OAPs and savings

nannytone_2

i'm 48 and have to admit that i'm a saver!

i spend only what i have to and save the rest.
not sure what im saving for..........it's just in me to do it!!
i suppose its the nurture versus nature question!

McKneff

nannytone wrote: »

i'm 48 and have to admit that i'm a saver!

i spend only what i have to and save the rest.
not sure what im saving for..........it's just in me to do it!!
i suppose its the nurture versus nature question!

I'm exactly the same, and Im 61 lol.
I got made redundant recently and gues where it went,
into the ISAs.

Mind in the past 2 years, we have had new conservatory roof,
new bathroom, kitchen and double glazing. Given some to the kids, and Im still saving, can't seem to stop, but we do live pretty well.

nannytone_2

my mum says im the worst kind of person.
generous to everyone else, but mean to myself lol

McKneff

nannytone wrote: »

my mum says im the worst kind of person.
generous to everyone else, but mean to myself lol

I think you and I must live in a paralell world, when Im out shopping Im always looking and buying for others and think twice if its for me lol

Pollycat

McKneff wrote: »

And be sure to tell them its not charity, its their entitlement.

Yes! Yes! Yes! to this. :T

If they meet the criteria for a particular benefit, they are entitled to it and should claim.

And once they are getting the money, they should start spending it on making their lives more comfortable.

Whiteknight

Pollycat wrote: »

...

Are they getting the mobility element of DLA (which I think is excluded as income) or the care component as well (which is classed as income)?

If they did not apply for disability benefits until after 65 they will not be getting the mobility element. Also DLA/AA is not taken into account as income for income based benefits such as Pension Credit.

Advice to the OP would be to check what benefits and income the grandparents have coming in, if both are claiming AA (Attendance Allowance) then it might be worth them putting in a claim for CA (Carers Allowance) for looking after each other - unlikely they would get paid but all they need is the underlying entitlement to improve their chances of qualifying for Pension Credit.

evenasus

nannytone wrote: »

my mum says im the worst kind of person.
generous to everyone else, but mean to myself lol

I enjoy spending on my sons and grandchildren much more than I do spending on myself.

Having said that, I don't go without at all. I don't mind buying for the house but hate shopping for clothes and shoes especially.

I have always saved and love watching the savings grow. Always have.

The only thing that bothers me is inheritance tax.

downshifter98

my in laws are exactly the same.

they have over £1,900 a month coming in. DLA, private pension, industrial injuries and state pension. yet they refuse to spend it and then complain that they cant get more hosuing benefit!!

i tell them......give it to me and i'll spend it for you lol

Seems to be a common problem - difficult after a lifetime of being frugal to suddenly start spending and these things never get discovered until it's way too late and too much cash has built up - at least these good people have been honest but I seriously wonder whether that is the best policy nowadays; better to start blowing any excess money as soon as it shows up.

paddedjohn

Op, your grandparents are not going to suffer financially with the withdrawal of housing benefits, they have £16k in the bank to help them pay their way (saved from other benefits they were entitled to but obviously didnt need) and will be entitled to reclaim once their savings are reduced a little.

Just like to add that if this couple were in their 40's/50's then people would be chastising them on this thread for having so much cash and wanting more.

sparklysaver

Yes, but they're not in their 40's/50's, are they? They're in their 80's/90's, and going without hot meals so that they can keep saving for some ill-defined future emergency. They're old and frail, and have been medically assessed as entitled to Attendance Allowance yet, like most other posters have understood, are wary about spending it on things they need because scrimping and saving is in their blood. So technically no, they won't suffer because they've got £16k in the bank, and as soon as they start spending it they'll be entitled to benefits again - the problem is getting them to understand that! They're shuffling around in a house full of little rugs rather than putting down a new carpet, and it's only a matter of time before one of them has a fall, but trying to get them to spend money is like pulling teeth.

Thanks everyone for all the information - if we can only get them to let us know what they actually have coming in, what they're already claiming and what if anything they're planning on doing with their savings! But I'll feel a lot more confident discussing it with them now.