Affordable ? (1 Viewer)

[Clive Mott]

Take your pension but keep on working. That doubles income and pays for the expensive toys. But you have to enjoy what you do.

 

[bexleyjohn]

Where to start…?
Qualified as a teacher 1969 - (wife qualified in 1972) worked until 65, then retired. Never had any hand-outs, no inheritances, three daughters (so three weddings), wife stopped working for 6 years to bring up our children, moved across the country for promotions, ended up as a Headmaster. Paid all our taxes, insurances, bills etc and never in the red!
Couldnt afford fancy, expensive overseas holidays with three kids so bought a £600 second-hand caravan in 1983 towed by an old banger. Changed caravans (and cars) several times over 30+ years and eventually, once children had flown the coup bought a small Motorhome by trading in our caravan etc. Changed to a bigger MH 5 years ago.
We are now retired and somehow have ended up with a house, a Motorhome, two cars and a house in France (all paid for). Not boasting just explaining how we achieved it by not living an extravagant life, not smoking, not pub-goers but enjoying life nonetheles.
Could I afford another new Motorhome? (no), could I afford the house I live in now at today’s prices? (no).
I look around at today’s campsites and see huge caravans towed by huge SUV,s, Mercs, BMWs - all the latest gear. Massive increase in plush Motorhomes etc. Etc. Etc. In 1983 the sites were full of second-hand bangers, old caravans, hardly any Motorhomes but lots of happy, friendly, social people and families.
Life moves on, circumstances change but at the end of the day if you work hard, avoid risks and unnecessary extravagance you might just afford that MH eventually. END OF SERMON.

 

[The Rum Runners]

compound interest, very underrated.

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[The Wino]

compound interest, very underrated.

It depends what you're compounding!.

 

[The Lobster]

Why buy a new one? Unlike cars, significant innovation is really slow to appear in MH. Plus parts for the insides of MHs cost a fortune to replace if/when they get broken. We deliberately bought second hand for both these reasons - less concern about the kids breaking things, and actually there's little practical difference between our £25k van Vs a new one. The engine hasn't done many miles and servicing is cheap. We got the layout we wanted and can reliably tour any European country with the kids. And we could probably sell it for at least what we bought it for judging by the current market.

 

[Bucket]

Lots of interesting stories here.
I'd summarise them by concluding everyone has a different story and outcome. It doesn't matter if bought new or used, had for ever or changed it regularly, built from parts and peanuts or paid a small fortune, we all have a cherished asset that gives us so much pleasure.
I enjoy hearing other people's stories and am always happy to learn of whatever good fortune or hard graft paid off for them.

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[motdon]

Sold my body

 

[bellabee]

Not getting divorced, then after 40 years of work everything paid for. Everyone has a story. Only today my good lady and myself sat down and worked out how much we had paid for new cars over 40 years. It came to £80K and we now only have a five year old Polo (Bought new £12K) but a Carthago MH paid for.

Ditto - but for 'Polo' read 'Skoda' and for 'Carthago' read 'Hymer'.

 

[plumbob]

Thats easy looking after your money.Unless your lucky to be left money which we never were. As they used to say never a lender or borrower be. My daughter split with husband when they found out they were becoming parents his decision so we mortgaged our house to buy a place for my daughter to live in. Everybody saying you must be mad to remortgage you house for one of your kids. Outcome daughter now in excellent job in nhs after going to university, grandson now in university we rented property for 20 years after daughter moved out. Profit from sale of rented house payed for Motorhome and some savings in retirement. Will we change for new Motorhome not a hope unless we win on premium bonds.

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[bobnick]

New V 2nd Hand.
We just bought a brand new one.
Managed to do exactly 16 miles. Broke down. RAC trailered it away.
Back home. NO VAN.

 

[Tonks]

Extended my mortgage by £10k to buy my first and tiny campervan. PX-d it about a year later and bought my current van on finance. Not sure I'd do that again after completely out of the blue redundancy happened while I still had a large monthly van payment... I was fortunate (but sad) to very unexpectedly inherit some money last year which meant I was able to pay off the outstanding balance.

Have recently been looking at upgrading, but I'm not very keen on another loan payment, or on wiping out my savings entirely. I also look at my existing van and think it has served me well for 7 years, I still like it and it has had no major issues. Spending £25k+ on an upgrade is a big practical and psychological issue. It would be very nice to have a slightly different layout, more storage, and room to stand up without having to raise the roof. But it's also nice to have a bit of a financial buffer if I get a big bill on this one.

 

[10tenmen]

When I retired in 2018 after 30 years in the police my weekly pension contribution was £105 per week, Very few private sector contribute 15% of their salaries to a pension, also the consequences of paying reduced National insurance contributions leaves many with a smaller state pension, I was fortunate that I had worked for 10 years prior to joining as a miner so have 45 years contribution.
All these public service pensions with early retirement are now finished the police now work to state pension age.

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[Tonks]

New V 2nd Hand.
We just bought a brand new one.
Managed to do exactly 16 miles. Broke down. RAC trailered it away.
Back home. NO VAN.

Oh b@&&^r. What a massive disappointment. I really hope the problem is a minor teething hiccup, and that you will very soon be back on the road and loving having your new van.

 

[BusyBuilder]

Sold my body

I tried that but it got returned as unfit for purpose

 

[Podney]

I tried that but it got returned as unfit for purpose

Yes,I heard about that!

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[marchie]

Yes,I heard about that!

Me too. Then I remembered my earlier experiment with an economy birth control .It's a pebble. You put it into your shoe and it makes you limp ... Emptied my shoe, and good as new again ...

Steve

 

[gus-lopez]

Take your pension but keep on working.

I've always been of the opinion that this should be outlawed ,especially if a pp & retiring under state pension age. If you wish to,or have to, retire early then fair enough live on your pension ,if you can't & need to work then you should not be allowed to draw the pension until you cease work permanently.
Just wrong that you can start receiving a pension & continue to work,so possibly doing someone out of a job or a promotion who could do with it.

 

[Colino]

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[marchie]

I've always been of the opinion that this should be outlawed ,especially if a pp & retiring under state pension age. If you wish to,or have to, retire early then fair enough live on your pension ,if you can't & need to work then you should not be allowed to draw the pension until you cease work permanently.
Just wrong that you can start receiving a pension & continue to work,so possibly doing someone out of a job or a promotion who could do with it.

If it's legal, then why not? The earnings from the job will be taxable at the individual's highest rate [probable that Personal Allowance will have been consumed by the Pensio income], so not really different from someone having two jobs. I prefer to be retired and enjoy the freedom to do pretty much as I please, within the law, but others will prefer to carry on working and chasing that gin palace on 4 or 6 wheels, or other 'life goals'

Steve

 

[gus-lopez]

If it's legal, then why not? The earnings from the job will be taxable at the individual's highest rate [probable that Personal Allowance will have been consumed by the Pensio income], so not really different from someone having two jobs. I prefer to be retired and enjoy the freedom to do pretty much as I please, within the law, but others will prefer to carry on working and chasing that gin palace on 4 or 6 wheels, or other 'life goals'

Steve

Yes true, I just do not think it is morally right.Then again I don't like any type of unearned income either.

 

[bobnick]

Another reason we can afford bit's and pieces is where i was earning my coins the Gov DID NOT take taxes off me, no income tax,, no Paye, no Vat, no capitol gains, etc etc what one earned went in ones pocket. The only tacks? were to put carpets down.
Having said that, since we got back to UK permanent they have had a good few shillings off me.

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[marchie]

Yes true, I just do not think it is morally right.Then again I don't like any type of unearned income either.

But the point is that the job produces earned income and taxation payments, which, from a moral standpoint, is more acceptable than, say, converting the capital appreciation in your home that may have gained value, tax free, just because of a rising market. There again it's legal, so why not?

Steve

 

[gus-lopez]

But the point is that the job produces earned income and taxation payments, which, from a moral standpoint, is more acceptable than, say, converting the capital appreciation in your home that may have gained value, tax free, just because of a rising market. There again it's legal, so why not?

Steve

You could be paying tax on your pension whilst another formerly unemployed person is also now paying tax & NI so gov.uk is now getting 2 lots + not paying out any benefits to the previously unemployed person?

 

[marchie]

You could be paying tax on your pension whilst another formerly unemployed person is also now paying tax & NI so gov.uk is now getting 2 lots + not paying out any benefits to the previously unemployed person?

Quite possible; however, the tendency is to replace older, more experienced employees with lower salaried, younger staff who will also have their Personal Allowance to offset against their earnings. So it is likely that the working Pensioner will contribute more to the Taxation Revenue from Income Tax & NI than will their mythical replacement. There is no right or wrong answer.

My preference is to 'take the money and run' by having my Pension and free time. Because all the income and other wealth in the world is of little benefit if you drop down dead 6 weeks after you do eventually decide to retire!

Steve aka the querulous old git

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[Puddleduck]

I sell rolexes stolen from rich motorhomers after I have pumped anaesthetic in to their van.

Did you ever manage to shift the fake ones you stole from us?

Take your pension but keep on working. That doubles income and pays for the expensive toys. But you have to enjoy what you do.

I've always been of the opinion that this should be outlawed ,especially if a pp & retiring under state pension age. If you wish to,or have to, retire early then fair enough live on your pension ,if you can't & need to work then you should not be allowed to draw the pension until you cease work permanently.
Just wrong that you can start receiving a pension & continue to work,so possibly doing someone out of a job or a promotion who could do with it.

I have a disability pension and there are very strict rules about working whilst I am in receipt of said pension ..... far more strict that the social security rules for ESA.

 

[SpeedyDux]

Those ‘government’ pensions are part of their wages it’s not a hand out ( I do not recive a ‘government’ pension )

Both government and works pensions are deferred remuneration. They should count as part of the overall pay package. The weasels who govern us passed legislation to allow the private sector to welch on that deferred obligation, without adequate compensation to the pension scheme members who lost out when the rules changed. Likewise when pension schemes turned from defined benefit to defined contribution - that permitted change transferred all the financial risk from employers to the workers, whether the workers agreed or not. Guess which side gained and which side lost.

 

[marchie]

Both government and works pensions are deferred remuneration. They should count as part of the overall pay package. The weasels who govern us passed legislation to allow the private sector to welch on that deferred obligation, without adequate compensation to the pension scheme members who lost out when the rules changed. Likewise when pension schemes turned from defined benefit to defined contribution - that permitted change transferred all the financial risk from employers to the workers, whether the workers agreed or not. Guess which side gained and which side lost.

As one might comment in Brixton, 'Das Capital[ism], Bro' ... Marx out of ten?

Steve

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[The Wino]

I've always been of the opinion that this should be outlawed ,especially if a pp & retiring under state pension age. If you wish to,or have to, retire early then fair enough live on your pension ,if you can't & need to work then you should not be allowed to draw the pension until you cease work permanently.
Just wrong that you can start receiving a pension & continue to work,so possibly doing someone out of a job or a promotion who could do with it.

I don't agree on that. I think a lot retire from a fairly well paid job and then either work part-time or in a more basic level. They also can't then contribute more than a very basic amount into a pension tax free. I think on the contrary abolishing a set retirement age was a big mistake that had allowed new people to climb up the ladder.

 

[SpeedyDux]

As one might comment in Brixton, 'Das Capital[ism], Bro' ... Marx out of ten?

Steve

Yo, dat dee-regulashun innit bruv.

 

[nicholsong]

Take your pension but keep on working. That doubles income and pays for the expensive toys. But you have to enjoy what you do.

Clive

i agree with the enjoying what you do bit, but that applies to work throughout one's life.


I did a bit of all that so I am not arguing against you.

Decision to take pension and work depends on whether one needs both, one's tax situation(but the earned income can be rolled into a SIPP), and whether one then has time to enjoy the 'toys' until fully retired.

Geoff

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