Will your life savings run out too soon?

ONE in five Yorkshire retirees worry that their life savings will run out too soon, new figures reveal.

Picture: PA

More than a quarter of over-65s say they run out of money before the end of the month, and a similar number are in debt, with an average amount of more than £1,000.

A survey conducted after last month’s budget by the charity Independent Age also found that more than a third of Yorkshire pensioners had never checked to see if they were eligible for benefits, and nearly half did not know that they could get a 25 per cent discount on council tax if they lived alone

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It found that more than a fifth of over-65s in Yorkshire did not have money saved for unexpected costs, such as repairing a broken boiler or paying for a dental emergency.

The researchers said that across Britain, pensioners who are not claiming the benefits they are entitled to are missing out on an average of £41 a week or £2,100 a year - the cost of a typical dual-fuel bill. £3.7bn of benefits earmarked for older people goes unclaimed each year

Lucy Harmer, Director of Services at Independent Age, said, “These results clearly show that many older people in Yorkshire and the Humber are worrying about their finances and don’t always know who to turn to for advice.

“Topping up your income becomes much more difficult the older you get, but bills still need to be paid.”

Independent Age’s Moneywise leaflet is available at www.independentage.org/moneywise.