Cheery's country living adventure

Cheery_Daff

Thanks both 😁

BB, I am absolutely with you on wanting the mortgage gone. We were mortgage free for a few years and it was BRILLIANT. I absolutely don't want it hanging round my neck longer than it has to be. 

It's been really interesting learning about all the pension stuff, and I will be seriously considering adding a bit extra to it. But ultimate priority is going to be the mortgage first, because that just gives options earlier - it's no use to me getting to 50, still having a giant mortgage,  but not being able to access the pension for another few years. 

Also, my planning has been largely based on both of our incomes, and at some point I need to figure out what happens if one of us dies... Mr Cheery would be fine - I've got life insurance which would pay off the house, my pension pays out a lump sum if I'm still working, and he'll have his own pensions.

If he dies though... We've already got his lump sum, and I'd get about £4k a year income from his pension. No life insurance, so I'd be left with the mortgage if we'd not paid it off.

This is what we chose, figuring I'm much younger and will still have earning capacity. What I do want to do though is make sure I'll have enough pension to live on myself without taking into account his pension should the worst happen. So since I'm planning on taking it early, I do want to make sure it's not unfeasibly tiny. 

Anyway, head is spinning...

First decision is whether to make this four day week move temporary or permanent to start with.

TEMPORARY
* gives me chance to see what it's like without committing forever
* BUT if I wanted to go again, or permanently, it would have to be agreed by management again, and they have the option to say no then, even if they say yes now
* also leaves the decision hanging over me for next year, while I'd prefer to have it over and done with now

PERMANENT
* obviously permanent, so can't change mind later
* BUT I was planning to go permanently anyway
* AND getting a different full time job is always easier than getting a four day a week one!

Edging towards permanent... 

Karmacat

Another one liking the pension chat, Cheery.  Liking the emphasis on getting the mortgage down/paid off before you do too much with the pension.  Can you get mortgage insurance on the decreasing amount, so that at least you're not left with the mortgage if Mr Cheery dies?  Or even a substantial contribution towards it that you only pay into on an annual basis for a few years, before it comes down to a much smaller amount?  Just thinking out loud, so to speak.

Cheery_Daff

That's a possibility, yes - although we always assumed I'd just keep working and pay it off if that happened. Another reason to get rid as soon as possible! Definitely worth investigating though. 

In a brief welcome break from pension pondering - I have called the breakdown people about the old car. Meant to be here with 60-90 mins. The woman on the phone was new and being mentored - she didn't ask about access and I didn't think to mention it - but if they can get a removal lorry down here, they'll be able to get something big enough to rescue a car, right?? 

I guess we'll find out...

Also find out how good these cheap providers are... I pay £60 for the year, that's home start, covering both me and Mr Cheery, whatever cars we're in. Clearly they don't have their own call centre, and they're sending a 'local' (although not that local to here!) firm out to us, rather than their own vehicle fleet. Let's see what happens...

Baileys_Babe

We too were mortgage free for the first 4 years or so of living here, which was fantastic, then we did major renovations and are back with a mortgage. We both have life assurance, which will both clear the mortgage and allow the surviving partner to not need to work, it costs us a lot per month but the peace of mind it has given us is worth it. Our children have always been Home Educated and this being able to continue was of huge importance to us.
I need to look into making more of our overpayments to bring our MFD forward as quickly and cheaply as possible.

Cheery_Daff

Bloody car. Battery won't hold its charge, tyre is flat, can't change it because cage that holds spare is rusted shut - and now we're struggling to get it onto the recovery truck because the brakes are seized on! 

Oh dear. Man isn't doing a very good job of being cheerful about it, keeps telling me how long it's been sat for, how it's not worth throwing good money after bad, might as well get a new one...

Cheery_Daff

Now he's given me a lecture about how to buy a cheap runaround (like that isn't what I always do!!), how it's not worth maintaining an old car for too long. I'm sure he thinks he's being helpful, but quite frankly he's coming across like a patronising know it all 🙄

I probably will end up scrapping the damn thing, but if I don't get it to the garage while he's here with a recovery truck, my decision is made for me, isn't it? Just take the damn car to the bloody garage and stop complaining, even if you would rather be in a pub garden! 🤬

astrocytic_kitten

Delurking to say I also love the pension chat Cheery - I’m only just debt free and barely a MFW (total OPs to date: £1.98 😂) but finding your pension planning thoughts really interesting, there’s so much I’d not even considered. Also relieved that lots of intelligent and sorted people find pensions confusing and it’s not just me being a dunce!

themadvix

He sounds a delight! But in my experience AutoAid has been excellent - we had to be recovered from Cheshire to Herts and it was looong but went remarkably smoothly. Bear in mind that companies running fleets use the local providers for their recovery, so they're usually pretty good.

Lots of interesting pension waffle Cheery, but keep going with it - it sparks thoughts for all of us! We have reducing term assurance - costs us £60/year (but we were young and healthy when we took it out). Might be worth investigating though for peace of mind. Even better, you get the amount the mortgage should be at whatever point you (hopefully never) need to claim, so a bonus for us MFWs (not much compensation considering the circumstances though!).

greent

Also loving the pension chat - we are totally undecided what to do with our DB pensions at the mo (although coming down in favour of transferring them out - which will entail costly advice and transfer fees)

We didn't have much life assce with this mtge - certainly not enough on either of us to clear it - although DH did have decent death in service when we took it out (but not 3 years later, by which time we'd also had a 4th child and I was not working at all) He currently has no life assce (but back to good death in service benefits) and I have 55k which is term cover and expires next year... We've done the calculations, though, and are happy enough - and happy enough that the kids are all ok should we both go together!

Cheery_Daff

Thanks all, glad it's not just me with both pension enthusiasm and pension confusion!! 😂😂 I always find reading other people's workings out really helpful so glad my waffling is sparking thoughts for some of you too 😁

Good to hear your experience with Auto Aid is good Vix! This did have the desired outcome as car is now at the garage, I could have just done without feeling like I was being told off in the meantime... 🙄 It is one of my pet hates - and stupidly enough, one of the reasons I'd put off ringing them for so long... 🙄

Hey ho. Garage were nice. They'll probably get to it early next week now which is fair enough, not exactly urgent. In the meantime we might start looking for a new one anyway - that one has an intermittent electrical fault that nobody's been able to fix anyway. The prospect of car hunting at the minute isn't filling me with joy I confess, especially as Mr Cheery is struggling to drive right now. Oh well. These things are sent to try us...