How does state benefits affect financial planning?
1- affect need for financial protection (additional cover needed is based on their income vs cover already have)
2- financial circumstances can affect entitlement to benefits (certain benefits are reduced if income exceeds certain amount - income support)
Support available for low income
Universal credit
Working tax credit
Income support
Jobseeker’s Allowance
Support for mortgage interest loans
Support available for bringing up children
Statutory maternity pay
Maternity allowance
Child benefit
Child tax credit
Support for people who are sick or disabled
Statutory sick pay
Employment and support allowance
Attendance allowance
DLA & PIP
Carers allowance
Support available for people in retirement
Basic state pension
Additional state pension
New state pension
