She owns her home and business property outright but other than that no savings or additional pension.A few comments.
(1) is she currently in receipt of the contributory State Pension (SPC)? It seems not.
(2) does she have a DC pension fund associated with her business?
(3) does she have DB or DC pensions preserved from previous employments?
(4) does selling / transferring the business form part of any pension?
Some great advice here thank you. Not sure of the motorcycle club thoughLike @ClubMan said the Moneymakeover section is likely where you can get some good advice. I'm not going to give any heavy financial advice, but:-
1. Apply immediately for the Old Age Contributory Pension - Not means tested
2. If OACP is not applicable apply for the Old Age Pension - Means tested
3. She may be entitled to a Living Alone Allowance with either pension
4. The Free Travel Scheme is not to be sniffed at and while you're at it let her apply for free travel in Northern Ireland too. These open up possibilities for a happier retirement
5. At 69 likely she wants ready money available to her so no point in looking for investment opportunities where money can be tied up
6. She is still working but wants to retire, do everything possible for her to have her wish (Even she can be done without)
7. Ensure she does nothing like (my opinion only) looking at after life loans.
8. Her circumstances might dictate that three months in sunnier climes during winter/spring where she can live more cheaply is a positive option.
9. Retirement is where family/extended-family contact matters most
10. She may feel like downsizing on the car front
11. If she joins a choir, ICA, Bridge Club, Cookery Course, (or whatever) she gets some free focus from others. [I don't know your MIL and perhaps she wants to join a motorcycle club?]
12. Don't forget to have her apply for a free television licence (everything matters!)
13. Get Netflix if she enjoys television
Contributory state pension yes. The premises itself once the retail section closes won't yield anything. Potential to convert the space above into a 2 bed apartment but it would require significant investment to bring it to habitable standardIs the business premises yielding or likely to yield any income ?
Is your relative in receipt of the contributory state pension or any foreign equivalent ?
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