Why have a financial advisor?

In the UK we have had a pretty volatile week in the markets after what seems like a crazy mini budget, giving away millions in tax cuts, funded by massive borrowing. In a country usually noted for financial sobriety, it has been a shock to feel like a banana republic. This crisis coincided by chance with the six monthly visit from our financial advisor, Neil. We have worked with Neil for about six years. We pay him quite a lot for his advice, You might ask why we would do that, when post retirement, we have reasonably simple finances. No money coming in, and the savings pots not changing very much. The reason we work with Neil may surprise you. We value his life advice as much as his money advice.

When we started working with Neil, his main questions were not about things like our risk appetite and pension valuations. Yes he dealt with all that stuff, and we have done a mix of things with our money. But – the questions were about what we wanted to do with our lives. He would then work to make our money fit our choices. Our answer was that we had always talked about retiring early and owning a narrowboat. He told us that the disappointing thing was that many people have dreams about retirement, but very few actually fulfil them. The temptation of working just a few more years is too high, either to get more money, or because they don’t want to let go of the status work gives them, or simply because of habit.

Around this time, a very good friend passed away suddenly. He was younger than either of us, and it was a shock that reinforced Neil’s advice. If we had this dream, why not follow it. So we bought the boat pretty much immediately. And we put a date in our minds for retirement – end of 2020. I did wonder if having made that decision, work would start becoming boring as I trudged through it to retirement. But in fact it reinvigorated me and my last couple of years working were amongst my most fulfilling and successful. In the final three months I started reducing my hours to get myself ready, and on 2nd January 2021 I retired and we set off on our new adventures.

It was good advice from Neil, and that is still what we get. When we met him this week we were talking about moving house, something we have talked about for a few years. We have prevaricated because we could live anywhere and it has been hard to choose. We seem to be narrowing down on the North West of England but are not sure. Neil’s suggestion is to sell up, rent somewhere where we think we want to live, and take our time to see if it is right for us. With likely falling house prices, we are unlikely to lose. He also told us not to scrimp on what we spend on a new house because it is “just changing asset classes”.

Good advice. Mind you, after this week’s mini budget, maybe we would be better off living outside the UK. What do you think?

September 30, 2022 0

What is a night at the museum really like?

Last weekend we spent a couple of days at a very special mooring. Ellesmere Port is a run down small industrial town, on the south bank of the river Mersey and next to the Manchester Ship Canal. It does not have much to commend it, but it does have one gem. It is home to the National Waterways Museum. The old port is at the end of the Shropshire Union canal, where is meets the ship canal to the sea. It was once a thriving area, employing hundreds of people loading and unloading goods. After years of neglect, in the 1970’s a group of volunteers got together to clean it up and turn it into a boat museum. They did an amazing job and today it houses several acres of old buildings, exhibitions, boats and history. And best of all, we got to moor overnight in the middle of it.

We stayed for a couple of nights, and during the day got to visit all the exhibits and look around the town. But even better, in the evenings, the staff locked up the museum gates and we were left all alone. We had a special key so we could get in and out, but I loved wandering around the museum with the dogs, taking a close up look at the old terraced houses, the heavy port equipment, the boats themselves. It was kind of spooky although I did not see any ghosts. I could, however, imagine the dock workers busy in the docks, and the boat owners, living in their tiny cabins, behind a large barge full of coal or grain.

We are nearing the end of our six month narrowboat trip for this year, and this was a great experience to add to the memories. A night at the museum may not have been quite like in the movies but it was something very special nevertheless.

September 16, 2022 0

Welcome to the wonderful city of Chester

This week we took the Shropshire Union canal down into Chester, an ancient city that grew up from a Roman garrison settlement called Deva. The Romans built it here because it was roughly in the middle of the area of the UK they had conquered, it had good Roman road connections, and at the time it had good access to the sea through the river Dee. After the Romans, it continued as a successful medieval port city, and the Normans developed it further with a castle, a large cathedral and extended city walls.

Along the city walls, overlooking the canal.

These walls are possibly what Chester is most famous for. I walked a couple of times all the way around them, there are fine views across the countryside up to the Wirral and down to Wales. You can look down on Chester racecourse. You can see the Roman amphitheatre and ruined columns in a garden. The north side has the canal running alongside, utilising what once would have been a moat.

We moored up in a basin near the city centre, and just across from Telford’s Warehouse, a large pub, based in the headquarters of Thomas Telford, who built this canal. We had a fine meal with excellent craft beers, and even more excellent company of two of our nieces and a new boyfriend, who had to undergo a full inquisition from me and Mandy, testing for suitability. He passed!

The weather has turned this week and it has become wet autumn. But we have slowed down our travelling as we near the end of our summer on the boat, so a bit of rain can usually be avoided. And that has given more time for visiting Chester. Next year we plan to do a little less travelling and a little more visiting. Perhaps after two years, we are realising that retirement is more a marathon than a sprint.

Lovely city, Chester.

September 9, 2022 0

Should pubs change?

As I have travelled the world I have been in many bars, but have never found anything quite like a British pub. There are caricature “Irish Pubs” in many a city, but they just aren’t quite the same. Perhaps it is the inclement British weather that means we desire cosiness and that is what is different. Perhaps it is our unusual taste for warm beer. But today let me tell you about my favourite pub.

In 1987 we were on one of our first narrowboat holidays, doing the Four Counties Ring with friends. We stopped one night in the middle of nowhere and came across this pub, the Anchor Inn. The postal address is High Offley, a little village in Shropshire, but in reality it sits by itself, next to the canal. Presumably it was a farmhouse that started serving drinks when the canal was built, around 1830.

Although it looks reasonably large on the photo, the pub itself is just two small front rooms in the house. When we first found it, all drinks were fetched from the cellar. Nowadays they have electricity and chilled lager and cider on tap, but if you want a pint of real ale or scrumpy, they still go down into the cool cellar to get it.

Since 1987, we have visited maybe ten times. It is far too out of the way to be a regular haunt. But a few times making a special effort driving, and of course whenever we travel the Shropshire Union Canal, we go to see if it has changed. Sadly, Olive, the landlady for over 50 years, passed away last year. But her daughter has taken over and it is just the same. This week, the conversation in the pub was all about narrowboating. Where have we been this year? What have we seen? And the Wadworth’s 6X was served perfectly.

I know that over the years British pubs have had to change to survive. Most now serve good food, and have light, airy spaces. I do like those pubs. But sometimes it is nice to find favourites that have not changed, and the Anchor is one of them,.

September 2, 2022 0