Get a grip !

Skint_yet_Again

I have chosen a surveyor and they will be available next week! Not sure if I should wait for searches to be done but knowing the area I am not expecting anything of concern to come up. 

I have spoken to state pension people and they confirmed I have enough ni credits for full pension and it doesn’t matter if I don’t work or pay ni again. I have spoken to my work pension provider and my pension will be frozen when I leave work. Pension 1 will start at 60. Pension 2 will start at 67 same time as state pension. 

Remaining equity and pensions will give me an income of 10k a year until age 67 then increasing to £17000. At age 67 if I have had no job I would have £8000 left from the equity. 

I hope to get a less stressful part time job to supplement my income and stretch my savings / remaining equity. My outgoings are approx £665 including all bills, entertainment, xmas and birthdays, car maintenance/insurance/ tax plus increased petrol for a rural area plus food approx £170 a month. Any earnings would be a bonus. 

savingwannabe

This is brilliant. Well done. I dont think you need a job but if you want a nice part time one you can. It is all falling into place.

MovingForwards

That is fantastic.

In your position I'd grab a couple of days a week after settling in as it would cover your outgoings, without really touching your cash from the sale. Contribute to the pension and take the lot as a small pot retiring at 58 or maybe 60 if it was a nice job / good workmates.

But, in all honesty I'd see how I felt after moving and whether things had got a bit 'spendy' due to having money and free time to enjoy it.

MoneyWorry

Skint_yet_Again said:

I have chosen a surveyor and they will be available next week! Not sure if I should wait for searches to be done but knowing the area I am not expecting anything of concern to come up. 

I have spoken to state pension people and they confirmed I have enough ni credits for full pension and it doesn’t matter if I don’t work or pay ni again. I have spoken to my work pension provider and my pension will be frozen when I leave work. Pension 1 will start at 60. Pension 2 will start at 67 same time as state pension. 

Remaining equity and pensions will give me an income of 10k a year until age 67 then increasing to £17000. At age 67 if I have had no job I would have £8000 left from the equity. 

I hope to get a less stressful part time job to supplement my income and stretch my savings / remaining equity. My outgoings are approx £665 including all bills, entertainment, xmas and birthdays, car maintenance/insurance/ tax plus increased petrol for a rural area plus food approx £170 a month. Any earnings would be a bonus. 

You are in more or less the same position as me, where you don't desperately have to take any part time job, but it's a nice-to-have and you have time and savings to look around for something you really would like to do. The only additional thing I would do is make a provision for state pension age possibly rising to age 68.  I think the future on that is still a bit uncertain.

MoneyWorry

It is going to be really exciting for you.  Make sure you take time to enjoy it.

doingitanyway

It all sounds really good. Like @MoneyWorry you have very similar figures to me. It will be me and a dog! I will have a floor income of about £12,000 until I am 67 and I was worried about living on that if I am not bringing in anything else.  You are brilliant with money so it will be good to see your new budget, when and if you are ready to share it, as it might help me.

Really pleased and excited for you 

Skint_yet_Again

Thank you all 😊

@MoneyWorry thank you for your comments about state pension age possibly changing to 68. At age 67 I should be receiving 1st company pension (starts at age 60) of £4671 and still have £8000 of my equity left. I think if state pension age changes to 68 then my 2nd pension will also change from 67 to 68. 

@doingitanyway I have worked out my basic budget as below. If anyone thinks I have missed something please let me know

council tax £100
(DF lives round the corner same rating and single person discount currently £90)

Annual bills £100
(MOT £48, car service £190, car insurance £191.84, breakdown cover £61.20, car tax £130, house insurance £219. The insurances may change at new address) 

TV licence £13.29

Mobile phone £9.26

water rates £41
(This is current amount for 3 people in 3 bed house in south. DF has a water meter and pays less than half this. Will look at getting a meter fitted)

Gas / Electric £130

Petrol £100
This is more than DF spends so any excess can pay for trips down south 

car maintenance £50
(repairs/tyres)

xmas / birthdays £30

Entertainment £100

Food £150

Total £823.55 x 12 = £9882.60

I have an emergency fund of £1000 and I aim to increase that to £2000 with any monthly leftovers and interest on investing the equity. 

Skint_yet_Again

Today I am going food shopping. I have not been able to meal plan for a while but I am going to get my slow cooker out and make a beef stew and I am going to roast a chicken on Sunday with roast potatoes, carrots & butternut squash (free from DF allotment) which should have enough leftovers for at least 3 dinners. 

I also have another butternut squash which I am going to make into soup. There are a couple of chicken breasts in the freezer so I can make fajitas wraps or chicken & veg fried rice. I am back at work next week so there should be enough quick & easy / warm up meals as I expected to be exhausted 😴 

Skint_yet_Again

Total shopping £38.08. I bought a whole chicken and a pack of diced beef, fruit & veg, rice, peach squash, crackers & cheese, cereal & eggs & 4 pints skimmed milk. Also included a big tub of peanut butter for the dog 😆 1kg no palm oil £3.99 and a ready meal curry cheaper than a takeaway for tonight £2.29. 

Tomorrow I have a day out with the girls. Not sure how much it will cost as we are going on the train and having lunch, but I am looking forward to it 

MovingForwards

Budget looks good. You could put some of the equity into fixed rate savings accounts so they mature after 1, 2, 3, 5 years etc. Either take the interest each month as pocket money or have it annually as a lump-sum to boost income the following year.

That's good shopping, sounds yummy.

Enjoy the day out.