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

If you have £2k pension and then pt income plus state pension in a few years you have more than enough. Keep enjoying your lovely life, you shouldn’t have to dip into much of your savings 💐

So you have a guaranteed 2k a month income , plus what you earn from your part time jobs. Plus eventually 2 state pensions (presumably to replace the job income at that point)

If you can live reasonably well on your income then I think you’re doing just fine. 38k isn’t a lot of savings and could be eaten into very quickly, so I’d want to be adding a little to that if possible, but as long as you aren’t dipping into it for living costs then I don’t see an issue.

It might mean you have to work a bit more just to try and build up an emergency fund for a new boiler or whatever, and you can’t really afford to give your DC any big lump sums in my opinion, but you can certainly afford to live comfortably and enjoy your gig nights.

Genuine questions….what Do you need a financial adviser for? What do you intend to do with your savings.?
I’m younger than you ( late 50s) ….own house…..over 3 times your savings but don’t feel the need for a financial advisor….my partners and my public sector pensions come to nearly 3k a month……….my savings are just there …..what would a financial advisor do for me? Would it not just be a waste of my money

I’m so confused by the baths thing. Having a shower instead of a bath can’t save you more than about 20p each time. If you want a bath, have a bath! You can absolutely afford it. Some people can’t, but you absolutely can.

How are you going to do that?

Have you supported them through education / early adulthood?

I think different people make different choices. You haven't saved for care and so if you need it, most likely the house will be sold to cover it and you'll leave DC with little. If you're ok with that then it's fine, plenty have less, plenty have more.

Two grown adults not even buying their own food right now (shame on them leaching) could perhaps use that position to save for their own wedding or rental deposit?

kitcat15 my friends invest savings via their advisor to make more money out of their money.
I think from this thread.
I will try to keep more of a track of money now dd not with us.
Try.to increase savings so that we can help dc more.
Maybe work another day/ eve
See solicitor re house
Stop feeling influenced by the seiously young wealthy round here( who openly talk about how wonderdul it is to be retired, go abroad for two months , who tell me not to work too hard. I take it to heart i realise .. need to be my own person.i feel guilt that i cant help my dc with huge amounts like they do.

Be grateful that we bought at a good time, had long, stressful careers , but ones that took our wages at source for pension .
Thanks all. I think my question was about aibu for getting confused about who I should be.i think it can happen at times to many.. self doubt.
The answer was yes i waa bu, and i needed to clear my head . Thank you.

Why no baths when you've said your pension gives you £2k a month . You're hardly on the breadline .
Your post doesn't make sense

You've got the value of your house to pay for care. If one of you needs care, the council will pay and take a charge on half the value of the house - they'll get their money when the second one of you dies.

£38k in the bank for potentially the next 30 years? You are extremely vulnerable, especially with such a low income.

I think you could be out of touch with reality .

Vulnerable? Vulnerable isn’t haven’t £2k and savings in the bank. Ffs

I think with no mortgage and 2000 a month I presume after tax and then at 67 both you and DH will have an extra 9K each per year from full state pensions it is fine but maybe not enough savings

I tend to divide all income into 4 pots;
firstly essential monthly living expenses utilities food car insurance,
secondly a 1/12th of annual expenditure everything from MOT, car service, standard house and garden maintenance, birthday & Christmas presents and clothing allowance because no one actually buys clothes equally each month.
Thirdly longer term savings for things can will happen but not sure when; new tech, a new car, new hearing aids, holidays, boiler breaking new furniture or appliances you do not want to be getting stuff on finance once retired
Fourthly almost permanent savings and investments for pensions, needing long term care, children at university or weddings or house deposits ( if you intend part funding these)

not all of these will apply to everyone

Income minus these four is our discretionary fun money eating out any upgrade from basics days out extra clothes make up hair cuts cut flowers

I decide on what 1-4 needs to be and that there needs to be discretionary moneythen you can decide whether 38K is enough for 3 and 4 or whether you need to add to them out of current income

I'm supporting a family of 3 on less than your monthly pension, we enjoy meals out, holidays and new clothes if and when we need them. We even have savings.....I'm sure you'll be fine 🙃

You are well off.

You are a lot better off than some people and worse off than others. That's just life.
If you're happy with your finances that's fine.

Don’t doubt yourself Op

You are on the right track having 2k monthly income (maybe your friends don’t have that)

Someone put my own mind at rest about future nursing home fees - the equity in your house can pay for that.

There comes a point in life when you can actually stop saving - and enjoy to the full the time you have now - whilst you are fit and in good health.

If your savings are in investments, they can hopefully grow too.

It’s ok to be frugal, we all economize and choose to spend in different ways.
(Silly as it is, I sit in total darkness with no heating, by choice, but conversely spend ridiculously on holidays)

approxiamtely 40% of UK households could not cover an expected event costing £500, that is vulnerable, not having 38K. Ok so 38K in savings to last from 60-90 is not the best but they have decent pensions at 2000 per month which when both turn state pension age will be about 3500k ( though there will be some tax) but still over 3000 per month with no mortgage or rent I would say that was nice not rich not 2 cruises a year and brand new cars every two years but plenty for meals out, coffees an annual holiday, days trips clothes and presents and to run a car
I think if you can live on the 2000 just now and save what you make part time in the next few year suntil you get state pensions you will be fine, your house value will pay for care
currently we live on 2000 a month and my DD is still in school we also have no mortgage

SenoritaNaturista thankyou !
That is what i meant about the baths! I want to use our income in a way that works for us , and choose to spend ours in a way that makes us happy. Showers instead of baths, simple good food, means that we can go out dancing / to pub gigs at least once a week. .things like that!

@Geewhizzr there is a retirement board in the Employment section which is a better place to post about this. I found your situation interesting as I think we'll be in a similar situation (not retired yet). As still working our work pension provider offered a money MOT which was paid for (circa £100-200). Some banks also will offer this (largely as they want to sell you products which they'll earn commission on). If your savings are just in a savings account/low interest rate cash ISA then get yourself on Money Saving Expert and the retirement forum as inflation will be eating away any 'gain'.

I think that you are doing very well !

You own your own property

You only work PT before state pension age

You have a pension income now

You have savings

You have your health

You have hobbies & holidays

You have family & friends

You have no current worries

You are content

If you need to pay for a cleaner or carers in the future, you have the means to do that

Not everyone has all these things !