What made you 'pull the trigger'?

LV_426

chubsta said:

In our case we have already provided each child (3) with enough money for a house deposit, they will of course get inheritances when the time comes so will be far better provided for than we were, their needs are not figuring into my retirement finances - they need to work for what they want just like I did!

I agree, and just to be clear, I'm not talking about giving them a means to live a life of leisure, like some spoilt brat from an uber rich family.
I think of it as levelling the playing field. A redistribution of wealth within the family. You've given your kids a house deposit, so they didn't need to work for that. I'm doing the same.

repeat

I'm imagining our 3 kids will need help to get on the properly ladder unless the housing market miraculously becomes more affordable. The timing on this help - well let's see. If they won't work then forget it but if they are doing their best to make their way in the world then the plan is to help them. they don't know it and they are still too young to care (oldest is 14).

Albermarle

Silverbullet036 said:

Everyone seems to want to be social and say its a must for retirement. Personally I cant think of anything worse , I retired to get away from people and enjoy the peace and quiet

Quote from the philosopher Jean Paul Sartre

' Hell is other People ' 

sgx2000

Silverbullet036 said:

Everyone seems to want to be social and say its a must for retirement. Personally I cant think of anything worse , I retired to get away from people and enjoy the peace and quiet

Sounds fabulous

Somebody

LV_426 said:

Is anyone delaying retirement to preserve assets for their kids? I could technically retire now (56), but I'd be pretty much burning everything down. I wish to preserve my DC pension funds and hopefully be able to help the kids with house buying. I have a DB pension, but that doesn't start paying until I'm 65. And both me and the Mrs will get full state pensions.

I didn't delay retirement but took a conscious decision to take my DB pensions (early), leave my DC/SIPP untouched, and help the kids with house deposits using the TFLS when the time comes.

allsort

LV_426 said:

Is anyone delaying retirement to preserve assets for their kids? I could technically retire now (56), but I'd be pretty much burning everything down. I wish to preserve my DC pension funds and hopefully be able to help the kids with house buying. I have a DB pension, but that doesn't start paying until I'm 65. And both me and the Mrs will get full state pensions.

Yes, I'm doing exactly that.  I'm 60, have recently activated two DB pensions, am living on those, preserving my DC pension investments and have taken a flexible consulting job that I enjoy expressly to build funds to gift to my children as a property deposit.  They work hard and we're all pushing towards the same objective.  I don't see it as a hardship, I'm glad to be able to help them.

otb666

Both my mum and dad have ended up in homes and with weekly charge approx £1000 each any inheritance will be long gone.  With the latest changes to childcare costs being covered from 9 months the state seems to have chosen help for people at the start of their life rather than the end.
We had the choice made for us when we were both made redundant at mid 50s and are spending our quality time together with an eye on healthy living so hopefully be able to leave kids the house but who knows

LV_426

Albermarle said:

Silverbullet036 said:

Everyone seems to want to be social and say its a must for retirement. Personally I cant think of anything worse , I retired to get away from people and enjoy the peace and quiet

Quote from the philosopher Jean Paul Sartre

' Hell is other People ' 

He's not wrong.

pensionpawn

LV_426 said:

Is anyone delaying retirement to preserve assets for their kids? I could technically retire now (56), but I'd be pretty much burning everything down. I wish to preserve my DC pension funds and hopefully be able to help the kids with house buying. I have a DB pension, but that doesn't start paying until I'm 65. And both me and the Mrs will get full state pensions.

Nope. My wife (we're both 57) retired last year and I've reduced my hours so I'm only in the office for just over half the year. As soon as the fun stops, so do I. Tomorrow isn't promised so my view is to make the most of your health / wealth now while you can. My eldest two children bought their first houses at 23 after living at home and entering the full time work force at 18. They saved up the majority of their deposits by themselves with just a £5k top up from a grandparent. My youngest is just finishing university, living at home throughout with a weekend job for over 5 years. She has also saved up considerable funds with also the bonus of a decent share save just maturing and quite a few thousand in her pension fund. Our philosophy has also been to encourage and empower our children to be responsible for their own wealth. Their main inheritance will be the house in due course, however just like most other parents, if they hit hard times due to no fault of their own, we'll be there to stabilise the ship.

Simon11

otb666 said:

Both my mum and dad have ended up in homes and with weekly charge approx £1000 each any inheritance will be long gone.  

Having seen my dad's set of grandparents go into care with all their inheritance gone as a result, my mom took another approach with her mum and with her brother, they both took on the care role for her.

It was a lot of work for them/ sacrifices however the benefits were that she could stay in her home, receive the best care and enjoy moments with their mum.

Once she passed away, it unlocked a lot of inheritance and my mom who has always worked part-time in low paid jobs said she received more from the inheritance than from working in her career over her lifetime which put it into perspective.

While I don't need to make any decision around my parents care for hopefully a long time, I am seriously thinking of retiring early to become a carer to help them providing that of course I can support their care needs.