Pension or holiday

QrizB

I'm reminded of this old McCain advert: daddy or chips?

https://www.youtube.com/watch?v=ofqE5n5W5-I

You're trying to compare the value of two things which can't easily be compared.

Beddie

Just let the wife decide what to do and go along with it, or you'll never hear the last of it.
Or... decide that pension money is for pensions and if you want to go on holiday save up for it. You could have just as much fun for half the price, Disney is overhyped, so maybe something nearer to home?

Grumpy_chap

Nick9967 said:

about 7 years ago i did similar and added 15k to my mortgage , not wealthy or super highly paid but wanted my kids then, 9 and 13 to have the experience of a lifetime, 3 weeks in Orlando in a villa with everything!
I didn't tell them , planned it for a year. Got to Heathrow they thought they were dropping me for work as i travelled a lot to China in those days (not as grand as it sounds believe me) and that my car had a problem so mum was dropping me off. Got there in the car park, turned round and said "kids i cant be bothered to go to work , do you want to go somewhere else instead, yeh~~!!!! was the answer , ok where then? daughter answered "I'd go to Disney if we could"  i replied ok then let go! all the time my wife was recording this video on her phone! (we'd had grandparents take them out a couple of days before just for a normal day and packed all their stuff!

They didn't believe me until i turned around and said "you might need this then" and gave them their passports - the look on the their faces and the screams when reality hit home is quite possibly the most moving moment of my life-

More to the point they will never forget that point!

my advice , do it! work another 2 years to top that pension up but do it!

I can't help thinking you were remarkably lucky that your daughter gave "Disney" as her answer right at that moment.
If she'd said something more mundane, like "Brighton", you'd have had to convince her to go to Disney and put up with her sulking for the whole trip that she really wanted some Brighton rock.

Phossy

@djr2031 The Meldrew is strong in this thread, but should you decide to look into Disneyworld more, then I suggest you point your wife to great moneysavings sites such as Disney Discounts for UK and Ireland Visitors - MouseSavers.com and the great forum here Orlando Forum, Travel Discussion for Orlando, Central Florida - Tripadvisor: where you'll get a wealth of information, help and considered opinion.Though Disneyworld is much more than just the rides, the new rides in particular range from truly beautiful experiences to mind blowing. If your kids have additional needs you will get special dispensation for the rides with no or little queuing.

Cus

Nick9967 said:

about 7 years ago i did similar and added 15k to my mortgage , not wealthy or super highly paid but wanted my kids then, 9 and 13 to have the experience of a lifetime, 3 weeks in Orlando in a villa with everything!
I didn't tell them , planned it for a year. Got to Heathrow they thought they were dropping me for work as i travelled a lot to China in those days (not as grand as it sounds believe me) and that my car had a problem so mum was dropping me off. Got there in the car park, turned round and said "kids i cant be bothered to go to work , do you want to go somewhere else instead, yeh~~!!!! was the answer , ok where then? daughter answered "I'd go to Disney if we could"  i replied ok then let go! all the time my wife was recording this video on her phone! (we'd had grandparents take them out a couple of days before just for a normal day and packed all their stuff!

They didn't believe me until i turned around and said "you might need this then" and gave them their passports - the look on the their faces and the screams when reality hit home is quite possibly the most moving moment of my life-

More to the point they will never forget that point!

my advice , do it! work another 2 years to top that pension up but do it!

20 mins later - "are we there yet", "I'm hungry", "jonny hit me", and you wonder why you bother.

Emmia

Nick9967 said:

about 7 years ago i did similar and added 15k to my mortgage , not wealthy or super highly paid but wanted my kids then, 9 and 13 to have the experience of a lifetime, 3 weeks in Orlando in a villa with everything!
I didn't tell them , planned it for a year. Got to Heathrow they thought they were dropping me for work as i travelled a lot to China in those days (not as grand as it sounds believe me) and that my car had a problem so mum was dropping me off. Got there in the car park, turned round and said "kids i cant be bothered to go to work , do you want to go somewhere else instead, yeh~~!!!! was the answer , ok where then? daughter answered "I'd go to Disney if we could"  i replied ok then let go! all the time my wife was recording this video on her phone! (we'd had grandparents take them out a couple of days before just for a normal day and packed all their stuff!

They didn't believe me until i turned around and said "you might need this then" and gave them their passports - the look on the their faces and the screams when reality hit home is quite possibly the most moving moment of my life-

More to the point they will never forget that point!

my advice , do it! work another 2 years to top that pension up but do it!

I think (of the options) I'd rather add the cost of the trip to the mortgage, rather than raiding the pension. 

With a mortgage,  you could make overpayments and clear it quicker to reduce/avoid the interest and a mortgage is also time limited, it will be paid off either by the monthly payments, or when you sell.

With a pension, you have something which you don't know how long it will pay out for (how long will you live?) and consequently you'll get a reduced income for life (and any survivor pension would also be reduced) - yes you could make additional contributions to bring it back to the previous level but I think you'd also think for 20, 30 years of retirement 'it would be nice to have that extra' especially as your income is fixed and costs go up...

handful

I think this is one of those questions that the answer will be largely determined by the age and financial circumstances of the person answering. Younger people will say, go for it, life is for living and you only live once. Older people looking at a frugal retirement will say Disney is overhyped and it's not worth it. Only you can decide.

catclaires

Notwithstanding all the other factors to consider that have already been mentioned (type of pension, current income, needs in retirement, etc.), I agree with a lot of the people suggesting considering alternatives closer to home that would give you the same sort of holiday and the things you're looking for.

My partner's and my absolute favourite type of holiday is walking in the mountains, and we'd definitely enjoy a 'trip of a lifetime' to somewhere like Patagonia, for example. However, the things we love the most are the long, satisfying hikes every day in quiet places with dramatic and beautiful mountain views, with plenty of relaxing food/drink stops along the way - and we can get these fundamentals in a variety of locations much closer to home for much less cost than going further afield. For us, the significant additional cost has so far not been worth it for the additional benefits. I realise, of course, that this is a totally different type of holiday (I'd not personally be wanting to take any sort of Disney trip ), but the principles are the same - consider the special things about this trip that really appeal to you and your family and if they really can only specifically be found at Disney in Orlando or if they (or most of them) can be found elsewhere.

I do feel that all the pressure of a once in a lifetime trip and so much money spent on it is a risk, if you're not sure about it in the first place - if anything doesn't quite live up to expectations, the disappointment could well be worse than if you'd paid a lot less!