Britons worried cost of living crisis will stop them retiring

Bristol pub owner on how the cost of living crisis has affected her

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While everyone is worried about soaring energy bills and the rising cost of living, older Britons nearing state pension age are rethinking their retirement plans. One Bristol licensee told Express.co.uk she’ll probably end up working until she’s 80.

Britons have been telling Express.co.uk how soaring energy bills and the cost of the food shop is a huge concern for them this winter.

One licensee said she is spending an extra £40 a week on her food shopping despite making cutbacks.

Amanda Jenkins, 62, who runs a pub in Bristol, said she is worried she won’t last the winter and can’t put her prices up because she’d be “gone in a month”.

Amanda said: “If I put my prices up in my pub the way the supermarkets do I’d be shut in a month.”

Former Prime Minister Liz Truss introduced a six-month cap on business energy bills, in a bid to stop British pubs from going under.

Although the intervention will provide a lifeline for many, pub owners like Amanda are worried it won’t be enough.

The Bristol resident is managing to get by by putting less away in her savings pot but told Express.co.uk she doesn’t know how she’ll ever manage to retire.

She said: “I’ll probably still be working when I’m 80.”

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The fate of the triple lock state pension continues to hang in the balance as Rishi Sunak has not yet confirmed whether it will be reinstated.

The triple lock pledge ensures the state pension rises each year by the highest of the following: 2.5 percent, inflation or average earnings.

Rishi Sunak temporarily suspended the triple lock for the year 2022/23 when he was chancellor – as a predicted eight percent increase was deemed unfair to younger taxpayers.

Inflation is now 10.1 percent – which could mean pensioners get a 10.1 percent state pension increase next year.

A decision on whether the state pension will rise in line with inflation or wages will be announced on November 17.

Amanda is not the only Bristol resident who is worried about surviving on the state pension – others have been sharing their concerns with Express.co.uk.

Retiree Andrew Williams, 75, told Express.co.uk he couldn’t keep up with whether the triple lock would be scrapped or not. 

Pensioners should check whether they qualify for pension credit which could lead to:

  • Reduced council tax bills
  • Capped water bills
  • Warm Home Discount Scheme of £140 off fuel bills
  • £25 in Cold Weather Payments
  • Disabled Facilities Grant (up to £30,000) to make changes to a home
  • Homeowners can apply for up to £10,000 to pay for a boiler
  • Up to £300 in Winter Fuel Payments
  • Free wigs or fabric support provided by the NHS
  • Help with housing costs
  • Bereavement support payments
  • Reduced court fees
  • Cost of Living support payments
  • A free TV licence if over 75-years-old
  • Homeowners can get help to pay for double glazing as part of the Green Homes Scheme
  • Help with funeral costs.

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