amount of savings in the bank after retiring?

McKneff

I agree with Margaret Clare.
We have a good amount of savings, we bought some new double glazing, a new roof for the conservatory, a new super bathroom and I still work so into retirement we are still saving but we just want to be a bit more comfortable in our lives.
I wouldnt be comfortable just having a couple of K in the bank, I intend to live a long time so £2k savings isnt a lot especially if
dad wants a couple of holidays a year.

Your mum sounds a lot more sensible than your dad.

seven-day-weekend

Agree with MargaretClare and McKneff. Who knows what you might need to spend your money on? ti

All it needs is for one of you to be taken ill, or become less mobile and you will need to adapt the house.

Don't let saving stop you enjoying life, but £2k is nowhere near enough. It won't even cover his funeral.

vaporate

seven-day-weekend wrote: »

Agree with MargaretClare and McKneff. Who knows what you might need to spend your money on? ti

All it needs is for one of you to be taken ill, or become less mobile and you will need to adapt the house.

Don't let saving stop you enjoying life, but £2k is nowhere near enough. It won't even cover his funeral.

The government can take care of that.

Poor mans grave though, not that the deceased would give a monkeys considering where or she is going lol

McKneff

The government wont get any of mine, its all nicely tied up away from their greedy little mits.

evenasus

McKneff wrote: »

The government wont get any of mine, its all nicely tied up away from their greedy little mits.

Me too.

You can never have too much in savings.
The only problem being inheritance tax.

jamesd

£10,000 isn't a lot. Spending it all on a cruise now would be foolish. Their combined income is not so great that they can really afford to blow it all today. Spending a few thousand on a cruise then saving to top it up and repeating after the total is back to £10,000 would be a better way to go.

I'd be looking to have enough in savings to live on for a few years or enough to pay for a new roof or major emergency property repair work.

Mojisola

Show your Dad how much it costs for a funeral these days - £2000 isn't even going to pay for one of them!

jamesd

Mojisola, from recent personal experience, a funeral can be had for around that even when using a funeral director.

Mojisola

I suppose it depends where you live in the country. Even if the cost is around £2000 in the OP's area, that's £4000 which needs to be put by.

Robert2009

I have a friend who is a council tenant and has also just retired.
As he doesn't own his house he doesn't need an emergency fund.
He no longer needs a car to get him to his work and as he gets free bus travel, he sold the car and just hires one when necessary.
He also got a lump sum when he retired and says he will try and maintain about £5000 to pay for him and or his wife's funerals but if it gets spent so what.
He also has more money left over every week since he retired, not much, something like £5 but he no longer has expences for working.

So he is spending his money as fast as it comes in.

Every one I know who has retired recently, me included, are either better off or about the same and don't need to work.

So where are all the poor OAPs who are now destitute when they retire?