As the colder months roll around, plenty of us are feeling the pinch when it comes to our energy bills. With the gas and electricity prices continuing to go up, having to choose when and how long you put your heating on means more time spent feeling the cold, even when you’re trying to relax at home.
State Pension 'Shortfall Day' will see most older people spending their full annual payment by this month
04.10.2023 - 13:03 / dailyrecord.co.uk
There are nearly three months of the year still to go, however, October 5 marks ‘State Pension Shortfall Day’. This is point in 2023 when the average single pensioner would have exhausted their full annual State Pension payment from the Department for Work and Pensions (DWP) - the full New State Pension is worth just over £10,600 this financial year - and be reliant on private pension income or other savings to bridge the gap.
According to the latest Office for National Statistics (ONS) figures, the average single pensioner spends £267.30 a week or around £13,900 a year. It leaves a shortage of £3,300 - or a period of around three months with the State Pension running out on October 5, 2023.
Two-person retired households spend proportionately less per person on average, with many expenses shared but not doubling in price. Their mean expenditure comes in at £492.60 per week or £25,615 a year.
If both retirees have a full New State Pension providing annual income of £21,200 that leaves a deficit of £4,415 over the course of the year with State Pension Shortfall Day falling on October 29.
Stephen Lowe, group communications director at retirement specialist Just Group, said: “At a time when the State Pension is under the spotlight, State Pension Shortfall Day sets out how the income it provides matches up to the amount the average retiree spends over the course of a year.
“Although the State Pension looks set to be boosted by a second significant increase it is unlikely it will provide more than a very basic income. ‘Shortfall day’ is a notional date given State Pension payments are spread through the year, but it highlights the need to build up extra pension or other savings to provide that valuable extra income in later
The website celebfans.org is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
Popular Celebs
Popular Tags
dailyrecord.co.uk
17.10.2023 / 11:59
Holly Willoughby 'in floods of tears' after emotional decision to leave This Morning
Holly Willoughby was left in floods of tears following her decision to quit This Morning.
dailyrecord.co.uk
16.10.2023 / 18:21
Specific group of older people will not get new State Pension pay rates next April
The Triple Lock will determine the level of uprating to be applied to the State Pension for the 2024/25 financial year and pays the highest between September’s Consumer Price Index (CPI) inflation rate, earnings growth, or 2.5 per cent. The frontrunner for the uprating is currently earnings growth, which came in at 8.5 per cent (including employee bonuses) for the period between May and July.
dailyrecord.co.uk
16.10.2023 / 07:57
New and Basic State Pension weekly pay rates from April could be set out this week
The September Consumer Price Index (CPI) inflation rate will be announced on Wednesday, October 18 and forms part of the Triple Lock policy which is used for the annual State Pension uprating. Under the Triple Lock, the State Pension increases each year in line with whichever of these three measures are the highest - average annual earnings growth from May to July (currently 8.5%), CPI inflation in the year to September (currently 6.7%) or 2.5 per cent.
perezhilton.com
13.10.2023 / 19:31
The Bear Star Jeremy Allen White Has To Get Sobriety Tests Multiple Times A Day To See His Kids!
Wow! Jeremy Allen White is doing whatever it takes to remain in his kids’ lives! And what it takes says… a lot about the problems he and his baby momma might have had.
dailyrecord.co.uk
13.10.2023 / 09:53
Martin Lewis warns older people not to bin State Pension letter that contains details of back payments
Martin Lewis has warned hundreds of thousands of people, mostly women over State Pension age, not to bin a letter they may receive over the coming weeks thinking it’s a scam - it’s not, and could be worth a small fortune. The letters contain details about potential State Pension underpayments and could be worth tens of thousands of pounds.
dailyrecord.co.uk
12.10.2023 / 14:16
People over State Pension age with hearing issues may be due up to £407 each month
The latest figures from the Scottish Government show there are estimated to be around 850,000 people with hearing loss in Scotland and of those, 70 per cent are over 70. It is projected that figures could double over the next 20 years, with a delay of up to 10 years before people address their hearing loss.
ok.co.uk
11.10.2023 / 15:17
Who will replace Holly Willoughby? All the front runners tipped to take over on This Morning
Holly Willoughby fans across the nation were left heartbroken yesterday after she revealed that she'd be stepping down from her role at This Morning with immediate effect.The 42 year old took to Instagram to share the news, and released a heartfelt statement thanking the show and all who works on it. Plus, the "wonderful viewers," who she labelled as "loyal," "supportive" and "the very best of company everyday." Holly first joined the iconic ITV show back in 2009, and over the last 14 years has cemented herself as a national treasure, not to mention a presenting legend.
dailyrecord.co.uk
11.10.2023 / 14:19
New calls for State Pension Triple Lock to be ‘honoured in full' ahead of uprating announcement next month
A new online petition is calling on the UK Government to ‘honour the Triple Lock in full in April 2024’ ahead of the annual State Pension uprating announcement to be made during the Autumn Statement next month.
dailyrecord.co.uk
11.10.2023 / 12:43
New Winter Fuel Payment update for people of State Pension age due up to £600 from next month
Millions of older people are due to receive a one-off payment from the Department for Work and Pensions (DWP) to help keep winter heating bills down. No exact dates for this year’s Winter Fuel Payment have been announced, however, DWP has said most payments will be made during November and December.
ok.co.uk
10.10.2023 / 18:39
Inside Holly Willoughby's year from hell as she walks away from This Morning
Holly Willoughby has announced that she has quit This Morning, following a rather tumultuous year at the helm of the ITV daytime show. The TV presenter, who had worked on the show for 14 years, shared the news on her Instagram page, where she told fans: "I have let ITV know today that after 14 years, I will not be returning to This Morning.
dailyrecord.co.uk
10.10.2023 / 10:45
Drink driver jailed after killing Kilmarnock pensioner in holiday horror smash
A drink driver who killed a Kilmarnock pensioner on holiday just months after getting his licence back has been jailed for almost 11 years.
dailyrecord.co.uk
10.10.2023 / 08:29
New Attendance Allowance claim form tips to help older people get up to £101 each week
Attendance Allowance is a benefit delivered by the Department for Work and Pensions (DWP) for people of State Pension age who need help with personal care or supervision due to an illness, disability or mental health condition. A successful claim is worth either £68.10 or £101.75 each week, the level of award depends on the amount of support someone needs.
dailyrecord.co.uk
10.10.2023 / 03:49
New State Pension weekly payment rates from April could be calculated next week
There is an important date coming up that everyone claiming their State Pension should be aware of as it could help them calculate how much the contributory benefit will increase next April. The September Consumer Price Index (CPI) inflation rate will be announced next week - on Wednesday, October 18 - and forms part of the Triple Lock policy which is used for the annual State Pension uprating.
dailyrecord.co.uk
09.10.2023 / 19:31
People of State Pension age with arthritis could be due up to £407 each month from DWP
The latest figures from the Department for Work and Pensions (DWP) show in February this year, there were 416,313 people across Great Britain receiving Attendance Allowance support for arthritis, making it the most-claimed for health condition by people over State Pension age. More than 37,500 older people in Scotland are receiving either £68.10 or £101.75 each week in extra financial support along with more than 1,100 living abroad.
manchestereveningnews.co.uk
05.10.2023 / 08:53
State Pension: All the DWP winter and cost of living payments still to come this year
There are a number of one-off cost of living and winter payments on the way this year for people on State Pension.
dailyrecord.co.uk
05.10.2023 / 04:11
Young people on PIP, ADP or DLA to receive one-off £235 heating payment this winter
Social Security Scotland recently announced that an annual payment designed to help disabled children and young people heat their homes is changing its name. From this winter, Child Winter Heating Assistance, will become the Child Winter Heating Payment.
dailyrecord.co.uk
04.10.2023 / 09:37
New update on State Pension annual payment uprating from next April under Triple Lock
The September Consumer Price Index (CPI) inflation rate will be announced on October 18 and forms part of the Triple Lock policy which is used to determine the annual State Pension uprating. Under the Triple Lock, the State Pension increases each year in line with whichever of these three measures are the highest - average annual earnings growth from May to July (currently 8.5%), CPI inflation in the year to September (currently 6.7%) or 2.5 per cent.
dailyrecord.co.uk
03.10.2023 / 09:39
New update on calls for State Pension weekly payments of £416 for every person over 60
An online petition calling for the State Pension to be increased to £416 each week for everyone over the age of 60, to match the hourly rate of the National Minimum Wage, has received more than 10,000 signatures of support and is now due an official response from the UK Government.
dailyrecord.co.uk
02.10.2023 / 11:23
New and Basic State Pension weekly payment rates for next year could be determined this month
There is a key date this month that everyone claiming their State Pension should be aware of as it could determine how much the contributory benefit will increase next April. The September Consumer Price Index (CPI) inflation rate will be announced on Wednesday, October 18 and forms part of the Triple Lock policy which is used for the annual State Pension uprating.