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    • excelpaul
    • By excelpaul 19th Nov 16, 12:08 PM
    • 112Posts
    • 340Thanks
    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 8
    • pollypenny
    • By pollypenny 21st Aug 17, 12:10 PM
    • 22,915 Posts
    • 59,202 Thanks
    pollypenny
    Maybe a typo....I think fatbeetle is smart enough to know the difference.

    I have a terrible trouble with transposing letter, especially with have. the amount of times I have typed ahve....aaargh. Sometimes I miss them.
    Originally posted by bugslet


    I'm sure it was a typo. I'm notorious for them. However, if you're pointing out errors, you'd better be careful.

    I thought it was beautifully ironic.

    In the days when I typed a lot, I'd get carried away and type nad and, like you, ahve! Just got cocky.
    Member #14 of SKI-ers club

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

    (Pity they are mangled by this autocorrect!)
    • bugslet
    • By bugslet 21st Aug 17, 12:32 PM
    • 5,676 Posts
    • 27,923 Thanks
    bugslet
    Well...... I put my notice in this morning
    The boss is away at the mo so I've e mailed her with the good news, just waiting for the inevitable response of......can you wait until I get home? The short answer to that is no, I can't. I'm expecting to leave on September 21st.

    E.T.A. Just got the response from her
    Originally posted by joansgirl
    well jel!
    • srn
    • By srn 21st Aug 17, 2:18 PM
    • 79 Posts
    • 257 Thanks
    srn
    My husband took voluntary redundancy and accessed his pension 2 years ago when he was 58, I decided to leave my job as well, he gets a nice pension and I get a very small NHS one. We aren't wealthy, but are comfortable and have savings and don't owe a penny to anyone. It is the best thing we have ever done, we do as we please, we go out or stay in and do our hobbies, we have a caravan and have travelled all over UK, staying as long as we want, coming home when we get a hankering to see our house or the weather turns, our dogs go with us, we have just spent 2 months touring Scotland. We now are planning our trip to Scandinavia next spring.

    To anyone who is unsure about retiring early I would say do it, it's great and as people have shown on here, you never know what's around the corner. We agonised over whether we were doing the right thing, making endless calculations and financial projections, all a complete waste of time, we have never yet spent everything that we get each month on day to day living so whatever is left over from essential spending we use to treat ourselves, we don't save anymore, we have done that, now is the time to spend. Do it, you won't regret it.
    • joansgirl
    • By joansgirl 21st Aug 17, 5:06 PM
    • 12,786 Posts
    • 48,738 Thanks
    joansgirl
    The bosses reaction was better than I hoped, I think she knew she was on borrowed time since I cut my hours last year.

    Strange to think that in a months time I will be a free woman
    • gibbo9
    • By gibbo9 21st Aug 17, 7:23 PM
    • 26 Posts
    • 36 Thanks
    gibbo9
    Pretty much our situation, (except I'll be 59.)




    Good words! I'd rather live reasonably carefully, but be time rich, and enjoy my life with my wife, than work until I'm 70 and drop dead with money in the bank.

    (PS. please don't use "alot" it's one of my major bugbears! Its "a lot". )
    Originally posted by fatbeetle
    Sorry about that. That's the trouble with typing with with an unreliable finger. I will do better in future. I was a bit preoccupied at the time. First scan shows things haven't spread elsewhere so now waiting for the next one to see which bits I lose. Not as gloomy as it was but still a wake up call
    • Misslayed
    • By Misslayed 21st Aug 17, 7:37 PM
    • 3,379 Posts
    • 17,557 Thanks
    Misslayed
    Sorry about that. That's the trouble with typing with with an unreliable finger. I will do better in future. I was a bit preoccupied at the time. First scan shows things haven't spread elsewhere so now waiting for the next one to see which bits I lose. Not as gloomy as it was but still a wake up call
    Originally posted by gibbo9
    That sounds like goodish news. A few bits chopped off isn't so bad in the grand scheme of things! I have a strange shaped upper arm, but who cares!
    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.
    • gibbo9
    • By gibbo9 21st Aug 17, 8:18 PM
    • 26 Posts
    • 36 Thanks
    gibbo9
    Yes I've got a shark bite out of my knee from the original one. This one is an inside bit so should hardly leave a trace but will be glad when it's sorted all the same
    • Misslayed
    • By Misslayed 21st Aug 17, 8:23 PM
    • 3,379 Posts
    • 17,557 Thanks
    Misslayed
    Shark bite! That's what I have, never thought of that!
    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.
    • gibbo9
    • By gibbo9 21st Aug 17, 9:51 PM
    • 26 Posts
    • 36 Thanks
    gibbo9
    That's what my skin cancer nurse said it would look like when I woke up and she wasn't wrong, looks much better these days though
    • fatbeetle
    • By fatbeetle 22nd Aug 17, 1:27 AM
    • 342 Posts
    • 545 Thanks
    fatbeetle
    Sorry about that. That's the trouble with typing with with an unreliable finger. I will do better in future. I was a bit preoccupied at the time. First scan shows things haven't spread elsewhere so now waiting for the next one to see which bits I lose. Not as gloomy as it was but still a wake up call
    Originally posted by gibbo9

    Apologies, I'm not normally grammar Nazi/pedant, and I knew not of your illness.

    It's just that word really bugs me for some reason. I won't do it again....

    Best wishes for a full and complete recovery mate, and again, apologies.
    “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.”
    • gibbo9
    • By gibbo9 22nd Aug 17, 7:30 AM
    • 26 Posts
    • 36 Thanks
    gibbo9
    It really wasn't a problem. I think we all have those little pet hates. Round here people constantly miss the word 'to' out of sentences ie I'm going Hanley, that's one of mine, and you wouldn't believe the number of men round here with prostrate problems.
    On a good note 2nd scan all arranged for tomorrow and only ordered at my appointment yesterday so I for one still have faith in the NHS
    • savingpennies
    • By savingpennies 29th Aug 17, 8:27 AM
    • 627 Posts
    • 3,985 Thanks
    savingpennies
    I took early retirement 3 years ago at 55 after 30 years teaching.
    And while it is generally frowned upon by 'experts', my simple calculations led me to having drawn my pension 5 years earlier than expected, the amount received over that time meant even with the reduction I would be 73 years old before I was out of pocket. I wasn't seeking mega financial gain, rather comfortably being able to afford life and maximise enjoyment of it while I could.


    With the SP kicking in at 66 on top of the TP, and strengthening my position further, it would for me anyway have been madness not to take the opportunity to go.
    Originally posted by jh1407

    OH and I did a similar calculation and I will start to 'lose out' around 77. With the SP at 66 and his, much larger FS pension, there didn't seem much point in waiting.

    I certainly don't regret retiring but it does seem to bother other people. Colleagues always ask if I miss it. I never have, even when I pop in to say hello, I feel no regret. Friends and family ask what I do all day, yet, I constantly wonder how I found time to go to work, as I'm so busy doing things I want to do rather than have to do.

    I do, however, think you have to plan your retirement, and I don't mean financially (though it is important). My OH and I talked a lot about what we wanted to do when we retired: how we would spend out time, holidays, personal ambitions, improvements to our home. One thing I did do before I finally finished work, was attend a pre-retirement day, courtesy of my employer, and I found it really imformative. Two of the sessions focused on financial planning, wills and trusts. But the first and for me the best session looked at the question of what are you going to do with yourself in retirement and will you be able to cope with being with your OH 24/7? Unnervingly, one lady in the audience declared that the first thing she was going to do was find a divorce lawyer! I still don't know whether she was serious or not.
    Books - the original virtual reality.

    • fatbeetle
    • By fatbeetle 12th Sep 17, 6:38 AM
    • 342 Posts
    • 545 Thanks
    fatbeetle
    11 weeks work left!!!

    More prezactly, 58 working days.

    (The last 5 of which will be spent score settling and abusing those who deserve it, not working!)
    “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.”
    • skid112
    • By skid112 12th Sep 17, 2:49 PM
    • 276 Posts
    • 149 Thanks
    skid112
    Inspired me to begin my own countdown alas a few more days than 58. 507 to go
    Last edited by skid112; 12-09-2017 at 2:49 PM. Reason: Grammar
    • dunroving
    • By dunroving 16th Sep 17, 1:24 PM
    • 533 Posts
    • 219 Thanks
    dunroving
    Three days to go here. My last day of employment is September 30th, but my effective last day in the office is next Wednesday, as I have unused annual leave.

    I wasn't planning on going this early, in fact the plan was to go 0.6 FTE part-time from this year for at least one more year. When I met with my line manager, she suggested I speak with the Dean as the university was running a small-scale voluntary severance programme. Bottom line was that VS put me in pretty much the same position financially as if I had worked one year part-time, so I decided to take the plunge.

    It's 40+ years since I first stepped into a classroom and although the sudden end to my career leaves me with some sadness, I am overall taking a sanguine approach. Male members of my family rarely make it past 55 and in the end, I just decided to make the most of what I have left.

    I'm off to Arran for a 4-day cycling trip after Wednesday, then on my first day of retirement, I'll be participating in a 68-mile cross-country cycling event. It wasn't originally planned that way but I think it is a fitting way to spend the first day of the rest of my life. ;-)
    • excelpaul
    • By excelpaul 18th Sep 17, 12:38 PM
    • 112 Posts
    • 340 Thanks
    excelpaul
    Well I have been 'retired' 11 weeks. I have spent quite a lot of that time sorting the house and garden. By sorting I mean tidying, throwing away and organising. To be honest I have always been organised and neat but it has been good to do things properly.


    I have had a few lunches out and dinners with friends in the evenings. I have also booked 2 holidays next year, one to Gibraltar for four days in March and a longer one back to Cyprus next June. Booking in advance and out of school holidays really is so much cheaper. In fact we have booked Club Europe with BA rather than economy for less than we paid in economy last August!


    I haven't been as free as expected owing to he fact that my mother is waiting for her knee replacement operation in October and my grandmother being 102 now needs a lot of care. We did investigate one or two residential placements but the costs are prohibitive. We have compromised by putting in place one or two week respite placements for the coming year in very nice places. Although you read in many forums about the freedoms to do as you want Family responsibilities do not simply disappear when you retire!


    To be honest I found not going back to school in September quite difficult. I felt something was missing. I miss the staff and students very much. However, I can't say I missed the two INSET Days and all the other school politics. I also rather strangely do not like to say I am retired! I feel there is a bit more to do yet professionally. I am mulling that over at the moment.


    I did attend results days which was great. I managed a 100% pass rate with good grades for Year 12 and Year 13 groups and my two GCSE groups also achieved some very good results. That gave me a big boost. I also enjoyed some farewell lunches with students off to university.


    The Teachers Pensions Agency also have contacted me with a revised upwards pension, which was a bonus, place a small addition to my lump sum. They are doing a final check for me. To be honest they are very helpful and keep you informed!


    I expect to be asked to do some occasional supply in the next couple of months plus some examination invigilation. Quite looking forward to that. I will also see if anyone contacts me for one to one tutoring from October.


    I have also been busy with a few family visitors and as always the extended family don't allow me to rest on my laurels!
    Today is a fairly quiet day having dropped off some weekend visitors at the ferry and just plan to walk the dogs this afternoon.


    I have bought about 20 or so books recently to be read in the coming months. Some are just good old detective novels and others cover English History. I am also increasing my collection of some of the classics. Also plan to read some George Eliot, Flora Thompson and Elizabeth Gaskell!


    Financial situation seems fine at the moment. I didn't quite hit my original savings/investment target but feel pretty secure. I will also earn some extra in the coming months. HMRC was very efficient at sorting out my tax code and putting the tax allowance on my pension. I have also received a rebate of about £300 which was another bonus.


    Many thanks to all who have contributed recently despite my lack of entries! I always particularly enjoy reading the stories of others similar to myself in terms of situation and finance.


    Hopefully the thread will continue to evolve. I want to challenge the dominance of the 'Self help thread. I am a widow. Coping, getting on with it' in a friendly way!! That is an amazing read!!!




    Good day to you all.
    • pollypenny
    • By pollypenny 18th Sep 17, 1:48 PM
    • 22,915 Posts
    • 59,202 Thanks
    pollypenny
    I still miss the September buzz after 10 years. You're very lucky with your tax, Paul. HMRC had me earning my salary and a teacher's pension.
    Member #14 of SKI-ers club

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

    (Pity they are mangled by this autocorrect!)
    • fatbeetle
    • By fatbeetle 19th Sep 17, 6:54 AM
    • 342 Posts
    • 545 Thanks
    fatbeetle
    Sometimes lady luck just smiles on you.

    Last week;

    I had lost the password to a small superannuation account I had paid into for a year, one which has been left alone unremarked on as it only had a very small sum in it. I asked for a new password; the nice young lady said; "Oh Mr Fatbeetle, do you know you have two accounts with us?" I didn't know that, I thought I only had the one, which had about £5,100 in it. She duly gave me the details of the other, and on opening it, I found it had another £3,360 in it. (I've had the two rolled into one, and will keep it maturing as a "emergency fund.)

    Then, we paid our annual visit to our accountant, something which I've been doing over here, I just relied on PAYE in Blighty. He worked his magic, tossed figures about willy-nilly while we just sat and nodded and pretended we knew what he was going on about. He showed us the final workings, a tasty rebate of £5300.

    Good things come in threes?

    Our UK tenant gave her notice in, but when I logged onto my Lloyds account, I found we had one more month's rent than we had anticipated, plus some deposit money back; another £700.

    How good is all that?

    Plus; 9 week of work left to go!!
    Last edited by fatbeetle; 19-09-2017 at 6:58 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.”
    • excelpaul
    • By excelpaul 8th Oct 17, 9:28 PM
    • 112 Posts
    • 340 Thanks
    excelpaul
    Evening everybody!
    Would be great to have some updates from previous contributors. Fresh blood, ideas and comments always welcome. I will post another update myself later this month. Looking forward to hearing from you!!
    • dunroving
    • By dunroving 12th Oct 17, 10:31 AM
    • 533 Posts
    • 219 Thanks
    dunroving
    I have now been retired for two weeks and have spent the whole time flat on my back. Ironically I completely blew my back moving out of my office and transporting everything to my attic. I won't go into the medical details but for two weeks I have been unable to sit, and standing and walking are very uncomfortable.

    The good news is that I have subscribed to Amazon Prime, have purchased a Fire stick, a Kindle Fire tablet, and an electronic subscription to the Times!

    The blown back has just been bad timing but despite that, I am already appreciating the new time flexibility I have and occasionally have to remind myself what day it is! I think when I am back on my feet I will enjoy retirement.
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