order. Group CEO Matthew Parden said: “For pensioners, keeping finances simple and organised is crucial.”
He offered one straightforward tip that’s simple to implement: “Setting up alerts through online or mobile banking can keep track of payments like the state pension or Winter Fuel Payment, to ensure they arrive on time.”
The state pension is usually distributed in four-week instalments, while the Winter Fuel Payment is a one-off payment of either £200 or £300. Those who are eligible for the payment should get a letter in October or November to tell them how much they will get. The funds will then be paid to most people in November or December.
Mr Parden also suggested using budgeting tools that can display both your earnings and outgoings. He said these can help ‘provide reassurance that essential payments are covered and help pensioners maintain financial confidence’.
The expert also recommended routinely checking whether you are eligible for any Government assistance or benefits. He spoke about some of the resources available to help you find out what support you can claim.
The specialist said: “The Government’s benefits calculator covers Pension Credit, Universal Credit, and council tax reductions, while Citizens Advice can also guide people through options. Getting ahead by reviewing potential support before financial pressures hit – for example, before autumn costs mount – can make a real difference.”
Claiming Pension Credit could significantly boost your income. This state pension-age benefit is vastly underclaimed, with the average claim providing over £3,900 a year in support.
The benefit boosts your income to £227.10 per week for single claimants and up to £346.60 for couples. You may be able to claim extra amounts on top of this, such as if you have a severe disability or if you care for another adult.
Claiming this benefit may also entitle you to other forms of support, including a free TV licence for those aged 75 and over, and reductions on your council tax.