are you wealthy?

[naughty boy]

IHT?

[Brickyard Jack]

IHT?

Inheritance Tax. When she died it was 40% on everything above £325,000 or some amount like that.

[naughty boy]

Yes, of course. I didn't realise it was so high.

[Rayge]

I notice no one here has mentioned any inherited wealth. It seems to have passed our generation by , doesn't it?

Dunno if I count as one of your generation, yomp, but my parents bought a house in Hertfordshire for just over £4k in 1964, and when Dad died 30 months later, his life insurance paid off the mortgage. In the early 1990s my mother made it over to me, because I think she was fretting about inheritance tax - completely unnecessarily, as she never had anything close to the threshold, but it did mean that when she went into care a quarter of a century later it was not counted as an asset.
Because I had always been encouraged to view the house as a pension - my mother never dreamed she'd survive that long – I hadn't made any other provision, but selling that house effectively set me up for the rest of my life in comfortable penury.

[sloopjohnc]

I hadn't made any other provision, but selling that house effectively set me up for the rest of my life in comfortable penury.

That's a good way to describe my situation (and future) too.

[Rayge]

I hadn't made any other provision, but selling that house effectively set me up for the rest of my life in comfortable penury.

That's a good way to describe my situation (and future) too.

One of the advantages of getting older (and there are some) is that you need less* to keep you going.

*Fewer possessions, less money

[KeithPratt]

We're in a much better situation now. Didn't buy the 3 bed, but 2 bed instead. My wife has doubled her salary and I'll be a teacher within a couple of years so contributing again soon.

We can put a healthy amount in savings now. My Dad is on his last legs but he's at home and between me, my siblings and home care he's being looked after, so at the moment no need to sell his home.

I don't think we're comfortable given the fact that my wife is self-employed, but we can plan ahead a lot more than we did.

[Goat Boy]

I have zero savings. I bought a flat for the first time a couple of years back thanks to the folks giving me my inheritance early. I earn less than the UK average salary but I have small ish mortgage (500 a month including all the necessary insurance) thanks to the inheritance.

I have a pension. I think I'll be ok when I retire but I could probably do with a couple of savvy property moves before then (that's the wankiest thing I've ever said).

I think I'm doing ok for someone of my generation and certainly better than many who struggle to buy property.

[KeithPratt]

I think if you're on the property ladder in a desirable part of the country to live in, you'll generally do ok as long as you are amenable to moving somewhere else along the line.

That's of course if you aren't made redundant via automation.

[Goat Boy]

I'm quite prepared to sell up and move abroad when I retire.

I live in Edinburgh in a decent area so I think I should do well when I come to sell

[Nikki Gradual]

I think if you're on the property ladder in a desirable part of the country to live in, you'll generally do ok as long as you are amenable to moving somewhere else along the line.

Dream on Toby. Sorry to be the bearer of bad news, but I bet every penny you get from moving somewhere less desirable or downsizing will go towards giving your kid/s a deposit for a flat, or helping them with their student loan or whatever.

[KeithPratt]

I think if you're on the property ladder in a desirable part of the country to live in, you'll generally do ok as long as you are amenable to moving somewhere else along the line.

Dream on Toby. Sorry to be the bearer of bad news, but I bet every penny you get from moving somewhere less desirable or downsizing will go towards giving your kid/s a deposit for a flat, or helping them with their student loan or whatever.

Well if he goes to Uni his fees are already paid for, as he has an inheritance from my father, being his only grandchild.

[sloopjohnc]

I have a pension. I think I'll be ok when I retire but I could probably do with a couple of savvy property moves before then (that's the wankiest thing I've ever said).

Very boujee.

[Ranking Ted]

As Copehead says, only a p45 away from troubled times. I have a “good job”, which means I get paid well but need to work under constant pressure for long hours. Work/life balance is a joke. Retirement is 10 years away.

I’d like to think I could get a decent - if not the same - job somewhere else (I’ve been with the same company for most of my adult life) but the reality is that the competition would be brutal; sharper, younger and with more flexible skills. A guy I trained with who was in a similar “good job”, was made redundant two years and has not been able to get back into employment since, with the obvious impacts to lifestyle.

Therefore, in answer to the question, comfortable but always precarious.

[sloopjohnc]

but the reality is that the competition would be brutal; sharper, younger and with more flexible skills. A guy I trained with who was in a similar “good job”, was made redundant two years and has not been able to get back into employment since, with the obvious impacts to lifestyle.

I was just worrying about this yesterday. In Silicon Valley, unless you're an executive, you're fucked if you're over 45 or so and looking for a job. As a 56 year old man, I doubt I'd be able to get another marcom job here - or it would take a lot of time. I need to hang on where I am for the next 7-10 years. Which probably won't happen.

About 7-8 years ago, an older co-worker told me about his problem when he walked into interviews and they saw his gray hair. He's in sales, and I expect, companies think younger folks have more energy and will work longer than older workers.

[Matty Red Sox]

We do alright. Not really polite to go deep into it, but I retired at 47. I may chose to go back to work at some point. Not rich mind you.

Interestingly enough, my daughter was born hours after the post above. I'm still retired, I make a little DJing and writing, but nothing worth investing. Currently I drive my daughter to and from school every day, and then spend my day fucking around... an easy position at the kid's school has opened up, and it looks like I might take over as the librarian, just to keep busy. I have no idea what it pays, I'm assuming somewhere between $25000 and $45000 USD, but it's nice being in a position where I don't really need to care. And if it proves too annoying, I can just say fuck it.

[naughty boy]

Hopefully things will have picked up the next time I'm back

[yomptepi]

I hadn't made any other provision, but selling that house effectively set me up for the rest of my life in comfortable penury.

That's a good way to describe my situation (and future) too.

One of the advantages of getting older (and there are some) is that you need less* to keep you going.

*Fewer possessions, less money

Indeed. I am planning my future on the basis of a comfortable penury. i have all I need, and I have never been extravagant. With a bit of luck we will have enough for a few enjoyable years before we jump.

[clive gash]

Hopefully things will have picked up the next time I'm back

¡Ay, caramba!

[naughty boy]

Oh, what a tosser!