The Senior Wonder Years!

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  • Baron_Dale
    Baron_Dale Posts: 899
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    I have recently signed up to 3 survey sites. I have been looking for ones that did not only offer payment through PayPal or Amazon vouchers. I don’t do PayPal and have no wish to have an Amazon account.

    I have joined One Poll, Panel Base and Valued Opinions. I will be quite happy to make a couple of hundred a year in cash or vouchers. Not essential but a little extra for very little effort.

    I take part in the National Lottery, The Post Code Lottery and a local one that supports local businesses and community groups. In total I budget £316 a year for these, although I probably spend about £100 less than that as the National Lottery seems to break even most years with the little prizes I win. Last month I won enough to keep me going until October without having to add any more funds. I have a strict rule never to spend more than £10 a month on the National Lottery. I usually do Thunderball and occasionally EuroMillions. I have an online account for the National Lottery. 

    The Post Code Lottery and my local lottery I pay for via Direct debit. The local lottery has been quite kind to me as I have won over £2000 from that in recent times! I only joined the Post Code Lottery a few months ago and have only won £10 so far lol!

    So a little bit of harmless fun for me. I am not obsessive about such things and you never know one day ..... :)


  • Baron_Dale
    Baron_Dale Posts: 899
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    One other important question I need to address in retirement (but hopefully not for a few years yet) will be my housing needs as I get older.

    Currently I co-own outright (50%/50%) a  house with an older relative. If my older relative dies I will inherit 40% of her share which will give me 70% of the value of the house. I will then need to sell the house so that the other beneficiaries of the will can receive their share of the equity. I have considered other options to ‘buy them out’ without selling, but I am not sure this would be the correct thing to do or more importantly affordable!

    The house is already more than ample for the two of us and certainly would be for one person. Fortunately, the house is in good repair and the kitchen and bathrooms have been recently updated. Currently the house is worth over £500000 which would give me about £350000 to buy another property. In my area this would enable me to purchase a 2-to-3-bedroom detached house or bungalow or a decent semi-detached house. Having lived in a detached property for years I would prefer another detached property. Currently I have no desire to live in an apartment as I do like my privacy and personal outside space, although my mind is not totally closed to the idea in the longer term. Do any of you have any thoughts on this?

    Incidentally if I were to predecease my older relative first my share of the house is placed in a trust that ensures my older relative can continue to live there until her death or until she decides to sell. However ,she must maintain the house and my share of the capital so that it can eventually pass to the beneficiaries of my will.

    Neither of us want to sell the house before either one of us passes away.


  • joedenise
    joedenise Posts: 16,403
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    Another survey site you might want to consider is YLive in which you complete surveys for points ranging from 1 - 4 - most seem to be 1 or 2 and when you get to 50 points you can have £50 paid direct into your bank account or alternatively be sent a cheque.

    With regards to the lease car I personally think it's a very expensive way to own a car but it might work for you particularly if you can ensure you have the lump sum to pay off the balloon figure at the end so that you own it outright.

    Property - my thoughts are that if you are on your own and getting older it may well be worth considering looking for a detached bungalow - we often have problems with stairs as we get older so that avoids that problem.  It was the best thing we did moving to a bungalow with a very small garden!

  • Baron_Dale
    Baron_Dale Posts: 899
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    The sort of lease I was thinking about is more like a rental when you give the car back at the end of the lease period and then lease another one. This could be attractive if it included servicing, insurance etc...You would also would not have to use your capital to pay for the car. (Apart from an initial deposit payment I think.)
  • Nebulous2
    Nebulous2 Posts: 5,065
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    The sort of lease I was thinking about is more like a rental when you give the car back at the end of the lease period and then lease another one. This could be attractive if it included servicing, insurance etc...You would also would not have to use your capital to pay for the car. (Apart from an initial deposit payment I think.)

    Leasing can be a mixed bag - from exceptional value to very expensive. I once saw a small city car, on an 18 month lease for £67 a month. For an additional £99 you could include servicing. At the time some of my colleagues were paying as much as that for a mobile phone. 

    I've never found the all inclusive deals to be cost-effective. They do give some security, in that you know what the upper cost will be, but that security comes at a price. 

    We have two vehicles - one owned outright and the other one on a 3 year lease. The lease doesn't include servicing, repairs or insurance. The car has a 3 year warranty however, so most big ticket items will be covered during the period of the lease.

    We were very fortunate, in that I got a quote for a lease, valid for 28 days,  just as car supply was becoming very difficult. I went to get a test drive and asked about buying a car. They told me that the cars were very difficult to get, none of the dealers had them, and it would take 6-9 months. By this time it was 3 weeks since I got the quote.  I went back to the leasing company and said I wanted to take up their offer. They said they had two left, gave me a choice of colour, and delivered it to my door within 3 weeks. 

    You need to do your sums - work out what you would expect to spend on a car in a year, including depreciation, and compare that with the quote for a lease. 
  • Baron_Dale
    Baron_Dale Posts: 899
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    Nebulous2. Many thanks for your detailed response. I shall do some more research.
  • Makingabobor2
    Makingabobor2 Posts: 2,716
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    Juist subscribed and will be reading along and hoping to pick up some tips. Think I will go back and re-read from the start actually in case I missed anything.  I am just turned 66 and have small private pension and just started State pension last month. My DH is younger, so still working. Unfortunately we had some debts we are still clearing and also a mortgage with 3 years left, but the plan is to now pay off quicker. You sound as though you have a good income to live on and some good understanding of what the future could hold. 
    I was also going to suggest Ylive for surveys as they pay directly to bank, of by cheque, whichever you choose.  All the others I use pay into Paypal, but it is very easy to use and completely safe and you can set up an Authenticator for when you log in for extra security. My sister was reluctant to have a Paypal account, but after discovering Prolific Studies and seeing she could make quite a bit of spare money from it, she has set one up and is fine with it.  Some people seem to have to join a waiting list these days to get onto Prolific, but it is worth it when you do get on. I've been doing it since September and made quite a lot. 
    Good luck

    Making the debt go down and the savings go up, one day at a time.

    LBM 2015 - debt £57K / Jan 2024 now £34,119


    Mortgage at 12th Jan '24  £18,385 (Officially finishes June 2026, but plan to get MF well before that....watch this space)
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  • Baron_Dale
    Baron_Dale Posts: 899
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    Makingabobor2 Many thanks for your response. I shall look at that survey site. You may also like to read the other long running thread in this section. 'How Much To Live On.'
  • Organgrinder
    Organgrinder Posts: 209
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    Have you thought about exam marking? I do two sessions a year which bring in about £1,500 after tax.

    I've just started the part time route myself, and aim to retire fully at 60. I'm effectively debt free and at SPA my wife and I should have a total income before tax of about £45k at today's rates, which equates to approx £41k after tax or £3400 a month. To put this into perspective it's about the same as we earn now if we take the mortgage into consideration.

    Our main issues are the years between 60 and 67 which we need to cover as best we can. Roughly speaking we need £130k if we wanted the income above although we reckon that will be tricky to achieve but we think we can get £100k and if I up my exam marking can probably get £15k of the shortfall.

    So all in all, looking good. 

    Good luck with your plan, I'll follow it with interest.
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