Should my wife and I spend all our savings?

Hi, my wife and I are both 77. We have savings of 80K which has taken most of our married life of 57 years. Sadly we have no company pensions only the sate pension to keep us going. Our mortgage we paid off 20 years ago ( instead of quality holidays others chose). We have no debts we do not believe in HP. Sadly due to the way this government and its predecessors have rigged the system, we cannot claim any help with the large bills that eat up most of out state pensions every month (jointly we get £1075 pm ). Our Council tax alone is £220 per month and power equals £75 m average. The only other bills are car costs, water costs, and food. Not counting the money we dish out to help our two daughters and our three grandkids all in their twenties and struggling.

 

My main question is, can you advse me if it is worth us keeping our savings locked up in good ISA’s or should we spend it all on our family and a few holidays and then qualify for benefits??

 

Note, neither me or my wife have ever received a benefit of any kind throughout our lives and have watched others cream the system. It is sickening being honest but we cannot live any other way.

 

Regards and thank you

 

 

Peter 


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Comments

  • badmemory
    badmemory Posts: 7,527
    First Anniversary Name Dropper First Post
    Forumite
    Have you actually checked that you will get any benefits if you do spend all your savings?  Check out how much a couple can earn before they get nothing.   Just over £255 per couple means you get none at present.
  • You certainly should use at least some of that money to enjoy yourselves, but as home owners you need to keep a decent emergency fund, in case of expensive maintenance cost such as a new boiler or roof repairs. Quite why you think the government should help towards those sort of costs goodness knows.

    Cash ISAs have been useless for a decade or more so that is probably not the best place to keep your savings, but besides that going by large CT bill you would seem to be living in a house that is bigger than you need and is expensive to run. Have you considered downsizing, which would free up a lot of cash to both enjoy yourselves, help children, and considerable reduce your running costs.
  • Hi, my wife and I are both 77. We have savings of 80K which has taken most of our married life of 57 years. Sadly we have no company pensions only the sate pension to keep us going. Our mortgage we paid off 20 years ago ( instead of quality holidays others chose). We have no debts we do not believe in HP. Sadly due to the way this government and its predecessors have rigged the system, we cannot claim any help with the large bills that eat up most of out state pensions every month (jointly we get £1075 pm ). Our Council tax alone is £220 per month and power equals £75 m average. The only other bills are car costs, water costs, and food. Not counting the money we dish out to help our two daughters and our three grandkids all in their twenties and struggling.

     

    My main question is, can you advse me if it is worth us keeping our savings locked up in good ISA’s or should we spend it all on our family and a few holidays and then qualify for benefits??

     

    Note, neither me or my wife have ever received a benefit of any kind throughout our lives and have watched others cream the system. It is sickening being honest but we cannot live any other way.

     

    Regards and thank you

     

     

    Peter 


    Peter you say, "being honest but we cannot live any other way." I take that to mean frugally ?
    If so carry on as you are.  You also talk of holidays, if you want a holiday, take a holiday, its your money after all.
    You waited a long time to have a family, so enjoy your grand children, what about Florida for all the family?


  • Robin9
    Robin9 Posts: 11,974
    First Post First Anniversary Name Dropper
    Forumite
    My brother and I told our parents  to enjoy their holidays, spend on the house and not to leave us anything. 
    Never pay on an estimated bill
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