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Everyday Ordinary Man Approaching Full Retirement at 59. - Page 4

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Everyday Ordinary Man Approaching Full Retirement at 59.

edited 19 November 2016 at 9:00PM in Over 50s Money Saving
465 replies 159.4K views


  • SystemSystem
    177.7K posts
    10,000 Posts Name Dropper
    Many thanks for your thoughtful and encouraging post. Very interested in hearing how you budget on just £395 a month. I hope you enjoy the rest of the Christmas season.

    Sony Smartphone
    Many thanks for sharing your situation and ideas. When you say income of £500 a month are you referring to your DB pension or is that yet to come? You have healthy savings and investments. Are you planning on using those to top up when necessary?
    Enjoy the rest of the Christmas season.
  • Hi ExcelPaul, the £500 comes from our son,,, we lent him cash for a house deposit and £500 a month is what we, ve agreed the repayments should be,,, its been up and running for over a year so its working out ok,,, the debt should be cleared in 5 years time,,,, the figures I quoted for my pension forcast are from my pension provider, I havent decided 100% to take whats on offer from them , I may transfere to an other provider to access some of the new pension freedoms drawdown etc...although all the advice I, ve had is to leave it with the current provider,,, the transfere value is around 175k and I just hate the idea of me kicking the bucket and my wife only getting half of what I would be getting or even worse if both were to kick the bucket and the cash remaining would be swallowed up by said pension provider,,,at least if I did transfere the remaining cash would go to the kids,,,, Oh decisions decisions,,, it wasnt as complicated as this when I was working,,,,, oh get me a job quick !,,,!,,,and yes Paul I will be cashing in our investments as and when we need them,,,train trips over the rockies dont come cheap you know! !
    Anyway forgot to say earlier ,,, you really do seem to have got your priorities right,,, you are still very close to your mum,, enjoy and cherish her everyday,,,your relationships with your nieces and nephews are also very admirable so the untimely early death of your sister hasn, t been all negative, ,, I, m sure she is looking down on you everyday with love and pride,,,,enjoy the rest of your holidays,,,,feel free to chat and good luck,,,
  • SystemSystem
    177.7K posts
    10,000 Posts Name Dropper
    Once again apologies for the gap since my last posting. However my father died last Friday evening at the age of 77 from a lung cancer caused by absorbing asbestos dust just over 50 years ago.
    Thank goodness today we are more aware of such dangers so that hopefully other unnecessary deaths can be avoided. My father lived a full life and leaves behind a wonderful legacy of love shared by his friends and family. So sad to be caught by something that was unrecognised as a danger so many years ago.
    Maybe those who complain about certain aspects of Health and Safety legislation need to be present at the bedside of man agitated and breathless through no fault of his own just trying to do the job he was told to do!
  • CaterinaCaterina Forumite
    5.9K posts
    I've been Money Tipped!
    I am so sorry to read about your father's passing, my thoughts and prayers are with you and your family.
    Finally I'm an OAP and can travel free (in London at least!).
  • CFrogCFrog Forumite
    68 posts
    Ninth Anniversary 10 Posts
    Excelpaul. I was really sorry to read about your Father. Although you must have guessed it would happen one day, his death must still have been a shock to you and your family; my thoughts are with you all. I read your thread from the start, so getting to yesterday's post was a bit of a shock.

    I'll be subscribing to your posts; I appreciate the candor. Although my circumstances are a bit different (I'm looking to retire in 18 - 24 months or so). I'm keen to see how you get on with the adjustment to retirement and also as your role as a carer. I too am facing up to the fact that I will probably have to care for one of both of my parents (85 / 84) by having them move in with my wife and I in the next couple of years.
  • Hi ExcelPaul,, I was shocked to hear of your fathers passing, you all are in our prayers. Both my parents died four years ago ,,, mum had cancer also but she new the risks that came along with smoking !! I totally agree with your view on some peoples attitude on H&S. Sad but true,,, incidentally my father died three weeks after mum,,,,they were together 63 years ,he just couldn't live without her,,,,in a funny kind of way their passing put a whole load of things into perspective, and it did influence my decision to jump off the merry go round ,,,, once again Paul I, m sorry for you loss,,,,, take care, stay strong, and God bless
  • SystemSystem
    177.7K posts
    10,000 Posts Name Dropper
    I cannot believe it is just over a week since the death of my father. Managed to return to work on Tuesday and my usual days off of Wednesday and Thursday were most welcome.
    Off to Northumberland on Thursday morning with other members of the family in preparation for the funeral on Friday. Then back south on Saturday.
    I have decided to take the car in for a safety check before the 700 mile round journey to the north and back. I am a little paranoid about breaking down and have not driven such a long sector before, although we have planned a couple of stops. If anything at all is not quite right I will hire a car!
    We did fly up last week but the airfares for short notice flights were hundreds of pounds so we hired a car for the journey back at a quarter of the cost.

    I have now decided that when I fully retire at the end of June I will pay in the voluntary NI extra contributions between then and when I turn 66. The return is excellent over short period of time being index linked for life. At current prices £8093.80 a year is much better than £6203 for life. Total extra NI to be paid before the age of 66 is only about £5200 which over just 20 years would return about £37000. It's a no brainer. This with my teaching pension would give me a gross pension of about £25000 a year from the age of 66. I feel safe about that amount. I just need to keep happy and healthy.

    Best wishes to you all and many thanks for the kind words from so many of you.
  • bournefreebournefree Forumite
    118 posts
    Hi excelpaul, my thoughts are with you as you go through the next week. We go into practical mode but when its over the emotions can come out.

    My situation is similar in that I have been teaching since 22 and am now 58, hanging in there for as long as I can. I don't want to be working until I'm 66, and had then thought 63 sounds about right (i.e. 40/80th - what a conformer I am!). However, with my other half very likely to be made redundant in the next few months it sort of clouds individual circumstances and I'm now thinking of 60. The sheer workload is becoming impossible, not just for me, but for everyone.

    I'm thinking of taking the usual pension plus the lump sum, and like you of paying the £730 or so for each year from when I retire until 66 to make up for the contracted out bit.

    Anyhow, take care over the journey and take things calmly.
    MFW #59 2017 target met, now mortgage free! :starmod::j
  • KatiehoundKatiehound Forumite
    5.3K posts
    Part of the Furniture 1,000 Posts Combo Breaker Rampant Recycler
    Hi Excel Paul.
    So sorry to hear your news, even if someone is really ill and you are expecting the worst when it actually happens it is still a shock.

    Hope that the funeral goes well (!!)- and that you have celebration of your father's life.

    I also think it puts things into perspective. Now you are thinking what you want to do with however many years you have left, and hopefully that will be a lot. Yes, pay the voluntary contributions (but as a carer wouldn't you be entitled to credits?) so that you have a full pension.

    Plan for lots of large and small treats in the future when you have moved on from this current sad time

    Wishing you all the best.....

    (Have only been on forum in the last week, hence the delay in reading your news.)
    Being polite and pleasant doesn't cost anything!
    If you found my posting helpful please hit the "Thanks" button!
    Many thanks

  • SystemSystem
    177.7K posts
    10,000 Posts Name Dropper
    Arrived back from Northumberland early Saturday evening. Funeral was dignified and it was fantastic to hear so many people pay tributes to my father. My dad had remarried after my parents divorced so could have been awkward but it wasn't too bad. Car performed brilliantly. The nephews and nieces I took with me were absolutely fantastic and I was so proud of them.

    Decided yesterday to pay off the balance on my 0% credit card. Savings took a little hit, but for the first time in about 34 years I do not owe anyone or any institution anything at all!! Quite a pleasant feeling.

    It has also been an expensive month. Unexpected journeys to the North East and associated costs, new tyre and check on the car plus one or two other things. In February car insurance is up for renewal as well as major car service and MOT. In March the House and Contents Insurance. Nothing major in sight after that for a while (Hopefully!!icon7.gif)

    Aim now is to save at least £6000 between now and July 31st. I will still be short of my planned £50000 total but I am content.

    After June 30th when I intend to fully retire from teaching I have decided to spend 5 months just relaxing, reflecting and maybe putting together some ideas for the next stage of my life. Determined not to rush it or follow a strict timetable. I have had a lifetime of timetables and bells!! I also need time to 'heal' both mentally and physically.

    I may decide to do something part-time or ad hoc after that. The great thing is that I will have a choice!!

    Hope you are all well. Be good to hear from some more genuine ordinaries!! Many thanks for all comments, opinions and stories shared so far.
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