Talk Morgan Forums Community The Malvern Arms Retirement beckons.

I think many of us are in the same place with this. We decided to assist MissW &SiL with their house refurb so they could get it done sooner. We would rather see them enjoying it now. It's only money after all.
An old neighbour popped off a few years ago. Always in rags, never been married, no kids. His nephew inherited over £700k.
MrsW and MissW have ensured that I've never come close to that but then I would rather enjoy it while we still can!

A very good point.
We baby boomers are changing the guard I think in terms of " what to leave"..our children and relatives.

For me it is quite a game changer in that I have to now live on pension and savings - the maths look good - but you never quite know what's round t he corner - or what age we will live to!

A tricky prediction!!

The business we helped set up was sold in 2011..we had 40% and our share was nice to have. But one condition of the sale was that I worked for the new owners, they pay well, but I really earn it.

The company that bought us has now been bought: just before it sold I reduced my time to 80%. I like 3 day weekends and I had been planning to request that I drop another 10% next year, so to a 4 day weekend. I'm 65 next year and have some developing health issues that have made me think about priorities. So I may just retire next year.

As others have said, it is the change in mindset that needs adjusting, from putting in to taking out of the savings. At the moment I'm saving about 30% of earnings. Coupled with the monies from the business, plus state pension and a couple of modest final salary pensions sale we should have "enough"...as long as I don't spend it all buying cars....

The kids: we helped them buy property using some of the proceeds of the business sale and have told them not to expect anymore.

So, that is it.

Retirement on 31 March 2017?
Let's see.

And many pensions are not what they are imagined to be before actually getting the first payment and savings are very fragile due to no interest and poor returns on the stock market .

Congratulations Neil. 7 years into retirement for me - and never regretted a minute.

This is also my view. Both of my girls have been through one of the very best schools in France, University in at Exeter and Dublin & for one an MA in London which we have paid for entirely. They have started well paid jobs in London (bloody European migrants, grrrrr) without a penny of debt. We will help them with a deposit on their first homes, but then that's it. I am particularly inspired by a beautiful Spirit 46 racing yacht which was originally called SKI 4. This was an acronym for "Spending the Kids Inheritance 4".



I have always felt that inherited wealth can be quite a corrupting thing, which can stifle ambition, yet to give your kids the tools to succeed in life is the best gift you can give them. I've known a couple of people (including my brother in law), who have rich parents, whose life plan appears to be waiting for them to die so they can cop the loot (and it's NOT Prince Charles I'm talking about).

👍👍

Congratulations...I'm some years off but working towards doing it as soon as possible!

congrats Neil, seems like you did very good
hats off!!!

Congratulations Neil,

Hope you have a long and very enjoyable retirement.