Planing for getting older, what have you done?

jennifernil

expatasia wrote: »

So the 'ideal' being the 'other person' pulling in no more than 8.5k to avoid tax.

Financial products held in joint names yielding a total of 17k per yr wld mean no tax due whatsoever, right? Dunno if one could live on that though. So long since we lived in the UK...

You need to look at total income such as pensions, bank interest etc and see how best to arrange things.

If one of you has a pension and the other doesn't, then put savings into that name to use their personal allowance.

We find 15k after income tax is more than enough to live on for all bills, running the car, food, clothes, repairs and odds and ends. But to indulge hobbies and enjoy long holidays takes a bit more, which fortunately we have.

This means we are also able to help the children with house deposits, and put aside some savings for our grandchildren. We also save for ourselves as a hedge against inflation.

We treated ourselves to a new car and caravan on retirement, so are exlporing UK and Europe while we still can.

So far we have been too busy travelling to do much preparation for our old age, but we have done wills and POAs.

We have decided not to move as we are happy in this house, but we will need to start decluttering some time, probably renovate the bathroom, and get the garden into shape.

pollypenny

We are much the same!

Decluttering is a problem though! OH keeps things as if he's still a deprived child from the Rhondda.

We have loads of LPs, CDs, videos and DVDs - all of which are essential, of course!

That's before we start on the books! And I have got rid of loads of mine.

lilac_lady

When I reluctantly decluttered my books, I chose to give away the ones with the smallest print!

JimmyJar

well I had it all planned! however didn't foresee the recession/corruption. Sad world