Savings ???.

[samboy]

Hi gang.

              It amazes me how people won't spend any money on themselves because it would mean breaking into their savings.

              What are savings for?. I can understand having a few bob stashed for emergencies but some people don't want to

              spend a bean. Then they die and leave it for someone else to spend.  Perhaps i'm missing something.

[steve1066]

11 minutes ago, samboy said:

Hi gang.

              It amazes me how people won't spend any money on themselves because it would mean breaking into their savings.

              What are savings for?. I can understand having a few bob stashed for emergencies but some people don't want to

              spend a bean. Then they die and leave it for someone else to spend.  Perhaps i'm missing something.

It’s just how some people are, it take all types to make a world.🙂

[old'un]

Had an aunt like that, my aunt and uncle owned a number of news agent/confectionery shops, when they sold up they hardly spent a penny, apart from a new car very year, when she died she left thousands in the bank.

[Lloyd90]

People get into a habit of saving, it can become very fixed, that’s how we see people put money away and end up with massive amounts of cash in the bank. 
 

I have put someone into a nursing home who had about £800k in cash and stocks in the bank whilst living in his parents home (left to him but he never had it signed over), he didn’t have any central heating, house was super basis, and he had worked out he could live off about £10 a week of food, buying in cheap stuff and working his own garden. 

He had a great pension from the gas board and also had a survivors pension from his father, also from the gas board. 
 

I highly suspect he was autistic to a degree. 

It becomes a habit of a lifetime. If they are constantly dipping into their “savings” then they’re not savings and that habit isn’t well established, hence they don’t end up in a position where they have lots of savings. 
 

Also as people get older, you see friends, family, neighbours pass away, or under go bad times, and having all that money gives you a sense of security and safety that if anything happens to you you’ll be able to look after yourself hopefully. 
 

Often people can develop hoarding like behaviour where they refuse to spend any of these savings, even when the emergency they’ve been saving for happens. 
 

My dads become like this a bit as he has gotten older and his health is declining, if his car needs new tyres he will say “we can’t afford it” despite having plenty of money in the bank and a decent retirement income. His logic is he’d rather sit at home and have no car than spend the money. He is doing my mums head in, as he’s doing it more and more with other things. 
 

Thankfully I have taken on LPOA for both my parents so if worst comes to worst I’ll be able to step in and ensure they’re looked after I’d hope. 

[TOPGUN749]

Some people just aim to be the richest person in the grave yard! Some still want to grab every penny by working past 60 or even 70 paying loads of tax,just so they add to their savings balance.When they get older the nursing homes take it,or they pay a fortune in inheritance tax and undeserving families spend the remainder.

[DUNKS]

I have personal experience of this "saving every penny. Three relatives now too sick and old to enjoy anything and a fortune in the bank. Constant complaining that they should have spent and enjoyed life instead of frugal living "for what"? LA. Is going to take the bulk of their savings for care.

[Bigbob]

Common saying , My savings are for burying me 

[Nublue 22]

Times are changing the young  just spend, the future is going to be interesting. 

[ryle]

I can relate to this. Ive grown up in a household that was always struggling for money. Through hard work and bieng a tight bum I bought my first home at age 25 in about 2014. Id paid near half the purchase price off as deposit. Ive never had a really well paid job either. Ive just always wanted peace of mind, to know that if things got expensive, id be ok. I well overpaid my mortgage until I only had about 10k left. This was well timed as things went ever more expensive. 

You certainly cant take money with you, and yes you do need to enjoy your life, however I believe if you are frugal, life is alot less stressful.

[shaun4860]

It’s pointless being the richest person in the graveyard 🤷🏻‍♂️

[Lloyd90]

3 hours ago, DUNKS said:

I have personal experience of this "saving every penny. Three relatives now too sick and old to enjoy anything and a fortune in the bank. Constant complaining that they should have spent and enjoyed life instead of frugal living "for what"? LA. Is going to take the bulk of their savings for care.

The flip side being the many pensioners who are frequently shown on the news, saying that their only income being the state pension isn’t enough to live off, they have to choose between a meal or putting the heating on etc. 

2 hours ago, Nublue 22 said:

Times are changing the young  just spend, the future is going to be interesting. 

They’ll be the ones skint in old age worrying if they can afford to put the heaters on.  
 

It’s all good if you live fast and die young. 

[JohnfromUK]

I think it very likely that the state pension will (at some stage in the future) become 'means tested'.  It will - otherwise - become 'unaffordable'.

Those who have saved/savings will not get a (full) state pension, whereas those with no savings will.  It's very unfair as it rewards extravagance and penalises sound future planning.

I am 66 and currently have state pension, other pensions and savings, but in time the savings will decline as I use them up for 'spending', whether that is on living expenses - or 'leisure'.

[Lloyd90]

7 minutes ago, JohnfromUK said:

I think it very likely that the state pension will (at some stage in the future) become 'means tested'.  It will - otherwise - become 'unaffordable'.

Those who have saved/savings will not get a (full) state pension, whereas those with no savings will.  It's very unfair as it rewards extravagance and penalises sound future planning.

I am 66 and currently have state pension, other pensions and savings, but in time the savings will decline as I use them up for 'spending', whether that is on living expenses - or 'leisure'.

I think it’s more likely they’ll just keep putting the age limit up so people are having to work longer and longer. 
 

The non workers and professional work shy won’t be effected either way as they are usually on disability benefits well before pension age regardless. 

[Bobba]

There ain’t no pockets in shrouds.

[Centrepin]

My parents were the tightest people I've ever known. Had the same furniture, bed, carpets, even the cooker from when first married. Never spent a penny more than they had too, ever.

Disowned me and never spoke to me more than half a dozen times after I joined up. They even wrote to my CO asking for an allotment home from me to keep my room available. He and I said no, I therefore had no "home address" untill I married.

When they died, I was asked to pay for the funeral as technically I was next of kin. I found out they had left over half a million in cash, more than twice that in property, gold and jewellery and a clause in the will stating I nor any member of my family was to profit from the death. Everything was left to a female cousin. I said a large resounding NO and they had no funeral, that was the last I ever heard except my cousin now lives in Turkey. 

My kids and grandkids know what they're getting and as a precaution I've already signed the house over and handed over everything of value that I'm not actually using. Technically I'm penniless. Actually I'm penniless too🤣

 

Edited October 27, 2023 by Centrepin
Spelling

[Agriv8]

Centerpin you parents sond like my dads best mate who on his death bed told my dad that the person my dad knew as his sister was his mother! 

left over 1/2 million in property and bank accounts yet lived like a pauper ! 

Only difference he was a lovely bloke I knew him as uncle Tony and was the gamekeeper of the shoot that I grew up beating on !

tony tried to give everything to my dad but couldn’t sort out the legal bits - after going into hospital for a routine procedure and finding him full of cancer died 24 hours later !

On cleaning his house dad found Rolex and piles of cash all went to the side of the family Tony did  not want as he pre deceased his mother ! Rather than is other actual older sister who brought him up !

16 minutes ago, Centrepin said:

My parents were the tightest people I've ever known. Had the same furniture, bed, carpets, even the cooker from when first married. Never spent a penny more than they had too, ever.

Disowned me and never spoke to me more than half a dozen times after I joined up. They even wrote to my CO asking for an allotment home from me to keep my room available. He and I said no, I therefore had no "home address" untill I married.

When they died, I was asked to pay for the funeral as technically I was next of kin. I found out they had left over half a million in cash, more than twice that in property, gold and jewellery and a clause in the will stating I nor any member of my family was to profit from the death. Everything was left to a female cousin. I said a large resounding NO and they had no funeral, that was the last I ever heard except my cousin now lives in Turkey. 

My kids and grandkids know what they're getting and as a precaution I've already signed the house over and handed over everything of value that I'm not actually using. Technically I'm penniless. Actually I'm penniless too🤣

 

 

[shaun4860]

9 hours ago, Agriv8 said:

Centerpin you parents sond like my dads best mate who on his death bed told my dad that the person my dad knew as his sister was his mother! 

left over 1/2 million in property and bank accounts yet lived like a pauper ! 

Only difference he was a lovely bloke I knew him as uncle Tony and was the gamekeeper of the shoot that I grew up beating on !

tony tried to give everything to my dad but couldn’t sort out the legal bits - after going into hospital for a routine procedure and finding him full of cancer died 24 hours later !

On cleaning his house dad found Rolex and piles of cash all went to the side of the family Tony did  not want as he pre deceased his mother ! Rather than is other actual older sister who brought him up !

 

Suppose I’m lucky in a way.

when I go there won’t be a huge pot of money, there will be a property to sell but not a mansion and a couple of nice watches but not Rolex money.

No wives or kids to keep happy.

I have 2 sisters, one 2 years older, 1 5 years younger.

No will, everything will go to either 1 of both of them.

If they go first then I have a will to write.

[garjo]

For me, a youngish 63, I’ve noticed that as you get older you worry about the future more and savings give you a blanket feeling of security. I also know from experience how savings can be quickly eaten up by residential/care costs.

[Rim Fire]

This thread looks like i fall into this category i live in a 4 bed house own a 3 bed house in the last couple of years i have sold two houses we got no children 

i can honestly say i can put my hands on  at least  150 k in cash i own a 2019 Qashqai which i am thinking of changing  i am 69 yrs of age i want for nothing

i own 5 rifles 2 shotguns and thermal spotters thermal scopes and three other NV scopes but i don't go around just spending  we both worked hard all out lives 

we actually talking other day that we need to start spending some of our money as been stated shrouds got no pockets richest  man in the graveyard i am quite fit for my age but you never know what's around the corner and no one to leave anything to only brothers and sisters so it looks like there is a cruise on the horizon  coming 

Edited October 28, 2023 by Rim Fire

[steve1066]

21 hours ago, Lloyd90 said:

People get into a habit of saving, it can become very fixed, that’s how we see people put money away and end up with massive amounts of cash in the bank. 
 

I have put someone into a nursing home who had about £800k in cash and stocks in the bank whilst living in his parents home (left to him but he never had it signed over), he didn’t have any central heating, house was super basis, and he had worked out he could live off about £10 a week of food, buying in cheap stuff and working his own garden. 

He had a great pension from the gas board and also had a survivors pension from his father, also from the gas board. 
 

I highly suspect he was autistic to a degree. 

It becomes a habit of a lifetime. If they are constantly dipping into their “savings” then they’re not savings and that habit isn’t well established, hence they don’t end up in a position where they have lots of savings. 
 

Also as people get older, you see friends, family, neighbours pass away, or under go bad times, and having all that money gives you a sense of security and safety that if anything happens to you you’ll be able to look after yourself hopefully. 
 

Often people can develop hoarding like behaviour where they refuse to spend any of these savings, even when the emergency they’ve been saving for happens. 
 

My dads become like this a bit as he has gotten older and his health is declining, if his car needs new tyres he will say “we can’t afford it” despite having plenty of money in the bank and a decent retirement income. His logic is he’d rather sit at home and have no car than spend the money. He is doing my mums head in, as he’s doing it more and more with other things. 
 

Thankfully I have taken on LPOA for both my parents so if worst comes to worst I’ll be able to step in and ensure they’re looked after I’d hope. 

Some very good points there Lloyd90

[shaun4860]

16 hours ago, Rim Fire said:

This thread looks like i fall into this category i live in a 4 bed house own a 3 bed house in the last couple of years i have sold two houses we got no children 

i can honestly say i can put my hands on  at least  150 k in cash i own a 2019 Qashqai which i am thinking of changing  i am 69 yrs of age i want for nothing

i own 5 rifles 2 shotguns and thermal spotters thermal scopes and three other NV scopes but i don't go around just spending  we both worked hard all out lives 

we actually talking other day that we need to start spending some of our money as been stated shrouds got no pockets richest  man in the graveyard i am quite fit for my age but you never know what's around the corner and no one to leave anything to only brothers and sisters so it looks like there is a cruise on the horizon  coming 

If it helps you can adopt me 🥰

[dogone]

  Someone mentioned a means test to receive a government pension. In Canada our old age security pension is reduced at 80 thousand taxable and all gone by 120 taxable. This is a pension every citizen gets starting at 65 regardless of working income. The other pension is based on contributions from employment income and varies. The total of both will give you a very bare existence. So savings and a job pension are important.

     Of course many people made no preparations for retirement and end up on welfare or such,

[RCB56]

My wife an I are SKI-ing, spending kids inheritance, on enjoying ourselves.

[Lloyd90]

7 hours ago, dogone said:

  Someone mentioned a means test to receive a government pension. In Canada our old age security pension is reduced at 80 thousand taxable and all gone by 120 taxable. This is a pension every citizen gets starting at 65 regardless of working income. The other pension is based on contributions from employment income and varies. The total of both will give you a very bare existence. So savings and a job pension are important.

     Of course many people made no preparations for retirement and end up on welfare or such,

So even if you don’t save for a private pension, once pension age you can still sign “onto welfare” and get financial support? 
 

Sort of defeats the point. 
 

What stops people hiding their private pension and signing on anyways. 

[Vince Green]

1 hour ago, Lloyd90 said:

So even if you don’t save for a private pension, once pension age you can still sign “onto welfare” and get financial support? 
 

Sort of defeats the point. 
 

What stops people hiding their private pension and signing on anyways. 

No doubt lots of people do