What happens if your pension pot is depleted?
C_Mababejive
Posts: 11,646
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As per the question, do you throw yourself on the mercy of the state and get signed up for assorted benefits?
If yes,,thats something.
If you had a DB pension, it would get paid until you snuff it and you would be taxed month in month out and be unable to claim anything
Have a DC pot, deplete it,,,then claim benefits..?
If yes,,thats something.
If you had a DB pension, it would get paid until you snuff it and you would be taxed month in month out and be unable to claim anything
Have a DC pot, deplete it,,,then claim benefits..?
Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..
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Exactly which benefits do you feel might be payable, particularly if you have 'depleted' your pot in a way the state sees as a deliberate disposal of capital?0
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Im not saying you blow it all on around the world travel. I mean if it is just naturally depleted as a result of taking a reasonable annual income..Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..0
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Penury in old age, I'm afraid. Nobody is going to come along and rescue you; it will be subsistence level benefits only. Your concept of 'reasonable' has to be tailored to match the amount you have in savings balanced against that great unknown: how long you'll live.0
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C_Mababejive wrote: »I mean if it is just naturally depleted as a result of taking a reasonable annual income..
Reasonable being subjective. Naturally should last 30 years by simply constantly adjusting.0 -
Penury in old age, I'm afraid. Nobody is going to come along and rescue you; it will be subsistence level benefits only. Your concept of 'reasonable' has to be tailored to match the amount you have in savings balanced against that great unknown: how long you'll live.
https://www.gov.uk/pension-credit/what-youll-get0 -
Thrugelmir wrote: »Reasonable being subjective. Naturally should last 30 years by simply constantly adjusting.
Perfectly reasonable to expect at 65, maybe not at 95 though.0 -
So called "subsistence" level benefits for pensioners is over twice that of working age people. £163 a week for single person or £249 for a couple, and housing costs (mortgage/rent/council tax) benefits on top.
https://www.gov.uk/pension-credit/what-youll-get
...won't stay that way - simple arithmetic points out the impossibility.0 -
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C_Mababejive wrote: »As per the question, do you throw yourself on the mercy of the state and get signed up for assorted benefits?
If yes,,thats something.
If you had a DB pension, it would get paid until you snuff it and you would be taxed month in month out and be unable to claim anything
Have a DC pot, deplete it,,,then claim benefits..?
You can but you won't get any because the new SP is set at a level where it's deemed you don't get benefits.0
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