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Moving home and changed financial circumstances
Retired_at_55
Posts: 332 Forumite
Hello
I don't want to cheat by asking about means tested benefits when I am not eligible.
I have been on a low fixed income since retirement, pay standard tax and have not needed or been eligible for any means tested benefits. With good advice on MSE I budget well, have savings and live comfortably within my means.
Circumstances are changing and I would like to move for health reasons and increasing age before things get worse. IF I sell my home and move to a more suitable one (not luxury - just more suitable, but more expensive than present home although with lower Council Tax band) I worry about how I might stand, financially. If possible I would only buy if, after essential selling and buying expenses, I had an absolute emergency fund left of about £8,000. All my life I have always had a rainy day fund and I feel as if my rainy day has come. I would not want to leave myself without money for expected and unexpected bills.
I have looked on line and my works pension seems to take me over benefits level by only a few hundred pounds and hopefully this will not reduce with State Pension CPI annual increase. At present, and rightly, I have too much saved to need benefits. Most of my savings would go on all the removal expenses and increased price of property being purchased. If I genuinely have an emergency savings fund left,after moving, of about maybe £7 to £8 thousand pounds I would be struggling but would not go hungry or lack heating etc.
My question is, please:
Provided I am honest, genuine reason for moving and not cheating (keep good record of where my savings have gone moving home) would I eventually be allowed to ask about maybe Council Tax Benefit, if eligible? I understand about depravation of assets although my hoped for move would be to allow me to sell and then buy a modest but much better property than I am in just now.
I may be too late for the particular suitable property I see for sale at present, which is at my maximum budget, including sale from my home and savings, but I am very seriously looking into it.
I would need my possible £7-8 thousand pounds for repairs and bills we all have when owning a home. I would not sleep if I did not have an emergency fund.
How does this sound regarding future help if needed, thanks?
Retired at 55
I don't want to cheat by asking about means tested benefits when I am not eligible.
I have been on a low fixed income since retirement, pay standard tax and have not needed or been eligible for any means tested benefits. With good advice on MSE I budget well, have savings and live comfortably within my means.
Circumstances are changing and I would like to move for health reasons and increasing age before things get worse. IF I sell my home and move to a more suitable one (not luxury - just more suitable, but more expensive than present home although with lower Council Tax band) I worry about how I might stand, financially. If possible I would only buy if, after essential selling and buying expenses, I had an absolute emergency fund left of about £8,000. All my life I have always had a rainy day fund and I feel as if my rainy day has come. I would not want to leave myself without money for expected and unexpected bills.
I have looked on line and my works pension seems to take me over benefits level by only a few hundred pounds and hopefully this will not reduce with State Pension CPI annual increase. At present, and rightly, I have too much saved to need benefits. Most of my savings would go on all the removal expenses and increased price of property being purchased. If I genuinely have an emergency savings fund left,after moving, of about maybe £7 to £8 thousand pounds I would be struggling but would not go hungry or lack heating etc.
My question is, please:
Provided I am honest, genuine reason for moving and not cheating (keep good record of where my savings have gone moving home) would I eventually be allowed to ask about maybe Council Tax Benefit, if eligible? I understand about depravation of assets although my hoped for move would be to allow me to sell and then buy a modest but much better property than I am in just now.
I may be too late for the particular suitable property I see for sale at present, which is at my maximum budget, including sale from my home and savings, but I am very seriously looking into it.
I would need my possible £7-8 thousand pounds for repairs and bills we all have when owning a home. I would not sleep if I did not have an emergency fund.
How does this sound regarding future help if needed, thanks?
Retired at 55
0
Comments
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As a pensioner the first £10,000 of any savings are ignored so an emergency fund of £8,000 would make no difference to whether or not you are entitled to Council Tax Reduction.
If you are entitled to Pension Credit guarantee then any savings are ignored completely.Information I post is for England unless otherwise stated. Some rules may be different in other parts of UK.0 -
Have you checked whether or not you are entitled to Attendance Allowance?
Re state pension increase April 2020
https://www.thisismoney.co.uk/money/pensions/article-7579117/Pensioners-bumper-4-rise-state-pension-April-2020.html
The BSP/NSP will rise by almost 4%.
Any Additional State Pension or "Protected Payment" will rise by September CPI (1.7%).
Will your occupational pension rise with inflation?
Do you live alone and in Scotland?
https://www.mygov.scot/council-tax/0 -
Have you checked whether or not you are entitled to Attendance Allowance?
Re state pension increase April 2020
https://www.thisismoney.co.uk/money/pensions/article-7579117/Pensioners-bumper-4-rise-state-pension-April-2020.html
The BSP/NSP will rise by almost 4%.
Any Additional State Pension or "Protected Payment" will rise by September CPI (1.7%).
Will your occupational pension rise with inflation?
Do you live alone and in Scotland?
https://www.mygov.scot/council-tax/
Thank you for all the information, xylophone and for replying calcotti. I will go through all the links carefully, xylophone. I have always had such great help and information on MSE and I really value it so much.
Yes, I live alone in Scotland and I think my works pension goes up with inflation every year - it is adequate for me but is not a big pension. I also have my State Pension. The thought of 'losing' my bigger rainy day fund, built up by being careful (hopefully never 'tight' or mean) all along, is daunting but there is probably no reason not to use it when I could benefit from much more suitable housing. When my mother died I took out a 'paid in advance' funeral plan so my relatives (no children) will not have a huge bill when I die. That and that was fully paid some time ago now. I have not checked but I'm sure I'm not eligible for Attendance Allowance as I manage well most of the time - not as young as I was though!
Retired at 550 -
as I manage well most of the time
https://www.ageuk.org.uk/globalassets/age-uk/documents/factsheets/fs34_attendance_allowance_fcs.pdf may be worth a read through.0
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