Alanbileysfeathercut
Player Valuation: £80m
You never own your house..you just borrow till death...sobering thought.
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When do you think you'll be able to retire from paid work?
- Thread starter GrandOldTeam
- Start date
- Status
Many years from now.
But it's not true, is it? We will own our house (paying it off early), and importantly before we eventually leave this world it will go to our children.
My father did the same with us. The problem now is they're offering these 35-year mortgages, which means many people will be paying it for most of their lives.
Instead, I'd recommend a bit less disposable income throughout the early years, and it'll be paid off much earlier.
Interesting take - you're assuming there will be any social housing available. I'm not knocking, it's a genuine question.
Me and the wife were discussing this the other day. Hypothetical conversation about if my mom, who gets basic state pension, didn't own her house would she be able to afford rent? Social housing is like rocking horse poo near her and private rents are a lottery. I'm not sure the state would cover all of it either.
Alanbileysfeathercut
Player Valuation: £80m
The only benefits of ownership is to legacy it.
So what you're saying is its basically a savings plan.
I think I may have retired already … nobody could tell if they just sat a mannequin in my chair in my office …. But seriously… my plan is to sell up everything I own at the age of 55 and go and live abroad for a year or two and then return here to live off whatever monies I have left plus whatever my pensions are worth …. Probably be alright as long as I only live for 6 weeks when I get back to the uk.
uglykidjoe1982
Player Valuation: £750k
For everyone saying they can’t afford a pension, that might be true but don’t forget pension contributions are tax free and so the most efficient form of saving you can do.
To save £100 in a pension costs you £80. Much less if you’re taxed at a higher rate.
To save £100 in a pension costs you £80. Much less if you’re taxed at a higher rate.
Baines' left foot
Player Valuation: £90m
Similar boat here. I’ve not paid in any money to a pension since I left my salaried job. Can’t afford to anyway, but I hadn’t considered not being able to even use it.
My plan is to eventually buy a house, do it up over 2-3 years whilst living in it, then sell and move on to the next. It’s going to be horrific for my body, but I’m a bit of a lump so hopefully I’ll be okay.
ically
Player Valuation: £1.5m
This is part of my problem, we own an ex council house so will only reach a certain value where I live, I will be mortgage free for a few years yes and the children will benefit when we’re gone, but all of them now are earning more than me and my wife ( job done )and the return we will afford them when we’re gone is negligible.
It’s literally a pointless exercise as I alluded to earlier, most homeowners in retirement will have to pay for the upkeep of their property, it’s a huge con for a large population of this country.
hallamblue
Player Valuation: £40m
Whilst I agree that houses are overvalued massively, you can benefit from downsizing and pocketing the difference.
The binman chronicles
Player Valuation: £80m
@hallamblue has basically answered this, but buying your own home gives you options that you won't have whilst you just rent. If anyone can afford to buy their own home they should do, else you just making someone else richer.
You'll also have the benefit as salaries increase the actual value of your loan becomes smaller in real terms and you'll pay less than you would in later years at market rate in the rent world. Or you can extend the mortgage out, go interest only if you have a fair bit of equity baked in, or sell up and eventually rent, but least you'll have tens/hundreds of thousands that you've paid off monthly and any increase in your bank account first.
Iana
Player Valuation: £2.5m
I retired this year a few months before my 60th birthday. I enjoyed my work but wanted to do other things and I now have the means to be able to do that so why carry on working like I was?
I have a small defined benefit pension and my own SIPP plus other investment income which, from a tax perspective, is valuable to someone in my situation.
I am lucky that my wife also has her own work pension so that helped the decision of when to retire.
I have been lucky(companies I’ve worked for, benefits provided by them and buying a property in London in the early 90s) but also made my own luck(moving around the country to get better jobs and more experience,investing my own money in Companies that I was a Director of that paid off etc).
I am extremely fortunate to have been born when I was able to get free University education and no student debts like my own kids have and to gain some decent pension benefits at an early age before they were phased out and that has helped me and others of my generation enormously.
I intend to start doing some volunteering in 2024 via some informal business mentoring and helping 6th formers with CV and interview preparation…people helped me along the way and now I have the time to do the same.
I have a small defined benefit pension and my own SIPP plus other investment income which, from a tax perspective, is valuable to someone in my situation.
I am lucky that my wife also has her own work pension so that helped the decision of when to retire.
I have been lucky(companies I’ve worked for, benefits provided by them and buying a property in London in the early 90s) but also made my own luck(moving around the country to get better jobs and more experience,investing my own money in Companies that I was a Director of that paid off etc).
I am extremely fortunate to have been born when I was able to get free University education and no student debts like my own kids have and to gain some decent pension benefits at an early age before they were phased out and that has helped me and others of my generation enormously.
I intend to start doing some volunteering in 2024 via some informal business mentoring and helping 6th formers with CV and interview preparation…people helped me along the way and now I have the time to do the same.
Thought you said next year??, I was only wondering if you had the letter about working so many months after 66 instead of going to 67
I have read them and am genuinely delighted for those able to retire in good circumstances and enjoy their lives, they deserve it, that is what a good society provides for as everyone should have fair opportunity for happiness and not just be worked in a nub for the benefits of your lords. I also found it heartwarming that many showed sadness that generations coming through have far less chance or opportunity to be in the same position, the refusal to pull a ladder up is the real sign of good person. I have also read the posts littered with anxiety at being in no position to plan ahead despite fulltime employment and good educations in many cases.
This discussion would only be apolitcal by choice and that choice would be motivated by guilt or ignorance.
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