Cost of Living: Bristol resident says it has 'gone too far'
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Many have said they don’t know if they’ll manage unless the state pension rises in line with inflation, not wages, next year. They recognise that while everyone is struggling financially, retirees often have little wriggle room to start with.
Inflation in September hit 10.1 percent – which could mean pensioners get a 10.1 percent state pension increase next year if Rishi Sunak’s promise to increase the state pension in line with inflation goes ahead.
However, some pensioners are worried the triple lock could be scrapped, depending on who ends up in the prime minister’s seat.
Retiree Andrew Williams, 75, told Express.co.uk he couldn’t keep up with whether the triple lock would be scrapped or not.
He said that while everyone is struggling, retirees can’t do overtime or rely on bonuses to survive the cost of living crisis.
Andrew said: “The thing is with people who are retired they can’t put anything extra into the pot.
“I can’t do any overtime – I can’t earn bonuses like you do at work.
“What you get, well that’s all you get.
“You can’t make savings, what you got in the pot, that’s it.”
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Another pensioner, 72-year-old Christopher Hunt, said: “It’s gone too far now really.
“I don’t think pensions are going to keep up with the rate of inflation.
“They went back on the triple lock last time, didn’t they.”
He said he could probably “just about” live on the state pension but “it’s touch and go”.
At the same time, billions of pounds are unclaimed in benefits every year and pensioners are the age group most likely to be missing out.
Pensioners are being urged to take up Pension Credit as alarming new figures show an estimated £1.7billion is left unclaimed.
Pensioners are usually eligible for Pension Credit if they earn less than £182.60 a week.
Applying for this state benefit will mean their earnings are topped up to £182.60 a week if they are single.
Couples will qualify if they earn less than £287.70 in total and will have their earnings topped up to this amount if they don’t.
Pension Credit can be worth up to £3,300 per year, but that’s not the only thing pensioners who don’t claim are losing out on.
Martin Lewis, MoneySavingExpert founder siad: “My simple rule of thumb is if you (or someone you know) are aged 66 or older, and have total income of under roughly £200 a week, get online or call the Pension Credit claim line to see if you’re due a payment that can be as much as £3,300 a year.
“I’m not saying everyone will get it, but many will, and it only takes a few minutes to find out. So don’t stall, just call.”
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