What are long term savings for?

JB50MSE

Mark_d said:

daveyjp said:

If you want to travel and are able to, do it while you are fit and healthy,  I'm so glad I did so when I was in my 20s and early 30s as whilst my wanderlust is still there and I do want to see more I know I've banked lots of travel memories.

I've known too many people wait to do the dream trips when they are older, but then find for all sorts of reasons they can't and regret it.

I like the sound of this advice though I may have already left it too late.  Due to a medical condition I was diagnosed earlier this year, I'm reluctant to travel to less developed countries in case I do need urgent hospital treatment.  But there are some countries in Europe I have yet to explore.

Mark_d, yes, that's the trouble with medical conditions. But as you imply, there are lots of interesting and beautiful countries in Europe to visit.
Don't wait to travel until you retire.
Don't rely on the so-called UK Global Health Insurance Card, even in Europe.
Do take out the best travel insurance which covers all existing health conditions, and will get you home, and cover all costs in an emergency. Usually, the most expensive is NOT the best.
Get detailed quotes from several, and choose one of the Which? top rated travel insurance companies for your age group, and your health conditions. 
See https://www.which.co.uk/money/insurance/travel-insurance/medical-conditions-travel-insurance-reviews-aACE34e8H6SN
Some Which? advice is available even to non-members but of course the most detailed advice is for members only. 
My OH and I are now both over 70, and although we're both active we both have health conditions, including repeat prescriptions, so now travel insurance is more expensive than when we were younger. After careful research, we've found, for us, that the cheapest, and most comprehensive cover is via Nationwide Building Society, as our joint FlexPlus account includes joint annual worldwide travel insurance and we pay a bit extra for our ages and health conditions. The total we pay (including the FlexPlus monthly fee, which also includes other benefits) for a year is still cheaper for us than any other comprehensive stand-alone travel insurance from any other provider. And cheaper than one single 2 week trip cover with other providers, to my surprise!
But everyone is different. 

Eco_Miser

Albermarle said:

I am not 'virtue signalling' in the current jargon, but nobody has mentioned one way of spending money usefully ( not on gadgets etc) is to give money to charity.
This does not have to be just on line donations to large well known charities, but most will be aware of some local organisations that would benefit.

Don't restrict yourself to charities, there are many small non-profits that do very worth-while work, but don't meet the restrictions placed on charities. Many of them will be Community Interest Companies (CICs).

Eco_Miser

Frequentlyhere said:

I'm fully expecting when I'm 70 I'll consider fish and chips parked up in the car at Whitby to be the height of travel luxury ;-)

I prefer on the pier at Saltburn (in January), and I've already passed 70.

There's a lot I did in my sixties at 69 that I don't feel I could manage in my 70s.

Edited to narrow the range over which I've deteriorated.

metrobus

Let’s be totally honest for the demographic that post on this forum , the vast majority of any savings we have will never be spent by us. 

Not saying that’s good or bad, it’s just a fact.

mebu60

metrobus said:

Let’s be totally honest for the demographic that post on this forum , the vast majority of any savings we have will never be spent by us. 

Not saying that’s good or bad, it’s just a fact.

Probably very true. Unless we end up in a care home! 

Doctor_Who

mebu60 said:

metrobus said:

Let’s be totally honest for the demographic that post on this forum , the vast majority of any savings we have will never be spent by us. 

Not saying that’s good or bad, it’s just a fact.

Probably very true. Unless we end up in a care home! 

I can attest to that! My mother had dementia and spent her last 4 years in a care home - £180K. I'm in no way complaining, but it costs a lot more than most people think. My parents saved throughout their lives and that gave them options when they needed care. Being able to afford a decent care home made a big difference during a stressful few years.