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Nov 2023
9:24am, 28 Nov 2023
115,254 posts
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Hanneke
I have started spending my pension on my private cancer treatment.
I have been told that is unwise 😱
Me: well, the alternative is/was to be dead, roughly by now... What you'd rather? I like to live a few more years AND enjoy it... Then I can worry about a very small pension if/when I get that old!
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Nov 2023
9:28am, 28 Nov 2023
27,227 posts
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TROSaracen
My pension looks very low compared to me final income. But currently disposable income is higher.
When working I was paying mortgage, National Insurance, work related costs. Pension pays no National insurance, mortgage was paid off with work release lump sum so that brings them closer.
My choice was a slight degradation of lifestyle and no work from age 54, or 2 day a week job (different lower stress job) and have perhaps a enhanced lifestyle even from working salary in terms of available spend.
I'm currently working the 2 days/week and will continue to for a year or two. Although I could quit at any time, but that makes doing Ironman triathlons in places like Hawaii and New Zealand challenging.
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Nov 2023
9:38am, 28 Nov 2023
66,540 posts
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Velociraptor
Assuming Dad doesn't incur massive care costs, my children will inherit directly from my parents within the stipulations in Scots law on inheritance rights.
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Nov 2023
9:44am, 28 Nov 2023
7,943 posts
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um
My (retired) gross income is roughly half my working gross.
But the net monthly amount is about 80% of what it was before.
(mainly due to a lot less tax, no NI, no monthly pension contibutions etc etc)
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Nov 2023
9:50am, 28 Nov 2023
115,255 posts
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Hanneke
I paid off my mortgage.
Just in time!!!
Saving £700/month, which is hugely helpful 
I always went from the assumption of doing that before retiring, so I can live well on state pensions and a tiny amount of private pension.
I had hoped to install solar panels from a small private pot, reducing outgoings by another £200/month, but sadly, that is now going on private treatment and I have had to start drawing down on my SIPP already as benefits don't cover outgoings when paying for private treatment.
But if that means no holidays when retired, so be it, as I otherwise may not even live that long! I intend to, but the NHS says otherwise.
Live by the day!
TRO, now you can do your far flung tris, in 10 years time, you may not or not want to anymore, so who cares
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Nov 2023
10:09am, 28 Nov 2023
34,526 posts
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Foxy
4 years left until I can call it a day - seems a lifetime away !
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Nov 2023
10:11am, 28 Nov 2023
15,983 posts
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jda
Legal rights for grandchildren Vrap? Are you planning an early exit yourself?
Once you limit to moveable assets (ie not property) they often don't amount to a vast sum, especially split multiple ways...
Our retired income is massively down on the stupidly high salaries we were paid in Japan, but considering we were saving well over half of those, it's not a problem
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Nov 2023
10:33am, 28 Nov 2023
66,543 posts
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Velociraptor
I'm not planning an early exit, jda. Quite the contrary. But it'll be better for my children to inherit directly from their grandparents in, probably, their thirties (though I wouldn't write off Dad's chances of making the century) rather than waiting till their eighties to get whatever's left after I've torn through it.
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Nov 2023
10:40am, 28 Nov 2023
15,985 posts
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jda
I agree entirely with the sentiment, it was the reference to legal rights that I didn't follow. I also got a bit from my grandparents in my 20s and it certainly gave a bit of a cushion for making some early life choices (though house prices were sensible back then anyway, it wasn't as necessary as these days).
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Nov 2023
10:46am, 28 Nov 2023
27,230 posts
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TROSaracen
I think there were 3 phases in my life re receiving inheritance (if I had):
- too young, would have burnt through/squandered it. In George Best's words 'I spent £250,000 on women and booze. The rest I squandered....'. Probably age up to 28/29.
- perfect age 30 to approx 50. Would have used wisely, enhanced my life choices.
- 50 onwards - really back to part 1 really. Sorted financially so no additional choices/opportunities arise so its either squander it or give it away....
Needless to say didn't receive a penny in phases 1 and 2....
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Marmite 