Retirement

[JAZZMANB]

I started with Grok and spent a long time formulating a plan with it (F-ing ages LOL)

I then tried Gemini with my original prompt but it just didn't seem to be on the same wave length

Then onto Copilot which was similar to Groks plan with a few differences ( i said CGBT in my earlier post but was mistaken).

I then spent a long time trying to formulate a spread sheet whereby i could sort of prove the AI plan. This didn't go to well and i ended up purchasing a spreadsheet from ETSY which has proved to be a game changer (For me anyway)

This was all after i carried out a 10 year deep dive spending analysis to decide on what annual income i actually wanted from my pension pot.

You'll love the funeral plan ads when you retire

 

[Matt Hopkins]

As said, it’s a rule of thumb. It’s a brave person who decides to have an unsustainable withdrawal rate on the basis that they may not need as much in 20 years. There are plenty of fit and healthy folk in their 80s who go on long haul flights and cruises.
You may want/need to spend it going private for an operation in your 80s instead of waiting 2yrs in pain and unable to do much on an NHS waiting list. Time becomes more valuable the older you are. You may want to go into a nicer care home putting some of your funds towards that rather than going to the cheapest. With medical and social care, your costs may actually increase in your 80s.

It’s ok saying you want to empty your pot in your 80s, but David Attenborough has just reached 100 and looks like a 70 year old. You just don’t know how long you’re going to live. I’m not going to take the risk of running out.

Don't want to drag this thread off topic, but this "nicer care home" is something I can't get my head around. From what I saw when my Dad was poorly all the care homes seemed the same, I certainly never saw or heard homes being nicer than others.
Back on topic. IMO unless you have a massive pot I don't think you can have money sort of put away in case you need to go into a care home, I know I haven't. Say you needed 2 years in a care home you'll be looking at around £130k (less your SP) There'll be people retiring who wont even have that in their pot when they pack in.

I'm currently looking at care home options for my mam. She's 91 and has been healthy and independent but has started to decline in the last few months.

The costs are just staggering. It's fine if you have a lot of money put aside as you have a great choice. If you have nothing then the council decides where you will go so you get what you are given. For those in the middle with a property and some cash savings it's horrendously complicated.

I'm not convinced you have a great choice, as I said around Chester le Street all the homes seemed much of a muchness. I know of someone who has gone into an "upmarket home" which seemed great at first but now seems just the same standard as every other home and they are paying an absolute fortune

 

[DaveH]

Clock watching ,ticking stuff off charts
Saying only X more days, years til....
It's a general term I suppose but " I can't wait " is something we say a lot .

That is not letting life pass you by. That is just being aware of the time and planning accordingly. I can't see anything wrong with that.

In fact this whole thread is nearly 300 pages of people planning for a significant life changing event.

Some would call this common sense.

 

[42]

As said, it’s a rule of thumb. It’s a brave person who decides to have an unsustainable withdrawal rate on the basis that they may not need as much in 20 years. There are plenty of fit and healthy folk in their 80s who go on long haul flights and cruises.
You may want/need to spend it going private for an operation in your 80s instead of waiting 2yrs in pain and unable to do much on an NHS waiting list. Time becomes more valuable the older you are. You may want to go into a nicer care home putting some of your funds towards that rather than going to the cheapest. With medical and social care, your costs may actually increase in your 80s.

It’s ok saying you want to empty your pot in your 80s, but David Attenborough has just reached 100 and looks like a 70 year old. You just don’t know how long you’re going to live. I’m not going to take the risk of running out.

Attenborough is a very rare example. For most, the insurance costs will be too prohibitive to travel the world at that age anyway. If youre very well off, then there maybe more to think of. However at the end of the day, its a game of probability & the probability is that youll be knackered in your 80s. My view is get all of the travelling done by then & use your latter years spending quality time with family

 

[Town End Farmer Giles]

Yes that’s why it’s better to do the tiring stuff when you’re still working or in the early go-go stage of retirement.

You are at the go-slow stage.

Didn't want to do tiring holidays when I was younger,never been interested in long haul. If my annual holiday budget was 10k it would be 5 x 2k holidays in the Med or Canaries. Or 10 x 1k ones

 

[Ned Land]

Didn't want to do tiring holidays when I was younger,never been interested in long haul. If my annual holiday budget was 10k it would be 5 x 2k holidays in the Med or Canaries. Or 10 x 1k ones

I’m the same tbh. I’ve never really fancied the far east, Australia etc. but one day I might get the urge. I don’t have places that I want to ‘tick off’ just to say that I’ve done it.

 

[Town End Farmer Giles]

Don't want to drag this thread off topic, but this "nicer care home" is something I can't get my head around. From what I saw when my Dad was poorly all the care homes seemed the same, I certainly never saw or heard homes being nicer than others.
Back on topic. IMO unless you have a massive pot I don't think you can have money sort of put away in case you need to go into a care home, I know I haven't. Say you needed 2 years in a care home you'll be looking at around £130k (less your SP) There'll be people retiring who wont even have that in their pot when they pack in.

I'm not convinced you have a great choice, as I said around Chester le Street all the homes seemed much of a muchness. I know of someone who has gone into an "upmarket home" which seemed great at first but now seems just the same standard as every other home and they are paying an absolute fortune

I'd rather be in a basic home with great staff than a fancy home with shit staff. Sadly it's hard to judge what it will be like based on a couple of visits.

I’m the same tbh. I’ve never really fancied the far east, Australia etc. but one day I might get the urge. I don’t have places that I want to ‘tick off’ just to say that I’ve done it.

Only ticking off is Greek islands and even then it's the bigger ones. No interest in having to get ferries to go somewhere beautiful but with 2 tavernas and no bars. Largely done now anyway so soon it'll be a case if which do we return to.

Kefalonia 5 weeks today

 

[Barista]

Attenborough is a very rare example. For most, the insurance costs will be too prohibitive to travel the world at that age anyway. If youre very well off, then there maybe more to think of. However at the end of the day, its a game of probability & the probability is that youll be knackered in your 80s. My view is get all of the travelling done by then & use your latter years spending quality time with family

Attenborough may be an exception, but cruise ships with 80+yr olds are not.
Anyway, if you survive until 80+ I think one thing that is indisputable is that you will start to have health issues of one sort or another. For some the NHS is fine, but for others, treatment is much more available/quicker to get when going private. Mine and my friends' surviving parents are all late 80s/early 90s and several have paid recently for private treatment as this was quicker than that available on the NHS. Personally I would also like to have £ available at that age to access treatment quicker or that is not readily available on the NHS.

Don't want to drag this thread off topic, but this "nicer care home" is something I can't get my head around. From what I saw when my Dad was poorly all the care homes seemed the same, I certainly never saw or heard homes being nicer than others.
Back on topic. IMO unless you have a massive pot I don't think you can have money sort of put away in case you need to go into a care home, I know I haven't. Say you needed 2 years in a care home you'll be looking at around £130k (less your SP) There'll be people retiring who wont even have that in their pot when they pack in.

I'm not convinced you have a great choice, as I said around Chester le Street all the homes seemed much of a muchness. I know of someone who has gone into an "upmarket home" which seemed great at first but now seems just the same standard as every other home and they are paying an absolute fortune

In my experience there is a noticeable difference between council and private care homes. My mam is in a basic council care home in Sunderland. Whilst the staff are lovely, hardworking, very kind and caring, the building and fixtures and fittings can look tired. I've also been in private care homes where I live down south, and there is a big difference in decor.
That's the same as us living in a house that needs new carpets, furniture, walls painted etc. Most of us spend money trying to make our own homes as nice and comfortable as possible, and you don't just stop caring about the environment you live in just because you are elderly. Whether the difference in cost between care homes is worth it, is a personal preference, as it is when deciding how much to spend on furnishing and decorating your own house (and also depends on the funds you have available).

 

[JAZZMANB]

That is not letting life pass you by. That is just being aware of the time and planning accordingly. I can't see anything wrong with that.

In fact this whole thread is nearly 300 pages of people planning for a significant life changing event.

Some would call this common sense.

No probs . We all do stuff different . Its a balance and some spend a lot of now planning for the future which isnt guaranteed . Common sense to me is getting the best out of now.
last thing i thought about at 40 was being 55 etc. I know youve said you still live in the now but theres common sense in both mindsets

 

[DaveH]

No probs . We all do stuff different . Its a balance and some spend a lot of now planning for the future which isnt guaranteed . Common sense to me is getting the best out of now.
last thing i thought about at 40 was being 55 etc. I know youve said you still live in the now but theres common sense in both mindsets

Realistically the planning this far out does not take that much time.

We do an annual review of our finances anyway, look at how much to put in savings, can we over pay a bit more on the mortgage, will that affect holiday or anything else we want to do, etc. I have a pension value tracker in there. Update a couple of fields and my predictions chance before my cuppa has gone cold.

The countdown took a couple of minutes to add to my work attendance tracking spreadsheet and was done in a meeting I didn't need to be at. I open that every week when I update how often I work from home vs on-site, and what I have spent on trains. There are other reasons for tracking that stuff. So in reality 30 minutes per year is spent looking at the countdown and perhaps 1 hour of financial planning in with other stuff. 90/525600 seems like a reasonable balance to me. And the planning should hopefully not have me working for years longer than I need to. I call that a canny investment.

 

[Matt Hopkins]

Attenborough may be an exception, but cruise ships with 80+yr olds are not.
Anyway, if you survive until 80+ I think one thing that is indisputable is that you will start to have health issues of one sort or another. For some the NHS is fine, but for others, treatment is much more available/quicker to get when going private. Mine and my friends' surviving parents are all late 80s/early 90s and several have paid recently for private treatment as this was quicker than that available on the NHS. Personally I would also like to have £ available at that age to access treatment quicker or that is not readily available on the NHS.

In my experience there is a noticeable difference between council and private care homes. My mam is in a basic council care home in Sunderland. Whilst the staff are lovely, hardworking, very kind and caring, the building and fixtures and fittings can look tired. I've also been in private care homes where I live down south, and there is a big difference in decor.
That's the same as us living in a house that needs new carpets, furniture, walls painted etc. Most of us spend money trying to make our own homes as nice and comfortable as possible, and you don't just stop caring about the environment you live in just because you are elderly. Whether the difference in cost between care homes is worth it, is a personal preference, as it is when deciding how much to spend on furnishing and decorating your own house (and also depends on the funds you have available).

My main point was about putting money to one side to pay for care, most people just haven't got that amount of spare money in their pot.

 

[JAZZMANB]

Realistically the planning this far out does not take that much time.

We do an annual review of our finances anyway, look at how much to put in savings, can we over pay a bit more on the mortgage, will that affect holiday or anything else we want to do, etc. I have a pension value tracker in there. Update a couple of fields and my predictions chance before my cuppa has gone cold.

The countdown took a couple of minutes to add to my work attendance tracking spreadsheet and was done in a meeting I didn't need to be at. I open that every week when I update how often I work from home vs on-site, and what I have spent on trains. There are other reasons for tracking that stuff. So in reality 30 minutes per year is spent looking at the countdown and perhaps 1 hour of financial planning in with other stuff. 90/525600 seems like a reasonable balance to me. And the planning should hopefully not have me working for years longer than I need to. I call that a canny investment.

As I say Fair do's
Away from some of the fortunate folk in here I was like many others ,who worked and lived with little left over . You'd get your little pension statement every year and it was laughable but short of a massive strike of luck it was just how it was . That reality made me very much live in the moment . So i suppose circumstances shape how you consider the future . Savings plans involve having savings to plan with .

 

[Tuono]

I've made a spreadsheet to look at the ins and outs of making a spreadsheet about my future plans.
I don't waste my nights.
On a serious note though, I have spent the past hour batch cooking to make the most of my free* electricity from my dolar panels while the sun shines. Two chicken tikka masala's and 6 spag bols. Isn't retirement exciting.
* not free for another 4 years when the initial investment is covered.
Solar not dollar.

 

[Canister]

I've made a spreadsheet to look at the ins and outs of making a spreadsheet about my future plans.
I don't waste my nights.
On a serious note though, I have spent the past hour batch cooking to make the most of my free* electricity from my dolar panels while the sun shines. Two chicken tikka masala's and 6 spag bols. Isn't retirement exciting.
* not free for another 4 years when the initial investment is covered.
Solar not dollar.

Are they like solar panels but paid for by the dole?

 

[Tuono]

Free fold out panel available to every street beggar. Keeps your mobile and card reader topped up during working hours.

 

[Barista]

My main point was about putting money to one side to pay for care, most people just haven't got that amount of spare money in their pot.

I agree, it was just one of the reasons I put forward as to why it may not be in a person’s interests to aim to spend their pot down to zero at a defined age. I don’t expect I’ll have enough money left to pay for a fancy home either. I am more concerned with having money left to still have nice holidays in my 80s (if I am still alive, fit enough and still want to do it), and to pay for any medical treatment if the NHS cannot deliver it in a timely manner.

 

[ozz]

What does wishing your life away mean?

I can’t be arsed to answer that

 

[DaveH]

I can’t be arsed to answer that

It always feels like a bollocksy statement to me. A bit like ‘sounds like he has too much time on his hands’. Said to pour scorn on something someone else is doing while saying nowt and making no point at all.

 

[ChrisK]

My main point was about putting money to one side to pay for care, most people just haven't got that amount of spare money in their pot.

Seems like a good thing todo but in reality how much do you put away, the more you have the more they want.
If you got nowt you more than likely end up in room next door to person paying thousands per week for same care.
Make sure your family looked after and enjoy your money while you are fit and able.

 

[42]

Seems like a good thing todo but in reality how much do you put away, the more you have the more they want.
If you got nowt you more than likely end up in room next door to person paying thousands per week for same care.
Make sure your family looked after and enjoy your money while you are fit and able.

Only about 10% end up in care anyway. Then because its means tested, itll cost you loads if you have assets. Then if you end up in care, typically its not for long as youre at the end of your life. Personally id rather have enjoyed an early retirement & family sorted than worrying about than having care home thats a bit posher that im not really going feel the benefit of