25% tax free pension cash. What did you do with it?

[Deleted User]

I look after my dh`s sipp which contains his lifelong pension transferred from his work. I can vest it anytime I want and he is 62 this week. In the meantime we are doing fine, living on my pension and savings

I want to think about options for the cash element of 25%. Yes we could be sensible and invest £20,000 year on year into the maxi isas but in reality it is bloomin time for us to be spending, after 40 years of living carefully. We want to enjoy the cash and not just hand it onto our children on a platter

I need ideas

We can`t be doing with a holiday home abroad, tied to one area, so thats out

Mojisola

Apart from the obvious stuff about meals out, getting the house updated (and look ahead to changes that old age might make necessary) and so on, have you thought about getting involved with a local charity? You could have a great time by joining a local group and helping to fund a project that you can be involved in. You'll get loads of satisfaction, meet lovely people and do some good all at the same time.

[Deleted User]

Thanks mojisola but I do enough with various charities. This money is for dh and me. We have been charitable for 40 years and its now time to think of ourselves

lilac_lady

I did give my children some money when I retired but the rest is for me. I too have lived carefully and now feel that it's my time to spend what I want to, where I want to and on what I want. My problem is that I'm content with what I have.

I've solved this dilema by going out shopping with my sister. She's Mrs "spend-it-all" and is slowly having an influence on me.

I intend to travel and buy nice things after next month. I have visitors staying with me for a month then it's ME time (I hope!)

[Deleted User]

ahhh I have had a brainwave. Does anyone know anything about narrowboats?? that might be an idea for us

Mojisola

kittie wrote: »

Thanks mojisola but I do enough with various charities. This money is for dh and me. We have been charitable for 40 years and its now time to think of ourselves

It was just an idea - we've had huge pleasure from volunteering and I've thought how great it would be if we could fund projects and help implement them. I'm sure we would get as much fun out of that as anyone who was helped.

My parents have been frugal all their lives and they need encouragement to spend money. Their money mostly goes on practical things as they can't get out and about very much.

Canal boating is a lovely way to give yourself down time. Try a holiday on one and see how you take to it.

pollypenny

Enjoy the money and retirement, kittie!

Pol

Newly_retired

Narrow boat sound a great idea, if you already know you like it. Or motorhome?
I'm the same, I am content with what I have, though I would like to upgrade the house which we have spent very little on during our busy working lives. However DH is still working and I can't seem to get him interested. He's just bought another ( nearly new) car, without even discussing it LOL. Apparently it was a bargain too good to miss, and he is delighted with the improved fuel economy.

[Deleted User]

yes, possibly a motorhome but we`ll have to find parking first. A good idea and we can take our bikes. Or maybe we might hire one first to see

Mojisola

kittie wrote: »

yes, possibly a motorhome but we`ll have to find parking first. A good idea and we can take our bikes. Or maybe we might hire one first to see

That's a good idea. You could build up a list of things to try - starting with a canal boat holiday, then hire a motorhome for a couple of weeks - and work your way through it until you find what's best for you. Lucky you! Have fun.

retiredlady

Mojisola wrote: »

That's a good idea. You could build up a list of things to try - starting with a canal boat holiday, then hire a motorhome for a couple of weeks - and work your way through it until you find what's best for you. Lucky you! Have fun.

Thats a good idea, I bought a motorhome when I retired and we had some wonderful trips around England and Wales in it. Then my husband decided he preferred to stay in hotels and I havn't the courage to go on my own! So my lovely Merlin just sits in my back garden and is used as a spare bedroom etc. I don't want to sell it because I keep hoping he will change his mind!:rotfl::p