It is also true that if you have a state pension and no savings, there are pension credits or some such benefit. You can live fairly well with the pension and the added benefit. Another advantage of being skint is the care home fees will be paid.
I am very lucky to have what i have with a house paid for back in 1983, i have been able to save a bit. I also retired at 56 and then worked a little part time a few months a year.
During the period of being 59 to 65, i received nothing in payments, just my private scheme. When the extra 600 pounds a month turned up at 65, that was just money to waste as i was already living on what i had.
The plan is to try and spend most of what you have before the rest home owner gets it. A couple of my mates were running old cars, and being over 70, i asked what they were saving money for ,you need to buy a car or buy a rest home owner a car. Those two bought new cars. Never tie money up and never let anyone manage it for you unless a proper bank or Premium bonds etc.
I get 200 pounds for heating allowance too. Not means tested.