There are many perks of being retired, especially financial ones.
So don’t let retirement stop you having fun and living your best life.
Here are some great freebies and discounts for those who hit a certain age.
The financial perks of being retired
State Pension. Providing you have paid at least the minimum number of years of National Insurance Contributions you will be entitled to the State Pension. A guaranteed income for the rest of your life. You will start to receive this at your State Pension Age which for most people will be between 66 and 68.
No more National Insurance Contributions. Once you reach State Pension Age you no longer need to pay National Insurance, even if you are still working. That’s a 12%+ tax saving on your income. Even if you retire before State Pension Age, if you don’t work you won’t pay National Insurance on your pension income.
Winter fuel payment. From State Pension Age you can claim a tax free annual amount of £200 if the oldest person in your house is under 80 and £300 for someone over 80.
Free bus pass. If you live in Wales, Scotland, Northern Ireland and London you can claim a free bus pass at age 60. For the rest of England this can be claimed at your State Pension Age. The free bus pass will entitle you to free travel on most buses. Some local authorities will restrict this to off-peak times.
Senior railcard. Available to the over 60 and costing £30 a year, this will give you a third off train travel.
Free prescriptions and eye tests. Available from age 60. Eye tests must be NHS sight tests but Spec Savers also offer free eye tests for the over 60s.
Free passport. If you were born before 2nd September 1929 you are entitled to a free 10 year passport.
Some entertainment and leisure discounts you might not be aware of:
National Trust Membership. If 60 or over and have held membership of the National Trust in 5 of the last 10 years you can apply for a 25% discount on annual membership.
B&Q Diamond Card. Free for the over 60s and entitle you to 10% off selected products every Wednesday.
Cinemas. Odeon cinemas run a Silver Cinema where all films are £3 for 55+. Tea, coffee and biscuits are provided beforehand. Cineworld also offer discounts on all films for people who hold, a bus pass, senior rail card or State Pension letter.
This is just a small sample of some of the most commonly used perks and discounts. There are many more. The majority of restaurants, theatres, hairdressers and sports venues will offer some form of discount to pensioners. If it’s not immediately obvious, make sure you ask.
If you would like to discuss your retirement options and get a financial health check, please secure a free 15-minute video call with us. You can speak to a Chartered Financial Planner who will listen to your situation, give you an outline of what you need to consider and guide you in the right direction.
Stock market linked investments and any income from them, can fall as well as rise and is not guaranteed. Any figures quoted are for illustrative purposes and should not be taken as a forecast or guarantee. Past performance should not be seen as an indication of future returns and clients may get back less than they have invested.