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Reaching retirement age - where do we go from here?


Just so that there is no misunderstanding I am a chartered accountant. I have my own practice. I am married. Not quite the two point four children (where does the point four come from?) Lastly, I managed to get to the age of sixty in reasonable health. I say reasonable. A little over weight? perhaps, not quite as energetic as I used to be? Definitely. Mortgage still got five years to run. Typical accountant, I planned it to age sixty five when I get my pension. Talking about pension, now there is a sad issue. All that money carefully put away month after month, year after year and what happens? I put it in the Equitable Life! Didn’t pay commission to brokers did they! Not only has that come apart, I also took out a low cost endowment mortgage and of course George Brown had a crack at what was left in the pension fund. All very slightly worrying. Still I have managed to save up a bit, not that that seems to count for much these days with the rates being offered. Banking crisis? More like a crisis for us. They seem to be doing alright, still getting bonuses, still got jobs, still upping the charges whenever I what to make any changes or alterations.

The good thing is I am still just about enjoying practice life. Turnover has become fairly static. Looks like being about £250,000 again this year (about the same as last year) I had a really good year back in 2006. 2007 wasn’t bad, then a bit downhill after that. Still there are some bright lights. Our eldest got married a couple of years ago and is expecting her first. Brilliant! Can’t wait. Our youngest is still struggling to find a proper job. After all those years of education and university she doesn’t seem to have got anywhere. She is living at home of course. Sadly, Dad passed away a few years ago, and we have to keep a careful eye on Mum who is getting a bit frail. The eldest with the baby on the way is living in a rented flat with her husband.
Somehow or other I think we are going to have to help them out to get into a house of their own. I think the savings are going to take a bit of a hit, or perhaps we could downsize the house? Now here’s the rub. Twenty years ago, or even ten years ago, everything was rosy. Business was chugging along nicely, kids doing ok, feeling good. Always the expectation that come sixty five mortgage gets paid off (not with my low cost endowment it won’t) state pension kicks in, personal pensions kick in, kids have left home married and I can sell the practice and retire. Play a little golf, cut the lawn a little, or even think about moving into a flat. No gardening, no general maintenance, interesting thought, a bit of cash in the bank on downsizing.

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Tags: Pensions, Retirement, Blog.

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