Terrified of retirement

Fieldsofgold

Mojisola wrote: »

Even if I'm going to receive an inheritance in a year or so, how does that help me find the money to pay for a funeral now?

Very few estates take anything like a year to settle and many undertakers will wait for payment until it does.

Leaving many thousands to someone and then having to pay for your own funeral (particularly when doing so is leading to hardship) seems to me to be ridiculous.

Mojisola

Fieldsofgold wrote: »

Very few estates take anything like a year to settle and many undertakers will wait for payment until it does.

Leaving many thousands to someone and then having to pay for your own funeral (particularly when doing so is leading to hardship) seems to me to be ridiculous.

That's okay - we have different views on the subject.

zygurat789

I still feel there is more to be gained here by establishing the gross income rather than paring day to day expenses.

patanne

I too think that the state pension is underestimated. Even without any additional state pension at all (and assuming full basic state pension) then the pension alone should be about £195 per week from April. I really urge you to get a forecast. I think they call it a pension statement now. It could save you a lot of worry

buglawton

The estate would include the house I guess.

SevenOfNine

Mojisola wrote: »

Even if I'm going to receive an inheritance in a year or so, how does that help me find the money to pay for a funeral now?

My Aunt died intestate, even including the whole probate process the estate was settled and paid out within 10 weeks.

If OP owns the home & clearly has family, then there must be ways for one of the beneficiaries to borrow temporarily against that asset to pay for the funeral.

We paid a deposit for Aunts funeral and the funeral home sent an invoice but waited until the estate was settled for the balance. Though to be honest, she had money in her (frozen) bank a/c which covered the remainder so they weren't kept waiting for a house sale to complete.

OP comes from an era where they feel they should protect their loved ones from unnecessary debt and hopefully leave them a little nest egg as well, but living with additional hardship to achieve that isn't sensible.

At the end of the day, if OP really can't manage on their income something has to give. FIRST it should be the life insurance and they should discuss it with the family, who may be shocked to hear they are prepared to 'go without' too much while alive in order to pay for something the family may prefer OP NOT worry about.

I'd be HORRIFIED to discover my 86 year old mother was living a frugal existence just to help me pay for her funeral.....whilst leaving me her house.

zygurat789

jangor wrote: »

At 67 I am still working full time (self employed) but circumstances dictate that I will need to retire in about six months. Unfortunately my income has never been sufficient to allow me to make reasonable pension plans. I have deferred my state pension for 7 years and will have a tiny private pension of approx £60 per week. I have drawn up an expenses sheet but my outgoings and income simply do not meet. I have pared all outgoings down to the minimum but am still unable to work out how I can keep my head above water. Unfortunately my house is very tiny and downsizing is not an option. I am not entitled to any benefits on retirement. I am trying to find a part time post but this is proving very difficult. What do others do on a limited income? I am becoming increasingly concerned since I have never been in debt.

It would help if you could give us a bit more detail than you have in post 4. You have already had some very good suggestions based on what you have told us, there could be a lot more to come.

janiebquick

Mojisola wrote: »

Even if I'm going to receive an inheritance in a year or so, how does that help me find the money to pay for a funeral now?

No-one needs to find the money now. Even if there is an insurance policy, it can take ages for the insurers to pay up. Funeral directors know they will have to wait to be paid until the estate is settled.

Mojisola

janiebquick wrote: »

No-one needs to find the money now. Even if there is an insurance policy, it can take ages for the insurers to pay up. Funeral directors know they will have to wait to be paid until the estate is settled.

Have you arranged any funerals recently?

Funeral directors want to know who is paying and how that will be done. Some now will not accept instructions unless the person arranging the funeral can show they can pay or will take on an instalment plan which will be a personal debt.

janiebquick

Mojisola wrote: »

Funeral directors want to know who is paying and how that will be done. Some now will not accept instructions unless the person arranging the funeral can show they can pay or will take on an instalment plan which will be a personal debt.

Very unprofessional. They would not behave like that if it was someone who had no relatives and the funeral was being arranged by their solicitor.