Enjoying Retirement
Discussion
Tertius ,thanks for your reply -the £ 8,879 I mentioned is the amount in total she would need to contribute now to make up for the various gaps I think and therefore that got her to the £ 8,280.Then the figure of £9,627 was what I assumed the £ 8,280 got inflated to but if you are correct then perhaps not !
She doesn't work and hasn't since our first child was born some 30 years ago so I expected there to be some shortfalls but obviously Im just trying to understand what the payback period as such would be to achieve value for money as such.
She doesn't work and hasn't since our first child was born some 30 years ago so I expected there to be some shortfalls but obviously Im just trying to understand what the payback period as such would be to achieve value for money as such.
okgo said:
It is also worth noting that most folks who have only ever visited London for work will associate it with the working areas - city/west end/C wharf etc - that is nothing like where 99% of people live. You can find very peaceful spots even within Zone 1, a mate of mine lives in a garden square in Marylebone, its quieter than my house was in Surbiton and then in Z2 and beyond you could be in an area that would feel no different to being in the burbs or outskirt of a small market town if that is what you wish (possibly with a little aircraft noise pending location) but is moments from all of what you may wish to use.
Obviously the crucial difference is that to live in a pleasant and quiet enclave is going to cost big money, that small 2 bed flat above is worth getting on for 2 million.
The fact it’s £2million for a flat is exactly why people sell and move to places at under £300k and live off the proceeds.Obviously the crucial difference is that to live in a pleasant and quiet enclave is going to cost big money, that small 2 bed flat above is worth getting on for 2 million.
GT3Manthey said:
Bumped into a guy a get the train with who I’d not seen in a while so assumed he’d been working from home.
Turns out 5 weeks ago he has a heart attack age 53 totally out of the blue .
Had it not of been or a passer by he wouldn’t have survived.
Very sobering thought this morning especially as he’s younger than me
This was what prompted me to retire 5 years ago, best mate died who was 57, another friend aged 65 just as he was due his state pension, I realised that life could be short, we are now living on the West Wales coast and it is fabulous, long may it continue!Turns out 5 weeks ago he has a heart attack age 53 totally out of the blue .
Had it not of been or a passer by he wouldn’t have survived.
Very sobering thought this morning especially as he’s younger than me
gareth h said:
This was what prompted me to retire 5 years ago, best mate died who was 57, another friend aged 65 just as he was due his state pension, I realised that life could be short, we are now living on the West Wales coast and it is fabulous, long may it continue!
Further family discussions this weekend and essentially the move next year is back on. I never thought that logistics for the kids was a problem anyway but the wife developed other ideas as i previously mentioned.
After seeing this guy this morning I’m full stem ahead with it now.
One thing. It’s properly pissing me off seeing my ISA’s and no doubt pension erode a bit .
I have a zoom with my WA next week to discuss but as others have mentioned this shouldn’t be a deal breaker with with a proper plan in place
Edited by GT3Manthey on Monday 20th June 17:40
GT3Manthey said:
I have a zoom with my WA next week to discuss but as others have mentioned this shouldn’t be a deal breaker with with a proper plan in place
Do you already have a proper plan in place ?I have a few years in cash - so whilst depreciating vs inflation is performing better than my investments right now.
My plan can take some further short term down side & still works as long as investment returns beat inflation - so the longer the current situation extends for the sqeakier my bum will get. Sequence of return risk is the concern right now.....
Carbon Sasquatch said:
Do you already have a proper plan in place ?
I have a few years in cash - so whilst depreciating vs inflation is performing better than my investments right now.
My plan can take some further short term down side & still works as long as investment returns beat inflation - so the longer the current situation extends for the sqeakier my bum will get. Sequence of return risk is the concern right now.....
Yes plan in place using combination of cash and pension leaning more on the cash in times such as this. I have a few years in cash - so whilst depreciating vs inflation is performing better than my investments right now.
My plan can take some further short term down side & still works as long as investment returns beat inflation - so the longer the current situation extends for the sqeakier my bum will get. Sequence of return risk is the concern right now.....
The plan we’ve discussed was based on an average return on investment of just 4% after fees so pretty conservative bit of course we didn’t have 11% inflation and markets falling out of bed.
Cash reserve, if we liquidate some property, is quite substantial so I’ve no immediate concern however, numbers were done done earlier this year prior to the recent meltdown.
Edited by GT3Manthey on Monday 20th June 18:59
Just turned 60
Not yet retired, but cutting down the outgoings in preparation
Cancelled Sky as most of our viewing on freeview or apps
Virgin BB was going up from £35 to £44. Gave 30 days notice. They called a few days later, now £24
So £70 a month saved above.
DDs now under £500 a month incl energy (but will leap when fixed ends next year !)
To live we need say £1500 a month, low maintenance
Current pensions that kicked in at 60 far exceed that
Wife will start hers soon also, as over 55
I’ll work a bit longer unless I need to go to the office more than a few times a month.. Or hopefully offered redundancy of a years wages
35 days leave, generous pay, work/run/etc all done by 4pm
Not yet retired, but cutting down the outgoings in preparation
Cancelled Sky as most of our viewing on freeview or apps
Virgin BB was going up from £35 to £44. Gave 30 days notice. They called a few days later, now £24
So £70 a month saved above.
DDs now under £500 a month incl energy (but will leap when fixed ends next year !)
To live we need say £1500 a month, low maintenance
Current pensions that kicked in at 60 far exceed that
Wife will start hers soon also, as over 55
I’ll work a bit longer unless I need to go to the office more than a few times a month.. Or hopefully offered redundancy of a years wages
35 days leave, generous pay, work/run/etc all done by 4pm
James6112 said:
Just turned 60
Not yet retired, but cutting down the outgoings in preparation
Cancelled Sky as most of our viewing on freeview or apps
Virgin BB was going up from £35 to £44. Gave 30 days notice. They called a few days later, now £24
So £70 a month saved above.
DDs now under £500 a month incl energy (but will leap when fixed ends next year !)
To live we need say £1500 a month, low maintenance
Current pensions that kicked in at 60 far exceed that
Wife will start hers soon also, as over 55
I’ll work a bit longer unless I need to go to the office more than a few times a month.. Or hopefully offered redundancy of a years wages
35 days leave, generous pay, work/run/etc all done by 4pm
Sky is one of the things that will get the bullet once we move and retire . Mobiles will also be out of any type of contract and become sim only deals too . Not yet retired, but cutting down the outgoings in preparation
Cancelled Sky as most of our viewing on freeview or apps
Virgin BB was going up from £35 to £44. Gave 30 days notice. They called a few days later, now £24
So £70 a month saved above.
DDs now under £500 a month incl energy (but will leap when fixed ends next year !)
To live we need say £1500 a month, low maintenance
Current pensions that kicked in at 60 far exceed that
Wife will start hers soon also, as over 55
I’ll work a bit longer unless I need to go to the office more than a few times a month.. Or hopefully offered redundancy of a years wages
35 days leave, generous pay, work/run/etc all done by 4pm
Cars will see a total review as we’ll not need as many vehicles and we’ll be driving less .
Have told the missus food bills & general top ups we need to try and economise on .
Want to get a new mindset for retirement now so it’s plain sailing rather than total panic
Om said:
I understand the sentiment but to me this sounds a little too much like moving into a retirement home at 50 just to be safe because you know at some point in the future you will be infirm.
Doesn’t need to be at 50!We feel that any final house move probably wants to happen by 70-75’ish.
Obviously it depends on your own health, etc - if you want to move to the coast or countryside to enjoy peaceful existence, do that as early as you can! If you feel you need to be closer to better healthcare at some stage, do it then (ideally just before the move is too stressful).
Kickstart said:
The thing that would really put me off about moving in retirement is friends - we are lucky to have lots of close/lifelong friends where we live and I wouldn't fancy my chances of both me and Mrs K finding a whole new group of friends to do things with in our 60's
Just my 2p worth
I’m with you on this. Just my 2p worth
When I read about people who retire and then move miles from their home, I am always curious about their friends groups.
We have a lot of good friends within 5 miles of where we live: I couldn’t see any sense in upping sticks and moving hours away. Maybe we will get bored of pub quizzing and generally socialising with them in years to come…that might be the time to move!
When our offspring become settled somewhere, that might also be a time to consider moving: we get on very well with them.
Until then, we have extended/improved our place to meet all our current needs, and to try to make it low cost to run….we need to spend 10+ years enjoying it now.
alscar said:
I posted this sometime ago but never had any comments -good or bad.
My wife phoned their so called hotline of help to receive absolutely none and when she asked to pass the phone to me that was refused !
So again asking is my understanding correct ?
<wrote some numbers>
Would appreciate any comment as to whether I am talking utter rubbish or not.
Have you used the Government Gateway account to check online?My wife phoned their so called hotline of help to receive absolutely none and when she asked to pass the phone to me that was refused !
So again asking is my understanding correct ?
<wrote some numbers>
Would appreciate any comment as to whether I am talking utter rubbish or not.
https://www.gov.uk/check-state-pension
That shows things reasonably clearly: the main number shows what you *could* get with maximum contributions, the (smaller!) number shows what you will actually get (in today’s value) if you do not pay any more in.
I am very surprised the hotline failed to help you: they have been very helpful to us to figure out what we (my wife) needs to pay to make up lost years. The amounts vary (‘old rules v new rules’) but broadly speaking around £800 for each year, and unless you have healthcare concerns that might limit life, generally worthwhile paying up.
Think she still has three to go, but not worth paying too soon there is always the faint glimmer she might get a job
OldSkoolRS said:
On the other hand; my FIL and MIL both ended up going downhill quickly towards the end of their lives and we couldn't keep up with their needs: The stair lift was put in three weeks before my FIL died (then MIL moved to a flat). Various things my MIL needed came too late and they even insisted on delivering a hoist the day she died (under palliative care at that point)!
Try to be aware of your changing needs, but I agree 25 years ahead is a little premature.
Just finished laying a floor in our garden room and it's come out nice and sunny now after a cold and damp weekend...glad I'm not at work today. I've got the excitement of picking up our 'new' car tomorrow too, so goodbye to the SLK (with it's leaking roof) and hello to a familiar (but petrol this time) C Class AMG Line. I can spend Wednesday polishing it (as my wife fully expects she won't see me for a few days once we get it home ). Ironically my work C Class only got washed at it's annual service and perhaps 1 or 2 times in between that if there wasn't a big queue at the local handwash.
EDIT: The hospital talk is relevant to me: I spent most of my last 17 years working at different hospitals all over the South UK and London, so at least I know my way around them. You can hardly ever park at them though, so I used to have to park some distance away and then walk in. At least it helped keep me fit I suppose, apart from the day I slipped on a wet drain cover at John Radcliffe hospital and damaged my knee.
Wise words.Try to be aware of your changing needs, but I agree 25 years ahead is a little premature.
Just finished laying a floor in our garden room and it's come out nice and sunny now after a cold and damp weekend...glad I'm not at work today. I've got the excitement of picking up our 'new' car tomorrow too, so goodbye to the SLK (with it's leaking roof) and hello to a familiar (but petrol this time) C Class AMG Line. I can spend Wednesday polishing it (as my wife fully expects she won't see me for a few days once we get it home
). Ironically my work C Class only got washed at it's annual service and perhaps 1 or 2 times in between that if there wasn't a big queue at the local handwash.EDIT: The hospital talk is relevant to me: I spent most of my last 17 years working at different hospitals all over the South UK and London, so at least I know my way around them. You can hardly ever park at them though, so I used to have to park some distance away and then walk in. At least it helped keep me fit I suppose, apart from the day I slipped on a wet drain cover at John Radcliffe hospital and damaged my knee.
MrsMikeIOW was with her father when he passed - the doctor was there as well and was about to write a prescription for something for him: young and relatively clueless - the carer knew what was happening more than doc. Her mum has just passed away too after a relatively rapid decline over recent months, a short time in a care home then a similar time in hospital….sad times, but at almost 90, a life well led, to be celebrated and not just mourned. Times like this see family and friends come together.
Enjoy the new car! I have always enjoyed ‘amateur detailing’ my cars, and when you don’t put company miles on, they stay looking sharp for longer.
This week is my outdoor gym…..building a patio later. Well, ripping out the rotten deck I deployed over 20 years ago and properly paving it. Must pace myself…..ripped out (& disposed of) 6 large garden sacks of hedging last night that had encroached on the area…already feeling the aches this morning, and the hard work hasn’t even begun!
mikeiow said:
Enjoy the new car! I have always enjoyed ‘amateur detailing’ my cars, and when you don’t put company miles on, they stay looking sharp for longer.
This week is my outdoor gym…..building a patio later. Well, ripping out the rotten deck I deployed over 20 years ago and properly paving it. Must pace myself…..ripped out (& disposed of) 6 large garden sacks of hedging last night that had encroached on the area…already feeling the aches this morning, and the hard work hasn’t even begun!
Thanks Mike: I know what you mean about pacing yourself; I've found I seem to have more energy these days (only been 5 weeks since I finished too). I blast through my intended list of jobs and end up doing extra ones. I also find I'm getting up earlier than I used to for work, despite staying up and watching the midnight episode of Wheeler Dealers some nights (if it's an interesting one I haven't seen/have forgotten). This week is my outdoor gym…..building a patio later. Well, ripping out the rotten deck I deployed over 20 years ago and properly paving it. Must pace myself…..ripped out (& disposed of) 6 large garden sacks of hedging last night that had encroached on the area…already feeling the aches this morning, and the hard work hasn’t even begun!
Traffic looks heavy going into London to collect our new car, but we're up early, so will just leave before we planned to and take our time, stopping at a nearby cafe if we do arrive early.
Sheepshanks said:
This isn't a new thing - I recall a neighbour having this argument with his parents many years ago as they wanted to move from outskirts of Chester to a North Wales seaside town. Not very far, but his argument was they'd be completely stuffed if they couldn't drive.
It's one of the things that's made our village become popular with old people - there's just enough here to survive without leaving the village, doctor (satellite of main surgery), post office, small Co-op, little garage etc. Many of the smaller local villages have no facilities at all now.
We're getting what should be reasonably affordable family homes snapped up by downsizing older couples - we live in the same road as the village school and only one of the families in the road has young kids now. We looked around and just couldn't find anything else we (well my wife) thought was suitable, so we've just spent £200K future proofing this house.
Yep - my parents retired in their early 50's, and my mother insisted on living somewhere "where she could walk to buy milk" vs my father wanting to be in isolated village - they ended up in what is supposedly a Cotswold village, but is in fact a small town/ regional hub (Bourton on the Water) and she was right. Plus the fact that it is popular with retirees has meant that it has been much easier to meet people, as there are always 'new comers'.It's one of the things that's made our village become popular with old people - there's just enough here to survive without leaving the village, doctor (satellite of main surgery), post office, small Co-op, little garage etc. Many of the smaller local villages have no facilities at all now.
We're getting what should be reasonably affordable family homes snapped up by downsizing older couples - we live in the same road as the village school and only one of the families in the road has young kids now. We looked around and just couldn't find anything else we (well my wife) thought was suitable, so we've just spent £200K future proofing this house.
Edited by Sheepshanks on Sunday 19th June 17:53
James6112 said:
Just turned 60
Not yet retired, but cutting down the outgoings in preparation
Cancelled Sky as most of our viewing on freeview or apps
Virgin BB was going up from £35 to £44. Gave 30 days notice. They called a few days later, now £24
So £70 a month saved above.
DDs now under £500 a month incl energy (but will leap when fixed ends next year !)
To live we need say £1500 a month, low maintenance
Current pensions that kicked in at 60 far exceed that
Wife will start hers soon also, as over 55
I’ll work a bit longer unless I need to go to the office more than a few times a month.. Or hopefully offered redundancy of a years wages
35 days leave, generous pay, work/run/etc all done by 4pm
"DDs under £500 / month incl energy" - how much is your council tax?Not yet retired, but cutting down the outgoings in preparation
Cancelled Sky as most of our viewing on freeview or apps
Virgin BB was going up from £35 to £44. Gave 30 days notice. They called a few days later, now £24
So £70 a month saved above.
DDs now under £500 a month incl energy (but will leap when fixed ends next year !)
To live we need say £1500 a month, low maintenance
Current pensions that kicked in at 60 far exceed that
Wife will start hers soon also, as over 55
I’ll work a bit longer unless I need to go to the office more than a few times a month.. Or hopefully offered redundancy of a years wages
35 days leave, generous pay, work/run/etc all done by 4pm
GT3Manthey said:
One thing. It’s properly pissing me off seeing my ISA’s and no doubt pension erode a bit .
Having recovered and more from the 2020 Covid drop in value my investments and pensions have dropped by a similar amount in the past few months. All a bit scary but they are good investments so not planning on selling. I suggest it will take at least a couple of years for them to recover so use any cash you have in the meantime or take income from the investments. Avoid selling any if you can. Edited by GT3Manthey on Monday 20th June 17:40
Still tying to figure out what value my IFA is adding versus what I am paying him!
omniflow said:
James6112 said:
Just turned 60
Not yet retired, but cutting down the outgoings in preparation
Cancelled Sky as most of our viewing on freeview or apps
Virgin BB was going up from £35 to £44. Gave 30 days notice. They called a few days later, now £24
So £70 a month saved above.
DDs now under £500 a month incl energy (but will leap when fixed ends next year !)
To live we need say £1500 a month, low maintenance
Current pensions that kicked in at 60 far exceed that
Wife will start hers soon also, as over 55
I’ll work a bit longer unless I need to go to the office more than a few times a month.. Or hopefully offered redundancy of a years wages
35 days leave, generous pay, work/run/etc all done by 4pm
"DDs under £500 / month incl energy" - how much is your council tax?Not yet retired, but cutting down the outgoings in preparation
Cancelled Sky as most of our viewing on freeview or apps
Virgin BB was going up from £35 to £44. Gave 30 days notice. They called a few days later, now £24
So £70 a month saved above.
DDs now under £500 a month incl energy (but will leap when fixed ends next year !)
To live we need say £1500 a month, low maintenance
Current pensions that kicked in at 60 far exceed that
Wife will start hers soon also, as over 55
I’ll work a bit longer unless I need to go to the office more than a few times a month.. Or hopefully offered redundancy of a years wages
35 days leave, generous pay, work/run/etc all done by 4pm
Thanks Mike - perhaps the person on their pensions hotline was having an off day.
We got the numbers from the gateway so will try again to get clarity although I suspect you’re right and that making you the shortfall ( once I understand the numbers ) makes sense.
Just arrived at our hotel for wedding anniversary stay and first time since retiring I’ve not had to look at / do work emails - bliss.
We got the numbers from the gateway so will try again to get clarity although I suspect you’re right and that making you the shortfall ( once I understand the numbers ) makes sense.
Just arrived at our hotel for wedding anniversary stay and first time since retiring I’ve not had to look at / do work emails - bliss.
Phil. said:
Having recovered and more from the 2020 Covid drop in value my investments and pensions have dropped by a similar amount in the past few months. All a bit scary but they are good investments so not planning on selling. I suggest it will take at least a couple of years for them to recover so use any cash you have in the meantime or take income from the investments. Avoid selling any if you can.
Still tying to figure out what value my IFA is adding versus what I am paying him!
In my experience the IFA just quotes historic stats . He’s no investment guru just looks back at previous performance and charts that going forward for your pension . He’s not the man pulling the trigger when it comes to investment decisions. Still tying to figure out what value my IFA is adding versus what I am paying him!
I doubt lots of them have ever seen the collapse around the late 80’s early 90’s when people were handing the keys to their house back to building societies.
I do wonder the same about fees but then I’m not one for tracking markets and having the timing to know when to jump in and out.
GT3Manthey said:
Phil. said:
Having recovered and more from the 2020 Covid drop in value my investments and pensions have dropped by a similar amount in the past few months. All a bit scary but they are good investments so not planning on selling. I suggest it will take at least a couple of years for them to recover so use any cash you have in the meantime or take income from the investments. Avoid selling any if you can.
Still tying to figure out what value my IFA is adding versus what I am paying him!
In my experience the IFA just quotes historic stats . He’s no investment guru just looks back at previous performance and charts that going forward for your pension . He’s not the man pulling the trigger when it comes to investment decisions. Still tying to figure out what value my IFA is adding versus what I am paying him!
I doubt lots of them have ever seen the collapse around the late 80’s early 90’s when people were handing the keys to their house back to building societies.
I do wonder the same about fees but then I’m not one for tracking markets and having the timing to know when to jump in and out.
Phil. said:
Derek Chevalier said:
Why not start a separate thread and we can discuss there rather than clog this thread up?
One response to my thread related comment and it’s clogging up the thread 
There’s plenty of other off thread topics on here, feel free to suggest the same to them Phil. said:
Still tying to figure out what value my IFA is adding versus what I am paying him!
I can only assume there are large swathes of advisers out there that place a lot of value on investment management and try and convince their clients accordingly. They constantly tinker with funds (reacting to market events) to give the illusion of value.The reality is that you are unlikely to find anyone in the retail space (IFAs, investment managers etc) that is going to be able to offer you returns in excess of an equivalent portfolio of low cost passive investments.
Investment management is commoditised - you can buy it for buttons (0.09%/£239)
https://www.betafolio.co.uk/
GT3Manthey said:
He’s no investment guru
That's probably a good thing GT3Manthey said:
He’s not the man pulling the trigger when it comes to investment decisions.
These days, other than periodic rebalancing and occasional reviews, portfolios should be setup correctly from the outset. I'm not sure what decisions you'd have to make on an ongoing basis unless objectives change?GT3Manthey said:
In my experience the IFA just quotes historic stats .
It's a reasonable starting point when building a retirement plan to give a potential range of outcomes GT3Manthey said:
I doubt lots of them have ever seen the collapse around the late 80’s early 90’s when people were handing the keys to their house back to building societies.
I'm not entirely clear of the context here? Most would agree there have been far worse periods in the last 100 yearsGassing Station | Finance | Top of Page | What's New | My Stuff