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    • excelpaul
    • By excelpaul 19th Nov 16, 12:08 PM
    • 124Posts
    • 393Thanks
    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 !!!8216;contracted in!!!8217; 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 !!!8216;contracted out!!!8217; 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!!!8217;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 19
    • bournefree
    • By bournefree 25th Jan 18, 8:50 AM
    • 100 Posts
    • 253 Thanks
    bournefree
    Dear Excelpaul,

    Given what you have been through over the past few months and have shared here, it's perfectly natural that you have been feeling down. Grief is like that, isn't it, it comes and goes, catches up with you, then gradually begins to fade. It doesn't disappear, but it does add to the depth and richness of our characters and lives.

    On another note, I've just had my 59th birthday, which was lovely, and have had the final figures for my voluntary severance at the end of July. I've decided to use some of the severance payout to pay for the 6 months before I reach 60, then take my Teachers' Pension unreduced from then. I will have done 36 years of teaching, so not quite the 40 I had in mind, but I now know that the time is right to move on. There have been so many stories recently of people dying before they are 60, it does remind you that life is all too short.

    Take care Paul!
    Last edited by bournefree; 25-01-2018 at 10:58 AM.
    MFW #59 2017 target met, now mortgage free!
    • Davesnave
    • By Davesnave 25th Jan 18, 9:04 AM
    • 24,291 Posts
    • 90,990 Thanks
    Davesnave
    This is certainly the weather when I rather wish dogs could exercise themselves
    Originally posted by Katiehound
    I feel the same about sheep sometimes. It's not that they don't get enough exercise, of course, but rather that they may go where they shouldn't and get their heads stuck, pick up large lumps of hawthorn and brambles or end up upside down in a ditch.

    But when I do what doesn't come naturally and trudge around out there in the rain and wind, trying to count them, it's actually not so bad. I see something like a new primrose flowering, or a bullfinch and think, " Hey, it'll soon be proper spring."
    'A society grows great when old men plant trees whose shade they'll never sit in.'
    • joansgirl
    • By joansgirl 25th Jan 18, 12:30 PM
    • 13,823 Posts
    • 52,512 Thanks
    joansgirl
    Dear Excelpaul,

    Given what you have been through over the past few months and have shared here, it's perfectly natural that you have been feeling down. Grief is like that, isn't it, it comes and goes, catches up with you, then gradually begins to fade. It doesn't disappear, but it does add to the depth and richness of our characters and lives.

    On another note, I've just had my 59th birthday, which was lovely, and have had the final figures for my voluntary severance at the end of July. I've decided to use some of the severance payout to pay for the 6 months before I reach 60, then take my Teachers' Pension unreduced from then. I will have done 36 years of teaching, so not quite the 40 I had in mind, but I now know that the time is right to move on. There have been so many stories recently of people dying before they are 60, it does remind you that life is all too short.

    Take care Paul!
    Originally posted by bournefree
    Yes, if you can do it, do it! I just had a cousin die at 53....just do it!
    Some people only exist as examples of what to avoid...
    .


    Finito
    • joansgirl
    • By joansgirl 25th Jan 18, 12:34 PM
    • 13,823 Posts
    • 52,512 Thanks
    joansgirl
    Oh, and Paul, it took me years to get back to "normal" (or what passes for it) after my husband died, grief won't be rushed, it will take it's own sweet time!

    I didn't really deal with anything emotionally until I found someone I felt I could talk to and just the talking helped, although it had been buried for so long it was upsetting and unsettling when it was all raked up again.

    However I'm doing much better now, time is a great healer.

    Think long and hard before making any major decisions is my advice.

    Best of luck, hope to hear from you soon!
    Some people only exist as examples of what to avoid...
    .


    Finito
    • excelpaul
    • By excelpaul 5th Feb 18, 1:14 PM
    • 124 Posts
    • 393 Thanks
    excelpaul
    Dear all. Feeling a little better these past few days. Just returned walking the dogs !!!128054; in the forest. Off swimming this afternoon. Now swimming 3 times a week which is proving beneficial. I do some toning exercises daily, walk the dogs in addition to the swimming so physically ok! Off to Gibraltar for a short break in about 4 weeks and Paphos to look forward to in late a June.
    Have been asked to invigilator exams again in March, May and June which will provide useful supplement to pension. Also looking at other types of temporary part-time work.
    Had a great meal out with History department n Friday too.
    Hope you are all well.
    • shabbychic12
    • By shabbychic12 7th Feb 18, 10:37 PM
    • 51 Posts
    • 205 Thanks
    shabbychic12
    Hi thanks for stopping by me and having a read of my ramblings and l have now added you to my subscribed list. I'm on 7 more paydays and that's all that's keeping me focused lol
    Turtle Challenge February 03 contender
    2018 declutter and destress.
    2018 early retirement wannabe
    Save 12k in 2018 £715/£12000
    £28/week on wk5/52 (£1 a day challenge)
    All this saving l'm turning into my Dad
    • excelpaul
    • By excelpaul 12th Feb 18, 7:23 AM
    • 124 Posts
    • 393 Thanks
    excelpaul
    Hope everyone is well. Would be good to hear some news and views.
    • pollypenny
    • By pollypenny 12th Feb 18, 8:40 AM
    • 23,470 Posts
    • 61,059 Thanks
    pollypenny
    Most views are aired on DT, Paul, with more light-hearted views, sometimes silly, in the Arms.

    Unless they are anything to do with over 50s saving or other specific board, of course.
    Member #14 of SKI-ers club

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

    (Pity they are mangled by this autocorrect!)
    • Katiehound
    • By Katiehound 12th Feb 18, 4:36 PM
    • 4,261 Posts
    • 38,592 Thanks
    Katiehound
    Hello folks.
    Hope everyone is well and starting to enjoy the slightly lighter and mornings: they are becoming a lot more noticeable even if the temperatures are still somewhat challenging.

    I am off to warmer climes on Weds- looking forward to cruising in the Caribbean (not keen on that long haul flight- but there we are!) So good things on the horizon: sun, sea, different destinations, some craft classes, pleasant companions, dancing (hopefully!) every evening and lots of yummy food.

    Sorry dogs- off to kennels for you! Actually they are yipping and yelping before I have even finished parking and their goody bags of grated carrots, crunchy apples and pots of yoghurt will be going with them!

    Will look forward to reading about various exploits next month.
    Being polite and pleasant doesn't cost anything!
    If you found my posting helpful please hit the "Thanks" button!
    Many thanks

    2018 Wombling : Entrant 8 ...840MM (84p) + RK 7p= 91pence
    • bournefree
    • By bournefree 12th Feb 18, 6:54 PM
    • 100 Posts
    • 253 Thanks
    bournefree
    Hello Paul and followers,
    Well, I have 5 more months to go before my last day. It is strange thinking that things will come to an end, but suicides and fatal heart attacks amongst colleagues do focus the mind. Not looking forward to the next few months as difficult times are ahead at work, but have already planned a holiday in sunnier climes for the last two weeks of July!
    MFW #59 2017 target met, now mortgage free!
    • crv1963
    • By crv1963 13th Feb 18, 7:26 AM
    • 233 Posts
    • 565 Thanks
    crv1963
    Hello Paul and fellow thread readers.


    Bad news- I'm still working. Good news- only 8 paydays left before I go!


    I too am enjoying the mornings getting a little lighter and dusk arriving a little later, taking pleasure from the snow when it comes as I don't mind driving in it and lots of people avoid driving when it's down!


    Planning a holiday in April- don't know where yet, just going to go to the travel agents and ask where we can fly in the following couple of days. Practise run for when we are retired!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • bugslet
    • By bugslet 13th Feb 18, 7:50 AM
    • 5,977 Posts
    • 28,979 Thanks
    bugslet
    I'm mostly feeling quite happy about work at the minute, so today I'm staying.

    Tomorrow of course is another day!
    • WeeMidgie
    • By WeeMidgie 14th Feb 18, 12:58 PM
    • 201 Posts
    • 4,455 Thanks
    WeeMidgie
    Hello Paul & Co,

    After my three month odyssey around various family in the southern hemisphere, I'm back to "auld claes and porridge", and delighted not to be working.

    My key word for 2018 is balance, and I'm feeling my way with U3A activities (several different groups), and outwith the U3A an exercise class and swimming. I'm also supporting friends affected by health issues. That's enough of a mix to be going on with.

    Longer term, I need to move from where I currently live to a location where I wouldn't be so reliant on having a car. I'm hoping this will be achievable during 2018.

    Paul, it's good that you have holidays to look forward to. There's something about going away, being somewhere new and enjoyable that is so restoring, and can give fresh perspective and renewed vigour after a time of trial.

    In a couple of months I'll have been retired for a year! I can't believe how fast it has gone. I've had no regrets at all, and leaving a toxic boss behind is an ongoing source of relief and joy!!
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