Three easy tricks to increase your state pension – including grandparent boost worth £6,600
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IT'S no secret that most people heading into later life will want to have as much money possible to have a comfortable retirement.
And with the cost of living and household bills continuing to rise, it's crucial for state pensioners to make sure they're making the most of all the cash boosts available.
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There are several ways older people can boost their state pension by thousands
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There are a few easy things you can do to increase your state pension as you enter your golden years - and some could give you an added £6,600.
Delay your retirement
One of the easiest ways you boost your state pension is by delaying the date you start receiving it.
Your state pension rises by the equivalent of 1% for every nine weeks you defer, or 5.8% for every 52 weeks.
So if you defer your pension by a year, you will get an extra £13.35 a week, or £694.20 a year.
If you reached state pension age before April 6, 2016, you can take your extra state pension as a higher weekly payment or a lump sum.
If you're still healthy enough to work by the time you reach pension age, or if you don't immediately need it, it's probably worth deferring it to get the extra cash.
You have to actively claim the state pension to start receiving it, so you'll automatically defer it if you don't claim it.
Look after your grandkids
You can get a pension cash boost of up to £6,600 by looking after your grandchildren over the summer holidays.
Specified Adult Childcare credits are a type of National Insurance credit that can help you qualify for the full state pension.
They can be claimed when a parent who receives child benefit is paying National Insurance and can work because another family member is looking after their child.
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This does not need to be full-time care and can include picking up a child from school or looking after them during the school holidays.
However, the child must be aged under 12.
Every year of transferred credit will boost your state pension by £330 a year, which could add nearly £6,600 to the value of your state pension over the course of a 20 year retirement.
You need to wait until October 31 to apply for the current tax year.
This is because HMRC needs to check that the parent or main carer already has a qualifying year of National Insurance.
They should check their National Insurance record on the gov.uk website to make sure they have credits they can transfer.
Before you apply for the credits you will need the child's details and a record of the periods when you provided care for them.
Apply for Pension Credit
You can apply for Pension Credit if you're on a very low income, which will top up your state pension.
It can bring your weekly income up to £227.10 if you're single, or £346.60 if you have a partner.
If your income is higher, you might still be eligible for Pension Credit if you have a disability, you care for someone, you have savings or you have housing costs.
Pension Credit also opens up help with housing costs, council tax or heating bills and even a free TV licence if you are 75 or older.
You can apply up to four months before you reach state pension age, either through the government website or by calling 0800 99 1234.
You'll need your National Insurance number, as well as information about income, savings and investments.
You can check if you qualify at gov.uk/pension-credit/eligibility.
What are the different types of pensions?
WE round-up the main types of pension and how they differ: Personal pension or self-invested personal pension (SIPP) - This is probably the most flexible type of pension as you can choose your own provider and how much you invest.
- This is probably the most flexible type of pension as you can choose your own provider and how much you invest. Workplace pension - The Government has made it compulsory for employers to automatically enrol you in your workplace pension unless you opt out.
These so-called defined contribution (DC) pensions are usually chosen by your employer and you won't be able to change it. Minimum contributions are 8%, with employees paying 5% (1% in tax relief) and employers contributing 3%.
- The Government has made it compulsory for employers to automatically enrol you in your workplace pension unless you opt out. These so-called defined contribution (DC) pensions are usually chosen by your employer and you won't be able to change it. Minimum contributions are 8%, with employees paying 5% (1% in tax relief) and employers contributing 3%. Final salary pension - This is also a workplace pension but here, what you get in retirement is decided based on your salary, and you'll be paid a set amount each year upon retiring. It's often referred to as a gold-plated pension or a defined benefit (DB) pension. But they're not typically offered by employers anymore.
- This is also a workplace pension but here, what you get in retirement is decided based on your salary, and you'll be paid a set amount each year upon retiring. It's often referred to as a gold-plated pension or a defined benefit (DB) pension. But they're not typically offered by employers anymore. New state pension - This is what the state pays to those who reach state pension age after April 6 2016. The maximum payout is £203.85 a week and you'll need 35 years of National Insurance contributions to get this. You also need at least ten years' worth to qualify for anything at all.
- This is what the state pays to those who reach state pension age after April 6 2016. The maximum payout is £203.85 a week and you'll need 35 years of National Insurance contributions to get this. You also need at least ten years' worth to qualify for anything at all. Basic state pension - If you reach the state pension age on or before April 2016, you'll get the basic state pension. The full amount is £156.20 per week and you'll need 30 years of National Insurance contributions to get this. If you have the basic state pension you may also get a top-up from what's known as the additional or second state pension. Those who have built up National Insurance contributions under both the basic and new state pensions will get a combination of both schemes.
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