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!