Many people worry about savings and investments as they age. The trade off between enjoying life and spending when the meaningful years start to diminish with age, as opposed to fears about security in an unknown future..

The sad fact is many never really end up utilising what they have accrued over the years. 

Looking back over time, experiences always seem to outweigh material wealth which points to breaking habits. Easily said than done. IMO.

3 hours ago, john1000 said:

The sad fact is many never really end up utilising what they have accrued over the years. 

If you count the utility of that wealth as a cushion or buffer against unknown future (negative) events in your life, regardless if you spend it or not, that cohort shrinks to near 0 IMHO. 

If you also count it as a boost for future generations, including but not necessarily exclusively your own family, the cohort shrinks to near 0, the remainder being those oddball shut-ins who bequeath millions to their pet ocelot.

Was the money I spent on myself, especially including that blown on alcohol, prossies and other degeneracy, better utilized than the money I will leave to my grandchildren so they can go to college or start a business? 

I struggle to think so.

4 hours ago, john1000 said:

Many people worry about savings and investments as they age. The trade off between enjoying life and spending when the meaningful years start to diminish with age, as opposed to fears about security in an unknown future..

The sad fact is many never really end up utilising what they have accrued over the years. 

Looking back over time, experiences always seem to outweigh material wealth which points to breaking habits. Easily said than done. IMO.

Yes mate. I was earning shit loads as a contractor but had a great time spending it too to the point that I now live happily on 1,500 quid a month. Of course I would like more money but even if I had triple that amount I would still want more. It is just human nature IMO.

Anyways my situation may be changing in the next few months and I will be in a position to put 500 quid a moth into savings above the 200 I currently put aside in the Nationwide.

So, I'm jumping in on this thread to ask all the financial wizards on here how they would invest 500 quid a month at 70 years old or should I just improve the quality of my wine consumption or fly business rather than cattle class .... but of course I was doing that for 30 years and look where it left me ???!!!!!

@Butch @Stillearly @AJSP Over to you .....

19 minutes ago, Derek Dangleberries said:

... how they would invest 500 quid a month at 70 years old or should I just improve the quality of my wine consumption or fly business rather than cattle class .... 

The problems which arise as a result of not being born with expiry dates tattooed upon us!

DD, have you thought about Premium Bonds? You get a (smallish) return on them (different rate for everyone) and you can get back the money whenever you want. In the meantime, you have the fun each month of potentially being a millionaire. But there is a maximum holding of GBP50K.

In my mid-70s, I'm taking the view that I don't have too much time left, so I'm spending (what I would previously have regarded as) somewhat recklessly. But it goes against the habit of a lifetime!

@Rompho Ray asks:

Quote

Was the money I spent on myself, especially including that blown on alcohol, prossies and other degeneracy, better utilized than the money I will leave to my grandchildren so they can go to college or start a business? 

I don't think the answer is as clearcut as implied. 

But not having any living, close relatives younger than I am means I don't have to consider the matter!

9 minutes ago, Bazle said:

DD, have you thought about Premium Bonds? You get a (smallish) return on them (different rate for everyone) and you can get back the money whenever you want. In the meantime, you have the fun each month of potentially being a millionaire. But there is a maximum holding of GBP50K.

I used to have 20,000 quid wrapped up in them and regularly got 25 quid return from them but nothing more. It is a good idea though.. I mean I'm not going to earn a lot of interest in a bank am I ...

16 minutes ago, Bazle said:

I don't think the answer is as clearcut as implied. 

Well mate, I think that "the crux of the biscuit" is that everyone answers that question for himself.  

1 hour ago, Derek Dangleberries said:

So, I'm jumping in on this thread to ask all the financial wizards on here how they would invest 500 quid a month at 70 years old or should I just improve the quality of my wine

I'd go with a Saturday £5ew Yankee, can't take it with you 😁

4 minutes ago, Lemondropkid said:

I'd go with a Saturday £5ew Yankee, can't take it with you 😁

That is exactly what I was thinking mate .. sod it ..

1 hour ago, Derek Dangleberries said:

improve the quality of my wine consumption or fly business rather than cattle class

At our age, I'd say that's definitely the right thing to do with it. 

Unless, of course, there's someone you want to leave a little nest egg to? 

57 minutes ago, Toy Boy said:

At our age, I'd say that's definitely the right thing to do with it. 

Unless, of course, there's someone you want to leave a little nest egg to? 

Yep agree. I think I have forgotten how to spend money !!

My sons in the UK are living good lives and my daughter here has the condo in Pattaya in her name so they are cushty.

Time for Daddy to enjoy himself now eh !!!!

Chase Bank were offering a fixed rate savings account of 4.5% which seems good to me. 

S & P 500

Vantage stocks n shares ISA

there are a few on here who know far more but that’s a couple to look at.

im a crap investor - my son suggested we buy SpaceX shares which we did - £450 worth on general release date / 48!hours later had risen to £550 so I sold much to my sons dismay so I bought back - haven’t looked but last time I did were worth £400ish

Great thread I'm looking to balance both. Got lots of children but have provided well for them in UK and Thailand.

My luxury is Business Class flights and happy with cheap wines and home cooked food. 

Know too many BMs on here and many others who are no longer with us who wished they had done the same before health issues kicked in. 

Good luck guys whatever path you choose .... 

My "plan" was to travel and spend as much as possible whilst young enough to enjoy it ... 

I have lost a few friends and family far too early ...

 

I switched out of my final salary scheme after advice from a professional , the transfer value of pensions had gone through the roof in late 2016 ... so far it's been a fantastic decision and allowed me to retire a lot earlier than I originally envisaged 

But I realise I need to be agile and adapt my plans when required , I'm also at the mercy of markets and idiotic political decisions ... 🤞

1 hour ago, Stillearly said:

My "plan" was to travel and spend as much as possible whilst young enough to enjoy it ... 

I have lost a few friends and family far too early ...

This was exactly my attitude when I retired too. 

Obviously it is a balance and very dynamic with varying investments returns, but I worked very hard to earn it, so sometimes find it hard to spend it unless I consider good value.

With my hobby being fishing, I find it easy to justify many trips to other countries doing such and with my hate of the cold, spending 5 to 6 months in Asia becomes both desirable and easy to spend money on, not to mention the fringe benefits.... ..

Only this last week I have lost another close friend to an unexpected rare condition that came out of nowhere. With two others terminal with cancer and close to passing too, I will carry on spending. 

@Derek Dangleberries

Save it, then treat yourself. 

Edited August 13Aug 13 by boydeste

£500 a month into an ISA will yield 4 - 4.5% tax free interest, which you can pull out and spend on wine every month!. (if you can get a monthly paid interest on it).

Vanguard S&P 500 offers decent returns and is considered low risk.

I've got a couple of funds which at the moment are accumulation funds, not income. When the times comes for my retirement I'll either change them around to income or sell them, reinvest the money and try not to eat into the capital and just live off the interest.

My best fund is Rathbone Global Opportunities, class S accumulation, currently up 33%. It's been a bit of a rocky ride though and at one point I was down a bit over the last 4 years.

I've always been more of a saver than a spender though.

11 hours ago, Rompho Ray said:

If you count the utility of that wealth as a cushion or buffer against unknown future (negative) events in your life, regardless if you spend it or not, that cohort shrinks to near 0 IMHO. 

If you also count it as a boost for future generations, including but not necessarily exclusively your own family, the cohort shrinks to near 0, the remainder being those oddball shut-ins who bequeath millions to their pet ocelot.

Was the money I spent on myself, especially including that blown on alcohol, prossies and other degeneracy, better utilized than the money I will leave to my grandchildren so they can go to college or start a business? 

I struggle to think so.

Was the money I spent on myself, especially including that blown on alcohol, prossies and other degeneracy, better utilized than the money I will leave to my grandchildren so they can go to college or start a business? 

I struggle to think so.

 

Absolutely agree spot on.👍

2 hours ago, Butch said:

Vanguard S&P 500 offers decent returns and is considered low risk.

Not saying it's a bad investment but definitely not low risk.

8 minutes ago, Lemondropkid said:

Not saying it's a bad investment but definitely not low risk.

I did read, its not a prudent choice for older investors. Time is a significant factor.

Not sure if this is an option for you, but I park cash not otherwise invested in SGOV ETF. I'm all eyes if someone has a better recommendation for parking cash.

I'd spend half of what you have left over every month and invest the other half in the S&P 500. You only live once. I made the decision to retire at 53. I had a good job with a really decent wage and could have accumulated a lot of money if I'd have worked for another 5 years. 

You only get one shot at life so you need to enjoy it.

In my budgeting figures I've gradually decreased my outgoings and increased my medical insurance figures as I get into my 70's (if i get there) . I'm sure I'm not going to be partying in my 70's like I am now.

Edited August 13Aug 13 by monkey_omelette

5 hours ago, Lemondropkid said:

Not saying it's a bad investment but definitely not low risk.

Ditto, especially at the moment as its at all time highs,least amount of years to stay invested in the snp would be around 5 years to ride the ups n downs.

I'd try chase (up Morgan bank) or something similar.

5 hours ago, Phantom51red said:

I'd try chase (up Morgan bank) or something similar.

I've got accounts with Chase, and Marcus (Goldman Sachs). Marcus tend to pay slightly better race but have found Chase easier to deal with and their app is far superior.

9 hours ago, forcebwithu said:

Not sure if this is an option for you, but I park cash not otherwise invested in SGOV ETF. I'm all eyes if someone has a better recommendation for parking cash.

I've recently dipped a toe into the water and bought some of these. I've part cashed out a fair chunk of my share portfolio as some of the gains were happily so large I was  feeling uncomfortable about my exposure to shares. Also bought a strategic bond fund but that would be too risky for the OP

 

My aim was to get a retutn on univested cash, at a lower risk as have enough stock market exposure

Myself in the OP's position, I'd open an account with Chase, and have a £5ew Yankee every Saturday on the horse racing😛

I was talking to a group of board members at the Hemingway coffee meet up last week. Or it might have been the week before but I asked them if they could choose to know exactly when they would die would they want to know? Before anyone answers it it should be well thought out. In my case I would really like to know when I was drinking I enjoyed it. I'm not considering going back to drinking but if I knew when I was going to go then probably 6 months before that date I would party like a bad guy. I could get all my finances in order for the kids I could take care of everything I needed to take care of. It might sound strange but I would definitely want to know as did all the other members on that particular day.

8 minutes ago, Yesitisdakid said:

I asked them if they could choose to know exactly when they would die would they want to know?

Agree, knowing if my money has to last another 3 years or another 30 years could change my spending habits dramatically.