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  • FIRST POST
    • excelpaul
    • By excelpaul 19th Nov 16, 12:08 PM
    • 105Posts
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    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 5
    • fatbeetle
    • By fatbeetle 18th May 17, 6:51 AM
    • 225 Posts
    • 291 Thanks
    fatbeetle
    28 working weeks until I retire! I'm having at least 2 of those off, as we have mates from Ireland coming over to visit us for a fortnight.
    “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.”
    • WeeMidgie
    • By WeeMidgie 21st May 17, 11:33 PM
    • 215 Posts
    • 4,230 Thanks
    WeeMidgie
    I could have done this pre retirement, but didn't - I have a small Thermocafe Thermos flask, which I'm taking upstairs with me at bedtime. It's still hot in the morning, so hot water in bed to rehydrate starts the day off healthily and feels a small luxury to enjoy without any effort or fuss! A simple pleasure!
    • excelpaul
    • By excelpaul 25th May 17, 6:27 AM
    • 105 Posts
    • 302 Thanks
    excelpaul
    Dear all
    Thirteen more work days until June 30th. Workload easing as my teaching groups take their exams. Tutoring profile online ready for October onwards, signed up to invigilate exams at school from September if needed. Have also said that I would do the occasional supply in my old department but only should they be unable to cover absence themselves. OFSTED been in this week where my lesson was given very favourable comments. Pleased to be finishing on a positive note!
    Been looking about and there seems to be plenty of other temporary/part-time work should it be required. Only looking for interesting posts without too much responsibility!
    First of all though looking forward to resting from July to September.
    Keep the news, views and plans coming!
    • bournefree
    • By bournefree 25th May 17, 6:52 AM
    • 96 Posts
    • 235 Thanks
    bournefree
    Wow, it's working out so well for you, really pleased for you!

    May has been a busy month for me. I have done the deed and accepted voluntary severance for the end of July 2018, which will be 6 months before I am 60, so aim to defer taking my TPS pension until then to avoid it being actuarially reduced. I far preferred to go at a time of my choosing on a better deal, rather than being made compulsorily redundant with the statutory minimum. So I've just got to hang in there for another year, which I think will give me time to gradually get used to the idea. My husband left his job - it was the right thing for him to do, so we've had to rethink finances. I paid off my mortgage with some money from my ISA, rejigged our accounts so we now have a joint one for all our bills out (handy when one of us dies, though we're not planning on that just yet!), and one each for personal spending. I think this will be very useful as we get used to having less money coming in over the next few months, and also when I retire. On another note, booked a longish holiday in Crete for this summer - we both need it!
    MFW #59 2017 target £18,504.90 to be mortgage free by Oct 2017 Jan £3,012.25 paid / £15,492.65 left Feb £1,801.54 paid / £13,691.11 left Mar £2,504.97 paid / £11,186.14 left Apr £1,668.12 paid / £9,518.02 left May £9,518.02 paid / £0.00 left and mortgage free!
    • WeeMidgie
    • By WeeMidgie 25th May 17, 7:13 AM
    • 215 Posts
    • 4,230 Thanks
    WeeMidgie
    All sounding very positive, Paul, and how good is that to have your professionalism and expertise recognised.

    My post about the hot drink first thing in the morning wasn't completely off topic... I'm an early awakener in the mornings, and before my recent retirement I would be up and doing no matter how early it was. Nowadays, being able to relax with a cuppa without leaving the bed, and not behaving like an electric hare out of a trap feels brilliant. It's no doubt far better for me than being fuelled from the point of waking up by adrenaline and pressure!

    I am now booked for the grand tour of rellies down under. This is planned spending and will be great to catch up with all concerned. Any sightseeing will be incidental to simply hanging out with my VIP's. It's wonderful to have Skype, Messenger etc but nothing beats time spent in each other's company.

    I've also resurrected an interest in needlecrafts of various kinds. Very MSE as I have a whole cupboard of supplies. The project I'm currently enjoying has been in abeyance for approx 17 years! Great to have the time to resurrect old enjoyments, and to feed bits of myself which fell prey to demands on time and energy whilst working.

    P.S. Great plans bournefree! You sound really happy, and the break in Crete sounds fab!
    Last edited by WeeMidgie; 25-05-2017 at 7:17 AM.
    • bournefree
    • By bournefree 15th Jun 17, 5:50 AM
    • 96 Posts
    • 235 Thanks
    bournefree
    Not long to go now for you Paul!
    MFW #59 2017 target £18,504.90 to be mortgage free by Oct 2017 Jan £3,012.25 paid / £15,492.65 left Feb £1,801.54 paid / £13,691.11 left Mar £2,504.97 paid / £11,186.14 left Apr £1,668.12 paid / £9,518.02 left May £9,518.02 paid / £0.00 left and mortgage free!
    • excelpaul
    • By excelpaul 15th Jun 17, 2:36 PM
    • 105 Posts
    • 302 Thanks
    excelpaul
    Bournefree
    Funnily enough was just thinking that myself as I lay in the garden on one of my two days off this week! Yes two weeks tomorrow I finish after some 36 years in the profession! Looking forward to a good rest for 3 months. Only negative at moment is may have to have kidney stones removed yet again under general anaesthetic. Be the 5th time! Luckily it's only day surgery and recovery is usually quite quick! I won't tell you how they get in there!
    I am available for tutoring from October and have put myself on the school exam invigilator list. Not considering supply but would help out my old department only in an emergency. However the choice is now mine.
    I feel a little strange about the deadline approaching but not in a bad way.
    Finances are looking ok. Just sent in paperwork for a teachers short service annuity to be added on to my current pension. It wont be a lot for the extra part-time year but I will be happy for even £20 a month index linked for life!
    So plan is to relax, do some sorting and enjoy the summer. May go on holiday September/October if all medical stuff is sorted by then. Should be as I have no symptoms and it's pretty routine.
    Have also given permission for a claims company to check if I am owed any PPI. I hesitated but thought if I get anything it's money I didn't know I had. Their fees if I get anything are ridiculous but as I said it's something I wouldn't have done myself so I am happy to wait and see.
    My low risk S&S ISA is doing well at moment so that's a plus too. I will not meet my savings target but quite relaxed about that too.
    With all the recent terrible events just being alive and enjoying the weather is just fine! Also won £25 on the premium bonds this month. Second time this year!
    Hopefully by August all possible tax issues will be sorted as a result of going to just a pension. May be in line for a little rebate too!
    Would be great to hear from others about how their plans and finances are progressing.
    Take care.
    Last edited by excelpaul; 15-06-2017 at 2:38 PM.
    • bugslet
    • By bugslet 19th Jun 17, 11:13 AM
    • 5,203 Posts
    • 26,098 Thanks
    bugslet
    Good luck paul, only a few more days now - I'm really quite jealous.

    I think I could go now - the big thing that is stopping me is letting go of staff, some of them have been with me for over 20 years.
    • Davesnave
    • By Davesnave 24th Jun 17, 8:54 AM
    • 22,634 Posts
    • 87,523 Thanks
    Davesnave
    OFSTED been in this week where my lesson was given very favourable comments. Pleased to be finishing on a positive note!
    Originally posted by excelpaul
    So were mine, but the most satisfying experience came some years later when I was 'retired' and on supply.

    The OFSTED bod slid into a comfy chair at the back of the class, just got himself comfortable, clipboard at the ready, when I interrupted my spiel to add, "Er..excuse me, I think you may be expecting to see the class next door to this one, who will probably be doing something much more interesting than we are!"
    'A society grows great when old men plant trees whose shade they'll never sit in.'
    • excelpaul
    • By excelpaul 24th Jun 17, 2:25 PM
    • 105 Posts
    • 302 Thanks
    excelpaul
    Just under a week to go! Next Friday morning there will be a brief presentation during our weekly briefing. At lunchtime I believe a reception has been arranged for current and past members of staff(from previous school too) to drop in to say goodbye and on Sunday an afternoon tea for members of my department. Absolutely fine for me as I really want things to be fairly low key.
    Looking forward to these events.
    I have also been asked about exam invigilation next year and occasional supply within my faculty which is fine by me!
    Will let you know how things go. Have a good week.
    • bournefree
    • By bournefree 24th Jun 17, 2:54 PM
    • 96 Posts
    • 235 Thanks
    bournefree
    Enjoy your last week Paul!
    MFW #59 2017 target £18,504.90 to be mortgage free by Oct 2017 Jan £3,012.25 paid / £15,492.65 left Feb £1,801.54 paid / £13,691.11 left Mar £2,504.97 paid / £11,186.14 left Apr £1,668.12 paid / £9,518.02 left May £9,518.02 paid / £0.00 left and mortgage free!
    • Katiehound
    • By Katiehound 24th Jun 17, 5:54 PM
    • 3,580 Posts
    • 36,169 Thanks
    Katiehound
    and then have a wonderful summer and enjoy planning just what you want to do and when! (and not be stuck with the constraints of having to holiday at peak times and peak prices with the school hols!!!)
    Enjoy

    I'm off on the first of 3 cruises for the summer..... and no, it wasn't planned like that. The first cruise is my 4th attempt to go to Iceland! with a cruise line that is new to me.It's also the first time the new knees have been cruising, the younger one is only just 6 months old!!
    Being polite and pleasant doesn't cost anything!

    If you found my posting helpful please hit the "Thanks" button!
    Thank You
    • Mnd
    • By Mnd 25th Jun 17, 7:15 PM
    • 44 Posts
    • 33 Thanks
    Mnd
    Hi all, hope it's OK if I add my story. I'm 63 and would probably worked 1 more year if circumstances hadn't changed, but the firm I work for is relocating which would mean 23 miles each way as opposed to 8. I work 4 days a week. This move is going to happen at the end of October and we crunched the numbers and decided make the decision to go now. My actual leaving date is
    July 20th 16 working days..
    My wife is 57 and will continue to work full time.probably until she is 61 which will qualify for full State pension at 66
    I have a works pension that pays currently £450 so I'm expecting that to go up to about £550 as it will not be taxed.
    I am perfectly happy and capable to take on the garden, housework etc to release our weekend time together, I've already dusted the bike off and found my swimming trunks.
    We have no mortgage, or debt to worry about, and approx £80000 is savings and wifes pension fund so I'm sure our finances will be OK.
    I am looking forward to my new life . The 16 days still seem a long time..wish me luck.M
    • pollypenny
    • By pollypenny 26th Jun 17, 9:14 AM
    • 21,897 Posts
    • 55,936 Thanks
    pollypenny
    Just under a week to go! Next Friday morning there will be a brief presentation during our weekly briefing. At lunchtime I believe a reception has been arranged for current and past members of staff(from previous school too) to drop in to say goodbye and on Sunday an afternoon tea for members of my department. Absolutely fine for me as I really want things to be fairly low key.
    Looking forward to these events.
    I have also been asked about exam invigilation next year and occasional supply within my faculty which is fine by me!
    Will let you know how things go. Have a good week.
    Originally posted by excelpaul


    You'll really enjoy Sundays from now on!

    I did supply firstly first year, gird fun, kids were surprised to see me and I was asked more than once if I got paid. One boy said I was 'emergency back-up.'

    No invigilation for me though. I have tinnitus so silence is unpleasant.
    Last edited by pollypenny; 26-06-2017 at 8:28 PM. Reason: Now how the hell did an apostrophe get in there!!!!
    Member #14 of SKI-ers club

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

    (Pity they are mangled by this autocorrect!)
    • Davesnave
    • By Davesnave 26th Jun 17, 10:24 AM
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    Davesnave
    One boy said I was 'emergency back-up.'
    Originally posted by pollypenny
    One boy was so impressed with my morning's supply, he stayed behind at lunch time and told me I should consider getting a proper teaching job and a class of my own.

    "Out of the mouths of babes....."

    P.S. Sorry, I thought I'd written my story here, but on closer examination, I find I haven't, yet. Maybe later....it's rather involved!
    'A society grows great when old men plant trees whose shade they'll never sit in.'
    • Gers
    • By Gers 26th Jun 17, 1:38 PM
    • 5,607 Posts
    • 32,221 Thanks
    Gers
    Hi all, hope it's OK if I add my story. I'm 63 and would probably worked 1 more year if circumstances hadn't changed, but the firm I work for is relocating which would mean 23 miles each way as opposed to 8. I work 4 days a week. This move is going to happen at the end of October and we crunched the numbers and decided make the decision to go now. My actual leaving date is
    July 20th 16 working days..
    My wife is 57 and will continue to work full time.probably until she is 61 which will qualify for full State pension at 66
    I have a works pension that pays currently £450 so I'm expecting that to go up to about £550 as it will not be taxed.
    I am perfectly happy and capable to take on the garden, housework etc to release our weekend time together, I've already dusted the bike off and found my swimming trunks.
    We have no mortgage, or debt to worry about, and approx £80000 is savings and wifes pension fund so I'm sure our finances will be OK.
    I am looking forward to my new life . The 16 days still seem a long time..wish me luck.M
    Originally posted by Mnd
    You won't need luck - you've already made provision for your future so enjoy it!
    • Mnd
    • By Mnd 26th Jun 17, 6:15 PM
    • 44 Posts
    • 33 Thanks
    Mnd
    Thank you Gers for your comment, good luck to Paul as well
    • excelpaul
    • By excelpaul 26th Jun 17, 8:16 PM
    • 105 Posts
    • 302 Thanks
    excelpaul
    Dear all
    Many thanks for your recent comments. Only 2 more working days!
    • excelpaul
    • By excelpaul 26th Jun 17, 8:17 PM
    • 105 Posts
    • 302 Thanks
    excelpaul
    Davesnave
    Would be great to read your story!
    • WeeMidgie
    • By WeeMidgie 27th Jun 17, 11:25 PM
    • 215 Posts
    • 4,230 Thanks
    WeeMidgie
    Welcome to the world of seven day weekends Excelpaul. Sorry to read about the need to have kidney stones removed, but at least you know the ropes and recovery process.

    I'm posting this early as I'm away for a couple of days. I hope your leaving celebrations go well and give you great pleasure and happy memories, and a well deserved sense of a career fulfilled and nicely rounded off.
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