spend all your savings

[Shimano105]

Why not? If your savings will never be able to fund an early retirement then what are you saving for exactly?

I have come to the conclusion that I will have to work in some form until I die - and I don't have any debts!

Carry a meagre year's warchest fund and blow the rest I think. The only rule is to not take on debt, as no savings and a load of debt (i.e. normal UK mindset which is a recipe for...what we have now).

No one ever wished that they had saved more.

[DimPrawn]

Or alternatively invest your savings in the right things at the right time and make a fortune*


* not sure what the things are or when the right time is mind.

[foritisme]

Debt isn't an issue in this country if you have no assets - just declare yourself bankrupt and start again !

[TimberWolf]

Buy low and sell high.

[TimberWolf]

Buy a house with money lent from people that haven't been born yet. Boomed.

-- Gordon

[BrilloPad]

Or alternatively invest your savings in the right things at the right time and make a fortune*


* not sure what the things are or when the right time is mind.

Why not ask Harry Hindsight?

[mace]

Why not? If your savings will never be able to fund an early retirement then what are you saving for exactly?

I have come to the conclusion that I will have to work in some form until I die - and I don't have any debts!

Carry a meagre year's warchest fund and blow the rest I think. The only rule is to not take on debt, as no savings and a load of debt (i.e. normal UK mindset which is a recipe for...what we have now).

No one ever wished that they had saved more.

Using the pension credit calculator on here and choosing a couple, one of which is retired and in receipt of £50pw state pension, the other not, with a £100k outstanding on their mortgage.
http://www.thepensionservice.gov.uk/.../calculate.asp

Based on the information you have given us today, you may be entitled to a Pension Credit payment of £265.37 per week.

This is based on the following information:

•You are 65 or over.
•Your partner is under 60.
•You have savings of £0.00.
•No one else lives with you.
•You have an outstanding mortgage or home loan of £100,000.00.
•You have housing costs of £116.92 per week.
Your income

•State Pension: £50.00 per week

This couple would get £265.37 in pension + pension credit.

To obtain a £265.37 per week (£1150pcm) pension, you'd need to have a pension pot of around £275,000 (based on a 5% index-linked annuity).

So, if you feel that you will be unable to accumulate £275,000 in savings by the time that you retire then you may as well not accumulate anything. That said, you'd be at the whim of whichever government is in power then.


Even without the outstanding £100k mortgage, the government would give you £198.45 pw (needs a £205k pot)

[TiroFijo]

Or alternatively invest your savings in the right things at the right time and make a fortune*


* not sure what the things are or when the right time is mind.

That's exactly what the people who invested in Bernie Madoff thought!

[TimberWolf]

Buy a house with money lent from people that haven't been born yet. Boomed.

-- Gordon

owed by

[BrilloPad]

Why not? If your savings will never be able to fund an early retirement then what are you saving for exactly?

I have come to the conclusion that I will have to work in some form until I die - and I don't have any debts!

Carry a meagre year's warchest fund and blow the rest I think. The only rule is to not take on debt, as no savings and a load of debt (i.e. normal UK mindset which is a recipe for...what we have now).

No one ever wished that they had saved more.

I spent all mine on the divorce.