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 missed the rule that you can only mention money if you have not managed to survive a divorce, not got yourself out of debt and not lost both parents.

Silly me, I almost told Op how inspirational she was for building herself back up! Thank you for pointing it out!

Why post this? £100k savings, inherited £140k, redundancy ££, hardly mortgage free through your own hard work.
Weird braggy post

Sounds good. What is your pension pot - is it a SIPP or final salary pension,

I am glad you have got into good financial position after divorce OP.

I divorced many years ago and didn’t have any inheritances but have also managed to get in good position against all the odds.

You need to get your savings working for you without tax so probably take financial advice. Personally I keep everything simple and have moved all savings into NS&I and ISAs.

I have house worth 325k and 200k in savings with 3300 per month which is about half and half earnings and pensions. I was fortunate enough to have defined benefit index linked pensions. I will work very part time until i am too tired to bother and then I will retire. I will have SP in a couple of years so 4300 or so per month until I fully retire.

Financial comfort is a blessing and relieves a great deal of stress. I am not meaning to trigger anyone.

I think you mean through not thru.

Good for you but what exactly is your question? This is AIBU and I can’t really get a handle on what you expect from others. It doesn’t appear that you are seeking financial advice as a blind person could see you are secure. If you are seeking recognition for rebuilding after a tough time I’ll gladly give that,but the faux naivety makes me a little uncomfortable.

I assume you are just trying to share your good news with others and feel really proud of yourself after years of building wealth.
Really well done, I hope other people can be decent enough to share in your joy and achievement, it really says something about them if their immediate reaction is annoyance that you aren't scraping the poverty line.
There's plenty doom and gloom on here so it's lovely someone is feeling content and in a good position. Get yourself a holiday booked I say!

Good one Op, you're done very well, it's nice to hear success stories, must have been hard getting divorced and going it alone.

What ever. Stop bragging though doesn’t look good on anyone l

Sounds like we are in similar boats

Are you happy?

Well done OP.
I dont understand why replies are so negative. People are just so jealous and I'm 52 with about 400 pounds in savings.
I mean we are getting to the stage where we can't discuss anything
One of my legs is sore......stealth post I
only have one leg
My baby wont sleep.....stealth post , not everybody can have kids
These are just examples by the way
of what this site will be like in a few years if people can't control their jealousy

Sorry about the negativity you're getting from those who are jealous and can't see past themselves. Some just don't understand how anyone with more than what they have can still have genuine money concerns.

I'd say you've now worked your way into a fairly secure position, especially if you're planning to continue working for a while.

Like someone else, I'd be wondering if a savings account is the best place to be parking 100k.

I'm not in the UK, but I'd be maybe keeping 20k in the bank and then putting 80k into a managed share fund. Then split future savings, a little in the bank and more to the share fund each week.

I'd also be looking to learn more about investing. Someone else mentioned an online course. I'd look at that and if you're on Instagram or Facebook, there are plenty of retirement and investing pages to learn from.

Next time you have money questions, I'd probably post in the money section though, to avoid some of the negative responses.

This ^^

Some people are really struggling. Gloating is not nice and if you want financial advice see a professional surely?

I think it's the building myself up comment that has rankled, OP is in a very fortunate position but it's not from sheer hard work, it was because of2 inheritances

Erm, well done!

Ignore the comments of the resented. They are bound to be younger than 40 years old. They have been fed this idiotic narrative.

I am very glad for you and hope that your future plans will lead to a good retirement. Can’t advise on finance but it seems you are doing well so far.

Sure you’ll be fine OP. Mortgage paid off and 100k in the bank. If things get tight you can downsize and free up more money.

I’d possibly be looking at saving up and buying a new(er) car in 5 years, your income as it is currently will drop to £12,000 when you retire (although that depends on how much more you put into your pension) and I would be upping the pension contributions I’d I could also because of that. The car I’d be getting because although you’ve got a more than decent nest egg with your savings, with your income being about £12,000 a year, that will disappear with any big purchases you need to make. Any thought of downsizing also? Yes you’re in a better position than many, but doesn’t mean you shouldn’t also see a fiancial advisor t9 maximise what you will have available to you

Yes how lucky for the OP to receive those money gifts. They only had to put up with their parents dying. Lucky, lucky OP.

And you have the nerve to talk about being tone deaf.

As per PPs, you need to plan your retirement income. State pension + £12k pa is going to be a big drop from your current earnings.

Otherwise you're in a better position than me (58, mortgage paid, smaller savings but better pension).

Couple of thoughts: your pension provision looks low compared to your current lifestyle - are you not going to get a state pension??

What would you use 80k for? If you didnt take a lump sum, what would the monthly amount look like, snd how long would you need to survive to make that the better option?

Everyone loses their parents. It’s extremely sad for everyone. Most don’t receive money at the same time.

Unfortunately many women (especially of a certain age) find themselves in a similar position to you. Financial security as we ‘get on a bit’ is a dream for many.

But it doesn't make them lucky. But you would rather sound crass in your ' it's not fair, why not meee!! '