general enquiry about Pensions and Life Savings (and stuff)

[Lost Leopard Spot]

Guess the other thing to consider, other than equity release, is possible "downsizing"....but that means upping sticks...

or Worthy, reinvestment into a business as above ^. It has potential... but I'd not be keen on downsizing because then I'd have neighbours again, and I don't want to spend my final years in jail after I've killed them...

[Prufrock]

You can easily live on 23kpa if the mortgage is paid, but, without being morbid, particularly given you've no kids, there may be costs later in life you want to be saving for. Why the aversion to remortgaging if you don't mind me asking? That or one of those sell it and rent it back things.

I know a friend who's had their fingers very badly burnt on one of those equity release schemes.
I've spnt most of my life trying to get away from neighbours - now I've finally realised it I don't want to recklessly give that advantage away just through a hunt for extra 'revenue'.

Oh i'd be very careful about it, but it would seem to make sense if you've no-one you're fussed about leaving it too. Otherwise some fecker will be coming on here telling us he's got a phone call from a solicitor who reckons he's entitled to a house in Derbyshire for a small up-front fee!

[thebish]

Guess the other thing to consider, other than equity release, is possible "downsizing"....but that means upping sticks...

or Worthy, reinvestment into a business as above ^. It has potential... but I'd not be keen on downsizing because then I'd have neighbours again, and I don't want to spend my final years in jail after I've killed them...

i think that's all free, though - food, lodgings, bedding... telly... pool table... you could do worse!

[Lost Leopard Spot]

You can easily live on 23kpa if the mortgage is paid, but, without being morbid, particularly given you've no kids, there may be costs later in life you want to be saving for. Why the aversion to remortgaging if you don't mind me asking? That or one of those sell it and rent it back things.

I know a friend who's had their fingers very badly burnt on one of those equity release schemes.
I've spnt most of my life trying to get away from neighbours - now I've finally realised it I don't want to recklessly give that advantage away just through a hunt for extra 'revenue'.

Oh i'd be very careful about it, but it would seem to make sense if you've no-one you're fussed about leaving it too. Otherwise some fecker will be coming on here telling us he's got a phone call from a solicitor who reckons he's entitled to a house in Derbyshire for a small up-front fee!

Yea, that is a bit of a bugger. (especially with no will made out).

[mummywhycantieatcrayons]

I/we have played with the idea of running my/our own business [either as an antique dealer, or as a freehold pub with the missus doing the catering]. But one of those options is one hell of a huge risk with all of our assets involved. Not sure retirement age is the right time to be making gambles like that. But we haven't totally ruled it out either. We'd move somewhere up in north Scotland or similar and cater to the clientele I know (beer loving walkers with dogs).

What antiques do these people buy?!

[Lost Leopard Spot]

Guess the other thing to consider, other than equity release, is possible "downsizing"....but that means upping sticks...

or Worthy, reinvestment into a business as above ^. It has potential... but I'd not be keen on downsizing because then I'd have neighbours again, and I don't want to spend my final years in jail after I've killed them...

i think that's all free, though - food, lodgings, bedding... telly... pool table... you could do worse!

By then ,in five years time, it'll all be privatised and HondaGroup4Sercoid will be running it... and will have bound to have cocked it up - solitary confinement, unheated cells, no pillows, copying out books by hand to make a few pennies to pay for the one meal a day, cold porridge.

[Lost Leopard Spot]

I/we have played with the idea of running my/our own business [either as an antique dealer, or as a freehold pub with the missus doing the catering]. But one of those options is one hell of a huge risk with all of our assets involved. Not sure retirement age is the right time to be making gambles like that. But we haven't totally ruled it out either. We'd move somewhere up in north Scotland or similar and cater to the clientele I know (beer loving walkers with dogs).

What antiques do these people buy?!

Options mother. Either or. Either running a pub (as a couple), or me being an antique dealer with the missus living the life of Reilly doing feck all. Running the pub would be in Scotland to dog walking beer xdrinking clientele; antique dealing would be where we are now, to antique buying clientele

[mummywhycantieatcrayons]

I did know that really!

[Prufrock]

Freehold pubs won't exist in 8 years. It'll just be Wetherspoons for as far as the eye can see.

The retire in a pub was always my plan. Can't see it happening for me!

[Lost Leopard Spot]

I did know that really!

emoticons rule.

[Lost Leopard Spot]

Freehold pubs won't exist in 8 years. It'll just be Wetherspoons for as far as the eye can see.

The retire in a pub was always my plan. Can't see it happening for me!

There are specialist areas of pub running though. Most of the best freeholds are out in wildernessy/tourist areas. Good pubs are hard to come by in Scotland, and the few you can find, you'll also find it is the centre of a thriving cottage-tourist-industry...

[TANGODANCER]

Do you have to stop working in 8 years though?

No.
But to be honest we were planning (although in reality I should be using the word 'hoping' there rather than planning) on retiring when we'd paid off the mortgage in five years time - aged 63. The thought now of slogging onwards makes me feel quite sick at heart...

Could you move to fewer days a week/something you find more enjoyable as part of the calculations?

Will you yourself be planning on working beyond sixty five Mummy? Most folk I know can't wait to get there and call it a day.

[clapton is god]

Yeah, we're quite laid back about this kind of thing in the UK.

We have no savings whatsoever. If I had to lay my hands on a quantity of money we'd have to borrow. In fact we just borrowed on a store card to buy an expensive sofa on 6 months interest free credit and because of my self employed status had to undergo the Spanish Inquisition (I never expected that!) to get the loan!

My wife draws her pension next March but it amounts to only £450 a month. I think at that point I'll take the opportunity of ejecting one of my work providers so I can start a long wind down to my own retirement in 4.5yrs time and I expect then we'll be on a joint pension (both of us fully paid up) but I have no idea at what rate.

I have a healthy'ish work related pension based on final salary (on which I got a lump sum but that disappeared sharpish on divorce). I am currently working harder than I ever did (and have not had a rise in fees since 2007!) and expect to do so right up to pensionable age and maybe beyond. Have toyed with the idea of deferring my pension for 2yrs to get another lump sum but thats something I have to look closely at and assess my own health nearer the time, because, I tell you, once you turn about 58-60 you don't half begin to feel age creeping up on you.

So, to sum up; no savings, half decent work related pension, two fully paid up state pensions approaching fast, decent work levels to see me through to then, mortgage paid off March 2015.

It'll be reet.

[Prufrock]

Depends though doesn't it TD. I know a few over 65s who still work. Some are on their own and so it gets them out of the house. Some love what they do, some need the money.

[Prufrock]

Freehold pubs won't exist in 8 years. It'll just be Wetherspoons for as far as the eye can see.

The retire in a pub was always my plan. Can't see it happening for me!

There are specialist areas of pub running though. Most of the best freeholds are out in wildernessy/tourist areas. Good pubs are hard to come by in Scotland, and the few you can find, you'll also find it is the centre of a thriving cottage-tourist-industry...

For now. Pissing Leyland has a Wetherspoons now. They'll get there eventually! Dooooooooomed.

[thebish]

Do you have to stop working in 8 years though?

No.
But to be honest we were planning (although in reality I should be using the word 'hoping' there rather than planning) on retiring when we'd paid off the mortgage in five years time - aged 63. The thought now of slogging onwards makes me feel quite sick at heart...

Could you move to fewer days a week/something you find more enjoyable as part of the calculations?

Will you yourself be planning on working beyond sixty five Mummy? Most folk I know can't wait to get there and call it a day.

most of us will. Tango - it ain't as easy as it was in your day - our generation won't get to retire at 65! bloody part-timers!!

[boltonboris]

Freehold pubs won't exist in 8 years. It'll just be Wetherspoons for as far as the eye can see.

I'd be feckin' delighted with that! £2.60 for 600ml of Birra Moretti!!

[Beefheart]

If I could only eat out at once place for the rest of my life, I'd pick Wetherspoons. Tuesday Steak Night, Wednesday Chicken Club, Thursday Curry Club, Friday Fish and Chips, Sunday Roast, then regular menu on Saturday and Monday. Plus they all come with a pint. What more could you want?!

[TANGODANCER]

Depends though doesn't it TD. I know a few over 65s who still work. Some are on their own and so it gets them out of the house. Some love what they do, some need the money.

I retired at seventy simply because I couldn't afford to not work till then. You don't need much in the way of clothes and personal possesions by then, but heating, food, council tax and all the other items you do need that wear out, electrical goods etc, take the money. The worst drains are electricity and house maintenance especially in older properties. In the past three years alone I've had to have the house completely re-wired, a chimney pot taken off and most of the roof and eaves repaired and now the porch roof has sprung a leak. A fortnight ago we had to buy a new drier and four months ago a new cooker. These are the things that take your money away and you have to take into account. Few people work for fun.

In short, everybody's situation is different so there are no hard and fast rules. You do what you have to.

[Prufrock]

Freehold pubs won't exist in 8 years. It'll just be Wetherspoons for as far as the eye can see.

I'd be feckin' delighted with that! £2.60 for 600ml of Birra Moretti!!

It won't be once there are only Wetherspoons left.