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Advice to help retired relatives in crisis please - state pensions etc
Comments
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badmemory said:Dox said:badmemory said:IHopefully half the DB pension unless he was selfish & decided he didn't want a widows pension. Are you in a position to search out the paperwork, that should tell you.1
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justcheckin said:Hi.
Please bear with the lack of some detail, my parents are too unwell to engage with the detail at the moment.
Him: 75 in April, Her 74 in March
Net income monthly:
Him:state pension 904 old DB pension 165 std life pension 65
Her:
State pension 342
They still have some savings (23k) after debts but they are spending c. £1-2k a month on spending above their means. This is a lot better than their previous depletion of capital, but is still a huge concern.
My key questions:
Can anyone clever enough make a good ballpark guess as to the inheritable component of HIS state pension please?
Other than the using 2-3 years worth of SIPP she could still yield £2880 grossed up to £3600, is there anything else big I am missing to help?
I am guessing using savings to defer her state pension does not become cash neutral for quite a few years?
Many thanks for any/all help received.
This would reduce her Personal Allowance from £12,500 to £11,250 and entitle your father to a reduction of up to £250 of his income tax liability.
Your father would be the one who is entitled to any tax reduction/refund.0 -
Sorry didn't know that this was not normally possible as I know someone who did that, didn't tell his wife & left her well & truly in the mire when he died. Thanks for clearing it up.
I wonder were you thinking of the situation where the spouse buys a "single life annuity" with his pension pot?
The income dies with him leaving his wife with no provision.
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xylophone said:Sorry didn't know that this was not normally possible as I know someone who did that, didn't tell his wife & left her well & truly in the mire when he died. Thanks for clearing it up.
I wonder were you thinking of the situation where the spouse buys a "single life annuity" with his pension pot?
The income dies with him leaving his wife with no provision.
You are probably right. What I do know is that it was intentional (he told her in the end what & why he had done it too late of course) & whilst it was many years ago I remember thinking I was glad I was single so nobody could land me in that situation. The nice man gloated on his deathbed about what he had done.
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What I do know is that it was intentional (he told her in the end what & why he had done it too late of course) & whilst it was many years ago I remember thinking I was glad I was single so nobody could land me in that situation. The nice man gloated on his deathbed about what he had done.
How extraordinarily unpleasant - one hopes that the unfortunate widow managed to find some assistance through state help.
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xylophone said:What I do know is that it was intentional (he told her in the end what & why he had done it too late of course) & whilst it was many years ago I remember thinking I was glad I was single so nobody could land me in that situation. The nice man gloated on his deathbed about what he had done.
How extraordinarily unpleasant - one hopes that the unfortunate widow managed to find some assistance through state help.
Thankfully she did. But this is one of the reasons why I so often jump in & ask what provision a woman has in her own name for retirement. Also the fact that I found myself pensionless in my mid forties after a divorce, no pension sharing then! Luckily I am now sorted but it was a massive wake up call.
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I think you need to get their spending under control, pronto.1
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