foreveryoung Posted April 22, 2022 Share Posted April 22, 2022 17 minutes ago, Xela said: Life insurance/assurance I get, but pension? Wy would you opt out of that? if they contribute, its free money. Plus tax benefits as well. £150k is nothing in a pension pot. That'll get you naff all when you retire. True, but the £200 a month I should be paying in for anything half decent when I retire, I'd rather have now, I kinda wanna live for today. We manage a savings account and have the 2nd property, so I think we will be okay. Link to comment Share on other sites More sharing options...
Popular Post markavfc40 Posted April 22, 2022 Popular Post Share Posted April 22, 2022 (edited) 1 hour ago, ferguson1 said: A very good friend of Mrs F passed away this morning. 53 and taken by cancer. It really is no age and the scary thing is that they were only diagnosed last August. It puts things into perspective a lot and that we should live life to the full now. Mrs F and I talk a lot about what we’re going to do in retirement but I really hope we get there and more. Anything can happen in an instance. The above is very true. My dad found out in June 2002 he had bladder cancer. He died less than 3 months later. He was a really fit 60 year old. My mother in law found out in June 2012 she had bone cancer. It then transpired it had spread from her lungs and she died a week after her 55th birthday in July 2012 just 5 weeks after finding out she had cancer. I think both these experiences have taught both me and my wife to try as best we can to live for the moment and do as much as we can now. Don't get me wrong we don't piss money up the wall and are still responsible but we try to go on holiday as often as we can, have small breaks away etc and just basically enjoy life. I'm 48 now and whilst I have planned for a hopefully long retirement, in terms of having a decent pension, I am certainly not taking it for granted and waiting until I retire to do things I can be doing now. Edited April 22, 2022 by markavfc40 5 Link to comment Share on other sites More sharing options...
ferguson1 Posted April 22, 2022 Share Posted April 22, 2022 8 minutes ago, markavfc40 said: I'm 48 now and whilst I have planned for a hopefully long retirement, in terms of having a decent pension, I am certainly not taking it for granted and waiting until I retire to do things I can be doing now. Sorry to hear of your loss and experience’s of cancer etc. Just happens so fast with some people. It’s upset Mrs F today, it really has. We’re both 47 and very similar to you, want to enjoy ourselves now as much as plan for the future together. 1 Link to comment Share on other sites More sharing options...
markavfc40 Posted April 22, 2022 Share Posted April 22, 2022 (edited) 8 minutes ago, ferguson1 said: Sorry to hear of your loss and experience’s of cancer etc. Just happens so fast with some people. It’s upset Mrs F today, it really has. We’re both 47 and very similar to you, want to enjoy ourselves now as much as plan for the future together. Cheers mate. I think one of the most upsetting things with both my dad and mother in law is that they got no retirement and were both still working when they found out they had cancer and then went so quickly there was no time to do any of the things they were holding off on doing or had planned for retirements that never came. I think it is easy to say to live for the moment and enjoy life whilst you can but unfortunately life isn't ever that simple is it for most of us as there is a mortgage/bills to pay, children to bring up etc. As far as is possible though within financial constraints we try to do as much of the stuff we enjoy doing now rather than kicking it down the line to a time that we may never see. Edited April 22, 2022 by markavfc40 1 Link to comment Share on other sites More sharing options...
Rds1983 Posted April 23, 2022 VT Supporter Share Posted April 23, 2022 13 hours ago, Xela said: Only got it through work. Pay pennies and got substantial death in service, critical illness, income protection, accident insurance and BUPA care. One of the benefits of working in the financial services area. If i had to pay regular prices then I probably wouldn't bother as I have no dependants. I have all the same through work too. Took them out when I got married and increased the premiums when the lad was born. Personally I'd rather waste a little bit of money each year having them and not needing them then the worst happen, desperately need them and not have them. Gives a lot of comfort knowing if anything did happen to me that my son is taken care of financially. Link to comment Share on other sites More sharing options...
tinker Posted April 23, 2022 VT Supporter Share Posted April 23, 2022 10 hours ago, foreveryoung said: True, but the £200 a month I should be paying in for anything half decent when I retire, I'd rather have now, I kinda wanna live for today. We manage a savings account and have the 2nd property, so I think we will be okay. You losing your employees contributions and the 20% tax rebate (40% if your a high earner) and any interest made on the investment . In my case that's a return of 25% per year ( I have no employee contributions). Even property doesn't return that well. The money saving expert forums are a gold mine for pension strategies. One guy has remortgaged his house to pay into his pension, 20% of 200k is 40k and his mortgage interest is less than the interest he makes on the 240k in his pension. I get the live for today mentality but the chances are heavily in favour of us living until retirement, unless your a Russian soldier . 2 Link to comment Share on other sites More sharing options...
Demitri_C Posted April 23, 2022 Share Posted April 23, 2022 12 hours ago, Xela said: Life insurance/assurance I get, but pension? Wy would you opt out of that? if they contribute, its free money. Plus tax benefits as well. £150k is nothing in a pension pot. That'll get you naff all when you retire. Retire? Whats this retire you speak of? The way the cost of living is going not many can afford to retire !! Link to comment Share on other sites More sharing options...
Demitri_C Posted April 23, 2022 Share Posted April 23, 2022 Thanka for the advice guys its just me and missus no kids so am abit on the fence about life insurance Link to comment Share on other sites More sharing options...
Seat68 Posted April 23, 2022 Share Posted April 23, 2022 11 minutes ago, Demitri_C said: Thanka for the advice guys its just me and missus no kids so am abit on the fence about life insurance This is me and my thoughts Dem. If I die the house is paid for. My life insurance will be extra and give my wife peace of mind and ease any financial pressures. Loss of a partner is bad enough without having any additional worries. 1 Link to comment Share on other sites More sharing options...
chrisp65 Posted April 23, 2022 Share Posted April 23, 2022 1 hour ago, Seat68 said: This is me and my thoughts Dem. If I die the house is paid for. My life insurance will be extra and give my wife peace of mind and ease any financial pressures. Loss of a partner is bad enough without having any additional worries. Yep, I’m worth more dead than alive. It’s why I do all the cooking. Although as a counter to that, with the mortgage now dropping to close to ‘pay offable’ levels, this might get reviewed in the next couple of years. Link to comment Share on other sites More sharing options...
Seat68 Posted April 23, 2022 Share Posted April 23, 2022 12 minutes ago, chrisp65 said: Yep, I’m worth more dead than alive. It’s why I do all the cooking. Although as a counter to that, with the mortgage now dropping to close to ‘pay offable’ levels, this might get reviewed in the next couple of years. I agree, life insurance will end, I think I have a year on the policy if I checked it. It's not forever but it's one of those things that I seem to always have paid into. A bonus if it is never used. 1 Link to comment Share on other sites More sharing options...
Xela Posted April 23, 2022 Share Posted April 23, 2022 4 hours ago, Rds1983 said: I have all the same through work too. Took them out when I got married and increased the premiums when the lad was born. Personally I'd rather waste a little bit of money each year having them and not needing them then the worst happen, desperately need them and not have them. Gives a lot of comfort knowing if anything did happen to me that my son is taken care of financially. I've used the BUPA a couple of times so that has paid for itself multiple times and the income protection just adds a bit of comfort in case I get really ill and can't work for a long time. Hopefully never need it but like you say, but nice to have in case the worse happens. Link to comment Share on other sites More sharing options...
Xela Posted April 23, 2022 Share Posted April 23, 2022 1 hour ago, Demitri_C said: Retire? Whats this retire you speak of? The way the cost of living is going not many can afford to retire !! Its the only thing keeping me going! If someone said i'd have to work until 70, i'd be off to Beachy Head this afternoon! Aiming to be be done by early to mid 50s. 3 Link to comment Share on other sites More sharing options...
Xela Posted April 23, 2022 Share Posted April 23, 2022 1 hour ago, Demitri_C said: Thanka for the advice guys its just me and missus no kids so am abit on the fence about life insurance The question you'd need to ask is if anything happened to you, could your missus pay the mortgage? If not maybe worth looking at getting something to cover the mortgage at least. Link to comment Share on other sites More sharing options...
Rds1983 Posted April 23, 2022 VT Supporter Share Posted April 23, 2022 15 minutes ago, Xela said: I've used the BUPA a couple of times so that has paid for itself multiple times and the income protection just adds a bit of comfort in case I get really ill and can't work for a long time. Hopefully never need it but like you say, but nice to have in case the worse happens. I've used Bupa a few time through work too and saved a fortune. Had about 4 or 5 MRIs checking my brain (easy joke but apparently I do have one) and they're probably about £2k each. 1 Link to comment Share on other sites More sharing options...
Mandy Lifeboats Posted April 23, 2022 Share Posted April 23, 2022 I use Beneden Health as a much cheaper alternative to Bupa. It pays something like £1800 towards the cost of diagnosing any problem you have. Once you have a diagnosis the NHS treatment then follows. Its a great way to get quicker treatment. There are a lot of other benefits. For example, they offer immediate phone consultation with a GP, physiotherapy and they undertake some operations which aren't available on the NHS. It's well worth a look. Link to comment Share on other sites More sharing options...
tinker Posted April 23, 2022 VT Supporter Share Posted April 23, 2022 Ask your NHS doctor for a chose and book appointment, they use private health care providers when the NHS waiting list is long. Link to comment Share on other sites More sharing options...
Xela Posted April 23, 2022 Share Posted April 23, 2022 2 hours ago, tinker said: Ask your NHS doctor I see a problem there. I'm more likely to have a appointment to ride Shergar with Lord Lucan than speak to a Dr at my surgery 3 Link to comment Share on other sites More sharing options...
markavfc40 Posted April 23, 2022 Share Posted April 23, 2022 (edited) 5 hours ago, Xela said: I see a problem there. I'm more likely to have a appointment to ride Shergar with Lord Lucan than speak to a Dr at my surgery You live in Sutton Coldfield don't you mate? The natives there could all do themselves a favour, and the NHS as a whole, by ceasing to vote Tory. Edited April 23, 2022 by markavfc40 Link to comment Share on other sites More sharing options...
bielesibub Posted April 23, 2022 Share Posted April 23, 2022 2 hours ago, Xela said: I see a problem there. I'm more likely to have a appointment to ride Shergar with Lord Lucan than speak to a Dr at my surgery The sooner GPs are replaced with Google the better! Link to comment Share on other sites More sharing options...
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