Should u spend your pension before retirement

Pollycat

jem16 wrote: »

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

Correct, it's called Deprivation of Capital.

afc80

First of all my mother wont be going into one of those horrible homes.

What if I own my own home and have savings and pensions?


Free personal and nursing care is available to anyone who is eligible and has been assessed by the local authority as needing it, regardless of income, capital assets, or marital or civil partner status. If you live in a residential care home you will need to contribute towards your remaining accommodation costs.

there is no way you need to sell your home if you live in Scotland according to this.

Of course there would be weekly charges for accommodation and care etc as one would expect.

Nothing is free in this world. Someone or all of us have to pay for all these "free" things.

Scotland will be independent of what will be left of the UK soon anyway.

Just think you will have have a succession of David Cameron's in charge for the next 500 years. :D:D

jem16

afc80 wrote: »

there is no way you need to sell your home if you live in Scotland according to this.

Not for the free personal care, no.

However if you require care in a care home, the value of your house will be taken into account. If you ask for the house not to be sold, a load would be put against in which must be paid back when the house is eventually sold.

http://www.careinfoscotland.co.uk/how-do-i-pay-for-care/paying-care-home-fees/treatment-of-your-home.aspx

Of course there would be weekly charges for accommodation and care etc as one would expect.

That's the bulk of the costs - it can cost around £25kpa. So with personal care being paid for you still have to find another £16k approx.

Pollycat

If you're so sure you've got it all covered, I'll leave it with you then. :D:D:D

pineapple

I'm retired and looking at my parents ages when they died (longevity tends to run in families) and my health now, I'll count myself fortunate if I have another 15 years of reasonable health. So the dilemma is how much of the remaining capital to spend and how much to eek out. Sometimes I'm tempted just to have a good blow out! I don't want to deny myself, then find it is too late to enjoy it. On the other hand I don't want to be faced with bills I can't afford. It's a tricky balance.

le_loup

afc80 wrote: »

First of all my mother wont be going into one of those horrible homes.

I'm sure you will forgive me if I call that seemingly profound statement entirely nonsensical. Many, most, are not horrible at all and provide an excellent service for those that need them.

Pollycat

afc80 wrote: »

First of all my mother wont be going into one of those horrible homes.

What if I own my own home and have savings and pensions?

Maybe you'll think differently after you've had a while caring for someone 24 x 7, taking them to the toilet, feeding them, cleaning up messes etc - oh, and of course after having to give up that job with the very generous pension......