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