"More money when you retire": How to add hundreds of pounds to your state pension

Experts are telling older Britons that if they wait to retire, they could get hundreds of pounds more from the government.

This comes at a time when energy bills are going up faster than ever before and inflation is making the cost of living crisis worse. At 9.4%, inflation is at its highest level in 40 years, and it is expected to reach 10% later this year. Also, by October, energy bills are expected to reach £3,500. One of the groups most likely to be hurt by the cost of living crisis that is crippling the country is pensioners.

The finance expert talked about the return of the triple lock, but he also mentioned a less well-known way that people can get a "boost" in their state pension payments: by waiting to retire.

Mr. Mugleston told Express.co.uk: "Pensioners are getting stuck between rising living costs and smaller incomes, and many retirees will be hoping that the September inflation figure, which is usually used for triple lock, will be in the double digits."

If the new state pension went up by 10 percent, people's annual income could go from £9,627 to £10,600.

However, there are other ways for people to get a raise on their state pension before September.

First of all, you don't have to take your state pension as soon as you turn 66 if you want to keep working or have another source of income and don't need your state pension right away.

"You can delay it for a slightly higher amount, and for every nine weeks you wait, you'll get a 1% increase. You'll also pay into your workplace or private pension for longer, which means you'll have more money when you decide to retire."

The money expert stressed how important it was for people to check their benefit eligibility, which has been made easier because of the cost of living crisis to help as many people as possible.

Make sure you're eligible for Pension Credit in particular, because the government says that nearly a million eligible pensioners in the UK aren't claiming it right now.

In 2022, people who get Pension Credit will also get a one-time payment of £650, in addition to the £400 per household that will be taken off their energy bills later this year. This money will be paid directly to energy suppliers.

"Other areas of extra help that are worth looking into are the Warm Home Discount Scheme, which gives a one-time discount of £150 during the colder months of the year, and the Colder Weather Payments, which give an individual £25 when the average temperature is below 0°C."

Since energy prices and inflation are still going up, the finance expert talked about some ways people can save money that don't involve the government's latest help package.

"Pensioners can save money on their energy bills by doing simple things like turning off lights and turning off standby appliances at the wall when they're not in use. They can also close doors to heat occupied rooms more efficiently or buy draught excluders, which will help them use less energy and pay less," Mr. Mugleston said.

When you go grocery shopping, try buying store brands, and don't just go to one store. Shop at B&M and Home Bargains, especially if you want to buy in bulk.

"Also, some grocery stores, like Iceland and Food Warehouse, offer weekly discounts for shoppers aged 60 and up. From now until at least the end of July, shoppers can get 10% off on Tuesdays."