BootsnAll Travel Community

I am a UK resident, and have resigned to the fact that I am addicted to travel. I just cannot see myself settling down and giving up travel till I am in my 40's....if that! I am now mid 30's. I dont own a home or have a retirement account (apart from the government measly pension)
Of course, even though I am excited about travel, I do worry about what will I do when I am in my 60's and only have £400 government retirement coming in, and probably no property.
Is anyone in this position now, or can offer some advice and thoughts>

Thanks!

This is something I hear about a lot. Retirement. Ha! I wish.

I don't know about UK, but here, retirement is optional. I'm nearly 30 now, and I've only just started my "career"--so I don't imagine I'll ever be able to retire.

And that's my answer, I guess. I won't retire.

I will retire when I'm 44. Trying to raise some money so I can own a property before I retire so I don't have to worry about rent/mortgage payment etc. I just hit 32, so I think I still have time. Then I can live off of the retirement paycheck and hit the road. Knowing I'll always have a place to come back anytime I want to. I wish I can retire younger but that's just not an option. I can only hope 44 years old is not THAT old... I also wish I know where I can settle down in.

Nic

quote:

I can only hope 44 years old is not THAT old

I hope not either as I am past that age!

I have spent most of my adult life working in the financial industry. I have been privey to the financial details to many lives. I always find it facinating how different people manage things and what they are comfortable with. As you would suspect I have seen every extreme.

What I think makes sense is finding a middle way form the extermes. Some never spend anything saving it all for an old age that never comes. Some never save a dime and have no plan for how they will take care of themselves later in life. I met a woman a couple of weeks ago in this situation. She was in her 50s I am guessing. She said she was never much of a saver. She lost her job. She was living with her aged parents and had to give up her dog because her parents house wouldn't accomodate him. It was very sad to talk to her.

People die all the time with piles of money in the bank never having done those things that they dreamed of.

You can say that you just won't retire....but you may not have the option to continue. People get fired, health fails, etc. etc. I can't imagine not having savings to fall back on.

What makes sense for me is to try and balance both. Enjoy the money you earn but don't spend every dime you make today....you may need it tomorrow.

quote:

Originally posted by scubamama:

quote:

I can only hope 44 years old is not THAT old

I hope not either as I am past that age!

Thanks, Scubamama. It's nice to get assurance from time to time...

Nic

What's called a Sugar Daddy could do it for you Nic as seeing you're 32 and want that retirement at 44 you had better have a plan in place and be working towards that property pronto.

quote:

Originally posted by gonorth:
What's called a Sugar Daddy could do it for you Nic as seeing you're 32 and want that retirement at 44 you had better have a plan in place and be working towards that property pronto.

Yep, I know. And working on it. LOL

The problem is, I still don't know where I'd like to settle down at... I don't need a 5 bedroom house with a swimming pool, but I sure as hell want to be in a nice area. Probably somewhere in the states, but I really don't know.

Nic

quote:

I wish I can retire younger but that's just not an option. I can only hope 44 years old is not THAT old... I also wish I know where I can settle down in.

Wow...since most people don't/can't retire until well into their 60's, I don't think 44 is that old at all. That is awesome that you can do that.

I save for retirement through my company-offered 401K, as well as through some sort of IRA (Roth, I think). When I get raises, I add that percent to my 401K, since I know I can live off what I earn now. Recently I added a few percents and it ended up only being like 5$ less in my final check, since the money is pretax. It is weird that way.

I am resigned to the fact that I won't have social security when I reach retirement age (which will be like 65 or 70, the way things are going). Which, ok, I have been aware of this since I was in grade school, when they would tell us SS would run out with the baby boomer generation. I want to make sure my parents are taken care of, as they didn't have the kind of time I have had to save. What I really worry about is having money for healthcare. Who knows what Medicare will be like, and should I get a serious disease, I need to be able to treat it (which, with the way MC is going now, is already difficult).

Like scuba said, to me it is just balancing. I do what I want now, while also having the future in mine. My savings for the future aren't for things I am saving to do then, but more for living. Don't get me wrong, I want to be able to do things when I retire, but I am not putting them off to save for retirement.

I have been working in usa for 9 years. I lost a large percetage of my 401k money during the downturns of 2000/2001. I have been saving in 401k for last 4 years. I have not been able to buy any houses. Home prices here are 7 or 8 times my yearly income. Recently my wife started to work. I keep asking my wife to save money into 401k, she turn it into Robinsons-May and Macys merchendice. I am 37. I have also saved some money into Bank. If I cannot do a good investment, inflation will eat away the value of the money. I dont want to work until I am 65. I dont think we can rely on social security or government help for healthcare. 100 USD will have the value of 20USD when I retire [but social secuirty would not increase].

quote:

What's called a Sugar Daddy could do it for you Nic as seeing you're 32 and want that retirement at 44 you had better have a plan in place and be working towards that property pronto.

GAAKK! IMHO never a good plan. There is always a price to pay. The one with the money always has the power.

I suspect Nic's plan is quite different than that.

You do know mama, that it was just my tongue clicking my sweet tooth near a cheek.

But as some have indicated, unless you have an extre,ely well paid job, being up there in the top .1% or so, then money left over after tax and living costs isn't so much, and investments are going to be only as good as western worl values which could change dramatically with less oil to go about, less trade (transport how?), and so who knows what will be of value in 50 years time.

It could be that the p[eople having a look at retirement prospects in places like India, Bali, Thailand, latin and Central/South America are the smart ones.

Sell whatever you own now to the suckers wanting to pay inflated prices, and go find yourself a little shack in some easy living location where life is simple.
Shit, just think what's life going to be like without reliable power, maybe no BootsnAll.

We'll have to go back to being friendly with the neighbours.

Gonorth,

yes, yes, tongue & cheek...

It's just that I have been told this many many times...you just need to get a sugar daddy...

Baby, I'm my own sugar daddy. I've worked hard...now its time for mama to have some fun.

I am in the same spot (meaning in my 30's) I have been researching how to retire overseas so hopefully I'll be able to retire earlier!

400 pounds is around 820 dollars correct? This equals about
$10,000 a year. Not to be harsh I doubt that is enough. I am looking for at least $40,000 a year to live overseas.