What To Do.

[WILLWONKER]

This is a genuine question. Joke answers will be entertaining but not helpful
I am 64 this year, in 6/12 months time I will be homeless, have no job or income apart from £80.00 per month from a private pension. On the upside late next year I will be able to claim my state pension, plus as of now I have £60.000. buying a house is out of the question, the upside again, I'm fit and healthy. What would you do in my position?

[grasscarp]

I would put 40 grand in premium bonds and as much as possible in an ISA. Then look around for somewhere to rent. If you will have no job in near future you could also look at live in type jobs as a carer for example but it depends on what kind of work you like doing.

[hc4361]

You don't have many options but you can rent suitable accommodation and live on your savings. You could even move abroad

[Svejk]

a cartwheel. seriously wonker, there's a lot of people who'd like to be in your shoes.

[Buenchico]

I'd start by finding out what benefits I might be entitled to:
https://www.gov.uk/benefits-calculators

In particular, I'd want to check the maximum amount of Local Housing Allowance payable in my area:
https://www.gov.uk/housing-benefit/overview

Then I'd be checking adverts in local newspapers and 'free-ads' papers (and/or their websites) to see whether there are bedsits (or even 1-bedroom flats) available within the budget defined by the Local Housing Allowance.

I'd also consider looking for work (whether part-time or full-time) with employers who pride themselves on offering work to older employees (e.g. Asda, Marks & Spencer & J D Wetherspoon).

I'd also seek an appointment with my local CAB to see if they've got any suggestions that can help me:
http://www.citizensadvice.org.uk/index/getadvice.htm

I'd write out an action plan and then list any queries or problems that I might have in respect of that plan, coming back to AB (or my local CAB) to seek advice on specific issues.

Then I'd take a deep breath and try to relax a bit ;-)

[Cloverjo]

Do you have children?
If so, could you stay with one for a while. Maybe you could pool your resources and buy a house together, you could babysit while they go out to work. Could work out, for you all, but of course I don't know anything about your circumstances.
If this wouldnt suit, you should get help with housing benefit to rent something.

[Buenchico]

Hang on a moment!

Is that a full stop or a comma above? I read your savings as £60.00 ('cos, as a maths graduate, I see £60, £60.0, £60.00, £60.000 and £60.0000 representing the same amount of money). If you've got £60k you could consider moving to somewhere in the country where that WILL buy you a house. (There are parts of Wales or North-East England, for example, where you can still buy a house for less than that).

[kvalidir]

Can I ask why buying a house is out of the question?

[WILLWONKER]

Thanks so far all, I am reading all of your answers, but may retire in the next half hour or so, and get back later and let you know what I think.
Buenchico, thanks so far, the amount is sixty thousand, 60k, but remember once its gone its gone.

[Buenchico]

Thanks for that clarification, WW. My references to benefits might not be relevant then, as you're probably well over the savings limit for most of them, but it's still worth checking!

[Cloverjo]

But, if you did buy property somewhere, you will still have the property and could sell it again. The money won't disappear into a black hole.

[WILLWONKER]

Hear what your saying, Cloverjo, but if you have no job you need a little nest egg to fall back on, and a 60k property would also need lots of work doing on it I would think. a loan to buy at my age would be a no no.

[Buenchico]

>>> a 60k property would also need lots of work doing on it I would think. a loan to buy at my age would be a no no.

Well, if you're prepared to move to a cheap area, there's no need to spend the full £60k on the house anyway.

http://www.zoopla.co.uk/for-sale/details/33779381

http://www.zoopla.co.uk/for-sale/details/32043656

http://www.zoopla.co.uk/for-sale/details/32043656

http://www.zoopla.co.uk/for-sale/details/33156013

http://www.zoopla.co.uk/for-sale/details/33799927

http://www.zoopla.co.uk/for-sale/details/33668136

Those are just a few examples. There are many hundreds (or probably thousands) of cheap houses and flats available if you're prepared to move to a cheap area.

[SpikeyBush]

I moved to a cheaper area due to relocation for a new job. The bad neighbours with their yapping dogs and all night parties I could tolerate. I draw a line though at the drive-by shootings between rival drugs cartels.

[EDDIE51]

Apply to your local council for social housing, your age and the fact that you are soon to be homeless will get you priority. You should get an offer before you are actually homeless. It will only be 1 bedroom accommodation but better than nothing. When you apply make sure you specify that you are potentially homeless as it will get you a lot higher in the waiting list.
Even with your £60,000 saving you are entitled to Pension Credit now, this will change to the state pension when you reach 65. Pension Credit even gives you more cash if you have savings it is called the 'savings credit' element.
Apply now,( you can do it over the phone on Monday morning.)
Pension credit automatically give you a lot of other benefits such as free dental treatment and repayment of travel costs for hospital visits etc. Plus even with £60,000 you will still get some housing/council tax benefit though not the full amount.

[EDDIE51]

Pension credit calculator here just fill it in , it will show you what you are entitled to.
https://www.gov.uk/pension-credit-calculator

[Peter Pedant]

To be honest 60k is gonna stop most means tested benefits.

what I would do is probably buy a flat .....

and start looking at zoopla

otherwise you are gonna have to spend the nest-egg on rent,
and you are looking at around £500 a month or five to six thousand a year
which witll therefore last you around 10 if you live on nothing

[Peter Pedant]

spikey bush must be in Brum
Here in Manchester:
http://www.zoopla.co.uk/for-sale/property/manchester/?price_max=60000&q=Manchester&radius=15&search_source=refine

[EDDIE51]

Jut done the pension credit check using the information you gave and the result is that you are entitled to £28.25 per week Pension Credit.

[kvalidir]

Personally IO would buy a house, there are plenty of houses for below 60K that need nothing or very little doing to them. That will then mean that your savings are below the means tested threshold so you can get maximum benefit. If you own your own home outright, you won't need LHA outright and if you only claim your state pension it will mean that you can earn whatever you like, either a part time job or a home based business with your own hours to suit you. Pension credit means you get free prescriptions etc but also there is a limit on how much you can earn, but surely owning your own home has to be the most sensible idea.