Andy knows - everyone knows - but he's doing sod all about it.

[Justin Passing]

Absolute garbage, of course you don't get that amount.
You forgot housing benefit

So I went to a pension credit calculator, and put in the numbers for a single male, 68yrs old, no pension, paying 400 a week in rent, 12k in the bank.

That's 591/week = £33732 per annum.
Plus you get help with your Gas, Water, Electricity and Broadband.

That's tax free.

To compare with someone getting a full state pension, and having income from savings, all taxable, including the £1000 pa interest free tax band, the rest at the low rate (20%)

Lets say the state pension is 12547.60 , p.a allowance 12570

You would need £43400 gross pa. income to end up with that . (starting at 33732 minus the pension of 12547, = 21,185)
At 4.5% annual return, you would need around 470k in savings, to have that amount coming in.
But you have to match the inflation linked benefit, so allowing for 3% inflation you'd need about £1m.
If you decided your savings pot could run out after 20 years, then the savings pot would only need to be about £570,000.

( I assumed the savings were in a building soc. If you invested it in bonds/shares you might expect 3-4% more per annum, but with some risk to that.)

The rent I used, £320 a week, is the allowance for a single person in an outer London borough.

All worked out by Chat gpt.

You could phrase all that, by saying that when a lazy git gets to retirement age, the government hands over half a million quid.
Well golly gosh.

The total cost to HMG of pension credit is actually £6.1Bn pa, to 1.4 million recipients.
That works out to an average of £84 a week, £4300 a year. Some people only get a few quid.
Plus housing benefit, similar figure.

There ARE numbers, but not many I could access which are up to date.
Overview here - pension credit is tiny compared with State pension.

If you dig hard enough you can find how many people get how much etc. For someone else...

 

[noseall]

Absolute garbage, of course you don't get that amount.
You forgot housing benefit

So I went to a pension credit calculator, and put in the numbers for a single male, 68yrs old, no pension, paying 400 a week in rent, 12k in the bank.
View attachment 419999

That's 591/week = £33732 per annum.
Plus you get help with your Gas, Water, Electricity and Broadband.

That's tax free.

To compare with someone getting a full state pension, and having income from savings, all taxable, including the £1000 pa interest free tax band, the rest at the low rate (20%)

Lets say the state pension is 12547.60 , p.a allowance 12570

You would need £43400 gross pa. income to end up with that . (starting at 33732 minus the pension of 12547, = 21,185)
At 4.5% annual return, you would need around 470k in savings, to have that amount coming in.
But you have to match the inflation linked benefit, so allowing for 3% inflation you'd need about £1m.
If you decided your savings pot could run out after 20 years, then the savings pot would only need to be about £570,000.

( I assumed the savings were in a building soc. If you invested it in bonds/shares you might expect 3-4% more per annum, but with some risk to that.)

The rent I used, £320 a week, is the allowance for a single person in an outer London borough.

All worked out by Chat gpt.

You could phrase all that, by saying that when a lazy git gets to retirement age, the government hands over half a million quid.
Well golly gosh.

The total cost to HMG of pension credit is actually £6.1Bn pa, to 1.4 million recipients.
That works out to an average of £84 a week, £4300 a year. Some people only get a few quid.
Plus housing benefit, similar figure.

There ARE numbers, but not many I could access which are up to date.
Overview here - pension credit is tiny compared with State pension.

If you dig hard enough you can find how many people get how much etc. For someone else...

Do your numbers show the deductions in lieu of credit from one claim item vs another?

 

[blup]

One of the blokes that washes my car has a degree in international relations from the University of Teyran, he reckons Trumpf’s Middle East strategy is going tits up.

 

[fillyboy]

One of the blokes that washes my car has a degree in international relations from the University of Teyran, he reckons Trumpf’s Middle East strategy is going tits up.

Maybe that's why he's working in a car wash.

 

[noseall]

Trumpf’s Middle East strategy is going tits up.

You don’t need a university degree to establish that.
Anything the fat orange scumstain touches, turns to ratshit

 

[Highway Man]

You don’t need a university degree to establish that.
Anything the fat orange rapist scumstain touches, turns to ratshit

You seem very relaxed. Are you on holiday?

 

[Justin Passing]

Do your numbers show the deductions in lieu of credit from one claim item vs another?

No I only used the online calculator inputting "no" to everything. Carer's allowance would count as income, but extra benefits like Attendance allowance, PIP or DLA aren't counted. The above is if you are NOT disabled, so someone who has never worked would quite likely be getting money from that as well.
EG, if you got lower living and higher mobility allowances from PIP, that would be 7.2k pa.
Equivalent to 9k, or 12k, if taxed.

 

[blup]

Maybe that's why he's working in a car wash.

I was nervous how much was going to be deducted when I paid by card. Fortunately there was no surcharge for him travelling through the Strait.