Future Finances: Time vs Money

moneyistooshorttomention wrote: »

Quick thought here for the poster with a revised State Pension Age of 64 years 10 months - don't budget in the winter fuel allowance this year in case it doesnt turn up.

When I reached my revised SPA I was expecting my £200 winter fuel allowance the first winter after that and didnt get it. Excuse = there is a technicality there re those born up to and including several days before I was born in the year I was born would get theirs - but I was excluded by 5 days. Had to wait until the 2nd winter after SPA before my winter fuel allowance started:(

luvchocolate wrote: »

If I remember rightly the winter fuel allowance is paid to if you have reached S.P age mid to late September.
Sorry thats not really clear....if you reach SP age in August you will receive it but if Oct it will be the following year.

My father died beginning of October and when I informed D.W.P I was told it would still be paid as he was still eligible in September.

I donated this to our local hospice did not seem right to me.

sukysue wrote: »

Thank you for this thread SHY , l only wish you had started it a year ago when we were in a right state about retiring lol. It would have helped so much .

Glad to have you along Suky! Hmm yes, a year ago we were still shaking the dust off ourselves from the sudden downsize and OH's work situation going belly-up, but now the next phase of the plan has a thread and hope it'll still be of some help. Some lovely visitors are already sharing some very useful thoughts and information which already makes me panic less about balancing that time we want with the money we'll need!

We have both retired , DH 62 me 56 last year . I am on an NHS pension he is on a BT one & we have a good lump sum pot , currently in ISAS and bonds and savings accounts.,

Oooh, the ages there are interesting ... your age gap is pretty similar to ours and if I could bring my early retirement age down from the proposed 58 to 56 that would be grand! Good to know it can be doable.

However we still have to pay for DD1 in Uni (24) doing a midwifery degree and other DD2 is working p/t and does not pay Board & Lodging (our decision we tried for years to have them , suffered infertillity and 2 m/c and feel that we didn't have them to profit from them and that we chose to have them so essentially they are our responsibility until the day we die. So we are happy to continue to support them financially.) They are well and truly spoilt lol.

Aww, they're your kids and much loved, nothing wrong with that. If you can absorb their costs in a way that helps them out at the same time, why wouldn't you?

ATM we are managing on our pensions, nothing left after everything paid so we haven't had to access our lump sums , we are able to if necessary and actually figured in that we would be needing to in order to retire but as it happens we too are very happy living simply and don't spend a lot. So l can relate to your life very much.

:T Sounds like you have the budgeting firmly under control and have hit on the sweet-spot where what you have coming in is sufficient but you have a little behind you as needed. Especially if living simply and enjoying the time is what you wanted anyway.

As for retiring and worrying about having enough money ? I read on these boards that if l needed more money l could always go back to work and that finally made my mind up. I think it was Lesson Learned who said that in the widow bereavement thread, so thank you Lesson Learned you were dead right ! I can honestly say we have never regretted retiring, we love it .

LessonLearned makes some very insightful posts and is so helpful. I totally agree, something part time can always help out down the line as needed ... I think my OH mentioned there was something in one of the online papers today about older people moving into other part time roles later on in life, so opportunities are definitely out there.
The key phrase there is enough money, I think. What's 'enough' for some to consider they're living well/comfortably is very different to what others consider enough - and well / comfortably are relative to experience too. We're all different, so it's good to be able to say, OK enough now for us and to take the next step. Glad it's working out for you.

Another thing that has happened since we retired , a workmate of mine has just been diagnosed with bowel cancer and had a huge op for it she has been very poorly bless her and my DH workmate retired and suddenly dropped dead in his bathroom only 2 months after retiring , then another one of his colleagues committed suicide just before retiring and yet another one died from a heart attack recently, all in their late 50's early 60's. So we feel we definitely did the right thing for us. Hope all good .
Gosh, that's a shocking run of problems for people in your circle - it does make you stop and think doesn't it? Hopefully you'll both have many happy years of retirement ahead of you.

Our simple pleasure today is opening the back door of the utility room and watching & filming a cheeky young maggie come in and eat our cats left over food from the dish lol. Also discovering your thread and watching the highlights of the Hungarian Grandprix on C4 and the finale of the Tour de France ....Well done to GT such a legend!

Am with you on the maggie, they're such personalities! Thanks for joining in the thread too!