61 years old. £70,000 in my pension pot.

[KeyInALock]

I'm screwed aren't I?

Still working, trying to save £500 a month now, but feeling pretty down.

DH is older than me and needing more and more care, so I will have to give up work soon to care for him. He already qualifies for his state pension, but doesn't have any sort of private provision.

We had a small inheritance that will be used to pay off our mortgage once it comes through.

On the plus idea I will qualify for the full state pension.

Any suggestions welcome 🙏

Your pension pot is the total amount you've saved towards your retirement. You need to save if you want more money to live on than the state pension (which is £221.20 per week assuming you have your full entitlement - this works out at about £950 per month).

The OP's 70k pot is what she's saved in a private pension so far.

You definately have options to earn extra money if you retire from full time work before you can get the State pension eg rent a room to a student, Sunday to Thursday night so you have the place to yourselves at weekends, dog walking or dog minding in your home, lollipop lady, tutor to primary school kids with a group like Kumon, slimming club coach.

Unless you live somewhere with very high unemployment I think you do have options for part-time/casual work, and that's before you look for part time work in your current field.

Getting your mortgage paid will make it all much more doable.

I'd echo the advice about getting your mortgage clear. I currently help an older relative with living costs because they are renting and their rent costs have outstripped their state pension. Having no rent or mortgage to pay makes a big difference.

I dont understand the advice suggesting to OP that she can claim UC, on what basis can you just give up work and go on benefits for UC, she'll be expected to be job hunting

I didnt think you can get UC and carers allowance?

You can claim UC and Carers Allowance but the UC is reduced by the same amount as the Carers Allowance.

Although you don't get extra money, the UC people are not on your back all the time as you are deemed to be caring for someone for 35 hours a week.

Things to consider.

1. If your mortgage rate is low, you may be better off keeping the mortgage going for a bit and investing the inheritance. You could get a better return on investing it [google invest engine etc].
2. When you do retire & get a monthly payment from your pension pot and your state pension, anything above the national set free income allowance is taxable. Includes your pension pot top up.
3. Have you already taken your 25% tax free lump sum payment from your pension pot.
4. Do you have any workplace pensions? Even small ones are going help top this up.

I think you'll be OK. It's not going to give you £20k annual cruises or lavish lifestyle, but that's a good pension pot.

Essentially a pension pot it is a lump sum accumulated through your working life and is used on retirement to purchase an annuity (a pension) in retirement. £70,000 is not a lot for this purpose and won't provide a very large addition to the state pension.

People who go into retirement age with rent to pay would mostly get it paid through housing benefit if they only have state pension to live off. They often fare better then those owning their own home outright with little income and struggling to deal with costly repairs or needing expensive adaptions due to disability.

You only have a SIPP? Have you always been self-employee - no forgotten workplace pension anywhere for either of you? You can track down old pensions here https://www.gov.uk/find-pension-contact-details

Because she has a sick husband who may need her to care for him? Plenty of carers have to give up work to care and as tone of them is under state pension age that is the benefit they claim. The elements can amount to a decent amount of UC if the ill one gets the LCWRA element and the other gets the carers element and if op continues to work part time too she will benefit from a work allowance too if her husband gets the LCWRA element added.

In my relative's case - no. Not a straightforward situation, but no housing benefit help - hence the need for financial support. But it's a good point to check entitlement to benefits as this can make a difference, especially if you are having to stop work to be a carer.

I would contact someone for advice. Some local authorities have welfare rights officers or you could try citizens advice or as other pp's have suggested to the OP entitledto.com. Your relative could potentially be missing out on quite a lot and might not need your help.

I would think OP would want it to last more than 7 years, as state pension isn't that much.

We have - and unfortunately it doesn't change things. It's not a straightforward situation, but I'm lucky that I can afford to help.

I am 63, stopped working at 58 (made redundant), my pension pot at 60 was £72,000, I took 25% tax free and the balance went into an annuity policy which I get £270 each month, I have another pension which pays me £100 per month. I have paid enough years to get full State Pension when I reach 67. DH retired 4 years ago due to health reasons, he has State Pension and private £500 per month annuity pension. Our savings are getting good rates of interest and we have Premium Bonds which seem to be paying out quite well at the moment.

You do if it was awarded before state pension age. If not you can apply for AA.

I had a SIPPS pension @KeyInALock it did not perform well at all. I moved it to PensionBee and Blackrock have done an amazing job investing it.

Pls take some advice, a SIPPS requires you to invest the pension, so if you dont have financial investment experience you could lose money (well you could lose if soneone else invests to too but less risky if you use a reputable investment company).

£70k could be a grand a month for 25months and £750 per month for 45months. If you have no mortgage that might be enough with his pension plus carers allowance to take you through to state pension, but yeah it's not a lot.

State pension reduces UC pound for pound so I very much doubt it would be worth trying to claim.

@kalesna

My parents manage pretty well on a small state pension, pension credit including carer premium, council tax benefit, PIP, and a fully paid house.

But they must be getting a fair amount on top of the basic state pension. It sounds like they are eligible for various top ups.

OP maybe you need to look into getting some carers allowance?

I think you will be ok op. You will both be mortgage free. You will both get full state pension. You will have your Sipp as a backup pot. You can get carers allowance at 330 pm. You will get ct reduction. You will get winter fuel allowance. Your husband can claim attendance allowance.

I guess a slight issue for people with older husbands (or potentially anyone) is the fact when one person out the relationship dies the remaining person has to be able to live on one pension.

Which is harder. Dh is 25years older than me and it worries me a bit.

You can claim carer's allowance if you care for your husband, up until retirement age if you need to stop working.

64 can I give up work with 12000 savage

Don't give up work if you can possibly avoid it! Can you switch to part time/working from home? Or pay someone to pop in to help get DH's lunch or whatever? As others have said, if he is significantly disabled he should be entitled to PIP or Attendance Allowance.

I was in a similar position OP, pot-wise (£80k ish). I'm also mid 50's. I decided to see a Financial Advisor as I lost my DF a long time go due to various degenerative diseases, and he had always kept me right with finances/things I didn't understand. The FA was a friend of a friend, but I didn't know him personally, and it was THE single best thing I've ever done. Nothing cost me money up front; if he thinks your pension is not working for you, he may or may not move it, and his £ comes from the commission of that provider. He looked at my personal income as a whole (cash = dire), and in my case also the potential family pot of likely inheritance with/without my DM going into care - we are a family who can talk about post-death finances without too much concealment), and he changed my whole life in one 2 hour meeting.
As I said earlier, I had around £80k in my pot, no mortgage, but very little cash. (I've always had more in assets than cash). We decided I could afford to start drawing down on my pension, reducing my working hours (I do like my job/my business so didn't want to give up completely but our meeting gave me options), and he told me to STOP paying into my pension, which was a measly £100 pcm as I would be better off in my current circumstances, drawing down and saving that £100.
My reasons for contemplating all of this are totally personal ( I have lost 1 best friend and 4 close acquaintances to cancer - all of whom didn't reach 50-55).
I also spent the last few years of my DF"s life having to live my life to fit around the regular medical appointment/constant emergencies due to his illness, and jump to my DM's expectations which quite frankly, have spoiled any memories I had of my DF, whom I adored. (I was his DD, not his wife; I didn't want to have to wipe his bum, thanks, not that you asked..).
Anyway, we are where we are now, but all of those things combined, made me want to see what my options were, and I am now semi-retired, and (almost) financially secure. So I've started taking a top up from my pension, which enables me to treat my DC and their DP's.
A slight gamble, but if I have to sit on the sofa when I'm 70+ unable to choose between about 200 TV channels, then I'll know I've done the right thing. I won't care then. I am relatively fit and healthy now. I'm praying I get the next 10 years and want that time to spend with my kids, with whom I missed half of their lives having to share them with an unfaithful, controlling narcissist of an exH. Good luck OP.