Busy Mee's Last Leg

Suffolk_lass

I rounded mine up to a nice round figure, so some and some. We are surprisingly comfortably off with just the two occupational pensions but guess our last stage care might mean selling this house as not capital rich, more asset rich, and we intend gifting our other house to DS (he has 25% so far) - but he is our one and only

Busy_Mee

That might be the answer SL. I am furiously number crunching again 

With regards to inheritance our IFA advised us to set up our wills so that when the first one dies, their half of the house goes to the kids (but with a proviso that the other lives there and can sell it etc). This means that only half the house can be taken into consideration for any care costs.

I have just seen this work really well for a friend, whose parents did exactly this. The surviving parent now has dementia and needs to go into expensive care, but only her half of the house will be taken into consideration. The other key thing is getting POA in place.

Busy_Mee

Thanks TH. Tbh we wouldn't have been in such a good place if I hadn't found this site and started focusing on our financial planning. We wouldn't have been able to retire so early and would have had to sell the house.
You are doing great at the moment, it is just a matter of keeping going. That is the hard bit 

savingholmes

Yes pensions, poa, trusts. All can seem complicated. Done wills so far that's it

Suffolk_lass

Busy_Mee said:

That might be the answer SL. I am furiously number crunching again 

With regards to inheritance our IFA advised us to set up our wills so that when the first one dies, their half of the house goes to the kids (but with a proviso that the other lives there and can sell it etc). This means that only half the house can be taken into consideration for any care costs.

I have just seen this work really well for a friend, whose parents did exactly this. The surviving parent now has dementia and needs to go into expensive care, but only her half of the house will be taken into consideration. The other key thing is getting POA in place.

We are tenants in common (not joint) for our two houses, which means that the portions are separately owned. That makes any willing of ownership and inheritance more straightforward. We could not include DS when we moved here because there was still a mortgage but we could now.

Re POA don't forget to do the lasting or enduring POA and include care and any DNR and organ or other parts discussions and permissions (my Grandfather died in his car, outside the local library. Too late for most things but they were able to take his corneas to give sight to somebody).

Busy_Mee

Jeez I can't believe we at the end of February already. 

We finally have some good news and DD will complete on her house next week and we will finally  have an empty nest. We have had at least one child living at home for the last 30 years   

DD and her boyfriend are very excited and I am taking some time off to help with decorating. Although the house was freshly decorated in ghastly magnolia and has new carpet and flooring throughout, she has plans to paint  the kitchen cupboards and introduce some colour. It is lovely to see them so excited and the house has masses of potential, with a big garden and plans for a loft extension. 

We have quite a lot going on next week, a medical test I have been waiting for and Mr Mee is getting his vaccination too. They are calling all over 60s here. 

Err and I finally told my boss I am going to retire in the summer. I am not sure he believes it. He wants me to think about it. I couldn't tell him that it is ALL I have been thinking about. Anyway it is done, I felt very bad but I am now relieved but very excited  It is really happening folks 

Payday was yesterday and I will be back with the February update shortly.

Cornish_mum

Great news about DD’s house and that you have broken the retirement news to your boss. CM

South_coast

I think that's whoop whoops all round then 😀!

savingholmes

Very exciting news. Glad for your DD and glad for you. 

Busy_Mee

Good Morning and thanks guys. 

It is time for the February update. This feels like it has been the fastest month in the world.  Anyway all is good in terms of our finances, although there has not been very much to siphon into the odds and sods account. There is not much free money around.

February Update
Repayment Mortgage.               £36,790.26
IO Mortgage.                            £153,000
Total.                                         £189,790.26 ( We are in the 180s  )

Reduction.                                    £1,954.10

Ring fenced Savings                    £215,000
Savings offset mortgage to.               25,209.74

O&S account.                        £272.52

I was hoping that I would be able to chip another £500 off the IO mortgage in March using the O&S account. It looks like it will be a bit of a stretch but we will see how we go. 

I imagine the first week in March will be quite expensive as we move DD into her house. I am expecting many trips to B&Q and lots of takeaways, but hopefully the rest of the month should be quite cheap and I am expecting my food bill to drop significantly.

I am really firming up my post retirement financial plans. There has been A LOT of spreadsheet fiddling and number crunching going on and I think I have got to a nice logical conclusion about the savings we will have locked away in longer term investments and the savings that will be accessible.

We will still have the the IO mortgage, so I will still be a MFW and in fact this will be my main focus post retirement. We will be chipping as much off the mortgage as we can before the end of term in 2024. The more we can chip off, the less I will have to withdraw out of the ring fenced savings to pay it off.
 

And talking of withdrawing from savings, I need to transfer the sum we are lending DD for her house today.  I will probably need a lay down after that 

The weather is lovely here at the moment, it feels like Spring. We managed to get out in the garden yesterday and start tidying up and will hopefully do the same again today.