retired and in debt? here are your options

Retirement should be a chance for you to sit back, relax, spend time doing what you enjoy and waving goodbye to the stresses of the 9-5. One thing you don’t need is the stress of debt weighing over you at this point in your life..  

But unfortunately,  life doesn’t always go as planned. At caba, no problem is too big or too small, so no matter what your concerns are, we’re here to help you.   

So, where do you begin when tackling debt?  

first, ask yourself:  

am I receiving everything I’m entitled to?  

Before you start diving into your accounts, make sure you are receiving everything you are entitled to. Once you are retired, there are numerous benefits and perks you are eligible for, from bus passes and rail cards to state benefits, with some that take your income into account and some that  don’t. 

Navigating state benefits can be daunting, but we can talk you through your options, help you understand the process and help ensure you are getting everything you are entitled to. Get in touch with one of our team members if you need to talk.  

should I work part-time when I retire?  

While you may be eager to sit back and relax, part-time work might be a good option in helping you get back on your feet. As well as monetary gain, part-time work can help if you are feeling a little bit lost during retirement by giving you a sense of structure and enhancing your social life.  

For instance, if you are an ex-chartered accountant , there are numerous jobs you can do in your spare time to earn a bit of extra income, or you could even seek out work in other sectors. There are also opportunities if you are from a different background.    

Next, it’s important to get into the nitty-gritty of your debt, in order to effectively manage it.  

understand how much you owe  

Delving deep into your finances can be frightening, and you may even find yourself avoiding it, but just remember that you’re not going through it alone – at caba, we are here to help.   

While it can be easy to lose track of your debt, understanding exactly how much you owe is the first step in tackling it. 

You can quickly and easily find out how much you owe for most debts by checking your credit file for free. If you're struggling to make sense of credit scores, find your footing here.

create a budget  

Once you have a clearer idea of how much you owe, you can create a budget that works for your individual situation. Take note of your incomings and outgoings, see where you can cut costs to work out what you have available each month to deal with your debt and possibly save. Read here for tips on creating a budget.  

get in touch with caba  

We appreciate that getting in touch for support for debt relief when you’re retired can be daunting, which is why we make the process as simple as possible. No matter how big or small your problem is, remember that it can get better.  

We at caba can provide regulated debt advice and financial guidance; however, we cannot provide financial advice. We can provide debt advice direct you to services , and support you throughout the entire process.

Typically, when you contact us, we will:   

provide you with a dedicated debt support officer

They’ll be your main point of contact for as long as you need support. However long  it may take.   

increase your income

Many people have unclaimed benefits, so we can check if there are any you’re missing out on. There are also other ways we can advise on increasing your income, such as calculating how part-time work would affect your other income and work out the best position for you. You can also use our benefits calculator to check benefit entitlements yourself.  

decrease your outgoings

There are many ways this can be done, such as social tariffs for water and broadband costs, energy switching, that we can advise on.  

explore your options

We’ll walk you through different solutions. Personal insolvency often isn’t the answer, and we will explain of the options clearly so you can make the best choice, and even clear up myths, like the impact on your ICAEW membership  

connect you to the right services

Your support officer will do what they can to help you manage your situation, but if you need external debt advice and services, they can connect you to relevant organisation and help you through the process.   

If you’re struggling with or concerned about getting into debt, please do not hesitate to get in touch by phone or email. We’ll provide personalised, confidential support and a friendly ear to talk to. We’re here to make sure your retirement is as enjoyable and stress-free as possible.