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Retirement with no pension

Trust_me · 2019-01-10 16:41:22

Hi, My mother is about to retire in 5 months with no pension at all. we ( her children) have given her 10k and I was just wondering the best way for her to use it? Savings or should it go into a pension? Is it even too late for a pension?? Advice would be much appreciated. Thanks

Comments

comeandgo Posts: 5,930 Forumite

10 January 2019 at 8:45PM edited 10 January 2019 at 11:59PM

My mum has a very low state pension, but she gets benefits and has quite a comfortable life. Not exactly rolling in it and she has no car but she is not broke.

If your mum has savings over 6,000 benefits she is entitled to may be reduced. If she has more than £16,000 it may stop the benefits.

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