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  • FIRST POST
    • excelpaul
    • By excelpaul 19th Nov 16, 12:08 PM
    • 116Posts
    • 359Thanks
    excelpaul
    Everyday Ordinary Man Approaching Full Retirement at 59.
    • #1
    • 19th Nov 16, 12:08 PM
    Everyday Ordinary Man Approaching Full Retirement at 59. 19th Nov 16 at 12:08 PM
    I am setting up this thread as an ordinary everyday man moving towards full retirement.
    I say ordinary, in the sense that I am neither poor nor extremely well off. I have been reading these forums for several years especially the sections about savings and investment.
    Of course they provide lots of great support and advice but for the most part for people whose savings and pensions are the stuff of dreams for most of us. I do not say that as a criticism just as a point of fact. Indeed I nearly fell into the trap of measuring myself against other people in these threads and found myself becoming a little bitter and envious which I know is irrational! In my heart of hearts I know I am extremely fortunate. So I decided to set up this thread as therapy, a reality check and a genuine place for discussion for everyday folk approaching or into retirement. The emphasis initially will be on implications for finance and life plans for the next phase of our lives. It is not for advice but more for the sharing of ideas and experiences of other everyday folk. Let us see where it goes!

    First of some background about myself. I taught full time for 35 years until August 31st this year. I am now working just under two and a half days a week until next June when the plan is to finish completely. By then I will be just shy of my 59th birthday. I took phased retirement at 55 and the rest of my pension at 58 albeit reduced. I took the maximum lump sum as it suited my needs. Of course such a decision was met by derision from the pension experts in the other place but to me quality of life has become much more important than maximising returns! I am very fortunate in having a defined benefit pension that is index linked. It was reduced owing to taking it early and also taking the maximum lump sum. I also have a very small annuity that pays the grand total of £37 after tax a month! However it is better than nothing! I have recently received a state pension forecast which owing to being contracted out for nearly all my working life is currently £119.54 a week from the age of 66 (due in 2024) As I am working until next June I will add another year ‘contracted in’ this amount. When I finish work next June my income will be about £1350 a month after tax until 2024 (all at current prices) Quite interesting that although I will have contributed for 40 years to the state pension they only include(at the moment) the 35 ‘contracted out’ years in my pension calculation and none of the others!

    I co-own a house with my mother. My grandmother lives with us too, who is still going at the grand age of 101. Hopefully this means I may be retired for quite a while! My total share of the house will allow me in this area to buy myself a decent house in the future. (After other members of the family have received their share of the proceeds of the current one) Sounds morbid to talk like that but one has to be practical. I am debt free and the house is mortgage free too. We did some upgrades recently and have plans in hand to redo the drive and the kitchen in the next 2 to years. I may also need to change my car in the next couple of years. I have a lovely extended family that includes several nephews and nieces who are very special to me. Unfortunately I lost one of my sisters four years ago at the age of 42. She left 4 children. Such a tragic event certainly makes you re-address your priorities! Other illnesses in the family also provide timely reminders to enjoy life rather than worry too much about the finances!

    I used part of my pension lump sum to clear the mortgage and all other debts. I had some left over and have done the following with it.
    • A Loyalty Saver. Easy access and includes emergency fund.
    • Cash ISA
    • S&S ISA (See this as long term and will not look at it for 8 years!)
    • Premium Bonds
    • Nationwide Regular Saver (5% at moment! Started with £500. Can add £500 a month for a year only)
    • Personal Current Account
    • Joint current account for all household expenses. (We all contribute each month to this)
    Hopefully by next June I will have total savings and investments of just under £50000 before my income drops by 50% as I give up work completely. It sounds healthy but I am planning on being around a long-time! I also want to travel. Any constructive comments about any of the above most welcome.

    I do feel guilty about not having managed to save more during my working life but things happen. For example, I lost a lot of money during the property crash in London in the 1980s. Interest rates on mortgages were then 15%! I had to borrow to sell! Fortunately that is all behind me now and I have been fortunate to work solidly for 36 years. When I entered teaching I had little idea about the pension scheme. I do feel fortunate now.

    To my shame I do worry about money and probably should not. I suppose as we approach retirement we all get nervous about the regular salary stopping. Of course I could always do supply in an emergency but after 36 years I feel I have done my bit! It’s just in the past I went through some close financial calls. I do want to enjoy my retirement and tick some things off the to do list!
    I have planned my finances for after June 2017 and after all expenses and spending money should still be able to save some money each month.
    I also want to spend some savings travelling. I am keen to do the train journey across the Canadian Rockies as well as maybe spend some time renting a property in Cyprus an absolute favourite place of mine! We are fortunate that also my mother and grandmother also have adequate pension provision.

    So that is my introduction. I am now just off to walk the dogs and then meet one of my nephews. I am fortunate that I live in a semi-rural area with plenty of countryside around me. Weather not looking too promising though. Have some schoolwork also to do. Working part-time has been great for getting the garden organised and actually being ahead with the Christmas shopping! As 2017 approaches I now need to plan more activities and long term aims for the retirement years.

    I do hope you will join me on my journey and feel able to share aspects of yours too!

    Thanks for reading.
    Last edited by excelpaul; 19-11-2016 at 8:00 PM.
Page 11
    • sukysue
    • By sukysue 28th Nov 17, 8:16 PM
    • 1,704 Posts
    • 2,145 Thanks
    sukysue
    As long as you are happy doing that then it is your decision. I bet if your Darling husband was here now he would be very happy with how you are dealing with your situation. I can only applaud you for your high values and principles and the money will always be there for you . The main thing is it is there for you to use when you need it . You are safe financially and that is a huge weight off your shoulders this is just brilliant for you I am so glad for you .
    xXx-Sukysue-xXx
    • fatbeetle
    • By fatbeetle 29th Nov 17, 4:31 AM
    • 359 Posts
    • 615 Thanks
    fatbeetle
    How many days now??!!

    have a wonderful time planning what to do next...........or plan to do simply nowt- the choice will be yours and not inflicted by outside influences such as that four letter word: work!
    Enjoy
    Originally posted by Katiehound
    My thanks, I've got three working days left, but am only counting two of them, as one is a Saturday shift, paid at overtime rates, during which I will mainly be cleaning my desk, and discharging the last of my patients.

    I'm having a week of doing very little after that, then we are heads down and working on emigrating back to the UK.
    “If you trust in yourself, and believe in your dreams, and follow your star. . . you'll still get beaten by people who spent their time working hard and learning things and who weren't so lazy.”
    • bugslet
    • By bugslet 30th Nov 17, 9:43 AM
    • 5,760 Posts
    • 28,206 Thanks
    bugslet
    I'm not going to be on the board tomorrow and Saturday, so just to say, enjoy walking out of work for the last time fatbeetle.
    • excelpaul
    • By excelpaul 30th Nov 17, 5:23 PM
    • 116 Posts
    • 359 Thanks
    excelpaul
    I hope all goes well in the next few days fatbeetle.
    • fatbeetle
    • By fatbeetle 1st Dec 17, 1:28 AM
    • 359 Posts
    • 615 Thanks
    fatbeetle
    Many thanks Bugslet and Paul! Here's my desk when I got in this morning....



    I still have one more day to work, but that's tomorrow and a Saturday, so there's only 2 staff on, we're celebrating today.
    “If you trust in yourself, and believe in your dreams, and follow your star. . . you'll still get beaten by people who spent their time working hard and learning things and who weren't so lazy.”
    • sukysue
    • By sukysue 1st Dec 17, 9:56 AM
    • 1,704 Posts
    • 2,145 Thanks
    sukysue
    Congratulations Fatbeetle have a great last day in work tomorrow Good Luck!
    xXx-Sukysue-xXx
    • joansgirl
    • By joansgirl 1st Dec 17, 10:13 AM
    • 12,994 Posts
    • 49,398 Thanks
    joansgirl
    Nice that your very last day will be a bit more relaxed and informal, it's a good way to finish.

    Good Luck fatbeetle!
    Some people only exist as examples of what to avoid...
    .


    Finito
    • excelpaul
    • By excelpaul 1st Dec 17, 8:40 PM
    • 116 Posts
    • 359 Thanks
    excelpaul
    Just completed several days invigilating mock exams at my previous school. I really enjoyed the experience. It was great to meet colleagues and students again. May do a few days supply in the coming months too. Also some extra pocket money for Christmas!!!
    • fatbeetle
    • By fatbeetle 2nd Dec 17, 1:04 AM
    • 359 Posts
    • 615 Thanks
    fatbeetle
    4 hours until retirement!

    “If you trust in yourself, and believe in your dreams, and follow your star. . . you'll still get beaten by people who spent their time working hard and learning things and who weren't so lazy.”
    • sukysue
    • By sukysue 2nd Dec 17, 8:58 AM
    • 1,704 Posts
    • 2,145 Thanks
    sukysue
    You have done it Fatbeetle becomes the retired Fatbeetle Hooray!
    Enjoy today!
    xXx-Sukysue-xXx
    • Misslayed
    • By Misslayed 2nd Dec 17, 9:12 AM
    • 3,557 Posts
    • 18,960 Thanks
    Misslayed
    Enjoy it Fatbeetle.
    Hi. Martin has asked me to tell you I'm a (novice) Board Guide on the Competitions, Site Feedback and Campaigns boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with abuse). Any views are mine and not the official line of MoneySavingExpert.com.
    • Katiehound
    • By Katiehound 2nd Dec 17, 9:35 AM
    • 3,903 Posts
    • 38,001 Thanks
    Katiehound
    have loads of fun too! Today is the start of... a new life!
    Being polite and pleasant doesn't cost anything!

    If you found my posting helpful please hit the "Thanks" button!
    Thank You
    • fatbeetle
    • By fatbeetle 4th Dec 17, 12:16 AM
    • 359 Posts
    • 615 Thanks
    fatbeetle
    Thanks all, two days in and loving it!!

    Just back from the gym and walking the dogs, got a loaf of bread baking...

    This is the life. Going to start filing my music collection next.

    ETA:

    Last edited by fatbeetle; 04-12-2017 at 2:54 AM.
    “If you trust in yourself, and believe in your dreams, and follow your star. . . you'll still get beaten by people who spent their time working hard and learning things and who weren't so lazy.”
    • YoungScot
    • By YoungScot 4th Dec 17, 9:44 AM
    • 2 Posts
    • 14 Thanks
    YoungScot
    Finally no more guilt!
    I have loved following all the comments and good advice on here.
    I also took the decision about 2 years ago to stop working as it was stressing me out and my husband had already made the decision to stop....or at least the job situation made the decision for him! We were both 57 and due to a lot of hard saving and overseas working stints we reckoned we could just about afford to stop and live off our savings , a tiny pension and a couple of small rental properties. I did (have!) become a bit fixated about having enough money but finally am relaxing as I turn 60 next month and realise that the life we have now is lovely and the time we have together is priceless! We dont live the high life but we go out for walks and coffees and still have holidays.....I just look for good deals!
    We sold the rental properties as they ended up causing as much stress as my work and I have now made my peace with not working. Life is good and I just feel so lucky that we have good health and this time together. I can definitely say that I made the right decision and no longer feel guilty about not working.....not sure why I did since I have worked in one capacity or another since I was 13.....the daughter of a shopkeeper was expected to work on a Saturday!!!!
    All I can say to anyone of our age is 'carpe diem'..... you wont regret it and any doubts you might have will be dispelled when you look at other peoples stories....life is definitely cut FAR too short for lots of people .....so enjoy!
    Phew....all this and I've not even had my porridge yet !!!
    • dunroving
    • By dunroving 4th Dec 17, 10:35 AM
    • 588 Posts
    • 283 Thanks
    dunroving
    I have loved following all the comments and good advice on here.
    I also took the decision about 2 years ago to stop working as it was stressing me out and my husband had already made the decision to stop....or at least the job situation made the decision for him! We were both 57 and due to a lot of hard saving and overseas working stints we reckoned we could just about afford to stop and live off our savings , a tiny pension and a couple of small rental properties. I did (have!) become a bit fixated about having enough money but finally am relaxing as I turn 60 next month and realise that the life we have now is lovely and the time we have together is priceless! We dont live the high life but we go out for walks and coffees and still have holidays.....I just look for good deals!
    We sold the rental properties as they ended up causing as much stress as my work and I have now made my peace with not working. Life is good and I just feel so lucky that we have good health and this time together. I can definitely say that I made the right decision and no longer feel guilty about not working.....not sure why I did since I have worked in one capacity or another since I was 13.....the daughter of a shopkeeper was expected to work on a Saturday!!!!
    All I can say to anyone of our age is 'carpe diem'..... you wont regret it and any doubts you might have will be dispelled when you look at other peoples stories....life is definitely cut FAR too short for lots of people .....so enjoy!
    Phew....all this and I've not even had my porridge yet !!!
    Originally posted by YoungScot
    Having just retired, I found this an interesting accuont of what to potentially expect in the first year or two of adjustment. I've already found (after 2 months) some interesting adjustment patterns. I really don't miss getting up at 5:15 every morning, but feel somewhat guilty when I find myself still in bed at 8:30. I am loving catching up on all sorts of telly (I'm a TV/movie addict), but am not finding myself reading much, other than newspapers. I am loving the freedom to go for a walk any time but am finding myself mucking about on the laptop for hours on end without moving a muscle.

    I can identify with your statements about living a modest, relaxed lifestyle and making peace with the money worries. I lived in the US for many years and the expectations people put on themselves for finances in retirement are ridiculous.

    I'd be interested in other people's experiences of the 1-2 year adjustment period following retirement. Did things change in ways you didn't expect? Did you take on part-time work for something to do? Did you get bored?
    • Misslayed
    • By Misslayed 4th Dec 17, 11:31 AM
    • 3,557 Posts
    • 18,960 Thanks
    Misslayed
    My main change is that I no longer feel any guilt! I still wake up at about the same time as I did for 40odd years, but I often don’t get up til 9 or later. I read the news online, check my emails, catch up with Facebook, enter a few Competitions!
    Hi. Martin has asked me to tell you I'm a (novice) Board Guide on the Competitions, Site Feedback and Campaigns boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with abuse). Any views are mine and not the official line of MoneySavingExpert.com.
    • sukysue
    • By sukysue 4th Dec 17, 2:05 PM
    • 1,704 Posts
    • 2,145 Thanks
    sukysue
    Wonderful stuff from everyone!
    Fatbeetle I bet that bread was the best tasting bread you ever ate!
    Thought I had misstyped then and written broad lol.... but it was a smear on my laptop screen lol..............
    ahem....anyway I must just say that I had a few twangs over the last week due to frequenting the hospital I trained in a little too much and seeing my old colleagues , I no longer felt I belonged but they were very sweet to me and genuinely happy for me. I am fine though these were but momentary and I am only mentioning them because I am sure we have all had them. I am off out for a long walk in a min with my beloved ....life is just Grand !
    xXx-Sukysue-xXx
    • dunroving
    • By dunroving 4th Dec 17, 3:09 PM
    • 588 Posts
    • 283 Thanks
    dunroving
    Wonderful stuff from everyone!
    Fatbeetle I bet that bread was the best tasting bread you ever ate!
    Thought I had misstyped then and written broad lol.... but it was a smear on my laptop screen lol..............
    ahem....anyway I must just say that I had a few twangs over the last week due to frequenting the hospital I trained in a little too much and seeing my old colleagues , I no longer felt I belonged but they were very sweet to me and genuinely happy for me. I am fine though these were but momentary and I am only mentioning them because I am sure we have all had them. I am off out for a long walk in a min with my beloved ....life is just Grand !
    Originally posted by sukysue
    I vowed I would not be one of those "ghosts wandering the hallways" after I left work. I meet a small cadre of colleagues at local coffee shops because we are friends as well as colleagues, but I avoid work gossip unless they want to bring it up.

    A friend used to go back into work after retiring, on a regular basis. He took doughnuts to leave in the main office. Although he worked there for about 30 years and was at one time he head of department, he quickly realised that he was "in the way" - people just wanted to get on with their jobs and didn't have time for idle chit-chat. I think it was a difficult lesson for him that when you leave, people and institutions simply move on.
    • pollypenny
    • By pollypenny 4th Dec 17, 5:02 PM
    • 23,104 Posts
    • 59,811 Thanks
    pollypenny
    dunroving, I did supply for the first year after retiring, including taking over from a young teacher who was ill. I enjoyed it greatly. I’d never do invigilation, though. Die of boredom or driven mad by my tinnitus.

    However, OH and I joined U3A and soon became involved in lots of groups, so that I had my excuse ready when I was asked to cover a maternity leave, which would have included an OFSTED inspection! No way, mate. I lived through enough of those in my career.

    Like young Scot, I was initially worried about money, but it’s worked out well. We don’t need anything major and as long as we can go to the USA twice a year to see the little ones, were happy.
    Member #14 of SKI-ers club

    Words, words, they're all we have to go by!.

    (Pity they are mangled by this autocorrect!)
    • Misslayed
    • By Misslayed 4th Dec 17, 5:09 PM
    • 3,557 Posts
    • 18,960 Thanks
    Misslayed
    I did supply for a year or so too, but a new head started and things changed. Stuff was fixed which wasn’t broken. Relationships changed and the morale in the staff room was at rock bottom. When I got to the point of dreading that early morning phone call I knew it was time to stop. Never looked back!
    Hi. Martin has asked me to tell you I'm a (novice) Board Guide on the Competitions, Site Feedback and Campaigns boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with abuse). Any views are mine and not the official line of MoneySavingExpert.com.
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