Home owner (no mortgage) but low income

PeacefulWaters

I'd expect you to benefit from a spousal pension if your other half dies.

Perhaps half his income.

But nobody on this forum can confirm this. Your husband can. In the same way nobody here knows your household outgoings.

Time to sit down with hubby and do some sums.

Montauk

Our basic household outgoings are £1100 per month. Covering council tax, food and utilities, insurance. The university (with charitable status) isn't a great provider . Is life insurance worth it? He is 57 years old

Linton

Montauk wrote: »

Our basic household outgoings are £1100 per month. Covering council tax, food and utilities, insurance. The university (with charitable status) isn't a great provider . Is life insurance worth it? He is 57 years old

If the £1100/month really is just for basics for 2 people I suggest you look carefully at where the money is going. It seems very high.

Montauk

We have gone through it all. We have one car so it included all necessary bills including food shops. That is it pared down. Not sure what else to take away.

xylophone

Is your husband a member of the USS?

https://www.uss.co.uk/members/members-home/the-uss-scheme/benefits-earned-before-april-2016

What provision is made for his widow?

Have you checked your (and his) State pension position?

https://www.gov.uk/check-state-pension

https://www.gov.uk/new-state-pension

If you are left a widow and sole occupant of the family home you would qualify for single person discount on Council Tax and possibly for some additional support if your income is very low.

Ifts

If you have a spare room in your house (and are OK to live with a lodger) you could rent a room for £7,500 per year tax-free:

https://www.gov.uk/rent-room-in-your-home/the-rent-a-room-scheme

PasturesNew

In short, as a British person (assuming as the house has been in the family years) .... you'd get the basic old age pension and basic top ups and all the added frills, such as council tax paid.

Somebody said, above, it's about £150/week + council tax paid.

That is DOUBLE what you'd get if you were single and on the dole. So, looking at it that way you've plenty of money to live on if you're not overspending.

Don't forget - without somebody to go out with, you'll probably mostly stop going out.

Keep_pedalling

If the worst came to the worst, you could always free up some money with equity release. No down side for you, you just won't have as much to leave in your will.

Primrose

If you were left alone living alone in The house your Council tax would be subject to a sole occupier 25% discount. You might be using less water and would possibly benefit from switch to a water meter if you don,t already have one. Your grocery bill might also be slightly less. . However, the cost of a funeral could reduce your savings by around £4,000.

bostonerimus

Montauk wrote: »

Our basic household outgoings are £1100 per month. Covering council tax, food and utilities, insurance. The university (with charitable status) isn't a great provider . Is life insurance worth it? He is 57 years old

If your husband is in USS then there will be bereavement benefits and there might be some life insurance through his work. You need to find out about those, get state pension projections and then maybe get some life insurance if there is a shortfall.