Terrified of retirement

Mojisola

SevenOfNine wrote: »

Mojisola - I've got a little challenge for you. Come up with something POSITIVE for the OP, all your negativity so far is going to drive OP into an earlier grave than they've planned.

Not being negative. I think the OP is wise in making sure there is money available to cover the funeral although paying into a funeral plan rather an insurance policy may be cheaper.

There's loads of good advice in the other posts - no point me repeating them.

janiebquick

SevenOfNine wrote: »

Mojisola - I've got a little challenge for you. Come up with something POSITIVE for the OP, all your negativity so far is going to drive OP into an earlier grave than they've planned.

Put very tactfully!

Macca83_2

The only thing that would get to me about cancelling an insurance policy now would be knowing that I'd paid £xx into it and nobody seeing the benefit of it.

SevenOfNine

Macca83 wrote: »

The only thing that would get to me about cancelling an insurance policy now would be knowing that I'd paid £xx into it and nobody seeing the benefit of it.

I don't mind paying for insurance with no-one 'seeing the benefit', I have buildings and contents insurance and wouldn't like to be burgled or my house burnt down at regular intervals just to get my money's worth from the premiums. That's the name of the game with insurance.

My life insurance policy ends in a couple of years, I don't plan to extend it to whole life and I'm not hoping I die before it finishes just so my family can see the benefit!

OP doesn't feel they can manage financially after retirement, many ways to consider earning a bit 'extra' have been suggested but if they aren't feasible there are limited other options but to cut spending somehow.

Mijosola - well done, you rose to the challenge admirably :T

Macca83_2

SevenOfNine wrote: »

I don't mind paying for insurance with no-one 'seeing the benefit', I have buildings and contents insurance and wouldn't like to be burgled or my house burnt down at regular intervals just to get my money's worth from the premiums. That's the name of the game with insurance.

My life insurance policy ends in a couple of years, I don't plan to extend it to whole life and I'm not hoping I die before it finishes just so my family can see the benefit!

OP doesn't feel they can manage financially after retirement, many ways to consider earning a bit 'extra' have been suggested but if they aren't feasible there are limited other options but to cut spending somehow.

Mijosola - well done, you rose to the challenge admirably :T

Sorry, I'm assuming the op has whole of life insurance, which they may not.

rochja

1. Paying for a funeral through a funeral plan is usually not cost effective.
2. Having worked at a funeral directors briefly I can assure you the council does not leave people uninterred.
3. Having arranged funerals I can also assure you it is common practice for funeral directors to wait for probate before payment.
4. Thus it is not necessary to make special provision for these costs if the estate can eventually afford it. If the estate cannot afford it I I refer you back to point 2.
OP needs to be budgeting not just to survive but to live so costs with no tangible benefit to the OP are to be avoided.

For people with no ties and a reasonable level of health I thoroughly recommend house sitting on the basis that a change is as good as a rest

FLAPJACK

Fieldsofgold wrote: »

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

Thats what happened to me, I had the funeral director send the bill to the solicitor and it was settled out of the estate with other costs like estate agents and indeed the solicitor themselves.

I explained to the funeral director (who the family have used for years...infact I suppose I'm next on the list!) that my Dad always prided himself on managing to get a deal on things such as buying cars, furniture etc.... he always managed to get a few quid knocked off.
So in keeping with that I asked the funeral director if anything could be done along those lines as he would have liked to have known he managed to get a "deal" on his funeral!...."Leave it with us" I was told with a wink.

When the estate statement arrived from the solicitors I saw the cost of the funeral which had a -£10 at the final balance, next to it it said "In recognition of longterm service to the family of XXXX".

He would have loved that and it really made a sad occassion that bit better knowing that it could be/was done and it was so in keeping for him.

I called in at the funeral directors thanked them so much for the gesture and put £10 in their collection box for a local hospice.

Savvy_Sue

bugslet wrote: »

Re the funerals, I had to organise the funeral for my OH a couple of months ago. As part of the tidying up process, I rang the pensions people so they knew to stop paying his pension and having done that, the next thing the advisor asked, was if I had sufficient money to pay for the funeral. I did, so I didn't pursue that line of enquiry, but obviously there is financial assistance available.

The financial assistance available this way is VERY limited however: if you'd said 'no' the next question would probably have been 'are there any other relatives who could pay for it?' As I understand it, you have to be on certain benefits, and be the only close relative who could be expected to pay for it.

However, as rochja says, people don't get left unburied. If there's not enough in the OP's estate, then the next of kin can leave it to the council to arrange. Key thing is to leave it, not give instructions themselves.

margaretclare

dktreesea wrote: »

Why is it that older people, particularly parents, insist on preserving their inheritance for their children instead of releasing some of the equity from their homes to give themselves a better quality of life?

This is a generalisation. It doesn't apply to everyone.

We did equity release some years ago now, but not to improve our living standards. We did it to pay off an existing mortgage. We saw no point in going on paying it monthly until we were 83, just in time to die and leave it all to someone else.

Nevertheless, it is a debt. We shouldn't have done it for any other cause, certainly not to provide money to live on.

AndyBSG

Without seeing a statement of affairs it really is difficult to advise the OP.

While £800 per month doesn't seem a huge amount neither does it seem a terrible amount and there are plenty of pensioners out there surviving on much less.

My nan for example has zero savings and relies entirely on the state pension.


I suspect there is something wrong with the OP's calcaulations and that he's missing key things but without seeing the SOA I don't think any of us are really in a position to advise.