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KarenC
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West Sussex
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12-08-2017, 02:23 PM
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Nest Egg?

Hello everyone
I am new here,aged 59 going to be 60 in October.I am married to a man aged 61.
Our financial situation is a long way from how we imagined it would be at our ages.
I took early retirement some years ago as it was that or redundancy so I get a private pension of 1180 (net) per month.
My husband also took his private pension at 60 as he had been unemployed for a while.that is 800 per month.
We have a mortgage free house worth about 450k.
I work part time and earn around 400 to 600 per month according to how many hours I do. I really do not want to work full time.
My husband also works part time now, earning around 500 per month.
We do not have any debts and I can see many might think we are very lucky.We do not really have enough money to live on,and this is my actual question. Some years ago I received an inheritance (which is how the mortgage was paid off ) and there is about 30 k left.
I have split this 12k in premium bonds. 13k in peer to peer lending platforms and the other 5k in the bank (slowly being eroded!)
Are these the best places? I have won about 75 per year in the bonds and make about 8% interest on the other lending (although there is always a danger of losses)
My husbands view is to simply burn through the lot as we only live once but I am not very happy with that idea!
We don;t get our state pensions until 66 now and although we have tried to get a forecast it has not been forthcoming.
We have also put our house on the market as we cannot really afford to run it and hope to release about 50k in equity by moving somewhere smaller.
It seems a terrible way to end up after both working full time for over 40 years!
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12-08-2017, 02:29 PM
2

Re: Nest Egg?

Hi KarenC and welcome.

Could you not move to another county and perhaps find a similar sized house for less. Then you could live on the profit.
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KarenC
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12-08-2017, 02:35 PM
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Re: Nest Egg?

Originally Posted by Longdogs View Post
Hi KarenC and welcome.

Could you not move to another county and perhaps find a similar sized house for less. Then you could live on the profit.
Possibly yes,we could,we actually do not mind a smaller house in this area as our existing one has four bedrooms.That would then mean giving up our jobs though and I do think that working is good for mental health as we get older.

thank you for your reply and the welcome x
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12-08-2017, 02:48 PM
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Re: Nest Egg?

A terrible way to end up, are you having a laugh? An annual income of 36k, a house worth 450k and savings as well sounds pretty comfortable to me, I'm sure there would be a few on here who would love such hardship....
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12-08-2017, 03:11 PM
5

Re: Nest Egg?

Originally Posted by KarenC View Post
It seems a terrible way to end up after both working full time for over 40 years!
A terrible way to end up after working full time for over 40 years is homeless, penniless and ill - you don't seem in imminent danger of any of those, let alone all three .....
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TessA
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12-08-2017, 03:43 PM
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Re: Nest Egg?

and there was me biting my tongue!
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12-08-2017, 03:45 PM
7

Re: Nest Egg?

Originally Posted by Barry View Post
A terrible way to end up, are you having a laugh? An annual income of 36k, a house worth 450k and savings as well sounds pretty comfortable to me, I'm sure there would be a few on here who would love such hardship....
Gosh I would like to be that hard up .
It sounds very comfortable to me positively wealthy.
I live on less than a third of that and consider myself very lucky.

I own my own little house, as a widow of 30years+ with a child to bring up always in low paid jobs I never managed to save more than a bit of emergency money but with a bit of careful management I have all I need.

What do elderly people find to spend so much money on
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TessA
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12-08-2017, 03:48 PM
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Re: Nest Egg?

I think it's all relative Meg, if I said to my sister that I have no money she'd assume I was down to my last 50k, those who don't experience real hardship can't begin to imagine...
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12-08-2017, 04:44 PM
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Re: Nest Egg?

Originally Posted by TessA View Post
and there was me biting my tongue!
You and me both
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Leia
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12-08-2017, 04:46 PM
10

Re: Nest Egg?

I'd swap places with Karen any day.
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