FIRE friends & family

atush

fred246 wrote: »

I think it is basically the same as the pensions freedom which started in 2014 with the Lamborghini question. How many pensioners were going to blow all the pension at once? A few have but I don't think it's common. If you've been careful enough to save the money you aren't going to give it away easily.

I dont think many are raiding their pensions for lamborghinis so much. But given posts on here, many are raiding- even cashing in and paying shedloads of tax- for paying off the mtg, buying BTLs, even caravans.

Boggles the mind really, as i dont know what they will be living on.

k6chris

I have not told many people, if asked, I am either between jobs or having a year off! I did get comments along the line of 'Lucky you, I will have to work till I'm 75...', I bit my lip rather than point out the fifty grand car they were driving. Each to their own, it's down to each of us to handle FIRE in the way that suits us best.

Pollycat

fred246 wrote: »

I worked with the same colleagues for years. We only talked about pensions when the local IFA came touting for business. My pot was only secret in that I am not going to walk round saying "Do you know how much money I have?". When I retired nobody asked. My trashed final salary pension is over £20K but we were earning about £100K. I was seen as the money saving expert so they PROBABLY thought Fred is happy with that but I couldn't cope.

OK.
So why do you think:

fred246 wrote: »

work colleagues etc probably think I am living a sad low income life.

?
I doubt they even think about whether you are "living a sad low income life".
Let alone care if you are.

fred246

Pollycat wrote: »

OK.
So why do you think:
?
I doubt they even think about whether you are "living a sad low income life".
Let alone care if you are.

I do feel sorry for you Pollycat. You are making me realise what a nice group of colleagues I had caring about each other.

Pollycat

fred246 wrote: »

I do feel sorry for you Pollycat. You are making me realise what a nice group of colleagues I had caring about each other.

You feel sorry for me? :rotfl:

I'm not the one wittering about what ex-colleagues might think about my life and finances. :whistle:

Is this 'nice group of colleagues' the same people you mention in your first post? :think:
The 'nice group of colleagues' who think you're living a 'sad low income life'?

fred246

Pollycat wrote: »

'sad low income life'?

A sad low income life would be what would happen if you retired super early with enough money to survive but not really enough to enjoy yourself. None of them ever mentioned that. What would you call it if someone retired super early on a very low income?

Triumph13

k6chris wrote: »

I have not told many people, if asked, I am either between jobs or having a year off! I did get comments along the line of 'Lucky you, I will have to work till I'm 75...', I bit my lip rather than point out the fifty grand car they were driving. Each to their own, it's down to each of us to handle FIRE in the way that suits us best.

I'm afraid I don't bite my lip in that situation. I reply with something along the lines of 'Different strokes for different folks. As long as you're getting enough enjoyment from driving your x to make it worth it for you working the extra years...'

barnstar2077

fred246 wrote: »

A sad low income life would be what would happen if you retired super early with enough money to survive but not really enough to enjoy yourself. None of them ever mentioned that. What would you call it if someone retired super early on a very low income?

I would call it sweet, sweet freedom! At least in my case. I plan on retiring early on the twelve and a half tax limit (not that it will be that by the time I get there.)

With no mortgage and no car it will leave me more than enough money to do the kind of things that I like to do, which is mainly walking about, and meeting friends and family for a cuppa.

You can always earn a bit more money later if you want to, but we only have a finite amount of time. I would rather have an extra thirteen years of freedom from a schedule or boss than a luxurious lifestyle.

Triumph13

atush wrote: »

I dont think many are raiding their pensions for lamborghinis so much. But given posts on here, many are raiding- even cashing in and paying shedloads of tax- for paying off the mtg, buying BTLs, even caravans.

Boggles the mind really, as i dont know what they will be living on.

I expect we'll get a lot of what I understand happens frequently in Australia. People who took the first marshmallow won't blow their pot when they reach pension age. Knowing that the money is coming they will blow it BEFORE then and use the pension to pay off their debts. Sad but true.

Silvertabby

Triumph13 wrote: »

I expect we'll get a lot of what I understand happens frequently in Australia. People who took the first marshmallow won't blow their pot when they reach pension age. Knowing that the money is coming they will blow it BEFORE then and use the pension to pay off their debts. Sad but true.

Confirmed by an Oz friend. She has friends who are boasting about what they will blow their pension pots on (not just debts) so they will be able to claim the means tested State pension.