Fluffy question alert! Keeping motivated on fire

Kim1965

Likewise, im eyeing up 60 (2.5 yrs time). Being a cup half empty sort, i can see inflation, higher costs, poor stock market performance, meaning absolute retirement will be risky until spa.
 If i can earn the equivalent of a full sp in 2 days a week my kids haveca better chance of an inheritance. 

bluenose1

I have just booked a couple of expensive holidays as decided I need to live more now and reward myself for working longer than anticipated.  The planning for them, especially Florida has diverted me from my obsessive pension planning.
Instead I am doing obsessive holiday planning. 

Next mission is to replace lounge carpet with a new herringbone floor, though part of me wonders if I am being foolish in removing carpets during current energy crisis. !!!!

Goose_Grass

MallyGirl said:

When I did the calc she would have paid back just over £100k in 30 years. The numbers are all bigger now as my spreadsheet had RPI at 3.3% and now it looks like it is over 9%.
Vets are not high earners.

Vets are relatively high earners in some countries, because they train fewer of them in those jurisdictions.  But as a parent you may not want to encourage her emigration (or to use the FIRE term, geographic arbitrage)....

anonmoose

Enjoy the florida travel planning Bluenose! We went to florida with the kids a few years ago and it was amazing. 

Having to travel in the school holidays we can't usually afford to go beyond europe but being frugal I booked us to fly back on Chrismas morning and saved over 1.5k on the flights.

Our family thought we were mad but the kids loved the novelty of having an unusual Christmas morning I would love to go back.

savingholmes

Good luck with the fire plans... I definitely need a solution to my mortgage not sure what it will be yet. I too think a 'glide path' could be the right option rather than a sudden stop.

cfw1994

sheslookinhot said:

A glide path descent is certainly more relaxing than an abrupt change from full time to retirement.

I imagine you are right for most people.
My career was in tech, & I have to confess I haven’t missed it at all since I left a year ago….no glide path here!

Many said ‘you could do some consulting, or ask to go to 3 days a week’.  
Well, I could, but I figured I would struggle to stay current & interested with the technology for the former, and end up cramming a weeks  3 days for the latter….

The abrupt stop worked just fine for me.  

I think it it more about having enough interests/hobbies/friends/volunteering activities to happily fill the time,…

jimi_man

Kim1965 said:

Likewise, im eyeing up 60 (2.5 yrs time). Being a cup half empty sort, i can see inflation, higher costs, poor stock market performance, meaning absolute retirement will be risky until spa.
 If i can earn the equivalent of a full sp in 2 days a week my kids haveca better chance of an inheritance. 

I always wonder about the kid's inheritance objective. I didn't have my children particularly early or late in life - we were 30 when we had the first. Consequently, assuming an average life span so let's say 86, my children will be 56 when they are in line for an inheritance and it won't really be an issue for them at that age. 

I must confess that our retirement plans are plans for us as a couple. Anything left, then the children get it. In all likelihood we'll carry on saving throughout retirement - especially when the SP comes into play as we'll be well over our needed income. But I/we are certainly not going to carry on working just so our children get a better chance of an inheritance. 

Everyone has different ideas though.

anonmoose

I would agree with Jimi on that. 

I kind of assume most of what's left will go to the state in nursing home fees.  I have a relative who was in a nursing home for over 10yrs all the lifetime savings/inheritance was gone.  Although I think they are changing the situation with what you pay now and it's capped but I have not read enough about it.

I would much rather help the kids with a house deposit if I can (maybe put into a LISA when they are old enough) as that's when they need it.  Although with uni fees as mentioned earlier in this thread I am not confident we will have a lot in the pot for a house deposit.  

jimi_man

anonmoose said:

I would agree with Jimi on that. 

I kind of assume most of what's left will go to the state in nursing home fees.  I have a relative who was in a nursing home for over 10yrs all the lifetime savings/inheritance was gone.  Although I think they are changing the situation with what you pay now and it's capped but I have not read enough about it.

 

Whilst that's an oft stated risk - especially on here for some reason - statistically it's pretty unlikely. Only a small percentage of the older population go into a care/nursing home and even over the age of 85, it's only around 15%. Also despite the older population increasing, the amount of people going into care homes hasn't increased at the same rate. In fact it's remained relatively stable. 

anonmoose

Oh that's reassuring.  I had no idea the % going into care homes was that low.  Both my parents did at relatively young ages for different health related issues so I tend to think its the norm but I am glad to hear it's not!