How are you doing matey.
Good post. You have already done your bit for the kids if they are commanding those sort of salaries. There may be something in your age gap theory. My Mrs is several years younger than me and with no kids I would be happy to rent rather than buy when we sell up and then go on a bit of a spend spend spending spree. She is more cautious perhaps on the basis I am likely to go first. I try to explain, if she gets to that age where she needs a care home one bedroom is pretty similar to another once she has lost the plot and the staff are poorly paid whether they work in a posh one or a Local Authority one so money won’t necessarily get her better care.We are almost mortgage free and I want to downsize to give us a decent pot to put with our small savings.
But the missus is obsessed with leaving the house to the kids, the kids now being in their 30s and all in salaries I could only dream of when I was that age.
We live ok with a joint income of around 75k
I retire in 3 years missus still has 8 to go
I keep trying to convince her that they will still get the house between them its just not
As much and they don’t really need these amounts of money seeing as they are all on 40-45k and our time is now.
As a side note all this bollox about houses not selling and prices dropping just isn’t true where I live, houses are selling same day and values are increasing.
If I can’t convince her it’s not end of the world I just think our age gap of 5 years is starting to show on issues like this.
I’ll be 71 by the time she retires probably to old to do anything.
You’d not get many homes in London on that.I'd say £50,000 household income if you have kids and want a house, 2 cars, couple of holidays a year etc.
The OP said based on living in the UK, outside London.You’d not get many homes in London on that.
Downsize and enjoy it, the kids seem set anyway and I’m sure they’d would want you to enjoy it, I’ll be 80 when my wife retires,she’s got 25 years to go!if I’m still around! That’s the problem if you marry someone younger and retire very early like me. We have major issues with it at the moment as we have a 10 year old as well, I’m tied in what I can do, I want to get my camper and fuck off for a few days etc but then we still have school run etc.We are almost mortgage free and I want to downsize to give us a decent pot to put with our small savings.
But the missus is obsessed with leaving the house to the kids, the kids now being in their 30s and all in salaries I could only dream of when I was that age.
We live ok with a joint income of around 75k
I retire in 3 years missus still has 8 to go
I keep trying to convince her that they will still get the house between them its just not
As much and they don’t really need these amounts of money seeing as they are all on 40-45k and our time is now.
As a side note all this bollox about houses not selling and prices dropping just isn’t true where I live, houses are selling same day and values are increasing.
If I can’t convince her it’s not end of the world I just think our age gap of 5 years is starting to show on issues like this.
I’ll be 71 by the time she retires probably to old to do anything.
I see.The OP said based on living in the UK, outside London.
You did to a whopping £10K (equivalent to £5 per hour full time work) sorry if i wasn't clear in first post but did clarify in my reply but I am talking about people with a defined contribution pension.Eh?
I’m a pensioner.
Got a 10.1% increase this year.
You look fuck all like Pete Poslethwaite(sp?)...........
Oct 2020It has been a while since the State Pension can be claimed at 65
Eek I can definitely sympathise with you.Downsize and enjoy it, the kids seem set anyway and I’m sure they’d would want you to enjoy it, I’ll be 80 when my wife retires,she’s got 25 years to go!if I’m still around! That’s the problem if you marry someone younger and retire very early like me. We have major issues with it at the moment as we have a 10 year old as well, I’m tied in what I can do, I want to get my camper and fuck off for a few days etc but then we still have school run etc.
Cracking post.People on £20k will say £30k
People on £30k will say £40k
People on £40k will say £50k
Etc etc
Most peoples quality of life tends to be uplifted when they get a payrise, and therefore makes a discussion like this difficult.
I've lived off all of the above at various stages, but I didn't have a house when I was on £20k!
There is just simply no correct answer to this question
My pension isn’t £10K, it’s pre 2016.You did to a whopping £10K (equivalent to £5 per hour full time work) sorry if i wasn't clear in first post but did clarify in my reply but I am talking about people with a defined contribution pension.
FOC. Can't have mine yet will be on the new one obviously have a couple of final salary ones to bump up but feel for people trying to live on the pension with a small pot that can class as funds and stop them getting pension credit etc.My pension isn’t £10K, it’s pre 2016.
Get North mate, that will go much furtherIm on 65k down here in kent/london
wife doesn't work and 2 kids.
pays for mortgage, bills and a bit of a life. not much more.
Pensioners aren't gonna suffer because of the triple lock.It's the people on fixed incomes like pensioners that will suffer whilst inflation busting payrises fuel further inflation.