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House Price Crash Forum


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Everything posted by Boughtin95

  1. House owned outright, so 0% on rent/mortgage. Approx 6% of post tax income goes on Council Tax.
  2. I think allowing Turkey into the EU would be a serious mistake. Turkey is not part of Europe. It's an Islamist state which is currently stamping down on free speech and democracy, it does not currently meet the criteria for joining the EU. There are suspicions that Turkey has been purchasing oil from ISIS therefore funding a terrorist organisation it is supposed to be fighting. Although Turkey is member of NATO, it would not surprise me if they were in Putin's pocket and actively working to undermine NATO. Perhaps another reason why the UK should leave the EU?
  3. Funniest post I've read in ages, thanks for making me laugh. Excellent!
  4. The sooner rates rise, the better as far as I'm concerned. No mortgage, no rent but a fairly substantial amount in liquid assets that could be earning more interest than it is. Let's get back to some sort of normality where interest rates are concerned.
  5. I gave up work 13 months ago at age 57. The decision to do so was difficult because I believed that I really liked my job and it provided a good income, in addition I spent virtually all my time working or thinking about work. I was concerned that I wouldn't know how to fill my time and would hate being retired, how wrong I was. 13 months into retirement, my days fly past, the main factor interfering in my plans can be the weather though, I'm healthier, fitter and have resumed weight and fitness training, my alcohol intake has dramatically reduced. Our income reduced to a third of what it was while we worked however, we still have more than enough to live well and continue to add to our savings. If you're in a position to retire from work and to enjoy the time left to you, I'd thoroughly recommend it.
  6. According to the BBC website: Santander - the biggest gainer last year of customers switching current accounts - has confirmed that it is to increase charges on one of its most popular accounts. From 11 January, it will charge £5 a month, instead of £2 a month, for its 123 current account. The announcement comes just a few weeks ahead of the initial findings from the competition authorities on the current account market in the UK. Aren't the banks making enough profit yet?
  7. Your posts are usually interesting and appear to be thought through, the broad brush statement above makes you sound like a nob.
  8. Sorry to hear that you lost your job. It sounds like you're making the most of your new found freedom though, I hope all goes well for you and that your life continues to be stress free.
  9. I couldn't agree more. My wife and I chose to retire this year, I realised that we were working our lives away simply to save a bit more money each month and to pay tax. Our lifestyle hasn't changed other than no work related concerns, better sleep patterns and more time spent doing what we want to do. Debt and worry free is definitely the way to go!
  10. Thanks for taking the time to reply and for the information. I'm investigating how best to invest savings for return however, I'm very risk averse. I'll look into VCT's and try to identify if they're something I could be interested in. Thanks again.
  11. I'd be seriously interested in hearing what you've invested in and how you've gone about it. How high is the risk in these investments? Thanks for any information you're able to provide.
  12. Excellent and concise response, thank you. It also explains why final salary pension schemes are disappearing, I presume they would have to work to the same principle to pay the same amount. How long before companies providing such pensions decide to renege on their commitments?
  13. Ah, got you. I misunderstood where you were coming from. I think you'd need a lot more than £700k worth of BTL to bring in £25k clear though and you'd be mad to sink all of your funds into an illiquid asset bought in a bubble. I'm still stunned at how much it would cost to buy a £25k pension though.
  14. As I understand it, none, the chap in question owns outright. I can see why you have a cat as your avatar.
  15. Thanks for the feedback and for confirming my numbers were fairly close. I have no intention of purchasing an annuity, I have no desire or need to do so, I find it astonishing that it would take so much for a £25k pa income though, it shows how badly annuities have been affected by the financial crisis . I agree with you, anyone who has access to a salary based scheme should take advantage of it, final salary pension schemes have all but disappeared, more's the pity.
  16. If either of you had bothered to read and understand the question, you would realise that I'm merely trying to understand why it costs so much for a median income. Your childish comments make you appear a tad bitter. Personally, I think that if someone has put themselves in a position to have a £25k pension income in their mid fifties, good luck to them.
  17. Do we have any annuity experts on the site? I've looked at a number of calculators and have been astonished at how much it seems to cost to purchase an annuity providing a decent income. Can anyone confirm how much it would cost to purchase an annuity providing an after tax income of £25,000.00 per annum based upon the following criteria? a. male - Age 57 b. Annual increase in line with CPI. c. Guaranteed half pension to spouse upon death of main recipient. As far as I can see, this would appear to require a pension pot of £600k to £700k, is this correct?
  18. It seems that Natwest are unable to manage bank accounts anymore, I logged into check our saving account interest today and was met with a message stating "We are aware some savings accounts have not been credited with due interest, we are investigating the problem" Combined with the number of debit card problems they have had recently, the above really does make me wonder if they are actively trying to lose customers. Taking into account the abysmal interest rate they currently offer on savings, failing to credit interest when due is simply adding insult to injury. /rant mode off
  19. How old are you Frank? I'm fairly certain that we could live on our forecast income and have spare at the end of most months, we've been living on less for some time already despite having a good income. If things went slightly pear shaped and we had to supplement our income by an additional £10k per annum, we would only have to do so for circa ten years before the state pension kicked in, this would still leave a decent amount of savings as back up. Despite the above, something is still holding me back from committing to retirement, I can't quite work out why this is.
  20. Good to see I'm not alone! I'm mid fifties, our kids are grown and independent, income would be from separate index linked pensions with the savings as reserve, I've never played the stock market as I'm sure it would dive the day I did, no debts or expensive financial leaks, I have been tempted by the boat at times. I don't hate my job, I just think I'd like to have more time to do what I enjoy however, the doubts remain. Maybe you're correct and the fretting is just an excuse not to stop working, it's a big decision though.
  21. I think there's more to deciding to retire than that. I'm having difficulty in deciding whether to retire this year, my post retirement income would be circa £2k per month backed up by substantial savings and mortgage free home, yet I'm not 100% certain it's the right thing to do. Maybe I've just been indoctrinated into believing I should work until I drop.
  22. Twice the national average. Two, both independent working adults. Nil, we own our property. No, I've never been out of work however, I understand it would be circa £64.00 per week JSA.
  23. Really, how does that work? I'm salaried therefore, regardless of the extra hours I work, I receive no top ups. Please enlighten me as to how I can obtain these top ups.
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