why I'm going to spend, spend, spend.

redz

dodger1 wrote: »

Ok, based on the above I would only be getting state retirement pension. Also based on my savings of nearly £16,000 I would be entitled to a small pension credit but not the full amount so therefore I would get the full HB?

Correct, even a penny a week of Pension Credit would give you full entitlement to HB/CTB. You do not need to wait until you are State Pension age to claim Pension Credit. Entitlement to PC begins at age 60 for both men and women at the moment (entitlement age for PC will increase in line with the State Pension entitlement age for women increases). Assuming you reach age 60 before the second Monday in April (that's when benefits normally increase) and that you have no other income you will be entitled to £104.05 per week of PC with £16,000 of savings at current rates.

BTW the £16,000 limit isn't applied for Pension Credit.

redz

Pssst wrote: »

Dodger-your plan makes perfect sense. I would advise that you keep most of your cash in untraceable storage eg in a GOOD safe at home,concealed somewhere.

Don't advocate fraud

krisskross

Just spend and enjoy. Makes no sense for ordinary retired people to just have a few thousand pounds. I am trying to persuade my husband that it is a good idea to pay privately for a steroid injection to his wrist. The wrist causing him so much pain from rheumatoid arthritis. It is so bad he can't sleep, can't shower himself or give his own insulin injections.He however worries that we will live too long and run out of money. Very sad to be thinking like this.

dodger1

krisskross wrote: »

Just spend and enjoy. Makes no sense for ordinary retired people to just have a few thousand pounds. I am trying to persuade my husband that it is a good idea to pay privately for a steroid injection to his wrist. The wrist causing him so much pain from rheumatoid arthritis. It is so bad he can't sleep, can't shower himself or give his own insulin injections.He however worries that we will live too long and run out of money. Very sad to be thinking like this.

Your point about "a few thousand pounds" hits the nail on the head. You may as well spend the money throughout your life. Enjoy yourselves, help the kids, give to charity, whatever makes you happy. As has already been pointed out here, if you do save a few thousand for retirement you can't even spend it how you wish. You will be accused of deliberately spending money just so you can receive benefits.

krisskross

dodger1 wrote: »

As has already been pointed out here, if you do save a few thousand for retirement you can't even spend it how you wish. You will be accused of deliberately spending money just so you can receive benefits.

Funny how no one is ever accused of not saving so they can claim benefits.

dodger1

krisskross wrote: »

Funny how no one is ever accused of not saving so they can claim benefits.

Excellent point. It is only the savers that get accused.

bdon

And why not - what have you been saving up for - when we reach 60 surely it's a time to enjoy - go buy a boat / get some !!!!!s /coke /champagne / chocolate / food / chickens.

mate, you've worked all your life so what have you been saving up for?

now that you have reached the age of wisdom never let anyone tell you what to do - you don't need it

dodger1

bdon wrote: »

And why not - what have you been saving up for - when we reach 60 surely it's a time to enjoy - go buy a boat / get some !!!!!s /coke /champagne / chocolate / food / chickens.

mate, you've worked all your life so what have you been saving up for?

now that you have reached the age of wisdom never let anyone tell you what to do - you don't need it

I agree absolutely. We should be able to spend our own money however we wish.

LizzieS_2

krisskross wrote: »

Funny how no one is ever accused of not saving so they can claim benefits.

Nail & head springs to mind!

The basic state pension should be a liveable amount - no need for pension credit or penalising people for not saving. More importantly by NOT rewarding those who make little effort throughout their 'working' years as opposed to those who do make the effort, any Government willing to see sense, would actually be putting a very strong message across to the offspring of all pensioners.

Oldernotwiser

dodger1 wrote: »

I agree absolutely. We should be able to spend our own money however we wish.

Nobody is trying to stop people from doing this but public money has to be accounted for and used wisely.