new state pension and additional benefits

dunstonh

will I still be able to claim things like housing benefit (as I live in a rented property), or will that system no longer exist?

Benefits are lower with the single state pension compared to the old state pensions. That was an objective with the new scheme.

However, as mentioned, there are still some benefits.

This bedroom tax is a little concerning, but as a single person in a one-bedroomed property,

As mentioned, there is no such thing as a bedroom tax. And as a single person in a single bedroom, the benefits will be assessed on you on that basis.

I know it is a while away, but I am worried the pension will not cover my outgoings.

Benefits are there to bring to or just above the breadline. In some areas, that is actually not as difficult as other areas. However, if you have a consumer spending lifestyle at present then you are not going to be able to continue that in retirement. If you are already living on the breadline then you will be used to it and that will continue.

It's difficult to be more specific without knowing current income and expenditure. It may be worth you going through an exercise of anlysing how you spend your money and classify each spend as compulsory or discretionary and see what you will be able to stop in retirement. Then when you know what income you are getting and what benefits, you can see if its affordable or not and if you can keep spending in some of those discretionary things.

redscarf

thank you all for your comments. I have already worked out what my potential outgoings will be, as I have a monthly spreadsheet already for expenses and did not include current 'non-essential' expenses, as I appreciate I will not be able to buy clothes, go to the cinema - or even the dentist!!
I'm not on the breadline currently, but then neither do I currently have a lot of disposable income either! My bills are paid and a little put by for 'emergencies', I'm in private rented accommodation, so long as I can still cover these, I'll be happy. I accept a holiday will probably be out of the question, but so long as I am mobile, I can go for a walk and maybe take an occasional day trip - it will beat having to get up for work every morning - lol.
But when rent will consume 65% of your income, it is a concern!
I'll just wait a few more years to see what, if anything, is available then.

mgdavid

If you are currently working, do you have an active pension scheme?
I'm puzzled at to why you avoided responding to the questions in posts 2 & 5.

redscarf

I have not avoided answering any questions. I have just been taken into a company pension, so when I retire in 4 years it might be worth the grand sum of £1000.
I've always worked and paid full stamp, so should be entitled to the full pension, but if my rent takes up 65% of that, well!!

luvchocolate

Hi when I was due to retire I continued to work a further 2 years and deferred my state pension and saved as much as I could, I also put my name down on various housing associations for over 55's accommodation the rent is so much cheaper than private renting, and more secure.

redscarf

I have my name down for social housing, so fingers crossed. But I think that retiring at 66 is long enough and I want to be able to take a rest from work after working full time for 50 years, although I might do a little part time job.