Terrified of retirement

janiebquick

Mojisola wrote: »

Only if there is enough money in your estate to pay it!

With funerals costing £3000+, a lot of people don't have enough savings to cover the costs.

The OP seems to own her own home, so this is not an issue. What is an issue is that she appears to be paying for an insurance policy that she does not need.

Fieldsofgold

I can't quite see how your income can be £800pcm after tax when your personal tax allowance is £875pcm.

ella101

This is the reason why we need to have our own plans to make money build your own business or invest something that may interest you. In that way we can make something better when it comes to money matter,

bluep

If you are ok with animals - dog walking (if active) or dog visiting/cat feeding etc... is REALLY useful. I'm currently looking to get a dog and would pay £5 per day for someone to come in once or twice a day for a little bit of time just so the dog doesn't feel alone whilst I am at work. Even if it's just someone that sat and watched tv there and had a cup of tea, then let the dog out into the yard for a run about - something like that is £80-£100 a month - if you got a couple of customers, it would add up even if you charged less. We paid £5 a day for cat feeding when we were on holiday.

House sitting as well is a good idea - you don't have to stay overnight (although some people would want this), you reduce your bills by using their electricity etc... I don't know what kind of rates you get for housesitting nowdays but worth exploring.

Another service I'd love is someone who'd be in if I was expecting a parcel i.e. somethign due to be delivered between 9-12 but I need to be at work. Someone I could trust with my keys and to sign for it and check the outside isn't damaged. Likewise with letting tradesmen in?

All of these are a non-intensive, relatively calm way to make some cash, just need a bit of impetus to print up some leaflets and drum up some business in the surrounding area.

Mojisola

janiebquick wrote: »

The OP seems to own her own home, so this is not an issue. What is an issue is that she appears to be paying for an insurance policy that she does not need.

Missed that - mind you, the time between someone dying and the capital being released from a property will be, at best, months and possibly years.

Making sure that your funeral can be paid for is something we should all do. It's not fair on those we leave behind to expect them to come up with £1000s just to dispose of our bodies.

moneyistooshorttomention

bluep wrote: »

If you are ok with animals - dog walking (if active) or dog visiting/cat feeding etc... is REALLY useful. I'm currently looking to get a dog and would pay £5 per day for someone to come in once or twice a day for a little bit of time just so the dog doesn't feel alone whilst I am at work. Even if it's just someone that sat and watched tv there and had a cup of tea, then let the dog out into the yard for a run about - something like that is £80-£100 a month - if you got a couple of customers, it would add up even if you charged less. We paid £5 a day for cat feeding when we were on holiday.

House sitting as well is a good idea - you don't have to stay overnight (although some people would want this), you reduce your bills by using their electricity etc... I don't know what kind of rates you get for housesitting nowdays but worth exploring.

Another service I'd love is someone who'd be in if I was expecting a parcel i.e. somethign due to be delivered between 9-12 but I need to be at work. Someone I could trust with my keys and to sign for it and check the outside isn't damaged. Likewise with letting tradesmen in?

All of these are a non-intensive, relatively calm way to make some cash, just need a bit of impetus to print up some leaflets and drum up some business in the surrounding area.

Does the opportunity for these little sidelines only maybe occur in certain areas though? I would expect to be able to get this sort of thing on a "favour" basis from neighbours and, in return, be willing to do this sort of thing back for a neighbour on a "favour" basis. Hence why it would depend on the sort of area lived in perhaps?

zygurat789

Fieldsofgold wrote: »

I can't quite see how your income can be £800pcm after tax when your personal tax allowance is £875pcm.

Given that you have not said very much about how you arrive at your eventual income but it does not seem to add up. Have you had a pension estimate yet, if not get one now.

I calculate that your net income after tax will be somewhere in the region of £1,000 pcm, a 25% increase on what you are expecting.

Fieldsofgold

Mojisola wrote: »

Missed that - mind you, the time between someone dying and the capital being released from a property will be, at best, months and possibly years.

Making sure that your funeral can be paid for is something we should all do. It's not fair on those we leave behind to expect them to come up with £1000s just to dispose of our bodies.

If those we leave behind are receiving a large inheritance from us then I don't really see that it's unfair.

Fieldsofgold

zygurat789 wrote: »

Given that you have not said very much about how you arrive at your eventual income but it does not seem to add up. Have you had a pension estimate yet, if not get one now.

I calcylate that your net income after tax will be somewhere in the region of £1,000 pcm, a 25% increase on what you are expecting.

It seemed low to me as well and thinking that you'd pay tax on the lower amount mentioned also made me think the figures to be unreliable.

Mojisola

Fieldsofgold wrote: »

If those we leave behind are receiving a large inheritance from us then I don't really see that it's unfair.

Even if I'm going to receive an inheritance in a year or so, how does that help me find the money to pay for a funeral now?