Retirement - Live Life or Penny Pinch

SouthCoastBoy

I imagine no definite link between height and age at death so therefore insurance companies don't use it. However that doesn't mean there isn't one

MEM62

Spivo46 said:

Do you enjoy retirement for 20 years or live a very modest life knowing you will have some pension left when you are very old and unlikely to enjoy it?? 

So many of these questions are worded as if it needs to be 'either or' - all one thing or another.  The pragmatic approach would be some middle ground between the two extremes.    

bluenose1

Think there are lots of factors the actuaries dont use in considering life expectancy, for example dont think they take into account where you live which has a bearing on your life expectancy  -From ONS data  male life expectancy between 2018 and 2020 was highest in England (79.4 years) and lowest in Scotland (76.8 years). Within England, sizable regional differences are present , including a three-year gap between the North East (77.6 years) and the South East (80.6 years). 

From what i have read grip strength is a good marker for life expectancy, being able to balance and how easy you get up and down from the floor. .

Albermarle

MEM62 said:

Spivo46 said:

Do you enjoy retirement for 20 years or live a very modest life knowing you will have some pension left when you are very old and unlikely to enjoy it?? 

So many of these questions are worded as if it needs to be 'either or' - all one thing or another.  The pragmatic approach would be some middle ground between the two extremes.    

For sure it should  not be all or nothing. You should live for today, and plan sensibly for tomorrow.

[Deleted User]

coyrls said:

bluenose1 said:

Malthusian said:

bluenose1 said:

Haha, I thought that when i read it, though think we need a photo to decide if we would swipe right or not.
Though i only know  that because my son couldn't stop laughing  as his dad (my husband) wore a T-shirt that said "Swipe Right" on holiday a couple of years ago.  My husband and I didn't have a clue that's what it meant, least ways that what he told me

If your husband is happy to wear T-shirts with Internet memes on them with no idea what they mean, he got off lightly with "Swipe Right". 

bluenose1 said:
I dont think he would even know what you meant by the term Internet meme now, 5 years later, so goodness knows what he may wear in future     As long as he can play his online Scrabble and scroll the news that is as tech savvy as he wants to be. 

Just beware of any fruit and veg on a T-Shirt, that is risky territory for the non emoji literate.

Like a womens “when life gives your melons” T-shirt with a couple of images? 

zagfles

eskbanker said:

zagfles said:
If there was a link surely actuaries would have spotted it and used height as a criteria for life insurance, annuities etc.

A recently-shared Aviva life expectancy calculator included reference to height, although also weight, so was perhaps only considering it in terms of the relationship between the two, regarding obesity, etc:

https://forums.moneysavingexpert.com/discussion/comment/79693456/#Comment_79693456

Seems to be the case. I tried it first entering 6ft height and 13st 1lb weight, then with 5ft height 9st 1lb weight, everything else the same, as these were both at the border of healthy weight/overweight on this chart https://www.forumhealthcentre.nhs.uk/your-health/height-weight-chart. Results were identical. Same life expectancy.

MarkCarnage

bluenose1 said:

Think there are lots of factors the actuaries dont use in considering life expectancy, for example dont think they take into account where you live which has a bearing on your life expectancy  -From ONS data  male life expectancy between 2018 and 2020 was highest in England (79.4 years) and lowest in Scotland (76.8 years). Within England, sizable regional differences are present , including a three-year gap between the North East (77.6 years) and the South East (80.6 years). 

From what i have read grip strength is a good marker for life expectancy, being able to balance and how easy you get up and down from the floor. .

Oh yes they take account of where you live! Postcode analysis is used extensively in mortality expectation calcs and hence annuity pricing etc., both for individuals and for pension schemes seeking insurance buy out of liabilities. If a scheme doesn't have decent data, they will quickly find that the pricing is loaded against them. 
As an actuary said to me quite recently, gaming the system means 'acquiring' an address in a certain area in Glasgow for a year or so when about to buy an annuity.......I'm sure there are quite a few other areas too. As an example, life expectancy varies from not far over 60 in one area of North Glasgow, to over 80 in Bearsden, less than 5 miles away. 

pensionpawn

Live in the moment, however plan for the future. We intend to enjoy (not splash the cash carelessly) the first ten (most active and should be most healthy) years rather than scrimp to have 10 years at the end hoping I can still wipe my own a... We've both qualified for full SPs, which at ~ £21k pa tax free isn't the poverty line if you don't have any debt. We also have a good (by national average standards), though not large (compared to this forum) pots and will be able to fully utilise our personal allowances throughout retirement, which is ~ £25k tax free pa. My father had many sayings, two of which are relevant to this thread. The first was "I came into the good money too late to enjoy it" and what he meant by that was his salary. He retired at 65 (and enjoyed a 20 year retirement). However that philosophy could be applied to pension planning. Work too hard for too long (which takes a toll, though not always visible) and then only permit yourself basic rations in the first years of retirement, and you'll end up the richest person in the graveyard, which I certain don't intend to be. I know many friends and family who (without bragging) say that they have more money than time to spend it. The second phrase, bearing in mind he served in WW2, was "tomorrow is never promised" which is true for all of us. Most of us don't know how many cards remain in the pack. It would be a shame to work / save hard all your life to never reap the rewards. Of course we can pass on our wealth, however this is a thread about pensions (for you), not inheritance planning (for offspring / family / charity).
My philosophy is to work for as long as you still enjoy the activity however quit (gradually?) as soon as you can afford it after 55 if work becomes physically / mentally too stressful. You can't re-spawn and try again!
By the way, regarding the observations about height, I read that for extremely tall people, their mortality is linked to the function of the pituitary gland in the brain. Causation / correlation ? Maybe not a linear function, however interesting none the less. I was 5 ft 7 and am shrinking, so heading in the right direction 

Silvertabby

pensionpawn said:

Live in the moment, however plan for the future. We intend to enjoy (not splash the cash carelessly) the first ten (most active and should be most healthy) years rather than scrimp to have 10 years at the end hoping I can still wipe my own a... We've both qualified for full SPs, which at ~ £21k pa tax free isn't the poverty line if you don't have any debt. We also have a good (by national average standards), though not large (compared to this forum) pots and will be able to fully utilise our personal allowances throughout retirement, which is ~ £25k tax free pa. My father had many sayings, two of which are relevant to this thread. The first was "I came into the good money too late to enjoy it" and what he meant by that was his salary. He retired at 65 (and enjoyed a 20 year retirement). However that philosophy could be applied to pension planning. Work too hard for too long (which takes a toll, though not always visible) and then only permit yourself basic rations in the first years of retirement, and you'll end up the richest person in the graveyard, which I certain don't intend to be. I know many friends and family who (without bragging) say that they have more money than time to spend it. The second phrase, bearing in mind he served in WW2, was "tomorrow is never promised" which is true for all of us. Most of us don't know how many cards remain in the pack. It would be a shame to work / save hard all your life to never reap the rewards. Of course we can pass on our wealth, however this is a thread about pensions (for you), not inheritance planning (for offspring / family / charity).
My philosophy is to work for as long as you still enjoy the activity however quit (gradually?) as soon as you can afford it after 55 if work becomes physically / mentally too stressful. You can't re-spawn and try again!
By the way, regarding the observations about height, I read that for extremely tall people, their mortality is linked to the function of the pituitary gland in the brain. Causation / correlation ? Maybe not a linear function, however interesting none the less. I was 5 ft 7 and am shrinking, so heading in the right direction 

Note that the State pension is taxable income.  It's only tax free for those who's only income is the State pension and,  even then, only if the pension is below the personal tax allowance (there are many 'old' pensioners out there on way more than £12,570 per year, due to SERPS/SP2 and/or deferring at over 10% per year).

TheCuriousSausage

Silvertabby said:

Note that the State pension is taxable income.  It's only tax free for those who's only income is the State pension and,  even then, only if the pension is below the personal tax allowance (there are many 'old' pensioners out there on way more than £12,570 per year, due to SERPS/SP2 and/or deferring at over 10% per year).

Yep - my state pension (after tax) will just about cover my council tax....