If you are only 55, have you considered returning to work until normal retirement age?The worst thing is that some kind of financial independence is still a pipe dream or you are financially worse off than you have been.
If you are only 55, have you considered returning to work until normal retirement age?
. Don't even think of an Afterlife loan.
Clear your credit card debt every week
I think 55 is well gone in the rear view mirror for Lep!If you are only 55, have you considered returning to work until normal retirement age?
I think 55 is well gone in the rear view mirror for Lep!
13. Don't even think of an Afterlife loan.
13. Don't even think of an Afterlife loan.
I met someone recently who was cashing their pension to give their son some money. The son was earning far more than the mother. And she will need it far more than he ever would. I had not realised it was a common mistake.
Brendan
This is a very common one. People think the kids will have flown the coup
What? Parents giving adult children money? It is very common these days. Boomers have accumulated a lot of wealth. Even where their children are successful themselves, they want to help out their kids financially. If they have enough money, there is no harm in doing so. Otherwise, it is left until they are dead and they will get no joy out of helping their children out then.@Steven Barrett, is this sort of treachery common in your experience?
I think 55 is well gone in the rear view mirror for Lep!
Whoosh...What? Parents giving adult children money?
BE CLEARER ClubMan.Whoosh...
Definition of FLY THE COOP
to leave suddenly or secretly : to escape or go away; to leave home… See the full definitionwww.merriam-webster.com
Advice for any ageEvery week I meet several people who like me are retired. Best thing about being retired is that every day is like a Bank Holiday. The worst thing is that some kind of financial independence is still a pipe dream or you are financially worse off than you have been. Yours should all be done for, mortgage should be a memory and the next years are now your most important.
I suggest:-
1. Get shut of top up mortgage or any other loans. Remember, you have to do this sometime.
2. Concentrate on your physical and mental health.
3. You've reached "me" time.
4. Review life insurance.
5. Get fitter if necessary.
6. Get your savings in trim even if you cannot beat inflation. You need a Rainy Day fund.
7. Improve anything that needs doing in your home.
8. Don't delay in getting your tax affairs up to date.
9. Slow down now.
10. Drive more carefully if you're not a careful driver.
11. Give time to your family as necessary without being a "hero. "
12. Keep your passport in date.
13. Don't even think of an Afterlife loan.
14. Bring your family onside.
15. Cherish your hobbies (this doesn't mean building a light aircraft from scratch). Reading, Writing, Sport, etc.
16. Avoid any rut.
17. Clear your credit card debt every week (not every month). Use the card less and less where possible.
A Coffee plantation even !!!Ah I think oul Lep has earned his coffee machine at this stage
Yes. I think the overriding message on this thread is don't bring debt into retirement and cease all debts earlier than 55 if possible. Also get affairs into order before retirement. The check lists here are relevant and if anybody wishes to add to them please do.Hi Steven
That is an excellent post. It should be given to everyone on retirement.
I met someone recently who was cashing their pension to give their son some money. The son was earning far more than the mother. And she will need it far more than he ever would. I had not realised it was a common mistake.
Brendan
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