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    #31
    Originally posted by Malcolm, Essex View Post
    Sorry to briefly hijack then topic, but my question as how would I afford to retire early? (or retire at all?)

    I've paid a works pension all of my life, but I understand that they are not so impressive these days.

    Even if you are mortgage/rent free, food, community charge and energy would still be major bills.

    I have some savings, but not enough to regularly cruise the world without a job!

    I assume the state pension will not pay for any luxuries?

    What is the secret please?
    My secret? I married a toy boy.😂😂😂 Hubby is 10 years younger than me! He will still be working when I retire.
    don't want to work, just want to cruise.

    Comment


      #32
      Originally posted by Malcolm, Essex View Post
      Sorry to briefly hijack then topic, but my question as how would I afford to retire early? (or retire at all?)

      I've paid a works pension all of my life, but I understand that they are not so impressive these days.

      Even if you are mortgage/rent free, food, community charge and energy would still be major bills.

      I have some savings, but not enough to regularly cruise the world without a job!

      I assume the state pension will not pay for any luxuries?

      What is the secret please?
      Have you considered not retiring and deferring your state pension for say, five years.

      You will get a nice lump sum to do with it as you please.
      Wilba

      Comment


        #33
        Originally posted by Wilba View Post

        Have you considered not retiring and deferring your state pension for say, five years.

        You will get a nice lump sum to do with it as you please.
        If you live long enough. Live each day as if it is your last - one day it will be.

        Comment


          #34
          Originally posted by Cooke, Ashby View Post

          If you live long enough. Live each day as if it is your last - one day it will be.
          Beat me to it Judith.

          Only 1 of my parents lived to retirement age and he never enjoyed 5 years retirement.

          Annie

          Comment


            #35
            Originally posted by annie, Glasgow View Post

            Beat me to it Judith.

            Only 1 of my parents lived to retirement age and he never enjoyed 5 years retirement.

            Annie
            Yes, my OH's parents were both in their 60's, so young. My mum is 84 next month, but she never wants to do anything any more, she used to love her holidays, but always says, she just can't be bothered now I'm a definite live for today kind of person .................................................. ...Carol

            Comment


              #36
              Originally posted by carol, welwyn garden city View Post

              Yes, my OH's parents were both in their 60's, so young. My mum is 84 next month, but she never wants to do anything any more, she used to love her holidays, but always says, she just can't be bothered now I'm a definite live for today kind of person .................................................. ...Carol
              Aw bless your dear mum.... Nice that she has enjoyed them in the past tho..
              I lost my lovely mum when I was 24 and was 27weeks pregnant with our first child, our daughter. My mum was only 44. So when our daughter was having her first child I said I would be giving up work to look after baby when she went back to work 2 days a week, and I did, I have never once regretted it, Plus... I like being a 'kept woman' 😂

              Comment


                #37
                Originally posted by Tracey, East Yorkshire View Post

                Aw bless your dear mum.... Nice that she has enjoyed them in the past tho..
                I lost my lovely mum when I was 24 and was 27weeks pregnant with our first child, our daughter. My mum was only 44. So when our daughter was having her first child I said I would be giving up work to look after baby when she went back to work 2 days a week, and I did, I have never once regretted it, Plus... I like being a 'kept woman' 😂
                Its just so sad, my sister was 44 too, she had a 20 year old and a 3 year old. .................................................. ........................Carol

                Comment


                  #38
                  Originally posted by carol, welwyn garden city View Post

                  Yes, my OH's parents were both in their 60's, so young. My mum is 84 next month, but she never wants to do anything any more, she used to love her holidays, but always says, she just can't be bothered now I'm a definite live for today kind of person .................................................. ...Carol
                  If I reach my 80s, I don't know if I would want the hassle of travelling any more - just thinking of the crowds in Venice and Dubrovnik for example. Airport hassles etc.

                  Lucky me, I completed my bucket list of cruises earlier this year. I know I don't cope with the increasing crowds well. A primary consideration going forward.

                  Annie

                  Comment


                    #39
                    After a forced early retirement at 63 I spent about 4 years doing a few days voluntary driving for Yorkshire Ambulance Service. I supplied the car and fuel and they paid 45p a mile to cover the expenses. As long as you adjust your insurance to reflect the extra miles the extra is minimal, as you are not driving for hire or reward.

                    You choose when you "work", you start from home and are paid all miles to your return home. A couple of days a week doing 100 to 200 miles a day will cover the annual cost of your car or a cruise for 2.

                    You meet a lot of people and hear many interesting life stories.

                    All income is tax-free (with the caveat that your mileage/expenses are advised to the tax office and they MAY show an interest if you exceed 10000 miles per year - I was doing double that and was never contacted).

                    By carrying people who only need a saloon car you release the specialist ambulances and their fully trained staff for those in need of specialist transport.

                    I only gave up once I stopped enjoying long distance driving and the OH started working reduced hours pre-retirement, so long weekends were introduced.

                    Cheers

                    Tony B
                    Last edited by toshtosh, Guiseley; 10th June 2019, 02:45 PM.

                    Comment


                      #40
                      Originally posted by annie, Glasgow View Post

                      Beat me to it Judith.

                      Only 1 of my parents lived to retirement age and he never enjoyed 5 years retirement.

                      Annie
                      Blimey I'd better phone the reaper and ask him to get my plot ready..............Wilba
                      Wilba

                      Comment


                        #41
                        On the subject of retirement funding I assume everybody has seen the many ads for equity release.

                        If you are attracted but worried about the increasing charge on your property it is worth considering an Interest Only (Lifetime Mortgage) option where you pay the annual interest on your cash released and the capital is repaid as with equity release - once you leave your house. This is a relatively new option that banks/finance houses are offering.

                        Because you are not adding interest to interest it saves your inheritance.

                        A £100000 equity release (no repayments and 5% interest) will increase to a £278000 charge on your house in 20 years. If you borrow the same £100000 on a lifetime mortgage over 2 years you will pay £100000 (£410 a month) and only a £100000 repayment from the value of your house.

                        The retirement mortgage is useful for those who have good pensions (for the repayments) and want to keep their options open on both their eventual estate and possible further releases in the future.

                        Obviously you need professional advice but most of the "popular" companies only advise you of the "Equity Release" option.

                        Anybody looking at equity release can find out about the Interest Only option by searching "Retirement Interest Only Mortgages".

                        Cheers

                        Tony B

                        Comment


                          #42
                          Get your kids to pay the interest.

                          They would be much better if they offered flexible drawdown, only pay interest on the bit you use.

                          Comment


                            #43
                            Originally posted by toshtosh, Guiseley View Post
                            On the subject of retirement funding I assume everybody has seen the many ads for equity release.

                            If you are attracted but worried about the increasing charge on your property it is worth considering an Interest Only (Lifetime Mortgage) option where you pay the annual interest on your cash released and the capital is repaid as with equity release - once you leave your house. This is a relatively new option that banks/finance houses are offering.

                            Because you are not adding interest to interest it saves your inheritance.

                            A £100000 equity release (no repayments and 5% interest) will increase to a £278000 charge on your house in 20 years. If you borrow the same £100000 on a lifetime mortgage over 2 years you will pay £100000 (£410 a month) and only a £100000 repayment from the value of your house.

                            The retirement mortgage is useful for those who have good pensions (for the repayments) and want to keep their options open on both their eventual estate and possible further releases in the future.

                            Obviously you need professional advice but most of the "popular" companies only advise you of the "Equity Release" option.

                            Anybody looking at equity release can find out about the Interest Only option by searching "Retirement Interest Only Mortgages".

                            Cheers

                            Tony B
                            If you are of a 'certain age' with the mortgage paid, why not just sell your house, put the money in the bank then rent a smaller property?

                            That way, you pay no one nor owe no one and every penny is your own..................Wilba
                            Wilba

                            Comment


                              #44
                              I've got six years left before my state pension, five years until my work pension and I just got a small pension and a lump sum from my time at Woolworths.

                              I've only been in my current job ten years so that pension won't be massive though it's NHS so half decent I hope. My other half is a couple of years older but not in best of health so he may have to medically retire or at least cut his hours down. We haven't made any decisions, just keep on going as long as we can.
                              BIG SHIPS, little ships, small world

                              Comment


                                #45
                                It's very difficult for people to think of downsizing when they love their house and area, but sometimes this is the way to go as you age.
                                We own a house in one of the 10 cheapest areas in the UK- in fact, the cheapest seaside area in England. Even so, it has been worth our while to rent out the house- which is a 3 storey Victorian terrace- and move into a purpose built park home, with all mod cons, on a "safe" park for over 50s. The running costs are minimal, there's no stairs for our aching joints, and there's plenty to do in the area...plus I love my modern kitchen and en suite...
                                It was easy for us, because we've had to move around the country so many times, and we know how to settle in a new place and begin making new friends ( although we're only 3 miles from our other house). So many people on the park have made the move from the south because of the house prices- the latest have come from the Southampton area.
                                Looking at a similar park home to ours in the south, we'd have to pay 3x the price, with the same park owners.
                                But I know moving isn't possible for most people, with family and connections to their home areas.
                                Jo.

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