How much debt you in ?

[Insel affe]

I'm fortunate to be retired without any debt, I do fear for people over the next few years with limited income and extended life expectancy. Many people have looked at their property as their pension but downsizing doesn't always make economic sense it depends where the market and demand is.

I tend to agree, downsizing has a lot of draw backs, once you move out of an "up and coming" area (like Brighton), it is neigh on impossible to move back. We have four rooms and three souls requiring only two of those bedrooms, so when I say downsizing I know it will probably be either a little further down the coast, one less bedroom, and not two flights of stairs ! Possibly even over to the good Ol'USA to be closer to her family when the daughter finally leaves, she is hinting she wants to study there anyway.

 

[Insel affe]

One off thankfully.

Christmas

 

[Herr Tubthumper]

Ha ha. I did carry on in this country, but big paying weddings once a week rather than 7 nights a week in a high energy night club.

I have to ask, where did you play? What sort of music?

 

[Insel affe]

What sort of music?

He said weddings, so my guess is Death or Pirate metal

 

[Icy Gull]

I have to ask, where did you play? What sort of music?

I’m going for Tamla, Disco and Soul with a bit of Hi Ho Silver Lining thrown in

 

[raymondo]

Hmmm

I forgot, most people get paid monthly don't they.
I get paid weekly, prefer it, to be honest.

Daily could be even better!

 

[Shropshire Seagull]

I'm fortunate to be retired without any debt, I do fear for people over the next few years with limited income and extended life expectancy. Many people have looked at their property as their pension but downsizing doesn't always make economic sense it depends where the market and demand is.

Sure I heard or read somewhere a while back that quite a few folk retire whilst they still have debt - I think the average was £20k of debt.

Can't understand why anyone would choose to do this, surely better to keep working [assuming you can] to pay the debt off first rather than using pension income to service the debt?

 

[Harry Wilson's tackle]

I'm fortunate to be retired without any debt, I do fear for people over the next few years with limited income and extended life expectancy. Many people have looked at their property as their pension but downsizing doesn't always make economic sense it depends where the market and demand is.

You could upsize - to Ford. Albeit, why would you?

Other points - agree. This is all part of the 'rebalancing' to claw back all the advances in opportunity and freedom (and hope) for the plebs that emerged in the 50s and 60s.

 

[jackanada]

Sure I heard or read somewhere a while back that quite a few folk retire whilst they still have debt - I think the average was £20k of debt.

Can't understand why anyone would choose to do this, surely better to keep working [assuming you can] to pay the debt off first rather than using pension income to service the debt?

You might well end up dying debt free rather than enjoying some years of frugal retirement.
I thought my father in law was mad drawing down his meagre pension at the first opportunity, but not long after he got cancer and currently he's not going to properly enjoy anything ever again, so in hindsight a genius move- probably should have spent it quicker.
Horses for courses.

 

[dazzer6666]

Sure I heard or read somewhere a while back that quite a few folk retire whilst they still have debt - I think the average was £20k of debt.

Can't understand why anyone would choose to do this, surely better to keep working [assuming you can] to pay the debt off first rather than using pension income to service the debt?

Not necessarily……if your pension is enough to service your debt and enjoy yourself, why not retire ?

 

[Insel affe]

Not necessarily……if your pension is enough to service your debt and enjoy yourself, why not retire ?

No pockets in shrouds as my dear Ol'Gran used to say.

 

[Shropshire Seagull]

Not necessarily……if your pension is enough to service your debt and enjoy yourself, why not retire ?

Yes, obviously depends on the size/type of debt and how much the pension provides ....

 

[Worried Man Blues]

Sure I heard or read somewhere a while back that quite a few folk retire whilst they still have debt - I think the average was £20k of debt.

Can't understand why anyone would choose to do this, surely better to keep working [assuming you can] to pay the debt off first rather than using pension income to service the debt?

I had planned to work, needed to, another 4 years to get the pension right but whoosh I was out of the door. I was the top bonus earner so didn't see it coming, you cannot always carry out the plan you have!

 

[Questions]

What he said.

And wot he said.

 

[Glawstergull]

I had planned to work, needed to, another 4 years to get the pension right but whoosh I was out of the door. I was the top bonus earner so didn't see it coming, you cannot always carry out the plan you have!

As they say in military circles: No plan survives contact with the enemy.

 

[severnside gull]

£3.17 on my credit card

 

[Weststander]

Not necessarily……if your pension is enough to service your debt and enjoy yourself, why not retire ?

In those circumstances, 99% of the time I would imagine that folk pay off debts from the tax free lump sum. I would hope so.

 

[banjo]

In those circumstances, 99% of the time I would imagine that folk pay off debts from the tax free lump sum. I would hope so.

Going through the process of sorting out my pension now. My brain hurts.

 

[Weststander]

Going through the process of sorting out my pension now. My brain hurts.

Too many noughts to the right!

 

[banjo]

Too many noughts to the right!

I wish.