Retirement Worries.

Godsentme

Hi. I am a widower of 10 years andhave been working at this job for the last 5 yrs. i live alone in a Corporation house. 75e a week rent.

I am in receipt of my widowers pension of 193.50 as well as my wages of 11.20 per hour, average 40 hrs a week. I am on 41% tax as well as all the other stoppages.

As I earn more than I spend I have accumulated some savings. Say 50,000. I have put 30000 in the post office savings for 3.73 per annum for 3 years. This is tied up for the next 2 1/2 years. Tax free.

I have 20000 in a low risk investment thing with a Economist. I don't think this is going to return anything except my money back TBH>Any profits taxable.

I have another very small pension, ( about 800 PA) when I retire.

Now, as I am fast approaching my retirement next april i am very worried what state benefits I will be entitled to or not due to me savings.

Will I get my State Pension? Will I get fuel allowance? Free TV licience? Free travel> etc. like everyone else.Or will my savings, which i will have to start nibbling at anyway, affect my rights?

Or will I gather all I can out and put it 'under the mattress'.

I mean I could have spent it as I got it and have nothing but my clothes. It had paid my taxes on it so is it now going to be a burden on me?

mp22

If you qualify for this http://www.citizensinformation.ie/en/social_welfare/social_welfare_payments/older_and_retired_people/state_pension_contributory.html it will not matter what savings you have.

aujopimur

If you're entitled to a contribitutery OAP you will get full entitlement as it's not means tested

Equality

If you are on the contributory widower's pension you will lose this and get the contributory old age pension. It is slightly more money per week, and free travel and if you live alone you should get the household benefits package and the living alone allowance. None are means tested. Free fuel is means tested, so you may not qualify for this, but you should apply for it anyway to see if you qualify.

If for some reason you don't qualify for the old age pension (which would be unusual) then you stay on the widower's pension.

mrsbyrne

Equality wrote: »

If you are on the contributory widower's pension you will lose this and get the contributory old age pension. It is slightly more money per week, and free travel and if you live alone you should get the household benefits package and the living alone allowance. None are means tested. Free fuel is means tested, so you may not qualify for this, but you should apply for it anyway to see if you qualify.

If for some reason you don't qualify for the old age pension (which would be unusual) then you stay on the widower's pension.

OP you dont need to fill in any application forms. Your widows pension contributory will automatically increase on your 66th birthday to the same rate as the contributory state pension. As it is a contributory pension it is not means tested and none of your other incomes will come into play.Apply for every thing, fuel allowance, HBP, living alone increase, medical card. If you get them, you get them but apply anyway.

Equality

I just noticed that you mention paying 75e rent to the Corporation.

If you stop working and your income decreases, you should ask for this to be reduced.