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  • FIRST POST
    • ShyAndRetiring
    • By ShyAndRetiring 16th Jul 18, 4:42 AM
    • 81Posts
    • 206Thanks
    ShyAndRetiring
    Future Finances: Time vs Money
    • #1
    • 16th Jul 18, 4:42 AM
    Future Finances: Time vs Money 16th Jul 18 at 4:42 AM
    Hello

    I'm a long time user of MSE and used to have a diary on the MFW board (different user name). These boards are just such an incredible source of advice, information, support and inspiration that now we're moving into the next phase of our lives, I find myself returning more and more and really feel the urge to reconnect with a new diary to help keep us focused and clued up in what we're doing: looking towards early retirement.

    I know there's a pensions and retirement board, but I do find the numbers on there to be quite intimidating. I'm not knocking anyone else's choices and lifestyle needs, each to their own, but do feel that the numbers I'm looking at are in a different league to those on the main pensions board (far less £ involved) and as we're risk averse and thinking more about money-saving rather than investment per-se, I feel more comfortable over here, if that's OK with everyone?

    So, the background:
    * OH is now 60. 2016-2017 was a horrible time for him, reaching an age where he was sidelined professionally (extremely common practice in his profession, so much so that the union advised him to take a 3 month settlement to leave as they'd "seen it all before and it's the best you can do, no point in fighting it").
    'Fortunately' for us, the writing appearing on the wall coincided with the youngest dependent flying the nest, so we sold our house and downsized. It didn't leave much of a pot for us, but we did become mortgage-free ... something that wouldn't have been possible but for the support and focus on paying down the mortgage via the MFW boards on here. The 'pot' we did achieve was mostly used to get our new place and garden suited to our (existing and future) needs. It also kept us afloat once OH finished work, as he didn't want to claim any benefits but needed a period of not working so he could recover from a stress-related health issue which arose largely thanks to the awful politics of his work situation.
    Turning 60 earlier this year means OH accessed his lump sum (£50k) and a pension of around £6.5 k a year. For the last 7 months, he's been working part-time in the warehouse for a local retailer, minimum wage, anti-social hours (very early morning) but he's happy to be earning and useful again.
    As he lived and worked abroad for a long time before we knew each other, he does not have full NI contributions, so another reason for his part-time job is to help build up his contributions before SP age.

    * I'm 52.
    I had to give up my main professional, full-time role due to a long-term medical condition (auto-immune). I took up self-employment instead, working freelance for myself in order to manage my recovery and balance my health - this vastly impacted on my earning capacity and pension planning. I did have 'full' SP contributions but thanks to recent changes, now have to make another 5 years to get back to full contribution.
    Last year one of my freelance clients asked me to work for him exclusively (and permanently) so I now work part time for his company, working remotely from home. I can access my Occupational Pension (from professional role) once I'm 60 and I currently use NEST pension for building up another pension pot as I earn approx £10,500 from my part-time work.

    The plans / point of this diary:
    * We'd really love to be in the position to retire together when OH reaches SP age - I'd be 58 then. So at the very least, this diary's likely to be my place for accountability for our actions (big or small) towards trying to achieve this.
    * That said, if there's the chance to do this sooner, that would be so much the better! We didn't meet each other until a bit later on in life (it's a 2nd marriage for each of us) and with the slight age difference between us, we'd rather have time together than lots of money to spend. For us it's about living simply and wanting what we have, rather than spending money on 'wants'. I'm hopeful that this particular focus will help to get us to the finish line a bit sooner, so I'm sure some of this will creep into the diary too, especially as I'm about on the boards a bit more (I'm very at home on the frugal threads)!
    * I spend lots of time on the spreadsheets and our numbers just about work for us retiring together when OH reaches SP age, but I can't make them work for doing it any earlier. However, we benefited so much from the focus our MFW diary gave us (to the point that we could become MF when the fan started up and poop started flying) that I can't help but think a little of that focus again would help us to position ourselves a bit better for the next phase in our lives.
    * I also like setting myself cheeky goals and challenges, so having a diary's also a good way of recording my monthly goals and helping me stick to the actions needed to achieve them - especially as the mini goals would all be towards that main prize at the end - time together!

    I'm sure I'll share more thoughts and numbers down the line, but I'll stop there for the moment. Thanks for letting me settle into this new spot and if anyone would like to stop by from time to time, it would be lovely to meet you.
    Last edited by ShyAndRetiring; 16-07-2018 at 4:55 AM.
Page 6
    • moneyistooshorttomention
    • By moneyistooshorttomention 5th Aug 18, 12:20 PM
    • 17,345 Posts
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    moneyistooshorttomention
    [QUOTE=ShyAndRetiring;74610145]Hi Bugslet,

    Been at home for a few days, internet free zone there, so catching up here. Can just imagine the ungainly heron

    Yes, it was marvellous!

    Another one that will mention PoA - very handy should you ever require it, it's like having magic keys that open otherwise shut doors!
    Appreciate that, it's on the list!

    I think my last update was that I had told my customer that I was winding up the business, after nearly two months they have come back and said if they take out all the corporate rubbish, will I stay. Pretty please. I'm dithering.

    Ooooh, the plot thickens! Is taking out the corporate rubbish something that could make continuing tolerable for you?And are they likely to follow through and actually do it if they've promised you things will improve? Big decisions there, even on top of the time vs money questions of retirement! If you agree to stay, would you want to set a time limit on it, do you think? [ /QUOTE]
    Originally posted by bugslet
    Obviously up to each individual what they decide to do.

    In your position - I'd probably go for keeping on doing the work for that particular customer (minus the "corporate stuff"). I'm guessing it wouldnt take that much time and would be a bit flexible as to when you could do it?

    If that's the case - then for work you feel okay about /can be flexible about when you do it/get somewhere between reasonable to good pay for it = it seems to me like a good halfway house Transition Stage to Retirement Proper.

    One of the things about retiring is "finding a sense of purpose" imo and that could help with both that and transitioning income wise.

    Not a position I've been in myself - as the paid work I did was usually not even "reasonably paid" imo and I usually wasnt doing it "by choice". There had been a brief spell of sideline work that was reasonably paid and I felt positive about it - but the "sources of supply" for that had come to an end - so it didnt apply any longer and I was moving elsewhere in the country anyway. So my circumstances were different.

    In theory - in different circumstances and for "reasonable to good pay" I'd consider part-time work personally.

    In your circumstances - then seems like a good idea to me

    EDIT; Re the narrowboat - it's been a little "I wonder....." in the back of my mind for a while. Having said that - realistically I don't think so - but a narrowboat holiday sometimes - well it's something I enjoyed one time. Though the person I was with darn soon took over doing all the "driving" as daylight very quickly dawned about just how bad a "driver" I am...ahem....
    Last edited by moneyistooshorttomention; 05-08-2018 at 12:29 PM.
    Never doubt that a small group of people can change the world. It's the only thing that ever has.

    Extinction Rebellion
    • MrAPJI
    • By MrAPJI 5th Aug 18, 12:48 PM
    • 75 Posts
    • 1,163 Thanks
    MrAPJI
    bugslet - I can understand your problem entirely, but hope you reach a decision soon. You deserve some peace


    crv - thank you for your kind words and encouragement


    Lessonlearned - thank you for your kind words and sorry to learn that you are in the same situation. I do so admire your courage and sense of determination in making a new life for yourself. Good luck with your new property and fingers crossed that it doesn't become the money pit you envisage
    • humptydumptybits
    • By humptydumptybits 5th Aug 18, 4:52 PM
    • 1,718 Posts
    • 4,930 Thanks
    humptydumptybits
    Just a suggestion, but I cash my TCB out as soon as I can, usually into vouchers that DH is allowed to spend on e-books. I would worry if it built up as much as that, in case they either changed the rules or stopped offering my preferred cashback method. That happened with a survey site I used to use: they changed from sending vouchers to insisting on PayPal, which I never use!
    Originally posted by Savvy_Sue

    I use my TCB for books, I could happily spend a fortune on books but I try to be good and use the library or my Amazon vouchers and then I donate them to the library which is like a thank you for all the hours of pleasure they provide.
    • crv1963
    • By crv1963 5th Aug 18, 7:27 PM
    • 572 Posts
    • 1,260 Thanks
    crv1963
    Hi S&R


    I took your suggestion on board and started a new thread. 50 something man seeking to retire before 60!


    CRV
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • sukysue
    • By sukysue 5th Aug 18, 8:32 PM
    • 1,761 Posts
    • 2,285 Thanks
    sukysue
    Well done CRV! That is the spirit!

    Mr APJI l am so very sorry to hear of the loss of your beloved wife , it must have been terrible for you.
    What a wonderful challenge to build your own house it sounds a brilliant thing to aspire to. Get Cracking lol.

    S&R hope you had a great weekend too, my simple pleasure today was listening to a few tunes l love on YOU Tube , feeding the birds and having my DS & her DH call in for a cuppa and a chat.
    I have not spent any money today but l did spend my parents money getting their shopping for them lol.
    I am so glad you made this thread am off to see CRV;S new thread now lol
    oh yes l don't have any blog thingys either .
    xXx-Sukysue-xXx
    • lessonlearned
    • By lessonlearned 5th Aug 18, 9:04 PM
    • 10,777 Posts
    • 69,792 Thanks
    lessonlearned
    S&R.

    I do have a thread - well I don't think of it as "mine" but I did start it. It's on the Health and Besuty board and it's called Frump to Fab.

    The first page tells you all about why I started the thread and lays out our "manifesto. Ooh sounds very grand. .

    Anyway you are very welcome to visit.

    I don't know if we have any Male lurkers.....perhaps we are a bit like ladies magazines......maybe the gentlemen read us in secret.
    • ShyAndRetiring
    • By ShyAndRetiring 5th Aug 18, 9:28 PM
    • 81 Posts
    • 206 Thanks
    ShyAndRetiring
    Hello lovely visitors, hope you've all had a great weekend!

    Bugslet ...


    MrAPJI,

    SAR, if I get the narrowboat, I'll send you an invitation.

    Thanks Bugslet, will start looking out my waterwings (did I mention my clumsiness was one of the 800 reasons Mr SaR cited for why living on a narrowboat would be a bad idea?)

    CRV, I think my problem is I'm an all or nothing personality, I'm not sure I can still have a business yet not be involved. My last proper holiday was in 2004 (week in Jersey), before that in 1991 to Florida. I get bored by holidays, but then again I've not really tried one!

    I'm perhaps being a bit economic with the truth say I.g I don't have a plan. I have an A4 shhet of paper with things I want to do, see, learn. But first I want several months off to do nothing but try things out as. I suspect what I think I want, may change.

    It's fine though not to know what you want to do yet, 'going with the flow' for a bit is almost a plan in itself!
    Originally posted by bugslet
    I doubt you've bitten off more than you can chew, MRAPJI, though there are bound to be days when you will think so. Mostly when it's raining, but nothing ventured, nothing gained and when it's done, you'll be proud of yourself.

    I've done a pros and cons list and it did tip in favour of leaving. I just feel guilty at leaving staff, I genuinely have the best staff I could have and they all say it's the best job they've ever had, so I really do feel I am letting them down.

    It's great that you're so thoughtful of your staff, but if the boot was on the other foot there, wouldn't they be doing the same if they could?

    I am slowly getting to an idea, but feel it's necessary to torture myself for a while
    Originally posted by bugslet
    Well, hoping your weekend hasn't been too torturous and you've had a bit of fun and sunshine in there too!
    ~ * ~ "A goal without a plan is just a wish" Antoine de Saint Expuery ~ * ~
    • ShyAndRetiring
    • By ShyAndRetiring 5th Aug 18, 9:39 PM
    • 81 Posts
    • 206 Thanks
    ShyAndRetiring
    Hi CRV ...
    S&R-

    Have a great weekend, I'm coming round to liking your way of writing your diary in defined sections,
    Thanks, yes, I find it helps to split the big picture then homing in on a few of the details!

    my clutter would take me ages to sort- I think later in the month I'm going to start with the air raid shelter it has bikes and bike stuff stored and I'll empty it, probably offer it free on a local buy and sell site, if it doesn't go then a trip to the tip!
    Sounds like a plan! Sometimes the hardest thing is the getting started but now that you have a plan for that it's all good.
    In reality I'd rather walk the hills with the dogs than cycle these days, I'll leave my 30s and 40s form of exercise behind, I did lose the key for a while and haven't even opened it for around 3 years since I put them all in there! Then the Garage, might try a car boot, then charity shops, then the tip!
    I think you've hit on a good strategy there, knowing what you'll usefully continue to use and what you won't before you open the door means you've already made a few decisions which will help with the speed and purpose of your declutter!

    For myself, I worked an extra shift yesterday so todays my day off this week, I've resisted the temptation for now of picking up an extra shift next weekend, today I'm having a lazy morning sipping proper tea, the afternoon is for gardening/ dog walking and the evening is ironing my shirts for work, spending as much time as possible with Mrs CRV when she gets up from her lay in!
    Sounds like a lovely relaxing day, hope it was a good one!
    Originally posted by crv1963
    Hi S&R

    I took your suggestion on board and started a new thread. 50 something man seeking to retire before 60!


    CRV
    Originally posted by crv1963
    Oooooh, that's exciting news ... will be stopping by once I'm finished over here! Happy posting!
    ~ * ~ "A goal without a plan is just a wish" Antoine de Saint Expuery ~ * ~
    • ShyAndRetiring
    • By ShyAndRetiring 5th Aug 18, 9:47 PM
    • 81 Posts
    • 206 Thanks
    ShyAndRetiring
    LessonLearned,


    My husband died 4 years this coming Friday. I have done several solo holidays. They were fine but apart from a trip to Iceland next year I have no immediate plans for further travel. But.....never say never. I'll just play it by ear.

    As you say it's not the retirement that yourself, Bugslet and I had planned and hoped for but hey ho, there's nothing we can do. We can't turn back time, (only Cher can do that....). You have to play the cards you are dealt and get on with it.

    So my advice to anyone is........like I said in an earlier post........

    "Time is more precious than money".

    Especially time spent with your loved ones.

    Good advice as always LL. I hope the week ahead is a kind one to you with the anniversary of that day coming up and that you have a day of happy memories of you and your husband's own precious times together. Will be thinking of you.
    Originally posted by lessonlearned
    S&R.

    I do have a thread - well I don't think of it as "mine" but I did start it. It's on the Health and Besuty board and it's called Frump to Fab.

    The first page tells you all about why I started the thread and lays out our "manifesto. Ooh sounds very grand. .

    Anyway you are very welcome to visit.

    I don't know if we have any Male lurkers.....perhaps we are a bit like ladies magazines......maybe the gentlemen read us in secret.
    Originally posted by lessonlearned
    Ooh, becoming fab sounds like something I could do with a bit of help with! Will be wandering over to find you in the near future, no doubt!
    ~ * ~ "A goal without a plan is just a wish" Antoine de Saint Expuery ~ * ~
    • ShyAndRetiring
    • By ShyAndRetiring 5th Aug 18, 9:53 PM
    • 81 Posts
    • 206 Thanks
    ShyAndRetiring
    Hi Money ...
    [QUOTE=moneyistooshorttomention;74619496]
    Hi Bugslet,

    Not a position I've been in myself - as the paid work I did was usually not even "reasonably paid" imo and I usually wasnt doing it "by choice". There had been a brief spell of sideline work that was reasonably paid and I felt positive about it - but the "sources of supply" for that had come to an end - so it didnt apply any longer and I was moving elsewhere in the country anyway. So my circumstances were different.

    In theory - in different circumstances and for "reasonable to good pay" I'd consider part-time work personally.

    In your circumstances - then seems like a good idea to me

    This is exactly our own thinking Money, Keeping options open for part-time work certainly sounds like something which can support the transition to Retirement Proper (or even improper)!


    EDIT; Re the narrowboat - it's been a little "I wonder....." in the back of my mind for a while. Having said that - realistically I don't think so - but a narrowboat holiday sometimes - well it's something I enjoyed one time. Though the person I was with darn soon took over doing all the "driving" as daylight very quickly dawned about just how bad a "driver" I am...ahem....
    Originally posted by ShyAndRetiring
    Ooooh Bugslet ^^^ getting a crew together here for you! ^^^^
    ~ * ~ "A goal without a plan is just a wish" Antoine de Saint Expuery ~ * ~
    • ShyAndRetiring
    • By ShyAndRetiring 5th Aug 18, 10:00 PM
    • 81 Posts
    • 206 Thanks
    ShyAndRetiring
    Well done CRV! That is the spirit!

    Mr APJI l am so very sorry to hear of the loss of your beloved wife , it must have been terrible for you.
    What a wonderful challenge to build your own house it sounds a brilliant thing to aspire to. Get Cracking lol.

    S&R hope you had a great weekend too Thanks SukeySue!

    my simple pleasure today was listening to a few tunes l love on YOU Tube , feeding the birds and having my DS & her DH call in for a cuppa and a chat.
    ^^^ Sounds lovely and relaxing, just right for a sunny weekend!
    I have not spent any money today but l did spend my parents money getting their shopping for them lol.
    Sound like the perfect compromise, spending someone else's money!
    I am so glad you made this thread am off to see CRV;S new thread now lol
    oh yes l don't have any blog thingys either
    Originally posted by sukysue
    See you over there .... and don't forget this thread malarkey's catching Sukey, between us we could end up with a whole community of over 50s threads before the end of the year!'
    ~ * ~ "A goal without a plan is just a wish" Antoine de Saint Expuery ~ * ~
    • ShyAndRetiring
    • By ShyAndRetiring 5th Aug 18, 10:05 PM
    • 81 Posts
    • 206 Thanks
    ShyAndRetiring
    Hi SavvySue - and apologies, I think I multi-quoted / replied to this before but it dropped off the end ...

    Just a suggestion, but I cash my TCB out as soon as I can, usually into vouchers that DH is allowed to spend on e-books. I would worry if it built up as much as that, in case they either changed the rules or stopped offering my preferred cashback method. That happened with a survey site I used to use: they changed from sending vouchers to insisting on PayPal, which I never use!

    ^^^ This is a really good point which I hadn't thought of (and really should've). I may cash out what's owing at the end of the month so I can use it for the ISA challenge. Thanks for the thought!

    £300 for two wills doesn't sound bad. If the 'legal firm' were will-writers rather than 'proper' solicitors, re-arrange this sentence: 'bargepole a with touch not do'.

    Plus, you do not actually want 'mirror wills' if your DH is leaving some stuff to his DDs, and IMO it would be wise for his will to state that he is leaving X and Y to them, so that they get what he wants to go to them when he dies, whether that's first or second.

    Plus plus, my parents' solicitor advised that it was actually better to give things while you're alive, in case they can't be found / have been sold / are damaged at the time of death. Also it may save grief and heartache. Just as an example, my mum had something which she'd got from her mum: it was something to do with the first time Granddad won a tournament in the sport he enjoyed. Now whenever Mum asked if there was anything any of us would like, ALL the girls wanted THAT. Mum had intended to leave it in her will, but instead she gave it to one of us some years before she died. And I'm glad, because we were all very civilised when she died, but if that thing - not valuable in itself - had been there to be argued over, we might have argued, and some of us would have felt hurt or aggrieved.

    So, just some thoughts which others may or may not find helpful.
    Originally posted by Savvy_Sue
    Very helpful, thanks Sue ... I think OH was hoping to just stick the equivalent of a post-it in with the mirror will to divvy out his individual bequests to his daughters! Good to know that the cost sounds sensible as I'd rather go with the solicitor as I've used the company across 7 house sales / purchases, much better than going with someone we don't know,
    ~ * ~ "A goal without a plan is just a wish" Antoine de Saint Expuery ~ * ~
    • ShyAndRetiring
    • By ShyAndRetiring 5th Aug 18, 10:56 PM
    • 81 Posts
    • 206 Thanks
    ShyAndRetiring
    Day 1965 - 1963
    Well a busy weekend, but back now to the tasks in hand!

    * Spending

    #1): No FleaBay spending - continuation of good work, total 5 / 31.

    #2) Extra bread, milk, desser and tonic water to top up essential visitor supplies adds another £6 to spends this week: £ 33 / £165 spent so far.

    Managed to keep a limit on additional spending with visitor, who brought a few goodies with him - just a few beers out of the entertainment pot!
    Also OH had quite a result with mackerel fishing today, so he's going to smoke some tomorrow then freeze some, add into the meal plan for rest of week. So we shouldn't have to top up with any extra food purchases and really hope to keep overall food spending to under £35 this week.

    * Saving

    # 1) Haven't spent any of this month's purse money yet, but as it's early days I haven't been tempted to add any more into holiday purse, so holiday purse total remains £ 40 / £75.

    # 2) Busy weekend means I've listed nothing at all. Actually, I'm musing on SavvySue's wisdom and may go for a quick (and Savvy) solution to this goal by cashing out from TCB. Will check how much that is tomorrow. So extra ISA saving still £ 0 / £120.

    * Sorting

    #1) Now then, I had to put the spreadsheets to one side this weekend, but wasn't able to avoid the news. The Guardian online ran an article on Saturday about how our local council is just about bankrupt and is slashing services across the board - and not just as a temporary or short term measure. Amongst many things, the following part of the article caught my eye:

    "It [the council] said the county’s rapidly ageing population – a third of residents will be over 65 by 2031– meant it could not maintain current levels of care. “Our community will therefore need to take more responsibility for looking after themselves and each other to keep everyone safe and independent as long as possible.”

    It caught my attention largely because ...
    a) That statistic directly includes OH and myself, we'll definitely both be in that bracket by 2031.
    b) We're fine with taking responsibility for ourselves, but are our finances (particularly in the context of early retirement hopes) going to be robust enough to allow us to be independent in doing so, if there's likely to be no resources available from the county council?
    c) I need to review the spreadsheet from a future care point of view. Does everyone else do this? I know it gets mentioned on The Number thread and it's a wide-open discussion, but when you know that the local authority are actually saying "look folks, there's no help here, sort it out for yourselves" it kind of makes you think that it's going to be necessary to make at least some basic provision in the long term plan?
    Now I know my focus this month is the mid-term plan but I mention this now because the mid-term plan has to provide for the long-term one - whether through putting extra by or organising the mid-term to ensure we don't use the lump sum for day-to-day but keep it put by for those harder-to-manage days.
    The article if anyone wants to read how dire it is can be found here.
    Happy to hear your thoughts, lovely people!

    #2) No Will action this weekend, will carry on next week, possibly by making the solicitor appt. I need to talk to OH but he's been too busy having a social life this weekend.
    No worries, I'll snaffle him with a Bored Meeting next Saturday

    Simple pleasures:
    - Seeing OH happy catching up with his 'bestie'.
    - Something I've done as a good deed (volunteering) has lead to a word-of-mouth recommendation that could lead to a bit of extra paid work. This dovetails with a whole other 'sorting' plan to help the future finances / DRD, so it could be promising even if it has come up a bit before I was ready for it!
    - Being by the seaside.
    - Nurturing the needy, see below ...

    So, in other news, we're currently sheltering a racing pigeon in the garage. It's been around in a very dazed and confused state most of the day (staying on the ground and putting itself in the direct path of the cat at least twice) so we've given it safe shelter, food and water. Managed to read the numbers on its rings and report it but haven't been able to see if it has a phone number on its wings.
    The website advises trying to do so but as the poor thing seems quite overwhelmed by life as it is, neither of us wants to be the one holding the pigeon whilst the other one puts it under stress by pulling its wings about ... has the potential to get very messy, me-thinks. Hopefully the pigeon people will come back to us tomorrow with the owner's details.

    So there we are, all up to date and almost Monday already ... have a great week ahead everyone, SaRx
    ~ * ~ "A goal without a plan is just a wish" Antoine de Saint Expuery ~ * ~
    • moneyistooshorttomention
    • By moneyistooshorttomention 6th Aug 18, 6:36 AM
    • 17,345 Posts
    • 48,128 Thanks
    moneyistooshorttomention
    [QUOTE=ShyAndRetiring;74621678]Hi Money ...

    Ooooh Bugslet ^^^ getting a crew together here for you! ^^^^
    Originally posted by moneyistooshorttomention
    Someone say barge holiday.

    One proviso - no going across that tall viaduct (whatever it was called again) leading to Wales. Once in a lifetime on that one is enough imo - even if not the one doing the "driving" The ground looked a long way down to me on summoning up the nerve for a peep....
    Last edited by moneyistooshorttomention; 06-08-2018 at 6:40 AM.
    Never doubt that a small group of people can change the world. It's the only thing that ever has.

    Extinction Rebellion
    • crv1963
    • By crv1963 6th Aug 18, 7:50 AM
    • 572 Posts
    • 1,260 Thanks
    crv1963
    It caught my attention largely because ...
    a) That statistic directly includes OH and myself, we'll definitely both be in that bracket by 2031.
    b) We're fine with taking responsibility for ourselves, but are our finances (particularly in the context of early retirement hopes) going to be robust enough to allow us to be independent in doing so, if there's likely to be no resources available from the county council?
    c) I need to review the spreadsheet from a future care point of view. Does everyone else do this? I know it gets mentioned on The Number thread and it's a wide-open discussion, but when you know that the local authority are actually saying "look folks, there's no help here, sort it out for yourselves" it kind of makes you think that it's going to be necessary to make at least some basic provision in the long term plan?



    I think that we're all going to have to make some provision for the future- although our Council hasn't said make your own way, it is strapped for cash so more cuts are inevitable.


    I think there is a choice- either savings specific for future care/ help with maintaining living at home or trying to increase income stream. I'm toying with maybe starting a pot for this purpose, but on the other hand if you need help to stay living in your home are you going to want to be taking holidays as opposed to maybe weekends away?


    Even transport costs rise though- my mother needed to take 3 trips to outpatient appointments last month as the time of appointments meant she couldn't use public transport she had to pay £25 each time for a taxi. She is also very independent but with just SP to live on I stepped in to contribute, so I'm of a mind to save a bit in case we get to this stage.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • moneyistooshorttomention
    • By moneyistooshorttomention 6th Aug 18, 8:28 AM
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    moneyistooshorttomention
    There is an element of "transport costs" applicable to some in the earlier stages of retirement - as quite a few of us still have one or both parents still alive.

    Now if those parents are elsewhere in the country (maybe even elsewhere in the world) then there are your own transport costs to get to/from seeing them and maybe accommodation costs whilst there. Dependant on whether one has a car - but, if not, then those costs could be pretty high if the circumstances are awkward ones.

    I know my own transport costs to get back to see elderly parents aren't bad if I can know enough in advance/go by train. But - if anything has happened to those trains (eg a train strike or something) then we're talking cost of a long-distance taxi if it's urgent (£35 cheapest return train fare is no big deal - but around £400 for a taxi all the way if I "HAD to get back Today" and that's noticeable). Personally - I mentally "set aside" money for that sort of thing - in case (one of the reasons for keeping a bit of cash around - though I think they possibly know me well enough by now they'd take a cheque and trust me). Assuming one has a "local friendly taxi firm" lined-up that are used to you - so actually getting one wouldnt be a problem.

    So - some of us need to bear that sort of thing in mind.
    Last edited by moneyistooshorttomention; 06-08-2018 at 8:35 AM.
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    • Newly retired
    • By Newly retired 6th Aug 18, 8:32 AM
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    Newly retired
    Care costs in old age are such an unknown quantity. Some of us may never need them, whilst for others, even a huge pot of savings will not be enough.
    I am fortunate to have had an inheritance from my parents. They looked after each other, though Mum went into a Home after Dad died but she only outlived him by a few months( though she had a new lease of life for most of those, with no worries where the next meal was coming from), so it did not eat too much into her savings.
    At the same time I got a promotion, so was able to make good savings in my last 9 years at work, after a life of struggling financially.

    So I am fortunate to have a good amount os savings to fall back in. We live within our income, and still save some. Because of DH health, our holidays are limited. We are not big spenders. I actually find it hard to spend money as I have always been thrifty. We do spend more on food now than ever before, good meat from the local butcher, but a lot of stuff comes from Aldi, so it balances out. We rarely eat out.
    So I do expect to be able to finance Care up to a point, if needed.
    • lessonlearned
    • By lessonlearned 6th Aug 18, 8:45 AM
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    lessonlearned
    Some very sobering thoughts there about the future of health care. Tbh I can only see the situation deteriorating. Both the NHS and Adult social services are already under tremendous pressure and I can only see it getting worse.

    And no I don't have any answers...except to say that I think we are all going to have to assume a lot more responsibility for our own healthcare needs.

    I think it behoves us to try and remain as fit and healthy as we can, so taking care of diet and nutrition, excerise and movement, tackling any minor health issues as they arise rather than ignoring them and hoping they go away, and ensuring that our living accommodation can meet our changing needs so we can age in situ.

    On a more positive note, I think that technology will have a role to play. My youngest son is something of a "gadget man" and we have often discussed how we will look at my home in the future to see in what ways technology can help me remain at home.

    Stage 1 of this is my impending house move. I have deliberately chosen a property......a chalet bungalow .....that will be able to meet my changing needs. I will initially sleep in the upstairs bedroom because I think it is important to continue to use stairs as long as possible. However, if that becomes too difficult then I can simply adapt to single storey living.

    I have ensured that the access is easy, no outside steps and a flat garden, which I can make more low maintenance in the years to come. I will be changing the layout at some point anyway, knocking out a couple of walls to improve the flow of the house so will take the opportunity of ensuring that corridors and doorways are wide enough to allow easy wheelchair access whilst I'm at it.

    I did learn a lot whilst caring for my husband, just the simple logistics of what it was like to manage when you have serious mobility issues. I think getting the living space right is crucial to being able to retain independence and remain in your own home for as long as possible.
    Last edited by lessonlearned; 06-08-2018 at 8:48 AM.
    • lessonlearned
    • By lessonlearned 6th Aug 18, 8:58 AM
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    lessonlearned
    Sorrry.....just had another thought.......

    Yesterday I was reading Mr moneymoustaches blog.....required reading for anyone thinking about retiring early, but even if you are already retired, I think it is still worth taking a look. He is Canadian but even so his intelligent and common sense approach works just as well here.

    He was talking about healthcare insurance....which of course is far more expensive across the pond. They do have a form of state funded healthcare for seniors but it is very basic.

    He said we should not call it Healthcare insurance we should call it large medical bill insurance. He pointed out that Healthcare costs, whether provided by the State or self funded, don't keep us healthy, they just shield us from large medical bills.
    • ShyAndRetiring
    • By ShyAndRetiring 6th Aug 18, 10:32 PM
    • 81 Posts
    • 206 Thanks
    ShyAndRetiring
    Hi lovely visitors, thanks for your comments, a few quick replies ...

    CRV1963 - you raise many extra points for consideration, especially medical-related transport as OH would be happy to get rid of the car early on in retirement if possible. Additional savings for future care sounds like a necessary pot, just not sure how to fund it. You may have hit on a good idea there, with your mention of holidays ... I guess a holiday pot (for during the mobile years) could become more of a health pot once we're less mobile?

    Money'sTooTight - your mention of older parents is also relevant to what I posted yesterday as my mum and stepdad live within the same local authority and will be affected by the shortage of services considerably. Mum already has a chronic health condition and her mobility is not good, step dad is also becoming frailer, so helping them out is also a priority.

    NewlyRetired - Sounds like you have things in hand and you present another reasonable case for ensuring a health savings pot as part of our future planning. That 'if needed' point is a vital one too!

    LessonLearned - Now that's a good point, having a contingency for health issues begins with preventing / minimising problems in the first place. OH is pretty fit really, apart from his blip last year. I do have a long-term condition but it's mostly manageable if I'm careful. Don't know what the long-term situation of that will look like though and as you rightly point out LL, the more that's done to safeguard / improve existing levels of fitness, the better it will be in the long term. Your own plan in terms of your new house sounds like a very good one, and it's certainly similar thinking to ours when we made our recent downsize move - the bungalow and garden will be manageable in the long-term with just a few tweaks when needed.

    I do visit Mr. MoneyMustache's FIRE website from time to time and the figures for healthcare / medical bill insurance really make you think. We're very luck to have the NHS but certainly a pot for overall care and other medical support is looking like a very necessary thing.

    Everyone, thanks for your helpful insights. I've got lots to think about!
    ~ * ~ "A goal without a plan is just a wish" Antoine de Saint Expuery ~ * ~
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