had to resign at 64 , what now?

Londonsu

Londonsu wrote: »

as your wife is only 50 don't think deprivation of assets would apply in your case as even if you were in need of care in a few years the council would have to exclude your home for care costs if your wife is living there and at age 50 it could be 20/30 years (hopefully in your case too;)) by the time she needs care.


BUT please try and keep your home you really don't want to be renting at your time of life my Husband is 66 and I am 60 and we certainly would not want to be renting at our age

Age UK can help with everything please contact them

benniebert

Londonsu wrote: »

as your wife is only 50 don't think deprivation of assets would apply in your case as even if you were in need of care in a few years the council would have to exclude your home for care costs if your wife is living there and at age 50 it could be 20/30 years (hopefully in your case too;)) by the time she needs care.


BUT please try and keep your home you really don't want to be renting at your time if life my Husband is 66 and I am 60 and we certainly would not want to be renting at our age

As you say, care is probably way in the future. However state benefits are also affected by deprivation issues Such as Housing Benefit, Council Tax Support and all of the DWP means tested benefits.


I agree, renting at any age is awful - not having any security or capital invested. For the young, they have their life in front of them, for us that are in our 60's, the last thing that we need is having to move every 6 months when the rent goes up or the landlord decides to sell up, the landlord refuses to carry out work on the property, and on top of that it is dead money.


Out of 6 properties in our close which were originally all owner occupied 11 years ago, there are now 3 of them owned by Buy to Let landlords. I give up on the number of tenants that move in and move out. 1 house has had 2 tenants, another has had 7 and the third we are now on the 10th!!!


Rents started at £550pm and are now £1195pm.

head_above_water

Update. I claimed JSA for a few weeks, and have now been lucky enough to get a new job, I start tomorrow. I contacted the DWP to start my pension in July as I didn't know I would get a job at my age. Now I need advice on deferring or keeping it.
My salary is £25000 per annum and my state pension will be £900 a month as I opted out /in to serps . should I defer my pension as I will have to pay tax on it and my salary or should I take it, pay the taxes and use it as an extra income to clear the debts and arrears on mortgage I incurred while unemployed?

Any Thoughts will be appreciated

rogerblack

head_above_water wrote: »

Update. I claimed JSA for a few weeks, and have now been lucky enough to get a new job, I start tomorrow.

Congratulations!

xylophone

Re deferring state pension

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/372517/dwp024-102014.pdf

Worth a read.

Scarla

That's lovely news, so pleased for you.

luvchocolate

So pleased for you...try posting on the pension forum about deferring state pension while still working.This is what I am doing after taking advice from the very clever people on there.

patanne

Thanks for updating us with your good news! I deferred my state pension and have not regretted it for a moment. I don't think taking the lump sum is such good value so don't be tempted to do that to pay off your debts. But as luvchocolate says you will get good advice on the pension forum.

billywilly

On the day that I received my first State Retirement pension last year, I couldn't believe what they were paying out.
I currently get just under £200 a week for myself and my wife gets just under £70 a week and she has never worked since 1963! When you add that to my two civil service pensions, I am getting nearly three quarters of what my net salary was back in 2009!
I took my SRP simply because I have no idea how long I have left on this planet given what the doctors and consultants keep reminding me of.

Scarla

I'm sure I read one of your posts Billy, that said you were in receipt of 6, yes 6 private pensions, hmm