MFW & Retirement Planning on a Single Income

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  • nellis10
    nellis10 Posts: 1,350 Forumite
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    edinburgher wrote: »
    I'm a binary man :p

    You talk about reducing the % equities that you hold as you approach retirement.

    Some very solid research suggests that in retirement, you'd be better off increasing the % equities you hold to increases the chances of a positive outcome for your portfolio.

    Ahhhhh.

    Hey has Bowlhead written a book or Dunstonh?
    They seem very solid people (again I assume no gender on either of these blokes :rotfl:) when it comes to being pragmatic with their advice. (As do you too and I appreciate it!!)

    I have a lot to learn, but really all I want to do is set and forget...a bit like my pension. If that means I don't cream the absolute best out of the market...that's OK...as long as it means I can live fairly comfortably.


    I do have another issue.
    When Dad dies (he's 75 but has had 20 years on a quad bypass) mum loses most of their pension, and doesn't get full state.

    Clearly I want to help as much as I can, but I'm thinking of buying their apartment (only about £90K) which should give mum a much better income for at least 10 years after Dad dies.

    So...out of all my wild schemes and projections and wot nots...I need to price in being able to buy mum's place to free up the equity for her.
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  • edinburgher
    edinburgher Posts: 13,463 Forumite
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    So what happens if your Mum needs to go into a home?
  • nellis10
    nellis10 Posts: 1,350 Forumite
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    edinburgher wrote: »
    So what happens if your Mum needs to go into a home?

    If she is anything like me, it's off to Dignitas!
    And I am only half joking!
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  • edinburgher
    edinburgher Posts: 13,463 Forumite
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    Heh and I always joked that my care home plan was a high bridge and a good bottle of Whisky ;)
  • nellis10
    nellis10 Posts: 1,350 Forumite
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    edinburgher wrote: »
    Heh and I always joked that my care home plan was a high bridge and a good bottle of Whisky ;)

    There is no way I am burdening me, my child or my community with a dolally version of myself. Once I can't cope with basic daily tasks, regardless of age, it's time to say sayonara!
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  • nellis10
    nellis10 Posts: 1,350 Forumite
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    I AM NOW DEBT FREE!!!

    Pay day today, with bonus and I've paid off all outstanding debt - £2900 all gone!!!!


    WOOHOOOOOO!!!!!!!
    :j:j:j:j:j:j:j:j:j:j:j:j:j
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  • ab_saver
    ab_saver Posts: 334 Forumite
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    Congratulations!! :j :j
    House fund: ~£5000 / £10,000 :D_£1000 emergency fund #208 - £151.74/ 1000 _
  • nellis10
    nellis10 Posts: 1,350 Forumite
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    Thank you 😊

    I am now officially skint lol. Gotta make a bit less money stretch a little bit longer in April but so happy to have all plus balances (apart from mortgage) in my YNAB budget. Even if those balances are small lol 😁
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  • EatingTheElephant
    EatingTheElephant Posts: 1,373 Forumite
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    Congratulations on being DF :T
  • TallGirl
    TallGirl Posts: 5,551 Forumite
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    Just spotted your diary congrats on your progress so far and your birthday I'll be 47 in Aug so roughly same age. Really interesting thoughts about pension versus mortgage overpayment versus investing I've been glued to the savings board for months now and it's a minefield.

    Thought it might help you to but I went with an IFA originally right at the beginning of my mortgage free journey to essentially make sure we had enough pensions and also look st life insurance. We had no kids though. He charged us £800 for a glossy document and didn't nothing else no recommendations nothing. Useless indeed.

    Fast forward when I inheritaget a large sum I found an IFA through a friend and he's been a god sent. He's charges are very reasonable and I'm now doing the pension top up and investing. I'm not saying you should use an IFA right now but for Pensions SIPPs etc they can be helpful and the charges really aren't that much.

    Being mortgage free is amazing I did it nine years early and benefitted hugely. You sound like you have a good sense of what you want and where you want to go so stick with it and you'll get there. Life does throw some curveballs and you also need to live so update your house and enjoy it even it it means an extra year or to added to the mortgage. You'll get the pleasure out of it.

    Enough waffle from me I'll subscribe look forward to see the progress.
    Save £12k in 24 No 50
    PB Win 21 £225, 22 £275, 23 £900, Balance Mar  £30,850 + £12K added to pension) (Wins 24 Jan £200 Feb £150 Mar £75 Apr £125) 
    Plan to move to Denmark for FIRE by 2028 “May your decisions reflect your hopes not your fears”
    New diary aiming for fire https://forums.moneysavingexpert.com/discussion/6414795/mortgage-free-now-aiming-for-fire#latest

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