1yr into receiving State Pension and struggling to change my mindset

sgx2000

calcotti said:

 Whatever we decide it’s guesswork!

Agreed!

But when you are 85 and totally knackered
Does it make any difference whether you are in private or state nursing homes....

Albermarle

calcotti said:

sgx2000 said:

So do not assume you will need the same income, each year, throughout the remainder of your life.
In you later years you physically wont be capable of,  e.g.  going on long foreign holidays etc...
Far too many people skimp on their 'good years' because they assume they will need the same income in their declining years... 

On the other hand ‘declining’ can increase costs if you then need to pay people to do things you previously did yourself. Whatever we decide it’s guesswork!

I have seen retirement spending depicted as a smile shape. High to begin with , then dropping off, then increasing again. For the reasons you mention, but also having to pay for care, and maybe becoming more generous in family and charity gifting.

Woolsery

calcotti said:

On the other hand ‘declining’ can increase costs if you then need to pay people to do things you previously did yourself. Whatever we decide it’s guesswork!

While one's physical and mental health in the last ten years of life may be guesswork, I'm certain being able to jump the queue for common operations will be a bonus, if required.

SouthCoastBoy

sgx2000 said:

calcotti said:

 Whatever we decide it’s guesswork!

Agreed!

But when you are 85 and totally knackered
Does it make any difference whether you are in private or state nursing homes....

Agree, in addition to that I have quite a lot of experience of nursing homes, as 50% of my parents and grandparents ended up in them. My observation is state and private patients can be in the same home, so no benefit in being private (both of my grandmothers were in the same home at the same time, one was state funded the other private)

When my mum needed to go into a nursing home she could not get access to the nursing home I wanted her to go in as they were solely state funded

I will add we visited quite a few homes, and some of them weren't very pleasant, I really hope I don't make it to that stage of life

Malthusian

SouthCoastBoy said:

Agree, in addition to that I have quite a lot of experience of nursing homes, as 50% of my parents and grandparents ended up in them. My observation is state and private patients can be in the same home, so no benefit in being private (both of my grandmothers were in the same home at the same time, one was state funded the other private)

The benefit is that the self-funders could choose that home while the state-funders got lucky. 
Seeing a number of homes in which you wouldn't put your worst enemy but not seeing the benefit of being able to choose which care home your loved one goes in doesn't really compute.
A lot of council houses are nicer than a lot of private rentals and even owner-occupied houses, it doesn't mean that there is no benefit to being able to afford your own housing during your independent years.
As for the idea that 85-year-olds have reduced cognition so it doesn't matter (not directed at SouthCoastBoy, it was elsewhere in the thread); would you put a 1-year-old baby in a filthy creche with uncaring staff (or worse) on the grounds they can't be aware it's a dump? If not, why is one human with reduced cognition different to another human with reduced cognition? If you !!!!!! an 85-year-old or a 1-year-old they still bleed. Everyone is fully conscious in their own mind.

sgx2000

Malthusian -  to some extent I agree.

But,  my answer to the OP was just basically saying
You have to live - Life is short - Do not deny yourself, just to leave a huge lump of money when you die.
Your early retirement, while in relatively good health.  Is the time to do all the things you always wanted to do....

Just don't leave yourself too short at the end.

The time for 'skimping & scraping' is over. Now its time to get your just rewards for your efforts

Albermarle

sgx2000 said:

Malthusian -  to some extent I agree.

But,  my answer to the OP was just basically saying
You have to live - Life is short - Do not deny yourself, just to leave a huge lump of money when you die.
Your early retirement, while in relatively good health.  Is the time to do all the things you always wanted to do....

Just don't leave yourself too short at the end.

The time for 'skimping & scraping' is over. Now its time to get your just rewards for your efforts

Not disagreeing, but for some people splashing out is against their nature, and they simply would not enjoy doing some expensive or lavish activity, so no point.
You might ask then why accumulate so much money. I think a feeling of security is the hard to measure bonus for many.

sgx2000

Albermarle said:

Not disagreeing, but for some people splashing out is against their nature, and they simply would not enjoy doing some expensive or lavish activity, so no point.
You might ask then why accumulate so much money. I think a feeling of security is the hard to measure bonus for many.

We are all different.
And, knowledge is power.

Like everything else to do with retirement. 
Read and try to learn....
Then hopefully make better, more informed, decisions. 

This forum is invaluable.
A lot of very knowledgeable people, happy to give their advice....

To all the advisors... Thank you

eskbanker

sgx2000 said:
We are all different.

Can't let that pass!
  

sgx2000

Brilliant..... lol