Retire,own house,no capital,ideas

whitejohn

Ken68 wrote: »

Hi John..you could rent out home, then travel on a shoestring for 6months or a year.
Pal of mine goes anywhere if the flight is cheap enough and stays wherever.He a great walker so often stays at hostels, usually in the hills.

Thanks, I did consider that but I don't have any buffer left and need to sell whilst I can pick and choose (get top price) rather than get in a situation where it's going to get re-possessed when I cannot pay my bills. Business has dried up since the recession and I'm continually going downhill. I was thinking about that type of lifestyle but with the bonus of cash in the bank (or wherever best). I think it may be a good time to sell up as the housing market is unlikely to boom again after this lot?

whitejohn

katsclaws wrote: »

If you do go into a care home your pensions will be taken and you will be left with approx £23 per week (unless you are receiving Continuing HealthCare from the NHS when you can keep your pensions)

Thanks, I didn't realise they took your pension from you but seems logical if they are keeping you. Heck, £23, that's only 10 pints of beer a week!

What's continuing healthcare, treatment for cancer etc?

I'm thinking about putting enough on one side to get to Switzerland to end it all when I get so bad!

pollypenny

They don't 'take your pension from you'.

If you have any capital left you could self-fund. You would be eligible for attendance allowance and your existing pension.

Obviously your capital would gradually diminish : at present you pay reduced fees between .£23,000 & £14,500' when you pay nothing.

zzzLazyDaisy

Just one point about deprivation of capital in relation to going into a care home. The LA can only take the capital into account if it can reasonably show that the reason for selling the house and spending the money was to avoid having to pay care home fees.

That is why people who gift their house to their children and continue to live in it fall foul of this rule.

Depending on your current age and health, you may be able to show a genuine reason for doing this which is unrelated to avoiding care home fees (for example, to travel and see the world).

On the other hand, if you are already in the early stages of a degenerative disease that is likely to need care in a home as it progresses, then you are already into deprivation of capital territory.

AgeUK do a leaflet about deprivation of capital

http://www.ageuk.org.uk/Documents/EN-GB/Factsheets/FS40_deprivation_of_assets_in_the_means_test_for_care_home_provision_fcs.pdf?dtrk=true

and they also have an advice line

http://www.ageuk.org.uk/publications/age-uk-advice-line/

hth

Dx

Ken68

Don't see the point of putting your money into dimishing assets, like a motorhome, or even spending money on travel. Better to trawl thru every board on this forum and make economies according to the advice. Think allotments, cashbacking and canny food shopping.
And if you live in your own home and reduced capital you will get help in the form of pension credit, and if ill and old, attendance allowance.

NAR

I see the point of it.OP hopes to have 20 years of travelling round the world, spoiling themselves when they feel like it and finally leave the rat race behind. Go for it OP. :beer:

zzzLazyDaisy

NAR wrote: »

I see the point of it.OP hopes to have 20 years of travelling round the world, spoiling themselves when they feel like it and finally leave the rat race behind. Go for it OP. :beer:

So do I! Given half a chance, I'd do the same. You go for it OP, but make sure you are water-tight on the DoE issue first

(I would say that, I'm a lawyer)

Savvy_Sue

Also, to put your mind at rest, far fewer of us end up in a care home than we tend to imagine. Someone will post the exact stats (or they usually do, anyway!)

whitejohn

NAR wrote: »

I see the point of it.OP hopes to have 20 years of travelling round the world, spoiling themselves when they feel like it and finally leave the rat race behind. Go for it OP. :beer:

Thanks, you got it! :beer:

whitejohn

pollypenny wrote: »

They don't 'take your pension from you'.

If you have any capital left you could self-fund. You would be eligible for attendance allowance and your existing pension.

Obviously your capital would gradually diminish : at present you pay reduced fees between .£23,000 & £14,500' when you pay nothing.

Thanks that's interesting. So, rough figures I eventually end up with £14 and cannot look after myself. I can go in a nursing home and keep my £7k pension? Not that I would need it anymore but buys me a few more beers?