Advice needed on whether to take pension now

canaster

tescobabe69 wrote: »

I've just got back from the fourth funeral of a close friend in January, three from cancer one from a head on car smash, all under 60, so hows your luck?
Furthermore how much money do you think you will need when you are in your seventies & eighties ?
Retire, travel and enjoy your life while you can, you're a long time dead.

I recently went to a couple of funerals too; and I think I prefer the evidence of my own eyes to the so called "statistics".

There was a guy called Darrel Huff (I think) who once wrote a celebrated book called "How to lie with Statistics". I am not suggesting anyone is lying here, but you have to take statistics with a huge pinch of salt. I just don't see hordes of sprightly 80 year olds trotting around my neck of the woods.

Spend your dough while you can enjoy it. And remember, when you get to be 70+ your "pension pot" suddenly becomes your children's or families "inheritance" and they will frown severely on any excessive spending.

Linton

thestens wrote: »

Don't want to start a whole new debate but the details re commutation rate seems to suggest that this scheme ( Local govt therefore public servant) is not a 'gold plated' one but I guess I am being naive to think anyone would think that public service people deserve a good pension. It may also clear somethings up to say that I also get a teachers pension of about £1000 per month so does my husband. We also have income of approx £700 per month from two buy to let houses.

The pension payout is superb, if you chose to take a lump sum instead then the value for most people will not come anywhere near the pension being lost. ISTM the lump sum option is more appropriate for people with exceptional circumstances - large debts, very poor life expectancy etc. That is why the pension scheme doesnt offer a generous commutation rate.

Linton

canaster wrote: »

I recently went to a couple of funerals too; and I think I prefer the evidence of my own eyes to the so called "statistics".

There was a guy called Darrel Huff (I think) who once wrote a celebrated book called "How to lie with Statistics". I am not suggesting anyone is lying here, but you have to take statistics with a huge pinch of salt. I just don't see hordes of sprightly 80 year olds trotting around my neck of the woods.

Spend your dough while you can enjoy it. And remember, when you get to be 70+ your "pension pot" suddenly becomes your children's or families "inheritance" and they will frown severely on any excessive spending.

I suspect you may have some years to go before you reach that sort of age. Doing voluntary work, I meet many sprightly (both mentally and physically) people well into their 80's and 90's, and recently came across someone of 106 still attending local events. I know someone of 90 who still walks a couple of miles every day.

Any child who frowns on their parents at the relatively young age of 70, or any other age, spending their own money deserves to be disinherited.

When planning your life in retirement I believe you should assume that you will live to a very old age and phase your spending accordingly. Part of that is under most circumstances dont take your pension until your planned spending needs it.

atush

I too know a lot of very sprightly older people near where I live (and my MIL reached over 95). And I beleive in the govt actuaries that show us the longevity statistics.

I will not be convinced by 2 posters who know a lot of people with faulty genes/bad lifestyles and have been to loads of funerals that the statistics for adult life expectancy for the UK are wrong.

And having put 3 boys thru UNI (well still doing so) so they don't owe a penny between them, funded driving lessons, car insurance, cars and foreign holidays for their whole lives, I will not be taking any advice from them on how to spend MY remaining money at age 70 or indeed any age. Unless I ask for their opinion, they will keep schtum if they want to inherit ;-)

canaster

Linton wrote: »

I suspect you may have some years to go before you reach that sort of age. Doing voluntary work, I meet many sprightly (both mentally and physically) people well into their 80's and 90's, and recently came across someone of 106 still attending local events. I know someone of 90 who still walks a couple of miles every day.
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Fair enough, I much prefer personal anecdotes like yours, to the faceless statistics we are often asked to believe. I wonder though, if the people you meet through your voluntary work are in need of special help specifically because of their age, or age related infirmity.

I myself, am aged 70 and when I walk into a pub or club or a restaurant I am usually the oldest person there.

I recently re-visited my own home town and was shocked to find that I could see only a handful of familiar faces. Ten years ago there would have been dozens of people that I knew from childhood.

I live in a retirement town and see lots of pensioners in their seventies. If the statiticians are right and people can expect to live, actively, till about eighty six then there should be a lot more octagenerians floating about. I simply do not see them.
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Any child who frowns on their parents at the relatively young age of 70, or any other age, spending their own money deserves to be disinherited.
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Yes: But the point is to alert people to what might happen when they get older. I knew a couple, fiercely independent. The husband died and the wife became frail in body and mind. She was fortunate to meet a guy who became a good companion. The children freaked out at the thought that she might remarry and they would lose their inheritance.
They soon got a power of attorney and now control her assets. This happens a lot. How many posts do you see on MSE where children are trying to get their hands on the parental home when care needs arise?
Morality and human nature are two different things.
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When planning your life in retirement I believe you should assume that you will live to a very old age and phase your spending accordingly. Part of that is under most circumstances dont take your pension until your planned spending needs it.
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Again, fair enough. I respect your opinion. But there is a very valid alternative view, that you should enjoy life while you can and live life now to the full. Life is literally a lottery. No one knows what the future might bring. I often wish that we could hear the opinions of those people who planned meticulously for their retirements and then popped their clogs early. I wonder what their advice would be??
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Canaster x