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Floydy
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Floydy is male  Floydy has posted at least 25 times and has been a member for 3 months or more 
 
02-06-2019, 03:03 PM
21

Re: Pension at 55

Some wonderful replies. Thank you all for this, your help will be very useful. I’m going through them all again as I write this post to refer to.

I think it’s important to note without being ageist that I am in a younger generation. Smack bang in the middle between the modern era and the olden days. It is far more difficult to save for anything these days unless you are privileged or are in such a job that is very well paid. I am neither. My wage is better than basic but it’s a general working class wage for the job I do.

My parents would have been like some of you. They were of the built-in discipline of “save everything, spend nothing” and that isn’t possible these days, not for me anyway. Yes, I’ve made some terrible decisions; I’ve been very impulsive – “I’ll buy that and worry about it later” (then it’s too late, I’m on the slippery slope trying to claw it all back the rest of my working life.

I also must mention that my wife was divorced from her first husband when her two children were very young and had to borrow money all the time they were growing up, that was the only way to survive.

I will be asking for some advice from Pensionwise – that is a good call and I’ll get in touch with them about August time. Cards on the table, adding everything up, taking things out.

I have also decided that I must take the amount I require to settle all of my current outstanding debt. I do not have a credit card anymore but my wife has. With some inheritance I receive a couple of years ago (as was mentioned by someone earlier), this was spent on settling a Debt Advisory loan which would not have been paid back until my wife was 81! That was a massive chunk of my inheritance and the rest I bought a new car with. My dad would have liked me to have something for myself from their lifetime savings I think.

I cannot carry on waiting until I’m in my sixties to pay everything off as someone said. I would surely be dead of a heart attack brought on by even more worry and stress if I did that. It’s surely the best option to pay it all off and get all house repairs sorted out so my later years can be spent with relative ease and comfort. We have both waited a long time to be able to simple go our and do what others do each week – eat in a restaurant occasionally, go on weekend trips. We deserve that I think after being not poor but having to watch our finances.

I only go out once or twice a week because my work pattern doesn’t allow otherwise. So it’s a meal in a pub with my wife on a Friday night and my social life time with my pals on a Saturday afternoon, which doesn’t break the bank and it’s not every week. I’d go spare if I had to stay in on a weekend seeing nobody until work begins on Sunday night once more. I’ve earned my wages and it’s my treat. Just basic things. Others go to rugby or football or whatever, I see the odd band too. My way of enjoyment and I do not spend a fortune doing all this. I cannot cut out these as my life would really be not worth living. It’s been hard enough for the past 20 years. Someone mentioned cutting back on the gym – it’s £12.49 a month. Why should I stop doing the things I want to do. We don’t spend a lot on food either and I am living very much within my means these days.

We have our house paid off as I said earlier, which is collateral and I will also receive a further pension when I’m 60 from the RAF, so that will enable me to go part-time hopefully in whatever job I’m doing then. For now though, I’ll see where the funds take me when I get my initial age 55 payment and watch how it all settles down after the debts are cleared. Then my only goal is to get off these bloody night shifts which are slowly crippling me. If I can’t get a similar role on days where I work then I will be looking elsewhere. I don’t want to do that as it’s risky and it would be like beginning again, but I’ll be sending out CVs later in the year just to see what happens.

At the end of the day then when I put all this down on ‘paper’ like this it doesn’t all look too bad. The debts are manageable and can be settled from the 25% with a further wedge taken out for the bathroom at least if not the kitchen. Plus, if you think about it, with these debts cleared our accounts will be free for the first time ever of anything more to pay out for than the usual bills, food and general expenses, so there is some light I think. I won't blow it all of course and I'm still working for another 10 years at least, so the pot will build up again.

Thanks again. Anything else you think of, please fire away. Cheers.
Floydy
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Floydy is offline
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Joined: Oct 2015
Posts: 14,167
Floydy is male  Floydy has posted at least 25 times and has been a member for 3 months or more 
 
02-06-2019, 03:05 PM
22

Re: Pension at 55

Originally Posted by Artangel ->
I think you need less money when you’re old.
You don’t eat as much, you get a free bus pass, free prescriptions, why even buy so many clothes. Usually, if you own your own home, your mortgage is paid off.
I can’t understand why you need so much money when you’re old? You need it more when you’re young!
Absolutely right on the button, Art
 
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