SIPP and reaching age 75

Nebulous2

https://forums.moneysavingexpert.com/discussion/comment/81911645#Comment_81911645

We've had discussions like these before. I'm sure there is more at play than the difficulty in moving from accumulation to decumulation. There is a slow and insidious closing down of people's horizons, ahead of any physical or cognitive decline. That then becomes a self-fulfilling mechanism or doom loop, the less ambitious you are, the more you worry about doing things, and the less you do.

I speak to lots of retired people about lifestyles, travel, ambitions etc. Talking of my travels, driving abroad, bucket list journeys I want to do, I regularly hear. "I couldn't do that." "We used to do that, but I wouldn't now." I've written before about chatting to people in the queue for the ferry, who were overcome by anxiety and worried something would go wrong. In trying to reassure one man I discovered he had done some bigger journeys than I have.

I'm not sure what the answer to this is - keeping yourself stretched, regular exercise, trying something new regularly, pushing through your comfort zone, paying more than lip service to lifelong learning, or all of the above.

There is a balance to be struck. None of us wants to be that 90 year old who is a complete liability behind a wheel, yet insists on keeping driving.

Anyway - I'm sure that many people on this forum have accumulated more than they will ever need, and failure to spend it runs deeper than simply mindset and hoarding your gold. Far from running out, many people here will die with more than they retired with.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81911645#Comment_81911645

I can fully understand your post, as I am a typical member of this forum. Good salary when employed, plenty of pension contributions, not a big spender, and now retired with more funds than I really need.

However maybe some reassurance for you.

Although retired, I have never really thought I must start spending like mad, or the opposite to leave more to heirs, as the Grim Reaper is getting closer .

One tends to just carry on a bit the same - old habits die hard.

Also my wife is less cautious which helps, and last year we spent a week in a holiday hotel that cost £350 a night 😱

MK62

https://forums.moneysavingexpert.com/discussion/comment/81912547#Comment_81912547

Outrageous behaviour....😉