RPI pension increase

[RobertT]

cashed all mine in at 55 and used the lump sums on some fantastic holidays only 22 years until 80 let that sink in ,why all the saving for very few years of enjoyment,nothing worse than a dribbling 70 year old with shitloads of money in the bank,live for today as tomorrow may not be yours,the way this company and country is going soon there wont be anything left.

Many people save extra for retirement because they want to stop work earlier than they would do otherwise.

As someone with parents in their late 80's/early 90's, I can say for sure that you don't stop needing money or wanting to enjoy life, go on holiday, etc just because you're past a certain age.

Personally I think there's one major flaw with the 'live for today, worry about tomorrow when it comes' argument. Which is that sooner or later tomorrow will always become today, and if you spliffed all your cash yesterday, you'll no longer be able to live for today.

Each to their own!

[guardianangel]

cashed all mine in at 55 and used the lump sums on some fantastic holidays only 22 years until 80 let that sink in ,why all the saving for very few years of enjoyment,nothing worse than a dribbling 70 year old with shitloads of money in the bank,live for today as tomorrow may not be yours,the way this company and country is going soon there wont be anything left.

Many people save extra for retirement because they want to stop work earlier than they would do otherwise.

As someone with parents in their late 80's/early 90's, I can say for sure that you don't stop needing money or wanting to enjoy life, go on holiday, etc just because you're past a certain age.

Personally I think there's one major flaw with the 'live for today, worry about tomorrow when it comes' argument. Which is that sooner or later tomorrow will always become today, and if you spliffed all your cash yesterday, you'll no longer be able to live for today.

Each to their own!

On the other hand i have a mother who was left a good pension from my father and with her pension is unable to access any funding for boilers,insulation or any of the other benefits or any caring help as she gets too much weekly but is far from well off,the lady next door receives as much money in benefits as my mother has but has all the added extras and god forbid she goes into a home as they will take the lot off you,your mother and father are very lucky but only 4% will live past 85 ,35.3 % of the over 75's are classified as inactive,i see this as a major flaw for saving,but what ever we do its a gamble and i'd rather do things while im fit and healthy with all my family as we never know how long any of us got,but i've paid my house off so will always have a roof and tomorrow will look after itself and i can die happy knowing ive had a bloody good time.

[RobertT]

On the other hand i have a mother who was left a good pension from my father and with her pension is unable to access any funding for boilers,insulation or any of the other benefits or any caring help as she gets too much weekly but is far from well off,the lady next door receives as much money in benefits as my mother has but has all the added extras and god forbid she goes into a home as they will take the lot off you,your mother and father are very lucky but only 4% will live past 85 ,35.3 % of the over 75's are classified as inactive,i see this as a major flaw for saving,but what ever we do its a gamble and i'd rather do things while im fit and healthy with all my family as we never know how long any of us got,but i've paid my house off so will always have a roof and tomorrow will look after itself and i can die happy knowing ive had a bloody good time.

I agree that it's all a bit of a gamble and state benefits, etc aren't always fair. Although I do disagree with you on only 4% living past 85.

Take a look at this life expectancy calculator:
https://www.ons.gov.uk/peoplepopulation ... 2019-06-07

I'm currently 55, recently retired from RM which is being funded by my own savings. It says my average life expectancy is 84, I have a 25% chance of hitting 92, a 10% chance of reaching 97 and just under 4% probability of getting the century.

Obviously it's just averages and not based on the individual, but many people seem to have a false idea of how long they're going to live.

In general, the older you get, the more inactive you're going to be. You don't have to be particularly clever to realise that!
So surely you should be aiming to be one of the other 65% of over 75's who are active?

[guardianangel]

On the other hand i have a mother who was left a good pension from my father and with her pension is unable to access any funding for boilers,insulation or any of the other benefits or any caring help as she gets too much weekly but is far from well off,the lady next door receives as much money in benefits as my mother has but has all the added extras and god forbid she goes into a home as they will take the lot off you,your mother and father are very lucky but only 4% will live past 85 ,35.3 % of the over 75's are classified as inactive,i see this as a major flaw for saving,but what ever we do its a gamble and i'd rather do things while im fit and healthy with all my family as we never know how long any of us got,but i've paid my house off so will always have a roof and tomorrow will look after itself and i can die happy knowing ive had a bloody good time.

I agree that it's all a bit of a gamble and state benefits, etc aren't always fair. Although I do disagree with you on only 4% living past 85.

Take a look at this life expectancy calculator:
https://www.ons.gov.uk/peoplepopulation ... 2019-06-07

I'm currently 55, recently retired from RM which is being funded by my own savings. It says my average life expectancy is 84, I have a 25% chance of hitting 92, a 10% chance of reaching 97 and just under 4% probability of getting the century.

Obviously it's just averages and not based on the individual, but many people seem to have a false idea of how long they're going to live.

In general, the older you get, the more inactive you're going to be. You don't have to be particularly clever to realise that!
So surely you should be aiming to be one of the other 65% of over 75's who are active?

The life expectancy is a probability calculator,the facts are only 4% live past 85 and 0.9% past 90 that is the proven facts,not great odds in my opinion,ill stick to my gamble and spend now and have a great time leaving nothing for the state and money from the state for me ,its a no brainer.

[RobertT]

Good luck!