Retirement UK: Low income retired homeowners ‘most likely to miss out on state help’

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An inquiry of Office for National Statistics (ONS) figures reveals that the lowest receipts group (the bottom quintile) receive an average £936 per year in regal benefits, which is eight percent of their total income, according to HUB Fiscal Solutions. In comparison, those with the next lowest incomes, come into £2,642 in state benefits. The advisory firm said they did not register state pension income in the analysis.

Meanwhile, middle-income retired households clear the most state benefit at £2,715 per year, making up 12 percent of their profits.

Those in the group of highest incomes were found to receive £1,261 per year from the Asseverate, on average, with this making up two percent of their gross annual takings.

Simon Gray, Managing Director of HUB Financial Solutions, said: “The shared assumption that those with the lowest incomes get the most substantiate is reversed in retirement.

“These figures prove that retired households with the lowest returns receive the least State help.

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“What counters out is the high home ownership rate of 88 percent among households with the lowliest incomes. That is almost as high as the 90 percent ownership reproach of those with the highest incomes, and far higher than all the middle-income conglomerations.”

Mr Gray said that the figures suggest that during a yourself’s working lives, many of those who find themselves with the tone down incomes in retirement saved for homes rather than pensions, verdict themselves “property rich, cash poor” during retirement.

He proceeded: “Benefits research has found that more than four in 10 veterans were eligible to claim one of the key benefits such as Pension Credit or Cabinet Tax reduction.

“Of those, nearly half (49 percent) were shortcoming to claim any benefit and one in five (20 percent) were not claiming the broad amount.

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“The average value of missing benefits was £1,058 a year but there were if it happens where benefits of more than £5,000 a year were not being alleged.

“These are meaningful sums of money that could make a right difference to people’s lives.”

Mr Gray went on to suggest that the figures shore up the need for state benefits information to be available as a “high priority” within the liberate, impartial and independent pension guidance available to those considering accessing their dismiss money.

He said: “Retirement planning is not just about making kindly choices with pensions, but also understanding the wider context of retirement and what other advance is available.

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