Retiring/Planning for Retirement

It's a good idea to start thinking about your retirement income as soon as you can, even when you start work.  Not that you plan to leave you new job quickly - but you should think about paying into a pension as early as you can.

 

The earlier you pay in, the better prepared you should be when you do retire, even if that may seem far in the distance now.

 

The Pension Service has a special website (this is an external hyperlink) to help and guide you through the different pension options.

• When you have retired
• Minimum Income Guarantee
• Adjust to your new phase of life
• Free TV Licences
• Information about the basic state pension
• Help with Winter Heating bills
• Where can you find information about activities, opportunities etc
• Other help with living costs
• Travel Concessions
• Housing Costs
• Managing your finances
• Long Term Care
• Health Issues
• Sheltered Housing

When you have retired

Having retired, you should be able to access your pension income (depending on what age you retire) and other help too.  If you have retired before you reach state pension age, you will not be able to get your state pension (this is an external hyperlink)

If you have retired early, there is important additional information about the old State Earnings Related Pension Scheme for married women.

Adjust to your new phase of life

When you have been working for the last 40-50 years it will come as a bit of a shock to suddenly not have to get up and go to work.  The way to look at retirement is an opportunity to do new things.

However for some people it can be a lonely time, particularly if your relatives/friends no longer live close by or have passed away.

There are various organisations on hand to help you get the most out of your coming retirement.  Help is available with costs such as:

• Heating your home in the winter - this is available if you are or living with someone who is aged 60 or over.
• Meals on wheels - helps people keep their independence, hot meals delivered on any day or every day
• Free TV licences - The government will now pay for your Television Licence if you are aged 75 years or over.
• Home Care Calls - a guide to getting extra help and support within your home.

Information about the Basic State Retirement Pension

You can build up rights to the basic state Retirement Pension if you pay or are credited with - National Insurance Contributions.  The amount you receive will depend on how many years you have been contributing.  More information can be found on the Pension Website (this is an external hyperlink).

To help you see how much state pension you might get when you retire you can get an individual state pension forecast - phone 0191 218 7585 or visit the Pension Website (this is an external hyperlink).

The Government believes that the best way for you to have a secure retirement is to use the basic state Retirement pension as a start.  But to make sure you have the lifestyle you want in retirement you need to think about the best additional or second pension option for you.

Where can I find out about activities, opportunities etc?

Local events are held within Fareham, including countryside tasks and events, as well as activities taking place within Fareham Leisure Centre (this is an external hyperlink) and Ferneham Hall (this is an external hyperlink).

Adult education classes might be worth looking into, lots of classes are now shorter than a year, maybe a few weeks, so you do not feel tied into anything for years.

There are plenty of organisations that you could join, visit Hampshire County Councils, Cousin website for more information on local clubs and societies in the Fareham/Gosport area.

Travel Concessions

There are numerous chances to travel since most rails and bus companies offer discounts to people aged 60 or over.

The options available are:

• Senior Citizen Bus Pass
• Rail pass and other concessions (this is an external hyperlink)

Managing your Finance /Pensions

With longer life spans and the ever growing senior population, you need to begin saving and planning for your retirement when you are in your 30's or even sooner. Ample planning can help to make sure that you will not outlive your savings and that you will not have to rely financially on others.

Royal United Kingdom Beneficent Association (RUKBA) is a national charity helping older people to enjoy many more fulfilling years in their own homes by providing financial support.  In many cases they help with small grants or annuities to aid older people extend their pensions.  With Rukba's support they can still keep their independence that means so much to them.

If you can help someone you know please call: 0845 758 5680 or visit www.independentage.org.uk (this is an external hyperlink).

The Financial Services Authority is an independent body set up by the government to regulate financial services and protect consumers rights in the UK.

It will help you consider questions such as: what will happen when I retire? What types of pensions are there? Do I need to save for my retirement? Visit www.fsa.gov.uk (this is an external hyperlink).

Health Issues

If sometimes you feel you can't cope by yourself, there are a number of people/organisations that may be able to help you.

• Doctor - visit the online business directory which enables you to find a doctor within Fareham
• Samaritans - a national support service www.samaritans.org.uk (this is an external hyperlink).
• Mind - Mental Health Charity www.mind.org.uk (this is an external hyperlink).

You may wish to go into a nursing home when you reach the point of not being able to cope on your own. To see a list of residential and nursing homes in the Fareham Area visit www.carehomes.co.uk (this is an external hyperlink).

Minimum Income Guarantee

If you are aged 60 or over, on a low income and have no savings or saving of less than £12,000, you could get help through the Minimum Income Guarantee that could top your weekly income up to £98.15 for a single person or £149.80 for a couple.

You may also get extra help with Housing Costs if you are paying rent and on a low income, or help with your council tax bill if you are on a low income.

You may also be able to get help with health costs, including free prescriptions, dental treatment, eye tests, help with the cost of glasses or contact lenses, free NHS wigs and fabric supports and help with travel costs to hospital if you are on a low income.

Free TV licences for the over-75's

If you are aged 75 or over, the Government will pay for your television licence.  TV licensing answers all your questions. Visit www.tv-1.co.uk (this is an external hyperlink).  You must still have a licence if you have a TV set.

Help with Winter Heating bills

If you are aged 60 or over, the Government provides help to pay your winter fuel bills (this is an external hyperlink), currently worth up to £200 per eligible household. If you have any queries regarding your claim please call the Winter Fuel Payment Helpline on 08459 15 15 15 (0845 601 5613 for textphone users). Lines are open Monday to Friday from 8.30am to 4.30pm and calls are charged at local rates.

Other help with living costs

If you are aged 60 or over, on a low income and have no savings or savings of less than £12,000 you could get help through the Minimum Income Guarantee that could top your weekly income up to £98.15 for a single person or £149.80 for a couple. Visit www.thepensionservice.gov.uk (this is an external hyperlink). You may also get extra help with housing costs (this is an external hyperlink) if you are paying rent and on a low income or help with your council tax bill (this is an external hyperlink) if you are on a low income. You may also get help with health costs, including free prescriptions, dental treatment, eye tests, help with the cost of glasses or contact lenses, free NHS wigs and fabric supports and help with travel costs to hospital if you are on a low income.

Housing Costs

You may also get extra help with housing costs. If you are paying rent and on a low income you may be able to get housing benefit. If you are paying council tax and are on a low income, you may be able to get council tax benefit. These benefits are administered by your local authority and you should contact them for details. If you have a mortgage, you may be able to get help with the interest payments through the Minimum Income Guarantee.

Long Term Care

Residential and nursing homes - to view information on residential care homes in the Fareham area visit www.carehomes.co.uk (this is an external hyperlink).

Home Care

Home and Community Support
Meals on Wheels
Luncheon Clubs
Age Concern

Sheltered Housing

Details of Housing Associations and other agencies that have sheltered schemes are as follows:

• Western Challenge HA - Tel: 01202 499300
• Guardian HA - Tel: 01329 668239
• Peverell Management - Tel: 01329 231802
• Downland Retirement Homes Ltd - Tel: 01243 533799
• Southern Housing Group - Tel: 01403 269131
• Freshfields - Tel: 02380 338055
• Warsash Hampton Estate Agents - Tel: 01489 885041
• New Era Management South Share - Tel: 01737 555746
• McCarthy Stone - Tel: 01329 829557
• Retirement Care Ltd - Tel: 02089 010300