Should u spend your pension before retirement

afc80

we should all live for today. Should we all be sitting at home saving for a time when were are old and unable to do the things we can today?.

Bah humbag, we will all die anyway.

:beer:

atush

afc80 wrote: »

we should all live for today. Should we all be sitting at home saving for a time when were are old and unable to do the things we can today?.

Bah humbag, we will all die anyway.

:beer:

well you might. I hope to be able to pay for private insurance lol.

Thrugelmir

afc80 wrote: »

we should all live for today. Should we all be sitting at home saving for a time when were are old and unable to do the things we can today?.

There's a 1 in 6 chance that someone born today will live to be a 100.

So plenty of time. (If your lucky).

Friends have recently retired, and going round the world for 8 months. Visiting all the places they ever wish to.

afc80

i was only jesting. :D

I have a very generous pension which i have contributed to since i was 18 (24 years and counting) as well as a half share in a house coming my way.

I will play golf every day, have a very comfortable retirement and no doubt live to a ripe old age.

dunstonh

My main asset for retirement is my home, I intend to downsize at retirement age and I have 2 pensions which should keep me going.

You do realise that pension credit if affected not just by income but by your savings/investments as well?

So downsizing to raise capital will damage your plans to live on £8k a year.

Pollycat

afc80 wrote: »

i was only jesting. :D

I have a very generous pension which i have contributed to since i was 18 (24 years and counting) as well as a half share in a house coming my way.

I will play golf every day, have a very comfortable retirement and no doubt live to a ripe old age.

Only as long as the Government don't force the sale of the house to pay for care home fees for whoever currently owns it - unless the inheritance issue has already been addressed.

afc80

Pollycat wrote: »

Only as long as the Government don't force the sale of the house to pay for care home fees for whoever currently owns it - unless the inheritance issue has already been addressed.

i think that personal care is free in Scotland?

anyway, if that was an issue we would transfer ownership in plenty of time.

2sides2everystory

i think that personal care is free in Scotland?

You mean they look after their old people for free and they educate their young people through university for free ?

Where is this promised land? Somewhere up the M6 and then keep going did someone say? ... :beer:

Pollycat

afc80 wrote: »

i think that personal care is free in Scotland?

Are you sure that individuals don't pay anything for care homes in Scotland?

It might be worth you reading through guide 52 (Care Home Fees: paying them in Scotland) on this website:
http://www.counselandcare.org.uk/finding-and-paying-for-a-care-home

afc80 wrote: »

anyway, if that was an issue we would transfer ownership in plenty of time.

You might also find Factsheet 3 (Assets: disadvantages of giving your capital away) and Factsheet 1 (Deprivation of capital: what can I spend before moving into a care home?) of interest.

And if you can see that well into the future, perhaps you'd like to share tonight's lottery numbers......

jem16

afc80 wrote: »

i think that personal care is free in Scotland?

It doesn't cover accommodation costs in a care home.

If the person is assessed as needing Personal Care then that would be provided at a cost of £159pw and only when the local council get around to it.

http://www.scotland.gov.uk/Topics/Health/care/17655/FAQs

anyway, if that was an issue we would transfer ownership in plenty of time.

There is no time limit should it be seen as being done to avoid care home fees.