What will happen if I spend my savings?

JaneJudge

and suggesting the poor lady move to Luton is just cruel

😂👏👏 cruel but so true.

If you spend your savings you will rely on those of us who didn't.

Just what I was thinking

An ex council flat would be more affordable.

That depends entirely on where the flat is.

I don't know if this has been mentioned but why don't you use it all on improving your home and garden. You could also get a nicer car.

I would sooner rent than buy a retirement flat as they are difficult to sell, do not hold their value and your family can end up lumbered with maintenance chagres for years while they try to sell it.

Take the capital from the sale of your home, it could be hundreds of thousands, enjoy life, go on a world cruise, get a new car and replace it every 2 years, If you live to a very advanced age, you may find the money is running out, you will be able to claim Housing Benefit. At the end, you will have also spent all the children's inheritance

Mrs nonsmoker You are right to thin about what to do with you lump sum. The very last one you will have. the logic is to purchase the capital goods not covered by your landlord. this is going to be your car, maybe an airfryer , new bed excellent mattress, maybe a sewing macine , a computer, etc. this is not deprivation of assets.
Eventually you will qualify for various benefits. But you will have good quality items that support your day to day living.

I wouldn’t rely on Pension Credit.
It’s very little amount. Approx £29 p.w.

Have not read the whole thread, but I would suggest you ask for advice from Citizens Advice or Age UK. They could do a benefits check for you and advise you properly on how your pension pot (and spending it) would affect your entitlement. Generally if you spend it on necessary things such as replacing your car ,and keep the receipts that shouldn’t be a problem. But if you give away money to your children or spend it on expensive holidays, that will be counted as deprivation of capital. Some of the advice on this thread is very inaccurate. For example, pension credit can be much more than £29 per week! It varies according to what other income & savings/capital you have. The most important thing is, if you get any amount of pension credit it automatically entitles you to full housing benefit, and winter fuel payment etc. But please check all this out with a proper advice agency.

Greciangirl

I wouldn’t rely on Pension Credit.
It’s very little amount. Approx £29 p.w.

Pension credit varies with the income you actually have and is whatever is necessary to bring your weekly income up to £218.15 if you’re single and £332.95 if you have a partner.

It can be in well in excess of £29. If you receive a disability benefit then it can be higher still, another £40 or £80 a week on top of Pension Credit.

Sometimes people can get the Savings element of Pension Credit. Savings of up to £10,000 do not count in the decision to award Pension Credit. On the Savings element of Pension Credit a weekly payment is made and maybe entitlement to other benefits, although not sure which apply, other than Winter Fuel Payment and Free TV License. It only takes a 'phone call to the DWP to check eligibility.

When the OP says ‘no other money’ , I think she is referring to her capital., except her pension pot.
You are still young and can probably work a few more years, save some money to build a capital.
I am also divorced. I guess I had a fairly good lawyer.