Rainy day or live for now

I am 64, diagnosed two years ago, still working. I have recently been putting my house in order, paying of a chunk of my mortgage etc. I have some savings and a modest pension but not enough to guarantee a comfortable retirement. So the question is, do I squirrel away or live for today and book the holidays whilst I can still enjoy them.

Hello Gordo, only you can decide what to do but thought I would throw in a couple of comments to ponder on. First you only get one today, when it’s gone it’s gone. Second further down the line if you were too look back would you regret more not taking that holiday or being careful with your money. We are all different and some greater risk takers, the important thing is it’s your life, live it and enjoy. Good luck with whatever you decide, it will be the right decision for you

As someone in his 80’s, you are still a young man to me with 20 odd years still ahead of you. “Some savings and a modest pension” does not suggest you have enough to enable you to live extravagantly. Only you can answer your own question, dependant upon your own priorities. The real question is, could you sleep comfortably at night in the knowledge that you may have many more years still ahead of you with only limited funds. You can conclude from my response that I am a “Saver” and not a “Spender”. Still am.

Mmm holiday booked, I would describe myself as normally cautious, but every now and again …

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I’m just 61 and decided retire as it was getting very hard to run my business.

I made no money on the sale and as I was self employed no benefits apart from PIP are available to me. I’ve applied for PIP but am not hopeful.

I have small funds available but had 4 small personal pensions which would pay a very modest pension if taken as a annuity (annuity rates are very low). I would have to live 25 years just to get my money back. I visited a independent financial advisor who did A full investigation into my pension options and he suggested a SIPP Self invested personal pension. which sounds like hard work but isn’t. we agreed a investment strategy of low-middle risk and the money was all transferred into a single fund which im able to access as I wish. I worked for a couple of months so reducing what I needed. It’s important to understand the tax situation. The down side is he needs to be paid but that’s taken out of your fund, so you don’t feel the pain. My money is there for me and my wife when we need it and will fund our live up to 66 without too much worry.

It’s worth the initial chat which was free. These guys know their stuff and have given us peace of mind. Plus if there’s any money left In the fund then it goes to my wife or kids when I meet my maker. Not some insurance companies profits

Thanks for that information. I did something similar with an old dormant pension of mine and was pleasantly surprised by what it was worth. I took the tax free lump sum and paid off the bulk of my mortgage. I can access the remaining funds as required but no point just now as I am still working. I was close to giving up my job but doctor introduced madapor, which is making enough of a difference to keep me going. Regarding pension, annuity pays out a paltry sum on the never never and seems to make sense to access lump sums as and when the need arises.