Savings and Investments thread

BalladMan · June 17

Rob7Lee said:

Southendaddick said:

Has anyone on here used Fisher Investments to manage their pensions and investments?

I’ve had the initial chat and probably spin about how they outperform the market etc just wondered whether anyone had any view either way ?

I know a couple of people who’ve spoken to them. But know no one who has used them, for the exact reasons posted, really bad reviews, 60% 1*

I spoke to them, but they came across as heavy handed sales people who were only interested in getting hold my pension pot. Their fees were also pretty high (1-1.5% depenbding on pension size). I went with an IFA instead in the end which worked out cheaper and you get a more personalised service.

Er_Be_Ab_Pl_Wo_Wo_Ch · June 17

Rob7Lee said:

golfaddick said:

_uptheaddicks said:

I believe it's a HL Sipp. Not sure on exact details.

He has not taken any tax free cash/lump sum just yet. Basic rate tax payer.

He's at the age that it will get taxed 45% to whoever he leaves it to, I think.

After age 75 any monies left to dependants / beneficiaries is taxed at the recipients marginal rate. And that is after any IHT has been paid (if applicable)

I believe the HL Sipp should be ok for Flexi-Acess Drawdown but that should be confirmed as it does depend on when it commenced - older plans might not be or only allow Capped Drawdown.

Far for me to give advice (having not completed a fact find) but taking the maximum Tax-free lump asap should surely be imperative. But again, it would also depend on whether other tax-free lump sums have previously been taken and if so how they measure against the Lifetime Allowance (for TFC)

With IHT coming in I think a lot of people (me included) have completely flipped as to how to manage retirement and what ‘pots’ to use first, whilst your own tax considerations, just not worth having anything left in your pension come 75 (unless I’ve missed something). It’ll just get double dipped/taxed if IHT applies to your estate.

Yep - for me it's extra encouragement to plan to retire early. And to extract money as early and efficiently as possible and begin transferring to others.

The incentives for people not to work, at either end of the equation, are absolute madness.

redman · June 17

HMRC have received criticism from some for delays in issuing tax refunds. I just wanted to balance it up. I received tax refund for 25/26 on 9th June having submitted my return on 30th May. (refund due to higher rate relief on gift aid contributions)

Er_Be_Ab_Pl_Wo_Wo_Ch · June 17

redman said:

HMRC have received criticism from some for delays in issuing tax refunds. I just wanted to balance it up. I received tax refund for 25/26 on 9th June having submitted my return on 30th May. (refund due to higher rate relief on gift aid contributions)

Good lord - nice one, gives the rest of us some hope!

Covered End · June 17

I submitted my tax refund claim for my SIPP/pension on 7th May.
No refund as yet and last year they kept hold of my money for 3 months.
It's about £13K and no reason to tax it at a higher rate, other than it suits them to do so.

Rob7Lee · June 18

My £314.70 from HMRC arrived in my bank today, less than a week….. for once well done HMRC!

guinnessaddick · June 19

One of my pension is with Phoenix life, roughly about £80k has a MVR attached to it, roughly about £30k. I’ve always known this and it was never my intention to touch this until I was 65 (currently 61). I’ve received a letter from PL offering me the opportunity to access it without the MVR applying.

If I accept, it will be moved to a Phoenix NPI deposit fund. If I wait until I’m 65, my pension has a guaranteed growth of 4% PA.

My initial thought is to leave it as it is.
Does this seem the right decision?

redman · June 19

guinnessaddick said:

One of my pension is with Phoenix life, roughly about £80k has a MVR attached to it, roughly about £30k. I’ve always known this and it was never my intention to touch this until I was 65 (currently 61). I’ve received a letter from PL offering me the opportunity to access it without the MVR applying.

If I accept, it will be moved to a Phoenix NPI deposit fund. If I wait until I’m 65, my pension has a guaranteed growth of 4% PA.

My initial thought is to leave it as it is.
Does this seem the right decision?

IMO the answer to this lies in the value of your other pensions and other investments and also your intentions on retiring. Attitude to risk as well, but a guaranteed 4% tax free if you can guarantee the £80k doesn't sound a bad way of derisking.

redman · June 19

Ok so I was trying to find out and do some analysis on market PE/ratios in US. The S&P 500 currently at an eye watering 32.23!. AI driven of course. Nobody really knows whether the earnings will transpire of whether there is a lot of FOMO froth. I trying to find out what the market would be without tech. Failed, so if it is available I would be interested to know. However I did find out the P/E on the S&P 400 is 17.17 which sounds reasonable and not overblown historically or by global standards.
This index is described as mid-cap but US big cap is pretty big (market cap $8bn +). Also discovered it's not like UK. This index is for co's below the 500, whereas I think I am right in saying the FTSE 250 is for co's that sit between the 100 and the 350. The S&P 600 being smaller companies ie below the 500 and 400 (but still $1.2bn +)
Anyway thought I'd pass on

PragueAddick · June 19

redman said:

Ok so I was trying to find out and do some analysis on market PE/ratios in US. The S&P 500 currently at an eye watering 32.23!. AI driven of course. Nobody really knows whether the earnings will transpire of whether there is a lot of FOMO froth. I trying to find out what the market would be without tech. Failed, so if it is available I would be interested to know. However I did find out the P/E on the S&P 400 is 17.17 which sounds reasonable and not overblown historically or by global standards.
This index is described as mid-cap but US big cap is pretty big (market cap $8bn +). Also discovered it's not like UK. This index is for co's below the 500, whereas I think I am right in saying the FTSE 250 is for co's that sit between the 100 and the 350. The S&P 600 being smaller companies ie below the 500 and 400 (but still $1.2bn +)
Anyway thought I'd pass on

Good post, IMHO. One commentary which regularly identifies and addresses this is the FT Unhedged column, which is unfortunately heavily paywalled. I will try though to look up a couple of the recent articles and share them with you. This is exactly why I chose to de-risk by reducing my exposure to any funds with any of the US big 7- which inevitably means any S&P 500 fund, which according to folklore is the more or less guaranteed success punt for mug punters to just buy and hold.

TelMc32 · June 19

guinnessaddick said:

One of my pension is with Phoenix life, roughly about £80k has a MVR attached to it, roughly about £30k. I’ve always known this and it was never my intention to touch this until I was 65 (currently 61). I’ve received a letter from PL offering me the opportunity to access it without the MVR applying.

If I accept, it will be moved to a Phoenix NPI deposit fund. If I wait until I’m 65, my pension has a guaranteed growth of 4% PA.

My initial thought is to leave it as it is.
Does this seem the right decision?

Similar response to @redman. Have you got your other pensions in one place? How are they performing at the moment? 4% is a pretty poor return, but is this just a minimum guarantee? How does it compare to your others? If Phoenix are offering you your full £80k with no loss of the MVR, could you enhance your returns by rolling up into your other pensions? Happy to have a chat mate, but I’m an amateur and you should chat with an IFA or at least your other pension provider(s).

Solidgone · June 19

Interesting posts on the various investments and ways to make profit. And the other posts about spending your money so that the tax man doesn’t get its mitts on it after you expire. Spending is not as easy as it sounds especially if you have a reasonable income, small outgoings and investments (hopefully) climbing against an upbringing of being careful with your money. Although you might have enough money to buy that Lamborghini or Rolls and fly first class etc there’s something in the back of the mind that says it’s too extravagant and it’s wasting money.

1-2-3 snap of the fingers and I’m back on the beach on the Côte d’Azur 😎🥂🤓

Athletico Charlton · June 19

Because of the way my salary works I tend to owe between 5-6K each yr in my tax return. If I get an email saying I don't have to do one then that seems a right result to me!

golfaddick · June 19

TelMc32 said:

guinnessaddick said:

One of my pension is with Phoenix life, roughly about £80k has a MVR attached to it, roughly about £30k. I’ve always known this and it was never my intention to touch this until I was 65 (currently 61). I’ve received a letter from PL offering me the opportunity to access it without the MVR applying.

If I accept, it will be moved to a Phoenix NPI deposit fund. If I wait until I’m 65, my pension has a guaranteed growth of 4% PA.

My initial thought is to leave it as it is.
Does this seem the right decision?

Similar response to @redman. Have you got your other pensions in one place? How are they performing at the moment? 4% is a pretty poor return, but is this just a minimum guarantee? How does it compare to your others? If Phoenix are offering you your full £80k with no loss of the MVR, could you enhance your returns by rolling up into your other pensions? Happy to have a chat mate, but I’m an amateur and you should chat with an IFA or at least your other pension provider(s).

The 4% guaranteed growth sounds like the old With-Profit plans as some of these came with a guaranteed bonus rate (eg Aviva).

Although it seems like you will only get this offer of no MVR as long as it stays with Phoenix & moved to their guarantee funds......is that right ?

Also, an MVR only usually comes into play when the markets crash & the underlying assets do not fairly represent the value of your funds. Again, this usually only applies to with-profit plans as the bonuses have assumed certain returns over the next x years and now the markets aren't representing those returns.

TelMc32 · June 19

golfaddick said:

TelMc32 said:

guinnessaddick said:

One of my pension is with Phoenix life, roughly about £80k has a MVR attached to it, roughly about £30k. I’ve always known this and it was never my intention to touch this until I was 65 (currently 61). I’ve received a letter from PL offering me the opportunity to access it without the MVR applying.

If I accept, it will be moved to a Phoenix NPI deposit fund. If I wait until I’m 65, my pension has a guaranteed growth of 4% PA.

My initial thought is to leave it as it is.
Does this seem the right decision?

Similar response to @redman. Have you got your other pensions in one place? How are they performing at the moment? 4% is a pretty poor return, but is this just a minimum guarantee? How does it compare to your others? If Phoenix are offering you your full £80k with no loss of the MVR, could you enhance your returns by rolling up into your other pensions? Happy to have a chat mate, but I’m an amateur and you should chat with an IFA or at least your other pension provider(s).

The 4% guaranteed growth sounds like the old With-Profit plans as some of these came with a guaranteed bonus rate (eg Aviva).

Although it seems like you will only get this offer of no MVR as long as it stays with Phoenix & moved to their guarantee funds......is that right ?

Also, an MVR only usually comes into play when the markets crash & the underlying assets do not fairly represent the value of your funds. Again, this usually only applies to with-profit plans as the bonuses have assumed certain returns over the next x years and now the markets aren't representing those returns.

This is for @guinnessaddick to answer. Thanks @golfaddick

AndyG · June 19

Solidgone said:

Interesting posts on the various investments and ways to make profit. And the other posts about spending your money so that the tax man doesn’t get its mitts on it after you expire. Spending is not as easy as it sounds especially if you have a reasonable income, small outgoings and investments (hopefully) climbing against an upbringing of being careful with your money. Although you might have enough money to buy that Lamborghini or Rolls and fly first class etc there’s something in the back of the mind that says it’s too extravagant and it’s wasting money.

1-2-3 snap of the fingers and I’m back on the beach on the Côte d’Azur 😎🥂🤓

I know you are saying that in jest mate but for many it is reality. My MOM is in exactly this situation she is 82 and after a lifetime of being frugal even though she had no need she has a significant sum tied up in cash, property, pensions etc etc we try to get her to spend but it is so alien to her she just can’t do it. Add this to the fact that she won’t do anything about inheritance provisions as she says she has 20 years yet lol it is a problem

AndyG · June 19

AndyG said:

Solidgone said:

Interesting posts on the various investments and ways to make profit. And the other posts about spending your money so that the tax man doesn’t get its mitts on it after you expire. Spending is not as easy as it sounds especially if you have a reasonable income, small outgoings and investments (hopefully) climbing against an upbringing of being careful with your money. Although you might have enough money to buy that Lamborghini or Rolls and fly first class etc there’s something in the back of the mind that says it’s too extravagant and it’s wasting money.

1-2-3 snap of the fingers and I’m back on the beach on the Côte d’Azur 😎🥂🤓

I know you are saying that in jest mate but for many it is reality. My MOM is in exactly this situation she is 82 and after a lifetime of being frugal even though she had no need she has a significant sum tied up in cash, property, pensions etc etc we try to get her to spend but it is so alien to her she just can’t do it. Add this to the fact that she won’t do anything about inheritance provisions as she says she has 20 years yet lol it is a problem

MIL not mom

IdleHans · June 19

AndyG said:

AndyG said:

Solidgone said:

Interesting posts on the various investments and ways to make profit. And the other posts about spending your money so that the tax man doesn’t get its mitts on it after you expire. Spending is not as easy as it sounds especially if you have a reasonable income, small outgoings and investments (hopefully) climbing against an upbringing of being careful with your money. Although you might have enough money to buy that Lamborghini or Rolls and fly first class etc there’s something in the back of the mind that says it’s too extravagant and it’s wasting money.

1-2-3 snap of the fingers and I’m back on the beach on the Côte d’Azur 😎🥂🤓

I know you are saying that in jest mate but for many it is reality. My MOM is in exactly this situation she is 82 and after a lifetime of being frugal even though she had no need she has a significant sum tied up in cash, property, pensions etc etc we try to get her to spend but it is so alien to her she just can’t do it. Add this to the fact that she won’t do anything about inheritance provisions as she says she has 20 years yet lol it is a problem

MIL not mom

MILF not MIL

Its not a problem for her though, is it?

AndyG · June 19

IdleHans said:

AndyG said:

AndyG said:

Solidgone said:

Interesting posts on the various investments and ways to make profit. And the other posts about spending your money so that the tax man doesn’t get its mitts on it after you expire. Spending is not as easy as it sounds especially if you have a reasonable income, small outgoings and investments (hopefully) climbing against an upbringing of being careful with your money. Although you might have enough money to buy that Lamborghini or Rolls and fly first class etc there’s something in the back of the mind that says it’s too extravagant and it’s wasting money.

1-2-3 snap of the fingers and I’m back on the beach on the Côte d’Azur 😎🥂🤓

I know you are saying that in jest mate but for many it is reality. My MOM is in exactly this situation she is 82 and after a lifetime of being frugal even though she had no need she has a significant sum tied up in cash, property, pensions etc etc we try to get her to spend but it is so alien to her she just can’t do it. Add this to the fact that she won’t do anything about inheritance provisions as she says she has 20 years yet lol it is a problem

MIL not mom

MILF not MIL

It’s ol not a problem for her though, is it?

lol defo meant MIL mate.

i wasn’t saying it’s a problem for her I was just supporting the view that people do exist that by design don’t have the DNA to spend what they have earnt

IdleHans · June 19

AndyG said:

IdleHans said:

AndyG said:

AndyG said:

Solidgone said:

Interesting posts on the various investments and ways to make profit. And the other posts about spending your money so that the tax man doesn’t get its mitts on it after you expire. Spending is not as easy as it sounds especially if you have a reasonable income, small outgoings and investments (hopefully) climbing against an upbringing of being careful with your money. Although you might have enough money to buy that Lamborghini or Rolls and fly first class etc there’s something in the back of the mind that says it’s too extravagant and it’s wasting money.

1-2-3 snap of the fingers and I’m back on the beach on the Côte d’Azur 😎🥂🤓

I know you are saying that in jest mate but for many it is reality. My MOM is in exactly this situation she is 82 and after a lifetime of being frugal even though she had no need she has a significant sum tied up in cash, property, pensions etc etc we try to get her to spend but it is so alien to her she just can’t do it. Add this to the fact that she won’t do anything about inheritance provisions as she says she has 20 years yet lol it is a problem

MIL not mom

MILF not MIL

It’s ol not a problem for her though, is it?

lol defo meant MIL mate.

i wasn’t saying it’s a problem for her I was just supporting the view that people do exist that by design don’t have the DNA to spend what they have earnt

I packed in work about 4 years ago and its a big shift in your mentality when you've spent the previous 35+ years making sure your family is financially secure. I havent quite got there myself mentally yet even though Ive done all the sums several times and we can afford to spend probably double what we do at the moment and be fine. I hope it doesnt take until I'm 82 to adjust!

Good luck to your MIL on making the adjustment.

Solidgone · June 19

AndyG said:

Solidgone said:

Interesting posts on the various investments and ways to make profit. And the other posts about spending your money so that the tax man doesn’t get its mitts on it after you expire. Spending is not as easy as it sounds especially if you have a reasonable income, small outgoings and investments (hopefully) climbing against an upbringing of being careful with your money. Although you might have enough money to buy that Lamborghini or Rolls and fly first class etc there’s something in the back of the mind that says it’s too extravagant and it’s wasting money.

1-2-3 snap of the fingers and I’m back on the beach on the Côte d’Azur 😎🥂🤓

I know you are saying that in jest mate but for many it is reality. My MIL is in exactly this situation she is 82 and after a lifetime of being frugal even though she had no need she has a significant sum tied up in cash, property, pensions etc etc we try to get her to spend but it is so alien to her she just can’t do it. Add this to the fact that she won’t do anything about inheritance provisions as she says she has 20 years yet lol it is a problem

Not really in jest but you’ve grasped the point with the example of your MIL.

I have friends that I would expect to have several million ticked away plus property. Both in the senior years high 70 and mid 80 of age. They love travelling but won’t fly in Biz class and always go for the cheaper deal. I asked them why and they said it’s a waste of money.

I’m sure HMRC are looking forward to their demise.

Carter · June 19

It is such a legitimate problem. Especially if you are not from money or wealth and get into a habit of being very aware of the need to keep a roof over your head, pay bills and finally when life slows down slightly, save some money to have some dignity in retirement. Just flip a switch and start going against a lifetimes habit, yeah easy as that right

I can't do it now, weirdly after the first 30 years of my life being in the mindframe of spending whatever I had in my account not frivolous to then spending years trying to chisel away at my mortgage and understand why people who follow markets have more money than me I now begrudge the idea of wasting it.

Rob7Lee · June 20

Solidgone said:

AndyG said:

Solidgone said:

Interesting posts on the various investments and ways to make profit. And the other posts about spending your money so that the tax man doesn’t get its mitts on it after you expire. Spending is not as easy as it sounds especially if you have a reasonable income, small outgoings and investments (hopefully) climbing against an upbringing of being careful with your money. Although you might have enough money to buy that Lamborghini or Rolls and fly first class etc there’s something in the back of the mind that says it’s too extravagant and it’s wasting money.

1-2-3 snap of the fingers and I’m back on the beach on the Côte d’Azur 😎🥂🤓

I know you are saying that in jest mate but for many it is reality. My MIL is in exactly this situation she is 82 and after a lifetime of being frugal even though she had no need she has a significant sum tied up in cash, property, pensions etc etc we try to get her to spend but it is so alien to her she just can’t do it. Add this to the fact that she won’t do anything about inheritance provisions as she says she has 20 years yet lol it is a problem

Not really in jest but you’ve grasped the point with the example of your MIL.
I have friends that I would expect to have several million ticked away plus property. Both in the senior years high 70 and mid 80 of age. They love travelling but won’t fly in Biz class and always go for the cheaper deal. I asked them why and they said it’s a waste of money.
I’m sure HMRC are looking forward to their demise.

Age old problem.

If you didn't come from money but have done quite well, it's a hard habit to break. Also retirement planning as I am finding is not easy, none of us know how long we will live so you plan for the worst (Best!) case scenario of a ripe old age, meaning if you have done well financially and you don't live to 100 etc you are likely to be leaving a decent proportion (especially if you live like a lot of us probably do in an expensive property area), which again if you have been financially successful means the tax man will be happy.

Whilst I'm sure I'll be booking the business class seats, I also have to plan that my wife will live to 100 as most of her family do. But my plan is front loading expenditure, on the basis that if both or either of us live into our 90's aside from care need our expenditure would reduce considerably as time goes on.

CharltonKerry · June 20

I solved some of my problems re inheritance tax by booking a 101 night cruise (to quote there advertising blurb) “on the most luxurious cruise line”. When we explained to the kids that we’re saving them paying inheritance tax / double taxation on the money they didn’t seem as happy as we expected.

Southbank · June 20

The one thing that does make sense if you are relatively well heeled is to give money from your pension to your kids now. After April next year pensions will be double taxed, by IHT and income tax, before your kids get anything ( this is above the 325-500k tax free amounts of course, but that includes housing and savings).
If you can afford it, taking the 25% tax free element money from your pension and giving it to your kids now makes more sense. If you live longer than 7 years neither you or they pay any tax. Even if you do die within 7 years, it will still get taxed only once, by IHT, rather than IHT AND income tax.
What to do with the rest of your pension is another matter. It seems doomed to be taxed twice whatever you do, unless anybody has any ideas.

Southbank · June 20

This article also suggests that the 25% tax free pension withdrawal could be counted as 'above normal expenditure' and therefore not counted for IHT, all other things being equal. This would make it tax free for your kids as well as you.
https://www.lonsdaleservices.co.uk/news-making-your-pension-work-harder-gifting-surplus-income-for-estate-planning-914

Rob7Lee · June 20

Southbank said:

This article also suggests that the 25% tax free pension withdrawal could be counted as 'above normal expenditure' and therefore not counted for IHT, all other things being equal. This would make it tax free for your kids as well as you.
https://www.lonsdaleservices.co.uk/news-making-your-pension-work-harder-gifting-surplus-income-for-estate-planning-914

Interesting, but assume they mean the 25% of every withdrawal rather than one big lump.

Southbank said:

The one thing that does make sense if you are relatively well heeled is to give money from your pension to your kids now. After April next year pensions will be double taxed, by IHT and income tax, before your kids get anything ( this is above the 325-500k tax free amounts of course, but that includes housing and savings).
If you can afford it, taking the 25% tax free element money from your pension and giving it to your kids now makes more sense. If you live longer than 7 years neither you or they pay any tax. Even if you do die within 7 years, it will still get taxed only once, by IHT, rather than IHT AND income tax.
What to do with the rest of your pension is another matter. It seems doomed to be taxed twice whatever you do, unless anybody has any ideas.

Buy gold coins!

Covered End · June 20

Southbank said:

The one thing that does make sense if you are relatively well heeled is to give money from your pension to your kids now. After April next year pensions will be double taxed, by IHT and income tax, before your kids get anything ( this is above the 325-500k tax free amounts of course, but that includes housing and savings).
If you can afford it, taking the 25% tax free element money from your pension and giving it to your kids now makes more sense. If you live longer than 7 years neither you or they pay any tax. Even if you do die within 7 years, it will still get taxed only once, by IHT, rather than IHT AND income tax.
What to do with the rest of your pension is another matter. It seems doomed to be taxed twice whatever you do, unless anybody has any ideas.

I'm doing what you said and also drawing down the maximum I can yearly without having to pay higher rate tax.

stevexreeve · June 22

AndyG said:

Solidgone said:

Interesting posts on the various investments and ways to make profit. And the other posts about spending your money so that the tax man doesn’t get its mitts on it after you expire. Spending is not as easy as it sounds especially if you have a reasonable income, small outgoings and investments (hopefully) climbing against an upbringing of being careful with your money. Although you might have enough money to buy that Lamborghini or Rolls and fly first class etc there’s something in the back of the mind that says it’s too extravagant and it’s wasting money.

1-2-3 snap of the fingers and I’m back on the beach on the Côte d’Azur 😎🥂🤓

I know you are saying that in jest mate but for many it is reality. My MOM is in exactly this situation she is 82 and after a lifetime of being frugal even though she had no need she has a significant sum tied up in cash, property, pensions etc etc we try to get her to spend but it is so alien to her she just can’t do it. Add this to the fact that she won’t do anything about inheritance provisions as she says she has 20 years yet lol it is a problem

My perspective on this might be interesting.

I have built up bit of wealth over the years and tried to manage it sensibly but it all seems a little pointless now.

3 years ago I was diagnosed with TP53 leukaemia with a life expectancy of 4 months. A trial drug called EP42 amazingly put me into complete remission! My doctors hoped that might last as long as six months. I'm still here but now finally relapsing after two years of normality.

I could have spent those years going on exotic cruises or lounging in the sun but actually chose to keep doing more or less what I was doing before!

I kept going into work. Walking across London Bridge into the city on a sunny morning is an incredible experience. You just have to look up to appreciate it!

Travelling to Charlton - negotiating the chaos on platform 1 at London Bridge - complaining about the price of a pie or the queues under the West stand. That's what makes life worthwhile! I don't want a limousine to the ground or a fucking silver service lunch with the directors before the game!

I know I "should" pass some money to my son but he has already inherited a house from his grandmother and made a life for himself as a teacher. I can see how he loves the kids he teaches and the pride in his eyes at what he has achieved. Casually giving him another half million might destroy all this. I know he'd just hide the money away in some sort of "pension" anyway! He wants to "earn" his next car or house.

Older people who refuse to spend money aren't necessarily being stingy and don't "need to change their DNA". They just want to be happy and do what they've always enjoyed doing.

I suspect many people on this thread enjoy saving and making money "grow" and will find it incredibly difficult to suddenly start spending frivolously! My advice would be to just keep doing what you enjoy and stop pretending there is some sort of nirvana (or heaven?) waiting for you towards the end of your life or indeed any point to it all in the first place!

Sorry if that's quite heavy but its good for me to unload. Thank you.

cantersaddick · June 22

stevexreeve said:

AndyG said:

Solidgone said:

Interesting posts on the various investments and ways to make profit. And the other posts about spending your money so that the tax man doesn’t get its mitts on it after you expire. Spending is not as easy as it sounds especially if you have a reasonable income, small outgoings and investments (hopefully) climbing against an upbringing of being careful with your money. Although you might have enough money to buy that Lamborghini or Rolls and fly first class etc there’s something in the back of the mind that says it’s too extravagant and it’s wasting money.

1-2-3 snap of the fingers and I’m back on the beach on the Côte d’Azur 😎🥂🤓

I know you are saying that in jest mate but for many it is reality. My MOM is in exactly this situation she is 82 and after a lifetime of being frugal even though she had no need she has a significant sum tied up in cash, property, pensions etc etc we try to get her to spend but it is so alien to her she just can’t do it. Add this to the fact that she won’t do anything about inheritance provisions as she says she has 20 years yet lol it is a problem

My perspective on this might be interesting.

I have built up bit of wealth over the years and tried to manage it sensibly but it all seems a little pointless now.

3 years ago I was diagnosed with TP53 leukaemia with a life expectancy of 4 months. A trial drug called EP42 amazingly put me into complete remission! My doctors hoped that might last as long as six months. I'm still here but now finally relapsing after two years of normality.

I could have spent those years going on exotic cruises or lounging in the sun but actually chose to keep doing more or less what I was doing before!

I kept going into work. Walking across London Bridge into the city on a sunny morning is an incredible experience. You just have to look up to appreciate it!

Travelling to Charlton - negotiating the chaos on platform 1 at London Bridge - complaining about the price of a pie or the queues under the West stand. That's what makes life worthwhile! I don't want a limousine to the ground or a fucking silver service lunch with the directors before the game!

I know I "should" pass some money to my son but he has already inherited a house from his grandmother and made a life for himself as a teacher. I can see how he loves the kids he teaches and the pride in his eyes at what he has achieved. Casually giving him another half million might destroy all this. I know he'd just hide the money away in some sort of "pension" anyway! He wants to "earn" his next car or house.

Older people who refuse to spend money aren't necessarily being stingy and don't "need to change their DNA". They just want to be happy and do what they've always enjoyed doing.

I suspect many people on this thread enjoy saving and making money "grow" and will find it incredibly difficult to suddenly start spending frivolously! My advice would be to just keep doing what you enjoy and stop pretending there is some sort of nirvana (or heaven?) waiting for you towards the end of your life or indeed any point to it all in the first place!

Sorry if that's quite heavy but its good for me to unload. Thank you.

Sorry to hear that you are now relapsing and wish you all the best.

Completely agree with what you say. And expecially taking a moment to look up and enjoy where you are and what you see daily.

I would say - I hope you manage to find time for the odd treat for you and your loved ones. Those moments are really important. My Dad had lymphoma and the odd weekend away together with my siblings and their kids means so much to all of us.

On your son again agree with your approach but would challenge to say - could you put something aside for him in some kind of product that can ensure he can continue doing the job he loves without having to worry about if something goes wrong in the future. Friends of mine who are teachers do worry about what they will do if the car breaks down or whether they can afford to have kids (some have left the profession in order to earm more and feel they have the buffer to have kids). You don't want him to be in that position so something for him that could even be put aside for the next generation if he doesnt need it but gives him a safety net to not have to worry.

Savings and Investments thread

Comments

Categories