UK elderly fourth poorest in EU ( Is this a result of economic policy?)

lemonjelly

They assume an income of £1 for every £500 or part thereof.

If you're under 60, it's for every £250 or part thereof!

The over 60's have never had it so good.

ManAtHome

But to get back to Pobby's point - if you have a certain level of savings you get zilch - the "no upper limit" is theory/spin rather than practice.

Pobby

ManAtHome wrote: »

Yes, but don't they assume you're getting an income equivalent to 10% pa on anything over 6 grand?

How do they arrive at 10% interest?

ManAtHome

As Lemonjelly said, they assume you'll get an income of £1 a week for every £500 in savings (so actually 10.2% tax free...).

If you really meant "how on earth could they arrive at 10%" - dunno either!

lemonjelly

ManAtHome wrote: »

But to get back to Pobby's point - if you have a certain level of savings you get zilch - the "no upper limit" is theory/spin rather than practice.

You'd need a relatively high level of savings to take you above the threshold to qualify for pension credit (a quick mental calc means that someone single aged 60, no health issues in the position of having over £32k plus the state pension is unlikely to qualify. Means testing does mean it varies case to case. However I have dealt with couples with over £60k in savings who qualified.

What I'd be asking, is does someone with £60k really need state help, or do you think they can manage without it?

Pobby

Ssssshhhhh, there is a secret bank that Knees up mother Brown stashes his cash in. He gets 10.2% after tax. It`s based off shore in La La land so only does online banking.