Older Ages, "Retirement Planning" & Death (don't read if sensitive issues)

[crasher]

I've kept a spreadsheet of my personal finances for the last 19 years. I have recorded all income and expenditure on a monthly basis, updated nett worth every month and projected forward how many years I can maintain my current standard of living, should I choose to retire in the following month. I'd like to think that I have covered all eventualities and won't be subject to any nasty surprises in the years ahead.

But what's the point of living if that's how you spend your time?

(Don't mean to be rude, but that kind of organisation is not for me)

 

[Albion my Albion]

I'm not reading this thread because I can get very emotional about death.

 

[Moshe Gariani]

I'm not reading this thread because I can get very emotional about death.

Especially of grey racehorses...?

 

[Worried Man Blues]

Planning pah! I planned to work till 63 made redundant at 58 my work having moved me to Wales! Fortunately they were bit naughty so I got a decent payoff and now coasting towards pensions. Originally hacked off but now delighted to have "got out". What really annoys is the government telling you to work till 67 but some employers want younger workers so you don't always have a choice, good luck with the planning!

 

[KingstonSeagull]

My Father who used to drive me down to the Goldstone, Priestfield and the Withdean every other weekend and unfortunately never got to see Falmer passed away from a stroke at 50 years old sold his company at 45 and lived those last five years to the absolute maximum. Lovely holidays, bought an aston martin and a ferrari despite being told by many people to save his money for retirement and a rainy day. I am so glad that he decided to sell up and live his life to the absolute fullest, you never know when your time is up...

 

[Brighton Mod]

I am 48 years old and it has started to cross my mind occasionally what age I might be when I retire from work (or make some kind of semi-retirement change), what the following years will have in store and what my final allocation might be from the great scorer in the sky...?? (I think there might be a name for this state of mind...)

What are the different approaches to this rather tricky issue?

FWIW my own first thoughts have usually been about working until around 67 to maximise income and pension benefits - while also building/retaining as much in the way of savings or accumulated "capital" during those working years - and then to enjoy a long and relatively comfortable retirement...

Is this completely barmy...? So many RIP threads on here of blokes in their late 60s and early 70s. One could easily follow the above approach and have almost NO years of "relatively comfortable retirement"...

But as a reasonably healthy 48 year old (albeit one who has enjoyed in the past some less healthy lifestyle options) can you really work on the premise that retirement years could well be quite few? If I did work until 67 how many years of retirement should be my best guess for which to budget? 5? 10? 15? 20?

Is it a better idea to try and find a way of retiring significantly earlier but obviously with less money? Or perhaps to keep working but spend more and accumulate less? Does it matter? Is the sensible approach to "not worry about it - what will be will be - everyone in the same boat - some sort of compromise around 65 seems about right for you"...?

Anyone with thoughts or personal experience?

Get life insurance and make sure it is enough and much more than the mortgage. I have never smoked, drink little,eat heathily(no junk food) and have exercised all my life.This JUly I was diagnosed with inoperable pancreatic cancer and the end of my time on this earth is rapidly approaching. Like you I had such thoughts on retirement kidding myself that I would get there, but no, 1 in 2 of us will get cancer, a frightening prospect so my advice is don't plan too far ahead, I had no symptons until two days before diagnosis. Make sure you get life and terminal illness cover, they come together now as your now entering a statistically dangerous age.

 

[Chief Wiggum]

Get life insurance and make sure it is enough and much more than the mortgage. I have never smoked, drink little,eat heathily(no junk food) and have exercised all my life.This JUly I was diagnosed with inoperable pancreatic cancer and the end of my time on this earth is rapidly approaching. Like you I had such thoughts on retirement kidding myself that I would get there, but no, 1 in 2 of us will get cancer, a frightening prospect so my advice is don't plan too far ahead, I had no symptons until two days before diagnosis. Make sure you get life and terminal illness cover, they come together now as your now entering a statistically dangerous age.

Thinking of you and your family Brighton Mod. A sobering post. You're right - plan for the future but keep the present in mind.

 

[Thunder Bolt]

Get life insurance and make sure it is enough and much more than the mortgage. I have never smoked, drink little,eat heathily(no junk food) and have exercised all my life.This JUly I was diagnosed with inoperable pancreatic cancer and the end of my time on this earth is rapidly approaching. Like you I had such thoughts on retirement kidding myself that I would get there, but no, 1 in 2 of us will get cancer, a frightening prospect so my advice is don't plan too far ahead, I had no symptons until two days before diagnosis. Make sure you get life and terminal illness cover, they come together now as your now entering a statistically dangerous age.

It's hard to know what to say, but I hope you have quality of life for what you have left. Thoughts with you and your family.

 

[Johnnyboy]

Get life insurance and make sure it is enough and much more than the mortgage. I have never smoked, drink little,eat heathily(no junk food) and have exercised all my life.This JUly I was diagnosed with inoperable pancreatic cancer and the end of my time on this earth is rapidly approaching. Like you I had such thoughts on retirement kidding myself that I would get there, but no, 1 in 2 of us will get cancer, a frightening prospect so my advice is don't plan too far ahead, I had no symptons until two days before diagnosis. Make sure you get life and terminal illness cover, they come together now as your now entering a statistically dangerous age.

Brave and pragmatic post Brighton Mod. I'm the other side of your situation having just lost my wife to cancer after nearly 40years together. Not the retirement we planned but because we had good insurance and saved a little I was able to stop work and look after my wife through her illness.

Sent from my Lenovo TAB 2 A8-50F using Tapatalk

 

[Blue3]

About to retire at 57 and it feels fantastic