papachris
Well-known member
That's pretty much what I did aged 58 with a pot of around that size. Being mortgage free helps a lot then it's only utilities and food to pay for. The rest is for enjoying life.
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[Misc] Retirement
- Thread starter Tim Over Whelmed
- Start date
Blue&WhiteSea
Well-known member
Just started a new position at work and now have access to cashflow planning software that a lot of IFAs use, it's made me feel much more confident that I have been saving enough and may have enough to retire early, now working on scenarios to see how early!
LamieRobertson
Not awoke
What’s an abnormal car?
BrightonCottager
Well-known member
I don't want to piss on your retirement chips (& haven't read every post on this thread) but I can't see anyone factoring in the cost of private residential care. My mum is now paying £7600/month in a well-known Brighton care home.
It's certainly making me reconsider long-term financial needs for my retirement.
It's certainly making me reconsider long-term financial needs for my retirement.
Similar in terms of living expenses but currently burning way, way more on holidays for now (from savings) - will do it as long as we can afford to then stop. Big trip bucket list is shrinking but having a business class flight habit isn’t cheap. Don’t really have any other extravagances like cars, home etc. Only other major planned lumpy expenditure is helping the kids onto the property ladder, and we’re one down one to go on that front. Told them both we are spending everything else
Hoping UK euthanasia laws have changed by the time I get to that point.
BrightonCottager
Well-known member
When I was visiting my mum a couple of weeks ago there was a bloke about the same age as me visiting an aged relative who is in the same (living with dementia) wing as my mum. Aged relative is more advanced and hardly leaves his bed but had been wheeled into the common room and the visitor (a bit reluctantly, I thought) said, 'I'll show you yesterday's Fulham game' and set up his ipad to show the highlights of our miraculous 3-3 draw against Sheffield Utd. My ears pricked up and when I took my mum back to her room I tried to have a chat with the 2. I reeled off the names of a few Fulham legends of yore (Haynes J, Hill J, Robson B, Leggat G and Clarke A), ended with an 'Up the Fulham' and I think I detected a flicker of recognition and connection from the old man.
My mum can name every person from her 1956 wedding photo but didn't remember being on the prom today, 10 minutes after she left it. This may be part of our retirement. Which Albion legends will you remember? [Sorry, probably wrong thread for this].
It’s an awful thing. Had two chats with my elderly neighbour today………about an hour apart. In the second, he couldn’t remember the first chat we had, but was then talking vividly about his football-playing days in the 50s.
AZ Gull
@SeagullsAcademy @seagullsacademy.bsky.social
Her and her husband? Doesn't seem too difficult.
When you work in drug research, if you haven't been squirrelling samples for a later date, if you know what I mean.......
Today I set up a 20% reduction in hours, that allows me to access 80% of my lump sum (cash free), 80% of my monthly pension, plus 80% of my salary. What were they thinking? I'll be £20K a year better off income wise, plus I'll have a f***ing great lump sum to play with. Apparently this is all legal.
(I need the lump sum for family crisis management, albeit I always intended to do this. Amazing how 'needs must' focuses the mind. Were it not for the crisis I'd have plodded on like the mug I normally am.)
Still.....these university pensions were once the finishing line prize for decades of not very special pay. My younger colleagues have lost 60% of the value I had, owing to, er, cuts. No wonder they are leaving in droves, with only the unemployable numpties, and the cheats and data fakers remaining.
It feels like the end of an era for working class folk 'made good' thanks to university grants (as opposed to fees) like me. And the universities in the UK are toxic.
That's 'rebalancing' for you.
BrightonCottager
Well-known member
I laughed, but she normally points at my dad and says my name
!
It's all very relevant
My Dad got pushed into redundancy/early retirement Nov 2003. Over 35 years at Seeboard/Anderson etc . . . . . dead Oct 2004.
He never had the chance to recalibrate thanks to cancer. He was 55
I'm not much younger. . . . Have always lived and worked for a better future . . . Which is still own my own home outright. . . . but with that hanging over Me . . . . What's the right balance?
I'd rather go quick and leave my son with a good head start . . . Than prolong his pain and suffering watching me spend it against both our will!!!
Yes . . . And no . . . 7 years. . . I think. .
I'm sure there are lots of posh folk trust loop holes, but I'm not in that league!
Complicated. Your will is only enacted on death so strictly speaking no…….assets are still yours until that point. There are ways of putting certain things in trust that help avoid state claims on them but you need to get advice in relation to your particular circumstances.
Dave the OAP
Well-known member
Off on another holiday back end of April / may as we are reallly doing a lot of what we couldn’t do when Mrs DTG worked at a school
Villa ticket will be on the exchange. ( 4th home game missed- bad fan )
Villa ticket will be on the exchange. ( 4th home game missed- bad fan )
AZ Gull
@SeagullsAcademy @seagullsacademy.bsky.social
Yep, it's tough. My dad became ill one Christmas and couldn't shake it off. It was very unusual as he NEVER got sick. Eventually he was taken into hospital and found to have a brain tumour.I laughed, but she normally points at my dad and says my name
They operated but it made practically no difference. My sister and I would go to visit him and he'd tell us that mum had been in visiting earlier - even though she'd died the year before. He ended up passing away exactly one year and two days after our mum.
Crazy to think that was over 30 years ago now.
I hope you can make the most of whatever time you have left with your mum.
…..completely ignoring 5 years of 5-6% investment performance when inflation was close to zero
Knocky's Nose
Mon nez est retiré.
I hope to die as soon as possible after becoming a burden to my children. Nothing more, or less, than that.