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Are you not interested in spending ?


Frederick

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I can only speak for the pensioners I know (I'm not one [;-)] btw).  My parents have their state pension (mum has no separate state pension as she didn't pay enough contributions).  In addition my father has a small occupational pension. They live modestly, enjoy their garden, local wildlife and have a static caravan in one of the Welsh national parks where they spend much of their summers.  They tell us they simply cannot spend the income they have.  They regularly (at least once a year) give each of their four children £1,000+ - despite our protests that we don't need their money.  They reckon they have never been so well off....and have a paranoia about paying IHT on their (hard worked for) assets.

My sister's mother-in-law is in the same position.  She is a widow and claims disability.  Her net income from pensions and benefits is >£1,000 a month.  Her income is more than my sister's...and my sister works 60 hours a week as a carer for brain damaged (and hence often violent) patients.

Mrs R51

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It has been the same for many years now.

My MIL and husband had far more disposable income than us for a family of four.

Sadly between the booze and the gee-gees, her husband disposed of their disposable income at an alarming rate and she passed away with next to nothing, but she should have been quite well off.

My Dad lives as well as he wants on his modest pension.

Now, as we are at the stage of taking retirement, I do understand why people keep money aside for a rainy day. When we were young, we would just earn more money if something cropped up, whereas we do not know if we will be able to do that in the future and for once in my life I feel like we need an emergency fund.
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 I know a lot of pensioners ...I am one..  I also visit many who would be considered to be very well off. I see them in their homes that are valued  at well over £250.000 lots of them . They are no doubt the very pensioners this Independant Financial Advisor is on about .. Their wealth they are sitting in...but they have to eat and buy clothes  and keep the home together. I know of pensioners living alone who will pay a gardener to do their lawns and flower beds ... I also know the same will deprive themselves of a glass of sherry and eat cheaper food because they have paid him that week rather than let the neighbours see they cant keep a tidy garden . Asset rich and cash poor many of them proudly going about their daily lives head high and still paying their way ..just about .and not claiming from the state ..They  would love to have the spare cash to spend the report writer seems to think most pensioners have tucked under the mattress .  

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[quote user="Frederick"]

They  would love to have the spare cash to spend the report writer seems to think most pensioners have tucked under the mattress .  

[/quote]

My parents would hate to spend their money - they wouldn't enjoy it at all.  They pride themselves on making a £2.99 chicken last for 4 days when they could afford to eat fillet steak everyday!  Some habits - such as frugal living die hard.

On the other hand, my old neighbours would love to go cruising...but they spent all their money on the bingo, the dogs and a new car every year.  Have I any sympathy for them?  Nope, not a shred.

Mrs R51

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I was glad when my Dad moved into a small place, then he moved into an even smaller one, quite big enough for him, easy to heat, easy to clean.

As I said, on the cusp of retirement and it is beyond me as to why anyone would want to keep a big baraque going, to heat and maintain and clean. Really is beyond me.
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There seem to be 2 options for us oldies

1. Keep a chunk of cash put by as we do not know when we will shuffle off

2. Spend the lot and when there is none left tie a concrete block to each ankle and jump in the river

Each has merit but I do not propose asking for your votes as to which I should choose.

John

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[quote user="idun"]I was glad when my Dad moved into a small place, then he moved into an even smaller one, quite big enough for him, easy to heat, easy to clean.

As I said, on the cusp of retirement and it is beyond me as to why anyone would want to keep a big baraque going, to heat and maintain and clean. Really is beyond me.[/quote]

I wish my parents would move to a smaller place.  They live in a huge seven bedroomed Edwardian (semi-detached) villa - one of those with  huge rooms with high ceilings.  It's ridiculously big.  But they won't budge.  Actually, dad loves the maintenance of the house.  He has just fitted  a new downstairs shower room (so mum doesn't have to cope with the stairs - though she has a stair lift).  He's done a lovely job - better than the one we had done by supposed professionals.  He replaced the ceiling and covings etc in one of the bedrooms last year (and sacked the plasterer because he reckoned he could do a better job himself!) He is now revamping two of the bedrooms on the first floor: new ceilings coving, skirtings, vanity units etc..  If he ever goes missing he's usually to be found in his basement workshop....happy as Larry. If someone took away his workshop and tools, I don't know what he would do with himself!   TBH I think they both have put heart and soul into their house over the years and can't bear to leave it. 

(Before anyone says they're lucky, wealthy whatnots - my mum was a machinist 'outworker' making trousers at home for a local factory for the grand sum of 2p a pair, my dad was office manager for a small local haulage company.  The only thing either of them inherited from their parents was debt...and the funeral costs.)

Mrs R51

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[quote user="idun"]I was glad when my Dad moved into a small place, then he moved into an even smaller one, quite big enough for him, easy to heat, easy to clean. As I said, on the cusp of retirement and it is beyond me as to why anyone would want to keep a big baraque going, to heat and maintain and clean. Really is beyond me.[/quote]

 

 

I think to some extent there is a feeling of a need to hang on to the house so that children and grandchildren can still come "home" to visit along with  a "cant face the upheaval " one .

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Pensioners are generally well off. They know what they want and are on the whole immune to life style peer pressure. Money is saved not from fear but because they see no reason or have no need to spend it – been there, done it, don’t need another T shirt.

 

The exception of course is passing money to grand children.

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I will never have a big chunk of cash, I just want 'some' money aside for emergencies.

We have just bought a house that is far too big, I only wanted half of it, but the trouble was, we looked and looked and that 'half' I wanted was not to be found elsewhere. Big rooms and very high ceilings. We will move on when it gets too much, I won't hesitate.
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[quote user="idun"]I will never have a big chunk of cash, I just want 'some' money aside for emergencies.

We have just bought a house that is far too big, I only wanted half of it, but the trouble was, we looked and looked and that 'half' I wanted was not to be found elsewhere. .[/quote]

They say the same for us - why do we need such a big house, and we say, we spent our working lives having to cramp into the tiniest of spaces, so now, we have the chance to have a larger space to live in, we do.  If it gets to the stage where we cannot afford it, or it becomes too big (unlikely if we don't through things away like books!!!) we have the option of moving on.

The difference surely between pensioners and workers is that whilst the monies coming in may not be large, they are guaranteed (unless you have certain annuity packages) for life.  The needs of pensioners are also very different - once you have raised the family and stopped work, you don't need to buy all the so-called "new" fashions, which you wore first time round anyway, and in the majority of cases your tastes have already been defined, so as long as you can eat, heat the house, and enjoy yourself a little, you often need nothing more, only replacing things when they wear out or break, rather than needing to have the latest and newest technology around you. 

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[quote user="Richard51"]I can only speak for the pensioners I know (I'm not one [;-)] btw).  My parents have their state pension (mum has no separate state pension as she didn't pay enough contributions).  In addition my father has a small occupational pension. They live modestly, enjoy their garden, local wildlife and have a static caravan in one of the Welsh national parks where they spend much of their summers.  They tell us they simply cannot spend the income they have.  They regularly (at least once a year) give each of their four children £1,000+ - despite our protests that we don't need their money.  They reckon they have never been so well off....and have a paranoia about paying IHT on their (hard worked for) assets.

My sister's mother-in-law is in the same position.  She is a widow and claims disability.  Her net income from pensions and benefits is >£1,000 a month.  Her income is more than my sister's...and my sister works 60 hours a week as a carer for brain damaged (and hence often violent) patients.

Mrs R51
[/quote]

I've got 6.5 years to getting my OAP I never realised how much it was - what is State pension for two - £9k + the small occupational pension and they can give away £4k of it whilst also having a caravan.

Plus it would seem that your sisters employer is breaking the law by paying well under the minimum wage.

Paul

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Like Richard51, I also wonder how my parents managed to save. Dad was a very poorly-paid labourer with later only the very basic state pension, with mother having accrued very little in her own right. Dad left us  a couple of thousand each, having lived very frugally. We wished he would have some little treats - or luxuries he regarded them. But having started work at the age of 12, walking 6 miles each way to the colliery he worked at, he was never one for what he thought of as the soft life.He would think we must be millionaires, with a place in the sun!

We were pleased at the thought of having a higher pension in a few years, but then found it would be only for new pensioners at that time. But as long as we can afford life here and in England, we'll be very content. We were never big spenders on clothes or consumer goods; I read recently that they are stopping making Walkmen - I was quite shocked, as I haven't moved on to those yet!  [:)]

 

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[quote user="PaulT"]

Plus it would seem that your sisters employer is breaking the law by paying well under the minimum wage.

Paul

[/quote]

Yes my parents do live on the amount you outline.  They actually lived for three years on £50 a week as my father had to give up work to look after my mother who was seriously ill but, at that date, he didn't qualify for a pension.  They lived on the savings they had.  Their caravan is 20 years old and it costs them ~£1,000 a year in standing charges etc.

 

Re my sister, she earns the minimum wage but is on a 'zero hours' contract (so they can sack her whenever they want) so she gets no sick pay.  She has had two back injuries in the last two years because there has been inadequate working hoists and/or staff on duty - both necessitating a month off work...with no pay.

I take it, Paul, that you are either a cynic, a spendthrift...or both?

Mrs R51

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[quote user="gardengirl "]

But having started work at the age of 12, walking 6 miles each way to the colliery he worked at, he was never one for what he thought of as the soft life.

[/quote]

Like my dad.  He cycled from Deanshanger in Buckinghamshire to Luton every day and thought nothing of it.  Ended up in hospital once with pneumonia from cycling in the freezing rain.

Mrs R51

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