Opinions on my money situation ?

[isthisjusthowitis]

Posting here for traffic! I went thru a costly divorce 18 years ago, but I’ve finally built myself back up. I suppose it doesn’t matter really, but I’d like opinions on whether my situation looks okay now.

I’m 57. House is worth £340k with mortgage paid off. I have £100k in savings and a pension that I’m not touching yet - but if I did, it would be worth £80k lump sum and £1k a month. I drive a cheap car worth about £2k. I don’t buy any designer clothes, I just buy stuff that I like from Vinted.

After several years of being in a LOT of debt, I finally feel very comfortable.

I don’t have an opinion really other than I’m really happy that you are living a life you are happy with.

Are you still working?

Sounds good to me.

Oh yes, I’m still working. I’m self employed and earn about £3k a month net. I’ll probably work until I’m 67.

Can I honestly ask how did you save so much and pay off your mortgage? (I am starting from 0)

I inherited £72k from my mum and £62k from my dad. I also got made redundant and got £42k. Without these things I’d be fucked., especially after the divorce!

Thanks for letting us know that your now in a comfortable position

Good for you - sadly no inheritance for me - hardly any pension and will have to work way past 67 years and no property - consider yourself very fortunate I am 58

Sorry about your mum and dad op x good things are good x

Have you thought about doing an Only Fans?

@isthisjusthowitis You need to bed get for loss of income after 67. Your savings won’t make up the difference between your pension/state pension and £3000 a month net. You need to be certain you can Iive on less. However you have 10 years to build the business up and save. So looks ok to me.

That sounds comfortable, particularly if you’re planning to work another 10 years and bump your pension up further. Personally I’d aim to retire in another 5 years in your situation - people are getting less years of retirement these days and if you’re over 60, you’ve more than earned it. Then again, plenty of people love working and stay in good health longer - personal preference.

I think you mean you’re

I’m sorry that sounds hard! Can i ask why? Love your user name, it’s my god daughter and nans name!!

Maybe don't have avocado toast.

What a weird braggy post. I hope you feel better for it.

You have a paid off house, large savings and a good pension. A good chunk of people can’t afford to feed their children despite having 2 parents working full time, highly paid, professional jobs. Getting on the property ladder is an unrealistic dream and many need to choose between rent and food right now.

Your AIBU should have been “AIBU to brag about my clear wealth when the economy is a shit show”

Probably better speaking to a financial advisor rather than Mumsnet tbh.

This is so tone deaf OP. How do people get to their 50s and not realise the effect these types of posts can have on people?

Youve been incredibly fortunate with the money gifts you’ve received. Most people aren’t as lucky.

Well done you op, must be such a relief to feel financially comfortable after struggling for a while. Sorry to see you’re getting some negative comments on here.

It’s great you’ve got into this position of security. I recommend you do the free ‘rebel finance school’ course (available on youtube). It’s designed to build confidence in assessing your personal financial position.

@WhisperingHi Oh don’t be so miserable! We can discuss anything and so can the op. Some of us were discussing diamond bracelets on here recently and that’s our choice. If you don’t like it, jog on by. I’m sick of everyone having to tread on eggshells due to a few people. If op wants to discuss her fairly mainstream financial position, great. I’ll not bore you with mine for fear of the nasty backlash, but I have an absolute right to do so. The op is to be commended and loads of people get left money.

Is your 100k savings in the best place it could be for you? Do you get much income from it/ can it generate something that tops up your pensions? It sounds an amazing amount to have and I can’t imagine having it myself but on the other hand if you couldn’t work any longer or had to reduce hours it may not stretch to retirement.

Are your savings earning as much interest as possible? In your position, I'd be saving as much as possible while I was still earning (without living like a monk).