Retirement

[Fiz]

Worrying ahead of time about when I reach retirement age. From what I have seen the state pension is less than two pounds a week more than the income needed to claim Pension Credit? If so that's a clever government move because even receiving

[KizzyKazaer]

Fiz, there's a current glitch on the site which means if you try to post actual numbers, the whole of the post won't show - try typing the amount in words, eg eighty-four pounds and five pence (random sum off the top of my head :-))

[Fiz]

Sorry I hadn't noticed that my whole post hadn't posted. What a strange glitch.


What I was saying is that looking at the rates for the state pension and the rates for pension credit it appears that the state pension is less than two pounds more than the amount you need to receive as income in order to receive pension credit. This is a clever government move because if the state pension was two pounds less per week and you claimed fifty pence a week in pension credit this would open you up to hundreds of pounds more in additional benefits to heat your home, free TV licence amongst other things. So the government keeping the state pension just about the rate needed to claim Pension Credit saves the government a lot of money. Sneaky.


I worry about how I will manage in retirement.

[lankou]

Be advised make sure you claim your old age pension a couple of months before you retire, in far too many cases it is not automatic.
Link to website:-

More at link:-
https://www.gov.uk/new-state-pension/how-to-claim

How to claim
You will not get your new State Pension automatically - you have to claim it. You should get a letter no later than 2 months before you reach State Pension age, telling you what to do.

If you have not received an invitation letter, but you are within 4 months of reaching your State Pension age you can still make a claim.

The quickest way to get your State Pension is to apply online.

[Fiz]

Oh I had not realised that I would need to apply for it. That nugget of knowledge is duly filed away in my brain somewhere. I hope I locate that file when the time comes!

[Fiz]

Do people continue to get PIP after retirement? Into older age?

[Sunshine Meadows]

From the link Lankou gave there is a option to see a calculation of how much State Pension you can receive click here. I was reminded that I wont be retiring for a long time, the 2030s feel like the 2000 did when I was 20.

Fiz,

I see what you mean about eligibility for the Pension Credit and the £2.00 difference.   but I then found this Turn 2 Us

The actual amount you get will vary for each person because you could also be entitled to extra amounts, depending on your circumstances. For example, there is an extra amount for carers or people with disabilities.

It would probably be a good idea to use the Turn 2 Us Benefits calculator to get more individual information.

People who are getting PIP before they get the State Pension continue to get it after click here

When Mr Sunshine broke his leg and we had a assessment by an OT to see if Social Services should be offering help the outcome made it clear that we were expected to pay for more help out of our PIP. When my Mum and Dad were alive there was allsorts of  help available that seems to just be gone now. I think our retirement is going to be very different from those who manage to retire at their 60s for women and 65 for men.

[Fiz]

I agree, I think I am going to really struggle in retirement. I know that I need help with my care now but know that my PIP care would be expected to pay for it and I use it to live on. Admittedly the petrol costs to visit my daughter is a chunk of money but living alone I need that contact and having to choose between help with personal care or visiting her I would choose visiting family and accept that if I am only well enough to wash once a week then so be it. Having been in bed for almost a week now these are the times that I could do with help.

[Monic1511]

Fiz,
sorry I have been awol but when I looked this evening I noticed you were worrying about how you'll cope financially in retirement.

Pensioners generally are better off than those of working age

A single pensioner Needs One Hundred and Seventy Three pounds and seventy five pence.   As you receive PIP Daily living and live alone you are still entitled to the severe disability premium of sixty six pounds ninety five pence.  That means the amount you need to exist on will be
two hundred and forty pounds and seventy pence. 
if you get the full state pension of One hundred and seventy five pounds and twenty pence you would still get guaranteed pension credit which would passport you onto full housing benefit and full council tax reduction.

your current applicable amount is 180.50 One Hundred and Eighty pounds and fifty pence, Sixty Pounds and twenty pence lower than the amount you'd need as a pensioner.

Not sure why you would struggle with sixty pounds extra but I've been missing for several months.
As already indicated you should make your claim for state pension  two months before your birthday and when you do you'll need to tell housing benefit you've had a change of circumstances and are waiting on a pension credit decision - you'll need to apply for pension credit when you get your state pension.

[Fiz]

Oh Monic what a relief I had no idea I would still get a disability premium as well as the state pension. I'd thought my income would be dropping! Since having adrenal insufficiency I have had to have my heating on at a level where my body doesn't need to use cortisol to keep my body warm and this winter my heating bill has literally doubled and I have been so worried about managing. Admittedly I used to be frugal with the heating, wrapping up in layers to keep warm rather than heating the house but became quite unwell when cold to the extent I would get gastric pain and D&V if I was cold due to adrenal crisis and needed to inject steroids so I have had to concede and use the heating. As long as my money doesn't drop then I will be fine.

Lovely to see you back Monic.