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.

But consider the downside to this…..OP has lost both of her parents.Im sure she’d rather have her parents than inheritance. I know I would.

What do you actually want from this post?

No, don’t try to flip this.

As I said, the sadness of losing your parents is a universal across most people. It’s not only those who receive inheritance who experience the pain.

Of course, life is improved if you then receive large chunks of money as OP has. Inheritance isn’t earned, it isn’t something people are “worthy of”. It’s pot luck who your parents are and how much money they have. It’s luck.

If you’re reading that and getting that I’m saying it’s luck they’ve lost their parents, then you’re not comprehending what I’ve said. That’s on you.

I think it would have been more inspirational if op had worked her ass off, or do something extraordinary herself to have earned this/

ie if she’d come along and said I was left with no income no skills and loads of debt after divorce. I took on 3 jobs, retrained, started a business and managed to build myself up / if I can do it you can all do it .

instead in reality yes she works but the money is through gifts and redundancy which is hardly inspiring let alone to those who won’t receive any .

regardless, it’s nice for op to have a bit of financial security

And what about the other chunk of people who have lost their parents and have no inheritance?

This isn’t a case of “but she’d rather have her parents alive”. Of course she would, as most children of deceased parents would. Thats obvious and universal. Inheritance or no inheritance. But receiving over £100k in inheritance has improved OPs life through no work of her own. So she’s lucky in that regard. Plenty of people lose their parents and have no financial cushioning at all.

I think you have done very well and not easy to build yourself up again after divorce. I would say just make sure you enjoy yourself too, easy to get into the trap of keeping everything for retirement, take that trip you’ve always wanted to go on!

In OP’s defence from some of the negative comments, if you read some press articles about pensions, some of them seem to mention that if you don’t have £1,000,000 in your pension pot and substantial savings then you’re going to struggle so I expect the OP just wanted more of a real life view of her situation.

This post epitomises the diversity in people's perceptions of financial stability.
In my position, to have 100k in savings, no mortgage and a future decent pension begs the question how OP can question her financial stability.

You were crass in your comment. That's it. Too quick to try and knock some one down. They were pleased they are now in comfortable circumstances, that was all.

But everyone dies.

It’s not a case of choosing between getting an inheritance or keeping your parents alive.

In both situations the parents die.
But one is left inheritance and the other isn’t.

I agree.

But I believe that is why this thread was not created with good intentions.

Half the country is struggling to pay their rent or food bills and someone is asking whether their situation is ok considering they’ve got no mortgage, a massive pension and a massive savings pot.

It’s BS.

@chocoluv Years ago many people were able to buy houses on working wages, I also had friends whose parents got a nice council house and had no intention of getting a mortgage. They could have done, but were risk averse and didn’t want the bother of house maintenance. They liked their holidays abroad and the council did the maintenance. Others took a different view and had a mortgage which lasted 25 years snd you had an asset at the end of it. Very different attitudes but one leads to money for dc and the other doesn’t. We, as dc, very much are the products of our parents and sometimes grandparents. Many people saw a council house as not where they wanted to be and took every step to own a house, often by working very long hours and doing exams to get on at work or taking a supervisor job - or even becoming a toolmaker like my FIL did! There were opportunities for not very educated people but you had to grab them. I’m pleased so many did and DH and me have benefitted but we aren’t accountable for the ones who didn’t.

Who said you should be held accountable for having an inheritance whilst other people don’t?

Its not rocket science to understand that our grandparents having a good job/education was based on where they lived, whether they had disabilities, their parents etc.

No one is saying you should feel guilty or be held accountable for having an inheritance but acknowledging that most single people on £37k a year would not be able to be mortgage free and have £100k in savings without the privilege of the inheritance.

This thread is extremely tone deaf (and I suspect rage bait).

You know if you have £100k savings and half country are struggling to their food bills- then you’re doing well.

@Newname71OP is 57, it’s not shocking she’s lost her parents.
She’s portrayed herself as building herself up, she’s acquired £200k of wealth she didn’t earn, we could all have savings and less mortgage if that fell in our laps.
Energy costs have risen over 70% in 6 years, private rents are astronomical and here’s OP and her oh look at me shit, its poor taste.

I would look to do some investing, also maximise your cash ISA allowance (if you’re not already) before the £20k limit is reduced next spring.

And ignore the comments from people with massive chips on their shoulders. Your post isn’t in poor taste at all.

Well done. You worked hard. Please treat yourself

I’d look at opening a SIPP and adding extra pension that way or contribute to an AVC both of which have tax benefits and presumably with no mortgage you have a decent surplus each month

So this is a bl3ast thread

And a large redundancy payout.

People can lose both their parents and not get a penny.

Super