Blow it all?
 

Should we save, and be prudent, or be living recklessly?

If we are good citizens, and save for a rainy day, the state will try and claw it back from us, and make us pay for care etc. in our dottage.

If on the other hand we do a Viv Nicholson, and 'Spend, spend, spend', the state will have to look after us, unless of course they bring back the poor/workhouses.

Should we live like there is no tomorrow, or should we be stuffing our matresses with dosh?

Spend or save?

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Ok, lol.

Here's my pound Busman.;)

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tricky one for me to answer that G as I take pride in looking after myself. I contribute to a good pension scheme but as I have about 25 years to pension day then who knows what could happen re: pensions or the benefits schemes by then. My long term aim is to buy property abroad and hopefully keep it as an investment for my twilight years. The other question you could also pose is........ life's too short and we could be dead tomorrow so should we spend it all today anyway?????? :rolleyes:

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It is hard, my Dad was prudent and died at fifty one, and you can't take it with you.

I was good boy and paid into a pension, which know pays me the princely sum of £200 per year!

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i paid into a works pension too,,but i dont think we are any better off. live for today isay.

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spend the kids inheritance ,,dont tell them ,let them think youve won the lottery,,

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spend and do everything you always wanted to if you can afford it,its no good sitting in a rocking chair later thinking (I WISH) or (IF ONLY) i am sure of this from sad experiance.

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hope to do this granny claret !let them learn half of what you have?

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I think that's true Cashy, when you have experienced an untimely death it does change your perception about what is important, and you realise you literally can't take it with you. Seize the day.

As long as you don't get bogged down in debt if you can help it, tomorrow will look after itself. As long as there is internet access in the poor house, I'll be happy.:)

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It all depends what we are after,you could save wisely for the years ahead, or enjoy yourselves now! Quite a few people I know are selling up (posh word downsizing)and moving either abroad or to a cheaper home in the UK.The cash released gives them something of a financial cushion.
Speaking from personal experience,having been a member of Mr.Maxwell's unofficial piggy bank,I would say draw your pension early,pay off any debts and cut your cloth accordingly.
Though I realise many of us haven't this option!
I find I made the right choice along with a drastic change in career........you pays/spends your money and takes your chance.

Don't you mean Viv Nicholson?

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H R try this it might be what your looking for :) http://www.tampabayhomesforyou.com

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well the way i have seen things is that those who do the right thing and plan for their future with pensions get screwed at every point when they retire

suppose its best to ask those who are living on their pensions but those who i know who saved money and have pensions loose out considerably compared to those who did nothing and get state pension

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and marry a rich sugar Daddy to pick up the bill :D








now were did I go wrong? :rolleyes:

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thats it in a nutshell

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I say spend it all!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! spend it now while we have the chance.

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its all well and good having money in you 80's but you can have more fun with it when your younger :Banane47:

no offence to the elderly of course but at 80 i dont think my body could hold up to the abuse i currently give it lol

I tend to do a bit of both, I put a bit away but like to spend as well, most of the time I think you should live for today cause you might not be here tomorrow!

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I also do a bit of both. I love my holidays and that is what I work for. I also manage to save a bit and I have contributed for 18 years so far to the NHS pension. I only save because I'll be damned if I am working full time frontline NHS over the age of 55. I don't give a fig what the government say. I will have savings by then and will be retiring, even if I have to wait 10 years to get my pension...:D

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I am from a poor family......we were always scrimping for things. My parents frequently didn't know where the next penny was coming from.......even though they both worked.
With 7 of us it was hard to make ends meet. My dear old Dad died 6 weeks after Mum retired. So all the things they planned to do were out of the window. I have always saved, but like lettie......I worked to get a decent pension and I have travelled extensively.
I don't want to rely on benefits to keep me in my old age......but it IS unfair that those who have not thought about their twilight years will be provided for.

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I know where you are coming from Marg about not wanting to live on benefits when you are older. I played the game and took advice, and paid into a private pension for many years.

Last year though, aged thirty nine, to be told I won't be able to work again, I realised I had no choice but to get used to living on benefits.

After a great deal of fighting on my part, including having to undergo an independant medical, I managed to persuade the pension company to release my pension earlier than I had anticipated.

Of all the thousands of pounds I'd paid in, I get £200 per year, guaranteed for five years after which it will go down. By the time I'm sixty five it will probably buy me a newspaper.

I don't know if I'm sad or happy I didn't blow the thousands I paid into my pension, slightly more and it would have affected the benefits I receive now.

I'll be quiet happy in the poorhouse, as long as we don't have to play bingo.

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Garinda, i think your situation is different.......and I don't begrudge a penny that is drawn by people who have a real need......however, there are some people who have NEVER contributed......and I can think of one family where 3 generations have lived on benefits ALL their lives, they go on holidays, all of them seem to have mobile phones...they seem to go short of nothing.......now I DO begrudge them taking out of the pot when they have never paid into the system.

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Cheers for that Bazf, but not in a position to do anything about buying property at this moment in time but its certainly my long term objective. I'm still relatively a young un so I think I have time on my side.

"Bus...? what bus??? aaagggghhhhh......" ;)

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Don't mention saving.Two days ago I had £1,000 in one of my savings accounts so I decided to get some more premium bonds instead of it lying there with pathetic interest .At least I have a chance of winning some money with no loss.The day after, my car became fatally ill.Sods law.Now i'm without transport and not enough cash to buy something decent.But hey that's life(and it's bad english to start a sentence with "but",I know.)Always look on the bright side of life springs to mind(Thanks Mr Eric Idle)

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You can cash in your premium bonds if you get a form from the P.O.

It may be even more of sods law if they come up next month Pilky, and you've sent them back though!

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Somewhere along the line there is a happy medium when it comes to balancing out what to spend and what to save. In younger life with children to look after etc. it is sometimes almost impossible to put anything away for retirement. However, it is important that you plan so you can achieve the lifestyle that you want in retirement and when the kids have left home, it becomes easier to do this. Of course, some of us will not make it past 65 or whatever, or we'll pass away soon after we end our working life. "Always look on the bright side" is a good maxim though, plan as though you're going to live to at least 80. After that, when the money has run out, yes, let the state look after you for all the hard work you have put in throughout your life.

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we got some £1 premium bonds in1961 when we got married ,i am so tempted to trade them in ,along with other low value ones,but sod's law say's if we do ,they will turn up trumps..

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being young im still in two minds about saving or not, like people say you only live once and who knows you could die tomorrow, so i then go on a major spending spree. then when ive spent up i feel terribly guilty! why? why should i feel guilty for spending the money that i worked hard for. people ask me why im not settling down with my fella and having sprogs! is that what we young ones have to do nowadays? is that why there are so many teen girls with children? i dont want kids this might sound selfish now but why should i spend my money on kids that i dont want. i lead a happy life now living with my parents yes i do pay my way like everyone else and yes i do go out and spend my money on stupid stuff as my dad calls it, going out with my friends, clothes, holidays, shopping, anything a normal human being also has to do!! i say spend you only live once if you dont do it now you will regret it and people will only pinch your hard earned money of you! let the guilty feelings come and take over you for a while but at least youve had the joy of spending it!:D

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I think that I have probably been very lucky in that I have always had a job.......only once was on short time, and that was during the power cut years......I have never drawn dole money, and I have had a relatively healthy life. Money was very tight when we first got married.... but as life got a bit easier I decided that I HAD to save......didn't want to be working until I was 60........you just have to decide what you want to do.
We aren't well off, but we can make ends meet......because of having saved a bit.

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Baby Boo I totally agree with you, I think its important whilst your young to spend your money on the stupid stuff and have a good time doing it, I have no regrets about the clothes, holidays, handbags that I've purchased over the years. I tend to save a bit now, but I still treat myself as well as buying whatever my daughter needs, enjoy yourself while your young is what I say.

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mmmmmmmmmm as they say "Theres no pockets in shrouds!"
I think we live and have fun but be a little cautious on the way!

Romps X

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reading through the thread, the majority view seems to be=sod it lol its not mori i know but it sure pleases me lol

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contentment is the key,,,, if you can pay your way ,and dont spend more than you have comming in ,you'l be fine ,dont envy other people who may have more than you..

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Do a little of everything but don’t forget those less fortunate than yourself. I spend on a need basis, if you don’t need out? Save a little. Save something for tomorrow because you don’t what’s going to happen and you don’t realise that all the fancy stuff you’ve bought this week won’t do dick for you when you old and grey, worse still if you end up needing care………………..One thought? If you help someone who needs a leg up today, someone might just look kindly on you tomorrow………………

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If you get knocked down by a tram next week, can I as your dearest friend, have what you've squirelled away?

You know you can trust me, and I won't spend it on wine, women and song.;)

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I assure you I take lots of things seriously, like my diet.

I only eat fresh food, not dried goods, so you can keep your nuts for the birds.;)

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Interesting reading this thread. Have gone through the hard times, 2 kids and wife at home not earning, but things got better when the kids grew up. Two wages coming in. Yes lots of holidays and enjoying life, put some money by for a rainy day. Wife retired at 60 with a reasonable pension, I "got" out at 62 (and managed to draw my pension), now the dreaded 65 is looming near and state pension. Now its time to enjoy more holidays and to do what we want, when we want.May be that is an old fashioned attitude, but its worked for us.

Spend a little, save a little but most of all enjoy life, there's no second chance, you're only here once.

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great if youve got your health get out and enjoy life to the full.... if your sick then no amount of money can conpensate.but they cant take away memories

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Such a true statement. My Nan died of cancer shortly after retiring and my Grandad had always wanted to visit Australia in his retirement and just a few months before his trip of a life time he died suddenly! Such an unfair twist to 2 lovely people who had worked extremely hard all their lives for what they had and more than deserved a happy retirement together!

Life isn't always fair so live everyday as if it's your last !!!

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I live for the day and make decisions based on what is right or wrong at that particular time. That's why I don't have any regrets and why I don't see it as a failing to admit that a decision was wrong in hindsight.

I don't have any real savings but funnily enough when I've ever needed a large unexpected lump sum of money something has always cropped up - tax returns, inheritance, bonuses, etc. Just luck I suppose!

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welcome back gayle. Is it ok if I come and see you when I need a large lump sum of money??? Just for your luck to rub off on me?? ;)

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In the words of George Best "I spent 90% of my money on Wine, Women and Song. I wasted the rest!" :)

In my case, I have been saving in pensions etc since I was 17. I have a good protfolio spread across many investment areas to avoid spikes in teh stock market. I review all my stuff regularly with my IFA. I aim to have paid off my mortgage before I'm 45. This comes from careful planning. We are lucky that we both have good jobs. When we started out our married life we earned a third what we do now. I remember going to Aldi and buying a bottle of White lightning and a bottle of 12 p lemonade to water it down because that was all we could afford. Its all about levels. Now we can get piddled whenever we want and have the nice things that we want. We have both put in plenty of hard work to get here though.

I personally feel that whilst benefits are a neccessary safety blanket they shouldn't be everlasting. They should be a stop gap to help people get back on an even keel. In cases such as Rindy how come your pension didn't cover critical ilness? Maybe I'm lucky but in a case such as that my company pension is paid up to completion straight away and taken from day 1.

Ian

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My private pension was payable early but I had to jump through hoops to make them pay it, which you don't realise until you have to claim it.