Pension Hacks

The Tricky world of pension transfers

The most annoying thing about the future is that you can’t predict it, you can guess and forecast but unless you can travel there then it’s never 100% certain. This makes things like planning your financial future difficult, who knows what the economy will be like in 10, 20 or even 50 years’. How will the cost of living compare to today’s? How far will your pension stretch? The guys over at Alexander & Co have put together a great list of pension saving hacks to help you stretch your money further, let’s take a look at some of them and a few other ways.

Unclaimed Money

A great place to check first is any old bank accounts that you might not have closed, or previous pension plans that you might have had if you’ve worked for more than one company throughout your working life. You may even have a case with a mis sold pension as these really picked up in 2019. This could lead to even more unclaimed money. It’s always worth checking.

Switch To Paperless and Direct Debit

Many utility companies charge if you choose to pay your bills by any method other than direct debit and on top of that, if you’re still receiving your bills on paper that could also be at an additional cost. Switching to direct debit and paperless billing can see you save anything up to £100 a year.

Better Insulation

You could be entitled to your houses insulation being improved, there are many schemes out there to help reduce the cost of your heating bills. Check out the Energy Saving Trust’s website for more information and to see if you are eligible.

Free Bus Pass

Many councils across the country offer free bus travel to people who are at pension age. Accepting and using the free pass for smaller, local journeys could save you on your fuel costs. Rather than taking the car to the supermarket for your top-up shop or popping to town for your haircut take the bus, unnecessary fuel costs soon add up and lots of short journeys cost more.

Money Off and Discounts

Many shops and food places offer “senior citizen specials” whether that’s a set meal with a cuppa in your local café, the cinema offering cheaper rates, 10% off at B&Q or 25% off at Specsavers – it’s always worth checking to see where you can save money.

Free Medicine For Minor Ailments

If you’re over 62 and suffering with things like coughs and colds, including nasal congestion and sore throat, minor cuts, bruises, constipation, haemorrhoids (piles) or aches and pains, such as headaches, earache and back pain then you can save £8.40 using the minor ailments scheme offered by many pharmacies rather than going to the doctors.

It’s never too early to start thinking about your financial future, whether it’s how to make your money go further or making a start to your savings. The worst thing you can do is sit around and do nothing, it’s so easy to get started; there is no reason not to – who doesn’t like extra money?

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Written by themoneyshed

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The Tricky world of pension transfers

The Tricky world of pension transfers

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