Life Expectancy versus Life Savings

My lifestyle is such that it’s unlikely I’ll see 80 out, but if I do that will be a bonus, providing I’m not senile (when did senility start becoming Alzheimer’s?) or riddled with arthritis and a stoop.

Problem is how do you cater financially for the decrepit years? Do you plan for the minimum expectancy and blow the lot over say, twelve years, or do you plan frugally for the long run and end up counting biscuits and slices of bread so you’ll know when you’ll really have to buy another loaf or turn off the heating to meet your monthly budget target.

I’m pretty much a live for today sort of bloke and I know if I continue my lifestyle choice and expenditure I have about ten years of comfortable living without really going without. For uncomfortable living I reckon that without any other income (which there isn’t as my pension pot got raided years ago) I could go fifteen years or even more as by then, my sybaritic lifestyle would have been closed down somewhat by age and tiredness. “I’m just shuffling off to the shops love to get a newspaper. I might be some time”.

And then there is the unknown. Will I suddenly drop dead prematurely leaving all that monet I could have frittered away on wine, women, women, women and more women to soem parsimonious member of the family who will hoard it like a miser and scrape through on ten bob a day and a slice of beef dripping?

My target is 73, hereditary instinct, neither too young nor too old with reasonable sentience and health so based on my projected savings campaign I would have a reasonable standard of living provided I kept out of the pub more often but then, once retired I’d take up a hobby like shooting and enjoy home killed rabbit and pigeon while saving money on the meat budget (it’s not really acceptable in most parts of the UK to go cow shooting).

Mortal coil shuffling, for the off of, is not really planned for a long while so I guess the soundest thing would be to say, 80’s a good age, I’ll share out the budget on that basis and with a state pension being saved every week on top of savings yes, I think I could finance 15 years of retirement without resorting to stacking shelves in Tesco or adding to the wisdom experience by joining B&Q or Halfords a DIY adviser. I may have to stop playing the field quite as much and settle for boring nights in watching Strictly Big Brother X Factor on Ice and Antiques in the Attic (which I actually find quiite addictive – does it exist or am I thinking of another cloned antiques programme?)

But the bottom line is – “How Do You Plan for Safe Financial Future When You’re a Coffin Dodger?” Would 2 grand a month be sufficient or over the top if you stop eating out (at nice restaurants, not the takeaway curry house and the chip shop) ?

I’d have a free bus pass so car usage would be curtailed or else I’d walk which has the added benefit of promoting good health and by association a prolongation of life. The old folk’s home, or whatever euphemism they call them now is not an option for me. They’re life sappers.

Anyway, decisions, decisions. All I know is that’s it’s better to have too much money when you’re an old fart than not enough. Why? Because the family will be that interested in getting their hands on a slice of the inheritance will ensure I ahve plenty of visitors who can run errands, make the tea and butter the toast while I think up some more novel ways how to make the money burn rate last until there is nothing left of it. Or me.

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