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[Music] [Music] struggling to make ends meet on your pension get ready for an incredible boost because the department for work and pensions is set to approve a groundbreaking 2,000 £400 per month cost of villing payment for UK seniors this game-changing announcement could finally provide the financial relief millions of retirees have been Desperately Seeking stick around to find out if you qualify for this potential life-changing income top up that opening Hook is certainly attention grabbing but upon closer inection there are a number of reasons to be skeptical about such an extraordinary claim for starters the department for work and pensions DWP has made no such announcement about a £2,400 per month cost of living payment for UK pensioners this figures doesn't align with any current or proposed benefits from the DB such a huge across theboard monthly payment would represent a drastic cover hole of the UK's pension system that hasn't actually been proposed or approved through any official channels the current full basic state pension for those eligible is only £185 15 per week which works out to around £800 per month even when combined with pension credit a benefit intended to top up the incomes of the poorest pensioners to £21 and5 P per week or around £870 monthly for singles we're still nowhere close to £2,400 per month the reality is that most retirees in the UK receive far less in state pension SL benefit income with the average modest around £350 per week or 1,500 monthly while certainly an improvement a 2,400 monthly payment would revolutionize pensioner income levels overnight across the entire UK in a way that doesn't align with any ual policies in the pipeline it's also important to look at the overall finances involved with such a purported program if we take the approximately 12.5 million individuals currently overstate pension age in the UK and multiply that by a 2,400 monthly payment that equates to an annual price tag of roughly £360 billion per year for context the entire current DWP expenditure on state pensions for 2020 2/23 is estimated around 9 billion unless we're talking about more than tripling the dwp's pension budget and funding sources an uniform 2400 payment seems highly unrealistic and unaffordable based on current Taxation and government spending levels there are a few existing or proposed benefit increases that could be the source of potential confusion the DDP did recently announce the state pension will increase by 10.1% in April 2023 a move designed to match last year's High inflation rate as pension payments are uprated annually based on the highest of wages inflation or 2.5% this will see the full State Pension rise from £85 15 to £ 20385 per week an annual increase of around £975 still well short of 2,000 £400 per month similarly from April 2023 the full amounts for pension credit and other means tested pensioner benefits will also increase in line with inflation at 10.1% however the payments top out at 21 and5 per week for singles and £ 30685 for couples representing maximum potential annual increases of around £800 £1,200 nowhere near £2,400 monthly there have also been ongoing campaigns for reforms to increase State Pension amounts further such as the national pensioners conventions call to increase the basic state pension to £380 per week or around £ 1,650 per month while that would be a significant boost it's still nowhere close to the 2,000 £400 monthly figure claimed and has not actually been officially approved or signed into policy looking more broadly the UK government did recently announce a wide ranging multi-billion cost of living support package that includes £900 in direct payments over the 2023 sl24 period to millions of pensioner households to help with soaring energy bills and inflation however this is a Tim limited temporary payment not an ongoing £2,400 per month entitlement and even when combined with regular p income it would not come close to amounting to £2,400 monthly for most seniors it's also worth noting that major reforms or increases to the UK's pensioner benefits system typically go through a rigorous review and consultation process involving the dob Parliament industry stakeholders and public input they don't tend to get suddenly signed off and announced to the public out of the blue as this fictional claim suggests so in summary while the hook about the do approving 2,000 £400 monthly payments for UK seniors is certainly an eye-catching one it does not appear to be based in any current realities or actual policy proposals on the table promoting such an ostensibly false claim risks spreading misinformation that could get seniors hopes up unnecessarily about an incredibly lucrative benefit increase that hasn't actually materialized It's always important to verify extraordinary claims against official sources and policy facts before amplifying them that said there are frequent legitimate debates around the adequacy of curm State Pension payments and means tested benefits aimed at providing financial support and preventing pensioner poverty with costs of living consistently Rising arguments in favor of meaningful pension increases certainly have Merit and are worth exploring through proper channels and public discourse however until any major reforms get formally osed and enacted into law it's best to operate based on the realities of today's State Pension system and other existing pension assistance programs as outlined by authoritative DDP sources for seniors struggling to make ends meet there are some options available right now that are worth highlighting and taking advantage of where eligible even if they don't amount to a 2,000 400 monthly windfall first and foremost it's critical for pensioners to ensure they are receiving reing their full State Pension entitlement based on their personal National Insurance record having modest private pension savings or other income sources can easily lead some to miss out on valuable State Pension payments that could supplement their overall retirement income filing a claim for pension credit is also an important step for lower income pensioners as this benefit tops up weekly income to 21 and5 P for singles and £36 and 85 for couples eligibility is determined through a fairly simple Financial assessment but frequently many who qualify don't claim it over a million UK households currently receive this Gateway benefit that can also provide access to other assistance like free TV licenses for the over 75 set other benefits pensioners may be able to claim include attendance allowance for those requiring assistance with personal care housing benefit for help with rent payments council tax support/ reduction to lower local tax bills cold weather payments during prolonged freezing conditions winter fuel payments that provide annual discounts on heating costs disability benefits like personal Independence payment depending on specific circumstances and more receiving detailed benefits advice either from the do a local citizens advice Bureau or other welfare Specialists can help seniors ensure they are taking full advantage of any income topups available based on their particular financial and health status while the sums won't miraculously reach 2,000 £400 monthly as claimed in this fictional scenario every pound of extra income can provide meaningful assistance for those struggling on a fixed low pension looking ahead both of the UK's major political parties have proposed long-term reforms to expand pension availability and increase payments as part of their policy platforms however the details and timelines around implementation remain uncertain depending on future election results economic factors and ability to fund costly overhauls of the state pension model for instance the conservative government aims to gradually raise the state pension age to 68 by the late 2030s as life expectancies continue increasing a move that will allow the existing funding pool to go further there are also proposals to replace the triple lock upating mechanism with a less generous double lock tying increases to only the highest of earnings growth or 2.5% removing the inflation Safeguard the long-term affordability and fairness of these measures remains hotly debated by industry experts and advocacy groups labor has counted with a plan to reintroduce the triple lock if elected while also exploring options like a minimum pension scheme that could set payments higher than the current basic state pension in theory his could provide more low income retirees with bigger payments akin to a £200 plus weekly pension payment cited in some discussions though that's still only around £870 monthly and likely subject to means testing like pension credit currently so in the years ahead UK pensioners May benefit from an array of competing proposals getting put forth by political parties aiming to address concerns over inadequate retirement income and the cost of living crisis the degree of ambition and implementation timelines remains uncertain and few if any credible proposals mirror the £2,400 per month figure mentioned