Home > Finance and Pensions > Obtaining Help With Money Problems When Retired

Obtaining Help With Money Problems When Retired

By: Garry Crystal - Updated: 11 Apr 2010 | comments*Discuss
Money Problems Retired Retirees

Money problems can strike at any time of life and retirement is no exception. When serious financial difficulties do arise it is always better to seek help rather than let this stressful situation continue.

Retirement and Financial Difficulties

Retirement can actually be one of the worst times for money problems to strike, especially now that there is no monthly salary coming into the home. It only takes one or two emergency financial problems to throw off a carefully set budget. A huge number of retirees live solely on a state pension and with the cost of living rising it is no surprise that money or lack of it is a major concern for retirees. What should be a time to relax and enjoy the fruits of many years of hard work can become a serious financial struggle for many retirees.

Avoid the Short Term Borrowing Solution

Some people will see short term borrowing as an answer to money problems but with high interest rates this can sometimes be an unworkable financial solution. Lenders can be very reticent when it comes to providing credit to over 60s and will usually apply high interest rates to new borrowers in this age group. The solution to money problems will not usually be found by more borrowing. This is where agencies such as the Citizens Advice Bureau, Age Concern, and the Social Services can be extremely useful.

Finding an Answer to Money Problems

Retired people can find a great deal of financial help through agencies such as Citizens Advice and the Social Services. These agencies and government offices have trained staff who will offer the best advice, support, and financial help. Some retirees who find themselves in financial difficulties will often suffer in silence rather than seek help. These agencies exist to provide help; it is what they are there for. Financial difficulties can occur at any age, and retired people should remember that they are not alone when it comes to these problems. Always take advantage of the help that these agencies can provide.

What Financial Help Can Agencies Provide?

One of the major pluses of contacting a help agency is that they will be able to advise on all of the state benefits available to retired people. The charity Age Concern states that a huge number of retirees never claim all of the benefits available to them. The main reason for this is that retirees are simply not aware that these financial benefits exist. In fact in the UK, unclaimed state benefits for retired people is around the £4.6 million mark. These unclaimed benefits are not a handout they are benefits that retired people are entitled to.

Take A Financial Assessment

Agencies such as Age Concern can help with money problems by taking an individual financial assessment. They will be able to assess which state benefits are applicable to retired individuals and couples. For instance a large percentage of unclaimed benefits include pension credits, carers allowance, winter fuel payments, council tax exemptions and housing benefits. Agencies such as Age Concern, Citizens Advice, and the Social Services will be able to assess whether or not the retired individual or couple should be claiming for these benefits. This extra money can seriously help reduce money problems and help tackle the cost of living during retirement.

Agencies That Can Provide Financial Advice

There are a various organisations that exist specifically to help with certain money problems. For instance, retired people with debt problems can contact the Consumer Credit Counselling Service and the National Debtline. Other agencies, charities, and organisations that will be able to offer free advice and information on dealing with money problems during retirement will include:

  • Age Concern
  • Help the Aged
  • SAGA
  • The Pensions Service
  • The Social Services Department
  • The Citizens Advice Bureau
Tackling money problems can be a daunting prospect at any age but can be especially worrying for retired people. Seeking financial advice from agencies that specifically deal with these problems will be one of the most beneficial routes to take. Advice from these agencies will always be free and confidential and can provide retirees with information on state benefits they never knew existed.

You might also like...
Share Your Story, Join the Discussion or Seek Advice..
Why not be the first to leave a comment for discussion, ask for advice or share your story...

If you'd like to ask a question one of our experts (workload permitting) or a helpful reader hopefully can help you... We also love comments and interesting stories

(never shown)
(never shown)
(never shown)
(never shown)
Enter word:
Latest Comments
  • Vinwake
    Re: Learning for Free in Retirement
    I am looking for somewhere in East Anglia where I can study A level English as a retired person. I need a tutor to provide…
    13 September 2019
  • Graeme
    Re: Travel Concessions for Over 60s
    I’m 64, and have just moved to a village outside Cambridge. Do I qualify for discounted bus travel in Cambridge?
    3 September 2019
  • Gordon
    Re: Clubs to Join in Retirement
    My friend is allowing me to use her email for contact. I’m feeling isolated due to my age and have been sick, which has kept me…
    3 September 2019
  • LIZ
    Re: Clubs to Join in Retirement
    Hi. There must be a few people,late 60s -70s living in or near the market town of Diss Norfolk who would like to meet new…
    31 August 2019
  • EAW
    Re: Clubs to Join in Retirement
    I will be moving to South Derbyshire in a few months.Retired I would like to find like minded people to socialise with.Maybe…
    25 August 2019
  • Franio
    Re: Clubs to Join in Retirement
    I am a recently bereaved male aged 77 and would like to be acquainted with a meet-up club in my area (Droitwich / Bromsgrove…
    19 August 2019
  • roberto69
    Re: Clubs to Join in Retirement
    i am a 70 year old very young man looking for friendship aand maybe more i am from aberdeen in scotland i hope you can publicise this
    17 August 2019
  • Magobsie
    Re: Learning for Free in Retirement
    I'd like to have a place that could be my sponsor in teaching me cake baking, even wedding cakes. I'm staying in Pretoria and…
    7 August 2019
  • Sunbeam
    Re: Clubs to Join in Retirement
    Hi, I'm a early retiree at 56 years old and my husband is 61 years old and been retired for 18 months. We would like to meet new…
    2 August 2019
  • Ronnie
    Re: Clubs to Join in Retirement
    I am a young 67 year old female who has just moved to Liverpool. I am retired and looking to meet new friends. Are there any clubs…
    31 July 2019