We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

It's time to start digging up those Squirrelled Nuts!!!!

Options
1338339341343344437

Comments

  • Arkers said:
    Interesting discussion, we live in a chalet bungalow with a main bedroom/bathroom downstairs and three bedrooms upstairs. I really like sleeping downstairs and as someone in my early 50s haven't given much thought about how useful one level living would be when you're older or less able. 

    My mother was widowed at 56, and is now living an amazing life in her mid seventies. She's very lucky she has my dad's Officer pension, a war widow's pension(tax free) and state pensions. Hence a very affluent pensioner. This may sound selfish, but I'm dreading her becoming infirm, I know everything will be left to me and not my brother. I've watched my friend's struggle with this situation. Am I the only one who feels that this will impact on the choices they make in retirement? 


    I was in the situation of 'your brother'.  I had rescinded any contact with my parents (however my parents moved from the UK to Australia so it was fairly easy - I was extremely angry with this decision for a variety of reasons which we never discussed).  

    My mother died - I was informed after the event, after the funeral.  However because of this, I now had contact with brother (UK) sister (Australia).  I don't know why, but I thought I would be contacted before death - a lesson.

    I learnt that actually my brother and sister had insisted on fair distribution of wealth.  I applaud the sentiment but would rather have been told of pending mother death, than received any distribution of wealth.

    What I am saying is - maybe, maybe be aware of brother's whereabouts - tell him if your mother is going to die.
  • Arkers
    Arkers Posts: 1,587 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Arkers said:
    Interesting discussion, we live in a chalet bungalow with a main bedroom/bathroom downstairs and three bedrooms upstairs. I really like sleeping downstairs and as someone in my early 50s haven't given much thought about how useful one level living would be when you're older or less able. 

    My mother was widowed at 56, and is now living an amazing life in her mid seventies. She's very lucky she has my dad's Officer pension, a war widow's pension(tax free) and state pensions. Hence a very affluent pensioner. This may sound selfish, but I'm dreading her becoming infirm, I know everything will be left to me and not my brother. I've watched my friend's struggle with this situation. Am I the only one who feels that this will impact on the choices they make in retirement? 


    I was in the situation of 'your brother'.  I had rescinded any contact with my parents (however my parents moved from the UK to Australia so it was fairly easy - I was extremely angry with this decision for a variety of reasons which we never discussed).  

    My mother died - I was informed after the event, after the funeral.  However because of this, I now had contact with brother (UK) sister (Australia).  I don't know why, but I thought I would be contacted before death - a lesson.

    I learnt that actually my brother and sister had insisted on fair distribution of wealth.  I applaud the sentiment but would rather have been told of pending mother death, than received any distribution of wealth.

    What I am saying is - maybe, maybe be aware of brother's whereabouts - tell him if your mother is going to die.
    Sorry Sea-shell for replying to your thread again!

    I get on incredibly well with my brother, he's charming, funny and erudite but an absolute ostrich. Unless I spell something out in words if one syllable it's like he's living day to day wearing noise cancelling headphones! He will never volunteer for anything, but I have worked this out for myself so hopefully he'll be forthcoming if I insist......who knows?
  • I was pleasantly surprised when I looked at my Stakeholder Pension today, it had gone up quite a noticeable bit.  At first I thought perhaps my monthly payment had gone in early for some reason.  Granted for the recent months when money has still been paid in, the total amount had always gone down, just happy that it looks better than a couple of months ago.  Over £2000 down on a £10,000 (no longer contributing to fund) more on the one that is still receiving monthly funds.
    Paddle No 21:wave:
  • I was pleasantly surprised when I looked at my Stakeholder Pension today, it had gone up quite a noticeable bit.  At first I thought perhaps my monthly payment had gone in early for some reason.  Granted for the recent months when money has still been paid in, the total amount had always gone down, just happy that it looks better than a couple of months ago.  Over £2000 down on a £10,000 (no longer contributing to fund) more on the one that is still receiving monthly funds.

    I’ve noticed an improvement in my unit trusts too. I think the stock markets have improved lately. Shows it’s worth being patient and playing the long game. 
  • Dh6
    Dh6 Posts: 190 Forumite
    Fifth Anniversary 100 Posts
    Kim1965 said:
     next on the list is a share in a racehorse, always wanted to own a racehorse.

    Hopefully one that wins !
    Check its got four legs before buying in. 
    My mate has one with five, he was hopeless on the track but excellent on the stud farm!
  • Sea_Shell
    Sea_Shell Posts: 10,025 Forumite
    Tenth Anniversary 1,000 Posts Photogenic Name Dropper
    £15k plus interest just matured from Shawbrook.

    So just need to do some shuffling with it now.

    Replace £3k of EA cash, that I'd already put in a one year.
    Pay HMRC to top up 2 part years NI
    Max out DHs SIPP for this tax year
    Top Loanpad back up to £10k, after raiding it for the bathroom.

    Then reassess where we are for year end, as the next £10k of cash doesn't mature until April
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)
  • westv
    westv Posts: 6,451 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Sea_Shell said:
    £15k plus interest just matured from Shawbrook.


    What rate was that at and for how long?
  • Sea_Shell
    Sea_Shell Posts: 10,025 Forumite
    Tenth Anniversary 1,000 Posts Photogenic Name Dropper
    westv said:
    Sea_Shell said:
    £15k plus interest just matured from Shawbrook.


    What rate was that at and for how long?

    It was 6 months at 2%
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)
  • DT2001
    DT2001 Posts: 837 Forumite
    Seventh Anniversary 500 Posts Name Dropper
    NedS said:
    Sea_Shell said:
    LHW99 said:
    Where we are, they have a bookable minibus that you can phone for. We are also only about 10 mins walk from local shops, having downsized from a remote rural location. Where my mum used to live they had a similar volunteer car service that would take people to hospital etc appointments. There are also the free bus pass for those who are mobile enough.
    We still drive as both (just) under 70, but expect that to gradually change over the next 10 years or so.

    What sort of distances do these volunteer schemes usually cover.   

    What if hospital is, say, over 25 miles away?

    Then will they hang around, for an unspecified time, to bring you home again? 
    My parents had to give up driving a few years back and faced exactly this issue. The have a local Community Cars organisation of volunteer drivers who just charge for the fuel. They can be booked in advance and will drive my parent to hospital appointments (20 miles away) and wait to bring them home again. They are an amazing service!
    When my parents were giving up the car and worried about costs of taxis, we sat down and worked out how much it was costing them per year to keep their car on the road, and how many taxis per week that would fund. Needless to say, I do not think they had fully realised how much money they would save ditching the car and now they don't think twice at paying £20 for a taxi, but the vast majority of their trips are covered by the Community Cars service at little more than cost of fuel.
    With respect to the U shape spend - my parents were still very capable at 80 and could still do most things for themselves. 70 to 80 was probably the bottom of the U. At 90 it's a completely different story - they now pay for everything!
    Witnessing first hand how their amazing retirement has gone has given me great insight into the challenges we will likely face if we are lucky enough to live a lengthy retirement ourselves. Silly things like top priority for our final house move must be close to a hospital, GP surgery and pharmacist! A low maintenance bungalow is also right up there.
    U shaped spending pattern. I think statistically and from my mothers experience it is ‘wrong’. My reasoning is that the term/length of the early spending will be considerably longer than the increase later on.
    My mother retired at 65 and was active (overseas travel etc) until into her early 80’s. She then lived independently (with a little gardening help) until late 80’s. For her final 2/3 years she had increasing care costs including about 15 months in a nursing home (She was in the minority of pensioners needing that level of care). So I think we need to find a more appropriate shape otherwise it implies a need to have a bigger safety pot than necessary.
  • OldScientist
    OldScientist Posts: 823 Forumite
    Fourth Anniversary 500 Posts Name Dropper
    edited 7 December 2022 at 7:10PM
    DT2001 said:
    NedS said:
    Sea_Shell said:
    LHW99 said:
    Where we are, they have a bookable minibus that you can phone for. We are also only about 10 mins walk from local shops, having downsized from a remote rural location. Where my mum used to live they had a similar volunteer car service that would take people to hospital etc appointments. There are also the free bus pass for those who are mobile enough.
    We still drive as both (just) under 70, but expect that to gradually change over the next 10 years or so.

    What sort of distances do these volunteer schemes usually cover.   

    What if hospital is, say, over 25 miles away?

    Then will they hang around, for an unspecified time, to bring you home again? 
    My parents had to give up driving a few years back and faced exactly this issue. The have a local Community Cars organisation of volunteer drivers who just charge for the fuel. They can be booked in advance and will drive my parent to hospital appointments (20 miles away) and wait to bring them home again. They are an amazing service!
    When my parents were giving up the car and worried about costs of taxis, we sat down and worked out how much it was costing them per year to keep their car on the road, and how many taxis per week that would fund. Needless to say, I do not think they had fully realised how much money they would save ditching the car and now they don't think twice at paying £20 for a taxi, but the vast majority of their trips are covered by the Community Cars service at little more than cost of fuel.
    With respect to the U shape spend - my parents were still very capable at 80 and could still do most things for themselves. 70 to 80 was probably the bottom of the U. At 90 it's a completely different story - they now pay for everything!
    Witnessing first hand how their amazing retirement has gone has given me great insight into the challenges we will likely face if we are lucky enough to live a lengthy retirement ourselves. Silly things like top priority for our final house move must be close to a hospital, GP surgery and pharmacist! A low maintenance bungalow is also right up there.
    U shaped spending pattern. I think statistically and from my mothers experience it is ‘wrong’. My reasoning is that the term/length of the early spending will be considerably longer than the increase later on.
    My mother retired at 65 and was active (overseas travel etc) until into her early 80’s. She then lived independently (with a little gardening help) until late 80’s. For her final 2/3 years she had increasing care costs including about 15 months in a nursing home (She was in the minority of pensioners needing that level of care). So I think we need to find a more appropriate shape otherwise it implies a need to have a bigger safety pot than necessary.
    The U shaped spending curve is derived from US research (see https://www.morningstar.com/content/dam/marketing/shared/research/foundational/677785-EstimatingTrueCostRetirement.pdf) and is based on very scattered data (see Figure 5 in that reference and note that it is U-shaped in terms of the change in spending, not in spending itself). While here in the UK we currently 'only' have care costs, in the US they have both care and medical costs late in life.

    From a more relevant UK perspective, Brancati et al. (https://ilcuk.org.uk/wp-content/uploads/2018/10/Understanding-Retirement-Journeys.pdf ) suggest a real term decrease in expenditure through retirement of about 1.4% per year, while Crawford et al. (https://ifs.org.uk/publications/how-does-spending-change-through-retirement-0 )  suggest expenditure is roughly level in real terms. Interestingly, both suggest that the amount saved by retirees increases with time. Both reports are worth a read through since, in my view, the uncertainties around retirement expenditure far outweigh the uncertainties around retirement income and the expectation of level or declining expenditure can make a large difference to initial withdrawal rates (see https://www.kitces.com/blog/safe-withdrawal-rates-with-decreasing-retirement-spending  for a US perspective).


Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.