The Senior Wonder Years!

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  • Baron_Dale
    Baron_Dale Posts: 899
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    edited 30 July 2023 at 8:44AM
    Welcome @Tastiger and @Lindlou. Looking to hearing more of plans and progress too.
  • Albermarle
    Albermarle Posts: 21,185
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    If the OP's elderly mother was to be in receipt of higher rate mobility allowance then he may be able to lease a vehicle via the Motability Scheme at potentially attractive rates

    I think to be correct she would be able to use the Motability scheme ( not him). He could be the nominated driver, but in theory at least he should only ever use the car for her benefit. Such as driving her around, going to the shops for her etc. Obviously practically it would be quite difficult for anyone to monitor, and there are some grey areas, but ethically at least it would not be right to go off on holiday for two weeks in the car without taking her.

    In case people do not know there is a disability forum where these kind of things ( including stairlifts ) are discussed.

    Disability money matters — MoneySavingExpert Forum


  • Baron_Dale
    Baron_Dale Posts: 899
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    edited 30 July 2023 at 11:16AM
    Thanks @Albermarle for the comment but our situation is not one for the Motability scheme.
  • luvchocolate
    luvchocolate Posts: 3,240
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    .  While I think bungalows are quite pricey for the money, still, having no stairs is a big advantage. 
    The one thing my parents say about stairs is that they keep you fit.
    My mother in law has a stairlift fitted but she tries not to use it, preferring to get some exercise by taking the stairs.
    The funny thing is, I am quite often over her house when she puts the ironing on the stairlift and sends it up the stairs to the airing cupboard. Saves her carrying it  :smiley:
    My Dad exactly the same always said stairs are good exercise and used the stair lift for shopping 
  • Savvy_Sue
    Savvy_Sue Posts: 45,823
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    Miser1964 said:
    After taking early retirement, I'm also looking at additional income for a few years until the State Pension becomes payable. Something I'm investigating is a fixed-term annuity with a guaranteed surrender value; these are available to cover periods of 2 to 25 years. As the name suggests, by putting in £x up-front you know how much you'll get each month and what %tage of £x you'll get back (50% to 75% seems common) at the end of the period.
    That's been suggested to us as well: I've had SP for a year but only retired at the end of May; DH started SP this summer but has been 'semi-retired' for several years. He's better off pension-wise as well, and we've used up one of his small pension pots already. The suggestion is that my two small pots (part-time working, limited number of years) could provide a lump sum that we need for some work on the house, and then give a useful topup to the pensions. 

    Just waiting to see some figures! 
    Signature removed for peace of mind
  • Albermarle
    Albermarle Posts: 21,185
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    After taking early retirement, I'm also looking at additional income for a few years until the State Pension becomes payable. Something I'm investigating is a fixed-term annuity with a guaranteed surrender value; these are available to cover periods of 2 to 25 years. As the name suggests, by putting in £x up-front you know how much you'll get each month and what %tage of £x you'll get back (50% to 75% seems common) at the end of the period

    Would you buy this annuity from a DC pension pot with the 25% tax free already taken? ( which is the normal way to set up an annuity)  If so do you know when you get the 50%/75% back after the end of the fixed term, do you know what form it is in ? Is it just a straight cash payment? I wonder if there are any tax implications.

    If you buy the annuity from non pension money, I believe these are a bit few and far between and tend to pay less.


  • Numbers are looking good for month 1. Well done on survey earnings too. It’s nice that your family gifted you vouchers that you can use on nice toiletries and clothes. At least you can get things you like. 
    0% credit card £1360 & 0% Car Loan £7500 ~ paid in full JAN 2020 = NOW DEBT FREE 🤗
    House sale OCT 2022 = NOW MORTGAGE FREE 🤗
    House purchase completed FEB 2023 🥳🍾 Left work. 🤗

    Retired at 55 & now living off the equity £10k a year (until pensions start at 60 & 67).

    Previous Savings diary https://forums.moneysavingexpert.com/discussion/5597938/get-a-grip/p1

    Living off savings diary
    https://forums.moneysavingexpert.com/discussion/6429003/escape-to-the-country-living-off-savings/p1
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