To feel quite well.off , but td i really am not!

[Geewhizzr]

We are early 60s.
Retired from carees and work part time in the toursist industry.
We have 38 k in bank, own own house.
We have a joint pension ,now of just under 2k a month , which will be boosted by state pension.
We live simply, in a rural area.
We go out a lot to live music ,but watch the pennies.
We cannot do holidays abroad, but have a small caravan .
I feel quite contented with this.
However , its come to my notice that quite a few people have significant savings and / inheritances , and that we are considered to be not well of or even vulnerable. We wont inherit as relatives are to spend money on care costs.
It did not occur to us to save for that. I am wondering if i / we have been unreasonable in our own little bubble and if we need to actually work full time/ career jobs again ..aibu to be suprised that we are considered financially vulnerable by the very comforrtable around us.. iabu to ask for some peespective?

R

Actually on 2k a year, no mortgage AND 2 p/t jobs why can't you go abroad?! We would be feeling really well off on that and easily be able to travel...

Don’t you dare say that are not privileged!

You own a house outright.
You’ve a secure £2K a month pension before state pension.
You’ve got a £38K safety net.
Your careers didn’t cost you your health.

You have the privilege of good enough health to have worked before, and to be able to work part time now.
You had the privilege of being able to buy at a time when it wasn’t ridiculously unaffordable.
You had the privilege of what sounds like final salary pension availability.

None of that doesn’t mean you didn’t work for it. Of course you did. But you were privileged to be able to do so, privileged with the opportunities that came your way. I’m not saying they fell into your lap, I’m not saying you didn’t make sacrifices along the way.

But you need to understand that a vast number of people your age worked harder still than you, and made more sacrifices… and still aren’t in your position.

You are privileged.

You must have at least £3k income a month though?? With £2k in pensions plus two-part time jobs? With no housing costs I really don't really see how you would struggle in any way afford £80 a month gig money and a bath. And a fair bit more too!

ChocolateElephant probably need to be more aware of what goes where.
Our dd and her bf have been living with us foe a while and we have been feeding them , inc bills etc , so maybe it is time to take stock.

Is this a gentle stealth brag perchance?

I'm in a similar position to you (early 60s, reasonable pension, still working but not earning a fortune, no mortgage and no dependents), but with a smaller savings pot, and I'm not worrying about my lack of savings and nor is my financial adviser. If I don't have enough savings for major house repairs then I'll either take money out of my pension pot or do equity release on my house, and if I end up needing to go into a care home or similar then my house will be sold to pay for that. It would be lovely to leave something to my nephews, but if I can't, I can't.

Jesus Christ, these not so subtle stealth posts are so shallow and self absorbed. Get a grip and look around you.

Really?🤔 I can see you are struggling😝

Being grateful and happy for what you have is to my mind the definition of being rich
As long as you have enough to heat your home, have good health , eat well and have a little put by for emergencies then you have it all.
Surround yourself with good people who have the same attitude as yourself and happiness is yours

Davethecat2001 not it really is not.
It arose because I live in , it appears , a bubble.
It arose because it transpires that all of my friends here have financial.advisors , their elderly parents have them, it seems the norm. I then was questioning myself.
As it waa suggested to me that my hard saved for savings are not worth ie significant enough for said advisor.

We are just a few years younger than you so are looking at our retirement finances. DH has already drawn one pension from a previous employment (no choice, had to be paid at 60) so we have a bigger lump sum than you. I just think about major ticket items which we might need to spend on eg boiler is 20 years old so might pack up. One car is getting old so may need to be replaced. Lump sums don't last long when you start forking out £000's at a time, so the more savings you've got the better.

Week to week, month to month, it sounds like you are fine, comfortable, and able to enjoy life. However, your savings pot could do with a top up, particularly if you'd like to help out your kids as you mentioned. So if I was you I would try to put some away into savings each month.

But the question is why is the OP so privileged

Is it just luck?

Or is there also an element of not wanting lots of stuff, being happy with less than some other people?

Which over 60 years will translate to savings in the bank etc - all the things you see as privilege are in part a result of choice - there's many people who have had the same or more privileges and are not in the OP position

Of course for every OP and every person who is greedier for stuff there is the hard worker who doesn't get those choice

But it's so often luck element that is pushed and the choices people make downplayed

Snailsaresweet
So you are in a similar position.. so it is worth getting an advisor? Thanks.

What is the Aibu? I'm not sure what you're looking for unless it's for others to tell you their situation? It doesn't sound like a significant amount to me, but definitely enough on which to live comfortably. I probably wouldn't be too worried with the amounts you mention.

Well, I don’t have the savings you do but I feel well off. I have a house (much bigger than I need), small mortgage, food in the fridge and no debts. Oh and the heating is on.

I don’t have anywhere near the amount of money you do though but I consider myself very lucky indeed

midgetastic intresting peespective .

This might interest you
www.finder.com/uk/saving-statistics#:~:text=1%20in%2010%20Brits%20(9,for%20a%20month%20without%20income.

I think your lifestyle sounds ideal. Some people will want to save more, some less. FWIW my uncle was extremely frugal, saved an enormous amount for his pension and savings, then died without spending any of it. So I don't think having huge savings made him happy or his life any better. I wish he had enjoyed his life more but he was happy in his own way!

So you have £2k a month from private pensions plus you both work part time. House paid off but can't afford to go abroad or even have a bath! What???!!
You need to take a serious look at where your money is going if that's the case

“all the things you see as privilege are in part a result of choice - there's many people who have had the same or more privileges and are not in the OP position”

@midgetastic and that’s why I acknowledged that I’m sure @Geewhizzr did work hard and make sacrifices. I didn’t apportion everything to luck. But just as you say - it’s in part a result of choice. There is always luck involved - the luck of intelligence, of health, of opportunity (and yes, we also make our own opportunities!) - and that luck is why I find @Geewhizzr insensitive to declare that she’s not privileged.

She is. Less so than many I’m sure, but come on - who is in that much of a bubble that they need to post this? I’m embarrassed for her.

What do you actually want advice on?
Where is the £2K pension in payment now coming from? If that’s an annuity already created, or - I expect - a defined benefit pension in payment, then you’re almost certainly not looking for investment advice.

£38K isn’t, to my mind, enough to take investment advice on. Too much lost in fees.

So are you actually looking for advice on whether you should save more for possible social care? That’s more a personal decision than a financial advisor decision. They can’t tell you if you should. Same as they can’t tell you whether your daughter’s boyfriend is taking advantage of you by eating your food.

They may be able to advise with decision like splitting a house that was Tenants in Common to Joint Tenants, allowing the first deceased to leave their share to your child so it can’t be taken for care home fees for the second of you.

I think that you are just fine as you are. The number of people in a better position than you across the country will be tiny, it’s probably just where you live. You are content with your lifestyle, have a steady income (which will increase with the state pension) and own your own home.

If you do need care in future, you can consider equity release. So by having bought your own home, you have, in effect, saved up for future care.

You must have saved somewhere to have a couple of thou a month in pension that you can access in your early 60s.

"well off" is very subjective and dependent of the person. There might be some type of governmental table on this. But in casual talk the definition can vary.