What are you going to live on when you retire?

anglo

LE
I was planning to retire at 55 three years later I’m still working. Unfortunately for me the wife decided to lend our lad the majority of our savings to buy a house as she did not want him to have a mortgage and to help his business out. I most most peed off mainly because she thought I would not mind so did not bother to tell me. We hardly speak now as to my lad yes his business is doing well and he has a nice house but again we almost never speak. Having your retirement plans trash tends to put you in a bad mood.
It's only money, You've helped your lad to make his way in life, and that's what matters,
 
There was a change of company a couple of years back so I'm in touch with the current adviser about an FSCS claim, although progress seems a bit
slow.
You could speed it up with a pointed suggestion to your adviser of do you think a letter to the Daily Telegraphs financial agony aunt is worth a punt - watch them blanche.
 
I was planning to retire at 55 three years later I’m still working. Unfortunately for me the wife decided to lend our lad the majority of our savings to buy a house as she did not want him to have a mortgage and to help his business out. I most most peed off mainly because she thought I would not mind so did not bother to tell me. We hardly speak now as to my lad yes his business is doing well and he has a nice house but again we almost never speak. Having your retirement plans trash tends to put you in a bad mood.
Now that is cruel. She might well have that altruistic dream for her boy but it holes your plans below the water line. Money once gone is hard to get back, but of course you know that.
 

goodoldboy

MIA
Book Reviewer
I was planning to retire at 55 three years later I’m still working. Unfortunately for me the wife decided to lend our lad the majority of our savings to buy a house as she did not want him to have a mortgage and to help his business out. I most most peed off mainly because she thought I would not mind so did not bother to tell me. We hardly speak now as to my lad yes his business is doing well and he has a nice house but again we almost never speak. Having your retirement plans trash tends to put you in a bad mood.
Sorry to hear that but if you're saying that it was all done and dusted before you knew about it then I'm truly amazed. Good luck to you...
 
Or very good luck. Sadly I know a couple of mates who traded from home and lost a pile. for a credible/survivable retirement I would have thought the risk of a pandemic on your portfolio would bring on the heart attack pdq!
I don’t think it has anything to do with luck. It’s about business discipline. Never investing more than you can afford to lose. Understanding risk to reward, conserving your capital, keeping your exposure to events limited and hedging if appropriate.

Way too many amateur investors (and worse, traders) get in way over the heads. Not just financially, but emotionally too. They end up gambling. And losing a pile.
 
I did seven years and moved my pension the local government, then to the BBC, then back to civil service and I rook early retirement at fifty with a nice lump sum and a monthly pension on top of this I collect my early Canadian pension (60) now in two years I collect my full Canadian and my UK pension (65) I also have monies/investments tucked away.
 
I did seven years and moved my pension the local government, then to the BBC, then back to civil service and I rook early retirement at fifty with a nice lump sum and a monthly pension on top of this I collect my early Canadian pension (60) now in two years I collect my full Canadian and my UK pension (65) I also have monies/investments tucked away.
" Gawd bless yer, lend us a few quid guv!"
 
Interesting thread.

I’m the same age as the OP and I think there are some definite heads in the sand where our generation is concerned, regarding our future.

Most of my mates and peers don’t even know how pensions work. It’s not something we were taught at school and when you get a job, the pension stuff is just another form you have to fill out.

I think the entire system is geared up to assume you’ll buy a house at some point and have the mortgage paid off by the time you retire.

In theory it should be possible to survive on the state pension and whatever savings you can scrape together if you do this.

You’d have to downsize your life considerably, but this is all stuff that should naturally happen as you get older anyway. Kids will move out and become self sufficient, when you and the missus stop working you won’t need two cars anymore, your commuting costs will disappear.

You need to factor in these savings when considering what your future looks like.

However it’s a thin line to tread and for many it’s not possible to slim down their expenditure. In which case it’s time to look at other options.

I’m currently looking at how things are gonna pan out for my mother and it’s pretty grim truth be told. She’s in her mid 50s and living in a rented house. Come retirement age there is no way she is going to be able to afford her rent on her pension. She has a pension, but having fired out 3 kids and not worked for a fair portion of her adult life, it’s not going to be enough. Women in my family also tend to live forever with great and great great grandmothers living well into their 90s on all sides.

In my opinion the best and least risky bet is to get a job with a very good pension, invest in your own property and diversify your portfolio with a few wildcards like antiques, jewellery and art. If you’re self employed try to grow your own business as much as possible with the aim of selling it one day.

Other than that what else can you do?

Apart from marry the daughter of an Earl.
I married the daughter of a ( Maltese ) Marquess .

The ancestral lands the title refer to consist of a withered olive grove in Gozo . The shooting's not very good , mostly the odd exhausted quail or endangered songbird .
 
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