Martin Lewis Says Pensioners Can Claim Hundreds Extra Every Year

Martin Lewis, aka ‘The Money Saving Expert‘, has a new piece of advice for millions of pensioners in the UK. This advice could result in receiving an extra £667 a year! His advice comes at a crucial time, especially with the recent scrapping of the Winter Fuel Payment for millions. As energy prices are expected to rise again in October, Martin Lewis’s advice could be a lifeline for those who have lost this essential winter support.

Martin Lewis: Deferring Your State Pension “Could Be A Winner”

According to Martin Lewis, deferring your state pension payment for at least nine weeks can significantly increase the amount you’re eligible for. This could increase their annual income by as much as £667 each year! This option is particularly beneficial for those who are in good health and have a family history of longevity.

“If you’re in great health with a history of family longevity, deferring could be a winner”.

This means that delaying your state pension for even a short period can lead to hundreds of pounds more in your pocket each year.

While deferring can be a smart financial move for some, it’s not a one-size-fits-all solution. Martin Lewis points out that if you’re struggling with your health, it may not be worth considering. However, for those in poor health, it might be better to start receiving payments as soon as you’re eligible.

Why The Advice From Martin Lewis Matters Now

The timing of this advice is crucial. With the recent elimination of the Winter Fuel Payment for many, pensioners across the UK are facing a challenging winter ahead. The Winter Fuel Payment has been a vital source of support, helping to cover the increased costs of heating during the cold months. Without it, many will be looking for other ways to make ends meet, and deferring their state pension could be an effective strategy to gain some financial relief.

In a time of rising living costs and uncertain financial futures and increasing energy prices, Martin Lewis’s guidance on deferring state pensions could provide much-needed support for many pensioners. By carefully considering your health and financial situation, you could make a decision that results in a significant boost to your annual income.

Should You Consider Deferring?

Before making any decisions about deferring your state pension, it’s important to assess your health, financial needs, and long-term plans. For those in good health with a potential for longevity, deferring could be a smart move that results in hundreds more each year. This caHowever, for those facing health challenges, it may be more beneficial to begin drawing your pension immediately.

As always, seeking personalised financial advice is recommended to ensure that you’re making the best decision for your unique situation. Martin Lewis’s advice serves as a timely reminder that, even in the face of financial challenges, there are strategies available to maximise your income and secure your financial future.

Other Ways To Get Support This Winter

If you apply for a government-backed scheme like the  ECO4 scheme now, you’ll be able to make savings on your energy bill this winter. That’s because the average UK household saves hundreds per year with the improvements offered by the scheme. These include solar panels, an air source heat pump, and insulation.

Eligible households will receive these home upgrades completely free of charge. Plus, now is the perfect time to apply, so that you can experience the benefits of these improvements and heat your house for less over the winter months.

You can apply in just 30 seconds by clicking the button below.