The Retirement Thread
172 watchers
Jul 2024
8:49am, 11 Jul 2024
33,943 posts
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HellsBells
I stooped work at the same time that our youngest two did their A levels. Our eldest, 30 on Sunday - how did that happen?!?, still lives with us. He’s on a decent wage so pays us a reasonable board We were fortunate to be financially comfortable enough to do it |
Jul 2024
9:09am, 11 Jul 2024
69,811 posts
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Velociraptor
Agree with  G, divorce made a big difference to me, although if the circumstances leading up to the divorce and afterwards hadn't happened I might just have been trapped in work by lifestyle creep instead.
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Jul 2024
10:16am, 11 Jul 2024
23,138 posts
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geordiegirl
Divorce also had a negative impact on my financials, I lost everything as he was so controlling he thought by refusing to move out and sell would stop me leaving so I walked even though I had been the one working and paying the mortgage... then a long term illness also affected me changing jobs which would have increased my salary earnings, but I can't grumble as I do get a decent wage and the pension is pretty solid too. Just need to be able to fund the gap from escaping to getting mine paid out. On financial commitments, we and my brother/sister in law bought my mum and dad's house off them 5 years ago to release them their equity as due to miner strike and pit closures they didn't have a lot of savings and we wanted them to enjoy their lives, so even when we pay ours off I will still have their mortgage for a good few years yet. Its manageable though and at some point in the future that will become ours and add to the pension pot.... but not thinking about that as they are both in good health and fitness (almost 80 and 83) and fingers crossed we have a few more years with them yet - not least that our main driver to early retirement is so we can go and explore the world while all parents are in good health. |
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Jul 2024
10:46am, 11 Jul 2024
69,815 posts
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Velociraptor
I didn't lose everything on divorce, I kept all but one of the children and the one who chose to live with her father at first (sensibly, for school-related reasons) was back with me within a year.
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Jul 2024
10:50am, 11 Jul 2024
19,332 posts
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Mandymoo
Both of our two are settled with their own homes. Neither went to Uni (well daughter has at 36 but that's down to her and her hubby to finance). Son is a Civil servant so has a good pension, as does his wife. Not sure we would have retired when we did if they had gone to Uni but as it was paid out mortgage off just before I was 50 |
Jul 2024
4:54pm, 11 Jul 2024
76,613 posts
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Lip Gloss
I did well out of my divorce to be fair. He bought me out house so I was able to buy a 1 bedroom house outright although I took a manageable 10k mortgage so that could get ne kitchen and bathroom. I also got half his pension which was invested wisely and that is what is helping to finance my retirement along with rental from my house.
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Jul 2024
5:21pm, 11 Jul 2024
55,879 posts
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EvilPixie
Spoke to IFA today He’s changed his wording to absolutely no reason to work unless you want to MrPix is back worrying about IHT only now he’s worrying about his folks too! Both live in Berkshire where house prices have rocketed I’m very much nowt we can do until the worse happens chill out and IFA tried to push that too Gran was in a care home that cost 75k p/a which would rapidly eat into any estate So …. @Sigh I think I will bite the bullet and ask for my poss temp to be removed 😁. Subject to me wanting a job instead of killing MrPix for being annoying 😂😂 |
Jul 2024
5:28pm, 11 Jul 2024
42,853 posts
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Ness
Brilliant, Pix. 🎉
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Jul 2024
5:29pm, 11 Jul 2024
17,468 posts
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jda
Given that you typically get a million quid before you even need to think about IHT, if you're worrying about that, you're already rich enough to retire....
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Jul 2024
5:35pm, 11 Jul 2024
55,881 posts
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EvilPixie
MrPix has always worried about money as he worked in bad debt before If property prices hadn’t sky rocketed then we’d not be worrying |
CumbriAndy Useful Links
FE accepts no responsibility for external links. Or anything, really.- Money Helper
- How Much is Enough to Retire On?
- Retirement Living Standards
- How much will you need to retire?
- Free Govt website for pension advice
- SIPP pensions
- ISAs
- Check your National Insurance contributions
- Check your state pension account
- Martin Lewis on pensions
- Support and advice for those widowed under the age of 50
- Power of Attorney information
- Making the most of your retirement
- 20 tips for a happy retirement
- Married Couple's Allowance
- Aviva guide to retirement planning
- U3A
- U3A Local Sites - map
- Make a Power of Attorney
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