A Paupers Pension Tale (Not many nuts to dig up)

JoeCrystal

SMcGill said:

So true. I learned that from a lady I worked with who was hanging on in a job she didn’t like just so she could earn a few more years pension (which she admitted wasn’t essential). Six months after she did retire she was diagnosed with cancer. 12 months later she died. It’s a lesson I’m grateful to learn from her so that I don’t have to learn it for myself.

  That is so sad. Maybe I should start thinking about retiring at 58 rather than planned 68. Still got a lot of time left.

olgadapolga

SMcGill said:

 I'd rather run out of money than time.

So true. I learned that from a lady I worked with who was hanging on in a job she didn’t like just so she could earn a few more years pension (which she admitted wasn’t essential). Six months after she did retire she was diagnosed with cancer. 12 months later she died. It’s a lesson I’m grateful to learn from her so that I don’t have to learn it for myself.

I know a couple of people who retired and died a couple of months later. One was my uncle, the other a work colleague who was really looking forward to retirement. Sad. The best GP I ever had announced that she was retiring when she was around fifty, her reason bring that she was fed up of watching people die as soon as they retired.

barnstar2077

SMcGill said:

 I'd rather run out of money than time.

So true. I learned that from a lady I worked with who was hanging on in a job she didn’t like just so she could earn a few more years pension (which she admitted wasn’t essential). Six months after she did retire she was diagnosed with cancer. 12 months later she died. It’s a lesson I’m grateful to learn from her so that I don’t have to learn it for myself.

A very similar story to my mum, retired at 68, died a year later.  She was a good woman, never upset a soul her whole life and worked three jobs at one point to support us when I was a kid.  Her passing is what made up my mind about retiring early.  I have heard of others too who have retired and passed away not long after.

I think that, like my mum, a lot of people feel knackered, put it down to old age and retire, only to find out it was something much more serious all along.

harlequinnyc

barnstar2077 said:

SMcGill said:

 I'd rather run out of money than time.

So true. I learned that from a lady I worked with who was hanging on in a job she didn’t like just so she could earn a few more years pension (which she admitted wasn’t essential). Six months after she did retire she was diagnosed with cancer. 12 months later she died. It’s a lesson I’m grateful to learn from her so that I don’t have to learn it for myself.

A very similar story to my mum, retired at 68, died a year later.  She was a good woman, never upset a soul her whole life and worked three jobs at one point to support us when I was a kid.  Her passing is what made up my mind about retiring early.  I have heard of others too who have retired and passed away not long after.

I think that, like my mum, a lot of people feel knackered, put it down to old age and retire, only to find out it was something much more serious all along.

So sorry about your Mum, barnstar2077. Hope you enjoy retirement enough for the both of you. I'm spurred on into early retirement by my Dad, who never got there. Was working very hard when he died at 46. So don't let life pass you by buried in planning and accumulating for something which may never come.  Live the life you want while you can folks.

pensionpawn

michaels said:

Apologies if my comment came across as negative. I love to hear everyone's experiences as i am contemplating retiring at a similar age. However sometimes those with a db pension look at the size of dc pots that others have saved up and don't realise that to buy an annuity paying 1200 per month from age 55 would require a dc pot of 750,000 which doesn't sound like a pauper pension? 

...and that's why I'm going to manage my own draw down rather than give away our pots for a minuscule annuity payment. Most of us qualify for the national safety net annuity called the state pension, however until then I'll pay myself a higher amount from a smaller pot and pass it on, rather than lose it all, when I expire. 

LHW99

barnstar2077 said:

SMcGill said:

 I'd rather run out of money than time.

So true. I learned that from a lady I worked with who was hanging on in a job she didn’t like just so she could earn a few more years pension (which she admitted wasn’t essential). Six months after she did retire she was diagnosed with cancer. 12 months later she died. It’s a lesson I’m grateful to learn from her so that I don’t have to learn it for myself.

A very similar story to my mum, retired at 68, died a year later.  She was a good woman, never upset a soul her whole life and worked three jobs at one point to support us when I was a kid.  Her passing is what made up my mind about retiring early.  I have heard of others too who have retired and passed away not long after.

I think that, like my mum, a lot of people feel knackered, put it down to old age and retire, only to find out it was something much more serious all along.

It is sad, when this happens.

On the other side of the coin though, my grandfather retired at 65, and decided he would be dead in a few years (his father died young) so sat down and refused to do anything (he had quite a few hobbies up to that point).

Age 88 he was still going physically, but had deteriorated mentally.

IMO its not always the age you retire - its what you do with your time.

Albermarle

SMcGill said:

 I'd rather run out of money than time.

So true. I learned that from a lady I worked with who was hanging on in a job she didn’t like just so she could earn a few more years pension (which she admitted wasn’t essential). Six months after she did retire she was diagnosed with cancer. 12 months later she died. It’s a lesson I’m grateful to learn from her so that I don’t have to learn it for myself.

Of course we all know someone like this . An ex colleague of mine worked until 65 and then was diagnosed with motor neurone disease and was dead after a horrible 12 months. On the other hand , you might get to 90 and be unable to buy anything to make your last years comfortable , or spoil the family, or pay for private health care etc  .
It works both ways .
The only known fact is statistically that a man who reaches 65 , will on average live another 20 years . If you are female, a little longer. If you   are financially comfortable, well educated and with no specific life limiting illnesses or very bad habits , then it is likely you will live longer than the average.

Sea_Shell

Albermarle said:

SMcGill said:

 I'd rather run out of money than time.

So true. I learned that from a lady I worked with who was hanging on in a job she didn’t like just so she could earn a few more years pension (which she admitted wasn’t essential). Six months after she did retire she was diagnosed with cancer. 12 months later she died. It’s a lesson I’m grateful to learn from her so that I don’t have to learn it for myself.

Of course we all know someone like this . An ex colleague of mine worked until 65 and then was diagnosed with motor neurone disease and was dead after a horrible 12 months. On the other hand , you might get to 90 and be unable to buy anything to make your last years comfortable , or spoil the family, or pay for private health care etc  .
It works both ways .
The only known fact is statistically that a man who reaches 65 , will on average live another 20 years . If you are female, a little longer. If you   are financially comfortable, well educated and with no specific life limiting illnesses or very bad habits , then it is likely you will live longer than the average.

That is the (one and only?) problem in retirement planning, you don't really know how long you might have (or not have).

If one had a crystal ball, it would be so much easier.    

You could die early, but die rich.
or die late and die poor.

The middle ground is the holy grail.    Having "enough" without running out, or being the richest person in the graveyard.

doingitanyway

SMcGill said:

 I'd rather run out of money than time.

So true. I learned that from a lady I worked with who was hanging on in a job she didn’t like just so she could earn a few more years pension (which she admitted wasn’t essential). Six months after she did retire she was diagnosed with cancer. 12 months later she died. It’s a lesson I’m grateful to learn from her so that I don’t have to learn it for myself.

I'd rather run out of money than time too.

nyc_451

These recent comments made me think that perhaps I shouldn't be so focused on saving and live my life a little...while I can. 😳