How much to live on

Organgrinder

Back to comedy "misquotes".

"Vanished. Simply vanished."

"Like an old oak table."

firesidemaid

@Organgrinder et al hi to all!

I've been following you all for a while (as the Pensions Board is a bit too grown-up for me) 

But finally thought i'd post as something you said resonated with me.

My position: I'm 55 and have a decent (deferred) NHS pension and a much smaller DC pot. Currently doing contracting. Never thought I'd take my NHS pension early as I couldn't face 'losing' some, but as I turned 55 I started looking at the % reduction rates. Did a cost/benefit analysis for every 6 months between now and 60 (I'm in the old scheme). Realised a) it didn't make any difference when I took it early ie. at 56 or 59 and b) that I'll be well into my 80s before I regret it. 

Work is not necessarily reliable these days, and I do a lot of miles. So, decided to use the little pot to pay off the last of the mortgage (was due for renewal this year) - and without that monthly cost and the petrol saving, we can manage the drop in income difference ok. My plan is to continue to work, but on my terms for once and NOT because I have to.

It's been really helpful to hear some of your shared personal experiences and stories thank you! I'll share more in a later post, but for now my semi / retirement day is in less than 2 months.

Organgrinder

firesidemaid said:

@Organgrinder et al hi to all!

I've been following you all for a while (as the Pensions Board is a bit too grown-up for me) 

But finally thought i'd post as something you said resonated with me.

My position: I'm 55 and have a decent (deferred) NHS pension and a much smaller DC pot. Currently doing contracting. Never thought I'd take my NHS pension early as I couldn't face 'losing' some, but as I turned 55 I started looking at the % reduction rates. Did a cost/benefit analysis for every 6 months between now and 60 (I'm in the old scheme). Realised a) it didn't make any difference when I took it early ie. at 56 or 59 and b) that I'll be well into my 80s before I regret it. 

Work is not necessarily reliable these days, and I do a lot of miles. So, decided to use the little pot to pay off the last of the mortgage (was due for renewal this year) - and without that monthly cost and the petrol saving, we can manage the drop in income difference ok. My plan is to continue to work, but on my terms for once and NOT because I have to.

It's been really helpful to hear some of your shared personal experiences and stories thank you! I'll share more in a later post, but for now my semi / retirement day is in less than 2 months.

Always nice to hear good news. And always nice to see people working things to suit themselves too.

Organgrinder

Today I've been reflecting on how our plans can change a lot.

However much you've saved or plan to save, can be changed in an instant.

Best therefore to have some sort of flexibility.

On the latter I would urge everyone to recognise that plans can, and indeed do change very quickly. 

Things change. Learn from mistakes.

Don't expect things to be different unless you too make changes.

Shimrod

Organgrinder said:

Today I've been reflecting on how our plans can change a lot.

However much you've saved or plan to save, can be changed in an instant.

Best therefore to have some sort of flexibility.

Not just finances but also health - either your own or that of family members.

We both finished work last year with the intention of more travel, taking advantage of last minute deals as well as cheap Sunday nights in hotels for UK breaks.

Unfortunately my mother has been diagnosed with dementia, something we suspected from the start of the year. This has meant almost no foreign holidays and we've only tried one night away in the UK. It's taken up a lot of time both in getting a diagnosis as well as making sure she is ok.

helensbiggestfan

Some great food for thought there,  Organgrinder.  

If life has taught me anything it is that change is inevitable.  All we can do is meet those changes and rise to life's challenges.  

  ................."If you can meet with Triumph and Disaster
And treat those two imposters  just the same"..........

(Taken from the poem "If" by Rudyard Kipling).  

We all know that money isn't the universal panacea for all life's  "slings and arrows" but having that nest egg might just help us navigate the worst.  Or at least give us a breathing space. 

Which brings us to the question we ask in this thread.  How much?    

There's no definitive answer, too many variables.  I guess it all depends on our own personal goals, what we actually need and/or want, then maybe just a bit extra for luck and peace of mind.  

Then, the goal posts move, and  we have to have a rethink.....

Did a stupid thing this week.......Ordered a watch for my grandsons birthday on the 25th. .  I can't find it.  Must have put it in a "safe place". 😂. Luckily it wasn't expensive.  If it doesn't turn up this week I've got time to buy a replacement,  

Don't you just love those senior moments...,.,,,