Savings left after moving

The couple next door were in their late 60s. They spent a lot on the house, new fences, patio and garden. The husband died suddenly a few months ago and now she is "rattling around" in a 5 bedroom house far from her chidren. She is talking of selling up and moving in with her daughter. I wonder what her daughter thinks about that! She is showing early signs of dementia.

Having said that they are an ethnic group who usually look after parents and often live in multi generational households.

As some posters have indicated, you never know whats around the corner. You can get your ideal home and then one of you may die.

My widowed neigbour is 84 and has just had a wet room fitted, and now a stairlift. No idea of the costs but I'm glad he can stay in the family home.

DH has just announced, since I posted earlier today, that he may need a stair lift sooner rather than later. It has set me thinking about all sorts of possibilities of what is to come.

None of us knows what is ahead.

I take your point Germanshepherdsmum, and it was only intended to be a helpful 'aide memoire' rather than definitive.
I did say that we didn't allow for house & household repairs - this was because we built our own house, all new appliances, so we knew that everything in it was new, covered by warranties etc. Minor repairs were allowed for in the everyday budget.
Yes, it is possible something could happen, and we had a small 'rainy day' fund for that. Rough estimate was that we shouldn't have anything major for 20 years.
In fact, as I said, we have managed to add to our savings (now we're at 10 years with no problems!). One reason we've been able to add is that in our comfortable home where we can pursue our hobbies, have family and friends to stay etc. that we spend very little on going out.
Interestingly, close friends made exactly the opposite decision at about the same time. Their home would be small, their money would be spent on travelling, holidays and activities.
We are both happy with our decisions, and I hope that truman is as well.

Nannarose

How could I have forgotten 'grandchildren' gifts'! A sum was put away before retirement with the intention of sharing it, which is why it wasn't on may actual list!

I did that `giving cash away` very soon after my husband died, it was as though money meant nothing. Naturally I had widows brain then but very fortunate that my 3 have spent it wisely eg new roof, paying down their mortagages, insulation. I also put a large(ish) sum into premium bonds for the 3 dgc. I also did the lump sum charity donations in his memory. So that is that, everything I have now is for me and my welfare first and foremost

I have completely stopped dishing out now, just birthday and christmas gifts and not expensive. I need to think of me these days, no extra income, just pension. I have made a will and everything remaining is fairly shared, when I no longer need it

My house is an incredibly important asset, for my well being, if I need it in late life.

The list of things you expect your savings to cover is very limited Nannarose. We also lead a pretty simple life and don’t take holidays but your home will need to be maintained, your boiler, oven, fridge and washing machine may need to be replaced … it’s impossible to make a definitive list of the things life is likely to throw at us which can only be fixed by spending money.

How could I have forgotten 'grandchildren' gifts'! A sum was put away before retirement with the intention of sharing it, which is why it wasn't on may actual list!

I am indeed very fortunate sodapop, but it’s solely down to a lifetime of hard work, no silver spoon.

Sorry to hear about your floor problems Shandy hope you get it sorted and you can move back home soon.

Germanshepherdmum you are fortunate you can afford something other than an " identical little box" for a lot of us they suit our needs and pockets.

Congratulations Truman, sounds like you have done your 'homework'!
When we did something similar, I drew up a list of 'savings needed. In fact, we have added to savings, as our living costs are low.
Of course everyone's list is different. 12 years ago, I did not put on private health care:
Already spent:
contributions to children's house purchase
future proofing home & house repairs

To be allowed for:
Contributions to children's weddings
Nieces & nephews wedding gifts
1 replacement each of:
car
trailer tent
sewing machine (and woodworking tools for DH)
computer each
television
a 'family rainy day'

Not allowed for: expensive holidays, as our 'dream home' would do us well

Hope that helps, and good luck!

As for the question of how much anyone needs in savings,,,?
Enough for unforeseen and/or expected costs eg new boiler, replacement car, perhaps? Private dentistry, since NHS dentists are so scarce? Private medical procedures?

Nobody knows whether they will need personal care in the future. If I do, even though I have what I consider a decent amount of savings, the cost of care is so high that they would soon be exhausted and then we’re relying on the council.

I have helped my adult children enough not to feel bad if they get nothing, though they will get my half of the house. I am not a big spender. We no longer go abroad for holidays.

I feel we need to make the most of the present, with an eye to the future. Future proofing to a house in a suitable areais a good start. We have done this, though I now wish we had had more done to improve the property, as with a house full of stuff it is difficult to organise.

Sorry to read that Shandy. That was really unfortunate. ?

I think it makes a difference also if you have no one who you hope to leave your property to. You really can do the best for yourselves, not worrying about future inheritances for others,

My location has turned out to be `future proofing` for me. My area has become very sought after and upcoming and my house has increased in value by 25-30% in 3 years. Small shops are opening up in this little market town, so the town is thriving.

To say future proofing, is no exaggeration, if I need future care, then the value in my new home will stand me in good stead. Not so if I had picked another area that I looked at, which is declining. I thought about location a lot and head needs to be foremost when choosing the last and probably, the most important home wrt how we manage to live in our homes, as we reach a ripe old age

I moved to a slightly cheaper house and the equity released paid for my moving bills, around 20k. The location is very good ie shops and all the other facilities including buses within walking distance. I had to get my practical head on and here is ideal enough, I can hear cows and there are quiet and pretty cycling and walking routes here, within minutes

Being in my 70s, I decided not to wait to get my new build house sorted, so I have spent a lot on storage, multi burner, internal painting, garden, shutters, sewing room etc and believe me it soon adds up. 30k I would guesstimate. A new build for me so I would be covered by new build guarantee and I like the new regs wrt insulation etc. I had to make compromises eg I am stuck with the builders kitchen but the upside is that a candle would keep my living room warm as does the sunshine as I am east/west,the house is very light and cheerful and quiet

Tbh I did have a bit of tossing and turning in my bed last night, savings are being eroded due to cost of living, although my house is cheap to run, I should be making allowances for future maintenance and so on. I am glad that I never used savings to buy a more expensive home

I am nearly 70,Luckily enough I do own my own home but apart from that I have only my state pension to live on and about £3000 as a security cushion,not much I know but in my circumstances it’s all I can afford. I still work 18 hours a week in a care home so that does supplement my income. I take each day as it comes and don’t worry about what’s going to come in the future because it’s very likely that I will be unable to do anything about it ..?

Most people move or downsize in later life for various reasons. Practical, financial or to be nearer to family, help, services etc.

Is your new house near amenities... shops, friends, hospitals, buses etc.? Are you still ok with driving?

I think it would come down to your personality type. How would you potentially handle a significant change in your circumstances, Things are very unpredictable, especially just now.
You said a couple of times that you are worried. If you are uncomfortable, perhaps you could listen to that and explore a bit more before going ahead. If a new situation is lovely but at a deeper place you feel less at ease and potentially worried then that would defeat the point of the move.

You could take on this new adventure and enjoying yourselves and you could always sell up in 10 years or so and move into something smaller, if finances dictated. And there is always equity release ... not a great option but a safety net of a kind.

I would grab your dream house while you can! I live in the now, who knows what tomorrow will bring! You only live once go for it! Life is for living!

truman

We intend to move to the coast. There are no children to leave the property to and the relations, parents, sisters, brother etc are all financially independent and not expecting inheritance. Just out of curiosity in this situation what do people think is a comfortable savings cushion to have. Also, as I have said above no one is expecting any inheritance so would people in our situation consider equity release although hopefully many years in the future if the savings ran out. It so nice to get other peoples views and I thank you for your replies.

I think you need to make sure that you have sufficient income or savings to afford your bills as energy and food prices are rising so rapidly.
Would a bungalow cost more to heat, would the Council tax be more in your chosen location etc?

Good luck, it sounds as if you are going ahead and I hope all goes well.

Fingers crossed for you truman I hope everything goes well and happily for you.

Congratulations!

I hope it all goes smoothly, and that you are very happy in your new home.

Where will you feel happiest? I think, as you have good pensions, happiness is most important

I have no concerns about the location. Its not in a remote rural place. It has shops, doctors, dentists and a bus service (within walking distance). We have holidayed in the area for many years and I have done my research with local people as to what it is like to live there. In fact speaking to the estate agents I seem to know more about the area than they do. Many thanks for your views. They have really helped and we have made a decision to put in an offer. Fingers crossed.

Dream Home, every time. After all, think about where you spend the greater part of your life - yes, in your home.

Also, being relaxed and happy in your home can have a beneficial effect on your health - definitely works in the opposite way.

Which if us know if the 'future' means 24 hours or twenty years? Live for the present.

As for financial planning for the future - if you go back two or three years, who would have imagined the costs etc of food, and fuel, etc that we are experiencing now.

Go for your chosen home and enjoy!!!

Could an option be to rent. Pros and cons of course but it's worth considering.

If my dream house costs £500,000 and I can rent the same house for £20k p.a. I will have to live another 25 years to spend the same amount and that seems quite unlikely at my age. From the day I move I have £480,000 in my bank account to travel, enjoy and cope with future issues.

Expensive maintenance is the landlord's problem, not mine and if it doesn't work out it is easy to move. Obviously rent can go up but I won't be paying to maintain the structure so can offset that.

I would really advise examining your dream very carefully. I moved to my dream bungalow by the coast three years ago. I have found it very hard to meet like minded people. Cultural activities are very limited and transport links non existent. The only GP in town has just left and I have an 80 mile round trip to a dentist. I am bored to tears, feel isolated and the winters are utterly bleak. I've just sold and am moving back to rent a dear little flat in a vibrant part of my home city where I can walk out to galleries, the theatre, a lido and the GP. Can't wait.