Pension advice for over 50s

Albermarle

borderline said:

SVaz said:

Well a £100k inheritance changes things a bit 🙄
might have been helpful to mention that first off

it might be today, but money doesn't last forever, ok if I had my own house but I don't, I'm responsible for all the bills , state pension won't cover my rent (London) now or in 15 years time (if the state pension still exits then ) 

People have been saying this ever since it was introduced, but if anything it increases every year.
As any political party that stopped ( or reduced) the state pension would be committing electoral suicide and probably total extinction, then it is never going to happen. 

ColdIron

If it ever happened we would be the only country in the developed world without a state provided pension

Silvertabby

ColdIron said:

If it ever happened we would be the only country in the developed world without a state provided pension

The Australian State pension is means tested, but has been since day 1.  Would be very difficult to make such a sweeping change to the UK State pension so many years since its inception.  

Secret2ndAccount

It seems clear that a standard full State Pension is going to creep above the Personal Allowance though, so they will be taking part of it back from a vast new tranche of people.

borderline

Silvertabby said:

borderline said:

t0rt0ise said:

In your position where you won't get any benefits due to having savings, it's always worth having any extra pension money coming in. I am retired and in similar position, renting etc. I have one old work pension that gives me £60 ish a month. Sound tiny but it's £720 a year I otherwise wouldn't have and enables me to pay for something that makes life worthwhile so I'm glad I paid into it at the time. I got that job and started paying into the pension scheme when I was 60 so it's never too late.

yeah, I think I will opt-in back  into my job's pension, I just thought it was too late . You say you get £60 extra a month, trouble is in may case still wouldn't cover my rent , and no, I don't rent a large place, just a small studio in London , the day I have to move out will be even worst 

Would you still need to live in London once you have retired?  

guess so, I don't know anyone outside London

t0rt0ise

Silvertabby said:

borderline said:

t0rt0ise said:

In your position where you won't get any benefits due to having savings, it's always worth having any extra pension money coming in. I am retired and in similar position, renting etc. I have one old work pension that gives me £60 ish a month. Sound tiny but it's £720 a year I otherwise wouldn't have and enables me to pay for something that makes life worthwhile so I'm glad I paid into it at the time. I got that job and started paying into the pension scheme when I was 60 so it's never too late.

yeah, I think I will opt-in back  into my job's pension, I just thought it was too late . You say you get £60 extra a month, trouble is in may case still wouldn't cover my rent , and no, I don't rent a large place, just a small studio in London , the day I have to move out will be even worst 

Would you still need to live in London once you have retired?  

Starting a new life in retirement is hard. I wouldn't do it. I live in London too. It's a great place for retirement, plenty to do and free travel. Hard to give up.

borderline

t0rt0ise said:

Silvertabby said:

borderline said:

t0rt0ise said:

In your position where you won't get any benefits due to having savings, it's always worth having any extra pension money coming in. I am retired and in similar position, renting etc. I have one old work pension that gives me £60 ish a month. Sound tiny but it's £720 a year I otherwise wouldn't have and enables me to pay for something that makes life worthwhile so I'm glad I paid into it at the time. I got that job and started paying into the pension scheme when I was 60 so it's never too late.

yeah, I think I will opt-in back  into my job's pension, I just thought it was too late . You say you get £60 extra a month, trouble is in may case still wouldn't cover my rent , and no, I don't rent a large place, just a small studio in London , the day I have to move out will be even worst 

Would you still need to live in London once you have retired?  

Starting a new life in retirement is hard. I wouldn't do it. I live in London too. It's a great place for retirement, plenty to do and free travel. Hard to give up.

it is if you have a secure roof over your head