State Pension

[Rosieblue12]

Im 53 now, and just thinking (and worrying) about the future, Im on my own and will only get a state pension which i think is about £187 per week
I rent a small house.
What needs to come out of that £187 per week? do i have to pay my rent from that also? because that will take more than half of it.
Also if i were to work part time to supplement my pension to live on. will they stop money from my pension? I have no idea how it all works so if anyone knows anything about it i would be grateful thank you.

You will het rent help through pension credits.. look it up on

benefits-calculator.turn2us.org.uk/

You won't get pension credit if you have a full state pension of £187 a week, unless you are also in receipt of a disability benefit ( in some circumstances). You rent would be largely paid by housing benefit and you would also get some council tax reduction.

If you continue to work part time to supplement your state pension they would not take money off your pension, but having the extra income from work would likely reduce your housing benefit and council tax reduction and likely mean you would not be eligible.

By the time you claim it, the pension will be much more. It will be over £200 a week from April. Your pension will be paid gross with no deductions. Your pension counts as taxable income and therefore if you worked part time and your earnings exceeded the tax allowance then the tax would be deducted from the earnings.

Don’t you pay into a work pension as well ?
You need to ask if you can join one as soon as you can, as you have about 15 years left to pay into a work place pension, that could add a couple of hundred pounds a month to your income. It makes a huge difference.

If you don’t have a workplace pension a SIPP would be a great investment, and the government add to this as well, through tax

You rent would be largely paid by housing benefit . I'm not sure if thats 100%correct. My mum was private renting and she was only entitled to the local councils housing benefit for a 1 person flat - (not sure of the correct terms!) , which barely covered a portion of her monthly rent.

This. Friend has just been told the same as she rents and has used up all her savings. She’s been told the same.

OP. Make sure your NI contributions are correct. If you were home looking after children you can claim NI credit as long as the child benefit was in your name. Ditto if you cared for disabled relative and couldn’t work.
Join a private pension at work if you can. Your employer pays into it as well as you.
Consider a cheaper area when you retire. Or a house /flat share with a similarly aged person. Or get a lodger as £7500 p.a. is tax free — whereas if you continue to work and earn £7500 plus state pension you’ll pay tax.

Yes true. I was assuming that op perhaps wouldn't be in a rented property a lot more expensive than her local housing allowance.

Thank you all for your replies and advise, lots to think about