How much to live on

sheilavw

I am 61 years, widowed, working full time and also help care for my Brother (along with my siblings all retired). I get a small pension from my late Husband, I have some savings and an ISA. I have asked to go 4 days in Sept, waiting to hear yet if I have been granted this. It will be nice to have a day off.

louby40

sheilavw said:

I am 61 years, widowed, working full time and also help care for my Brother (along with my siblings all retired). I get a small pension from my late Husband, I have some savings and an ISA. I have asked to go 4 days in Sept, waiting to hear yet if I have been granted this. It will be nice to have a day off.

Gosh, I hope they give you a day off, you definitely deserve it.

[Deleted User]

sheilavw said:

I am 61 years, widowed, working full time and also help care for my Brother (along with my siblings all retired). I get a small pension from my late Husband, I have some savings and an ISA. I have asked to go 4 days in Sept, waiting to hear yet if I have been granted this. It will be nice to have a day off.

Hopefully you mean your siblings help look after your brother too. Have you checked your state pension forecast! How is income looking from 61 to state pension if you go down to 4 days which hopefully you will.

sheilavw

Thanks guys, yes we all look after my Brother. 2 of my siblings are older, one a year younger, but just me working now in a busy school. I think I will get full state pension, ive always worked, just had a few months off twice when on maternity leave. I dont struggle,. My thoughts were that I wouldn't pay as much tax, pension, or national insurance either on the 4 days

[Deleted User]

sheilavw said:

Thanks guys, yes we all look after my Brother. 2 of my siblings are older, one a year younger, but just me working now in a busy school. I think I will get full state pension, ive always worked, just had a few months off twice when on maternity leave. I dont struggle,. My thoughts were that I wouldn't pay as much tax, pension, or national insurance either on the 4 days

Do check your state pension forecast. If you are a member of the LGPS or the TPS schemes you will have been opted out of full NI payments until 2015. For example I need to pay a total of 47 years to qualify for almost the full new state pension having been opted out for so many years.

Pollycat

sheilavw
Re the post above, look into 'contracted out'.
Contracted out of the State Pension: What is contracting out - GOV.UK (www.gov.uk)

2Scratters

After finding this thread a couple of days ago and 2 years behind and 100 pages yet to still read, I think I am doing and able to the right thing when I finish early this year.
 Work has worn me out and am broken and no longer loving it. I have done some number crunching as have taken my work pension early that was prompted by loosing a work colleague at too young an age 7 years ago and re-evaluating life itself.  I currently work part time. I have enough savings from my lump sums (2 works pensions drawn early) but I have no intention of wasting any money. I am 2years from SPA. We are mortgage and debt free. The pension incomes are enough at this time for me to be able to live well within my means. Obviously we will have to keep a tighter eye on the job in hand. We won't be rich by no means definitely Joe Average but that will be enough for us.

Daffodil1234

[Deleted User] said:

A little update.

I have further streamlined my savings/investment accounts in preparation for full retirement in 5 weeks time!
I now have
One main current account (all income paid into this account)
One back up current account (regular monthly input from main current account)
One joint account with another relative for household bills. (Regular monthly input from my main account and another from older relative)
One Loyalty Saver (Regular monthly in to cover annual bills, travel etc...)
One Cash ISA
One S&S ISA (Regular Monthly Payment)
One Two Year Online Bond
Premium Bonds.

Two more salary payslips to go. The June pay slip will be quite small as it only covers period 1st to 9th June.

From July 2023 to July 2024 Monthly income will be £1656 after tax. Budget done and it will be very doable.

From July 2024 monthly income, at present payment levels, will be about £2300 a month after tax.

I now have 46 NI paid years. One more to pay up to April 2024.

I am really looking forward to finishing. Finding it hard to keep motivated at work as the finish line approaches. Fortunately only have 15 part-time working days left. (Not that I'm counting!)

Absolutely fed up with current weather. Never been so behind with getting garden ready for the summer. Impossible to cut the grass when it is so wet, and as for the weeds!

After my nostalgic 4 day visit to Kent in June I plan to spend at least a month really sorting the garden and enduring the house is in order. (to be fair the house usually is, as my mild case of OCD does not allow otherwise!) 

I may then take myself away for a few days thinking time!

It has been been interesting reading some recent posts. Keep them coming.

Hard to believe this thread now has had over 1400 responses and over 340000 views. It must one of the most popular threads on the MSE Forum. Amazing.

I hope you all enjoyed the weekend. Best Wishes.

Congrats Baron Dale, this all sounds very well organised - wishing you all the best on your count down. 

[Deleted User]

2Scratters said:

After finding this thread a couple of days ago and 2 years behind and 100 pages yet to still read, I think I am doing and able to the right thing when I finish early this year.
 Work has worn me out and am broken and no longer loving it. I have done some number crunching as have taken my work pension early that was prompted by loosing a work colleague at too young an age 7 years ago and re-evaluating life itself.  I currently work part time. I have enough savings from my lump sums (2 works pensions drawn early) but I have no intention of wasting any money. I am 2years from SPA. We are mortgage and debt free. The pension incomes are enough at this time for me to be able to live well within my means. Obviously we will have to keep a tighter eye on the job in hand. We won't be rich by no means definitely Joe Average but that will be enough for us.

 Welcome 2Scratters. Are you able to give some idea about your pension income figures? Always useful for others to assist in their planning and decision making. Of course entirely up to you. Best wishes with your plans.

Bravepants

[Deleted User] said:

A little update.

I have further streamlined my savings/investment accounts in preparation for full retirement in 5 weeks time!
I now have
One main current account (all income paid into this account)
One back up current account (regular monthly input from main current account)
One joint account with another relative for household bills. (Regular monthly input from my main account and another from older relative)
One Loyalty Saver (Regular monthly in to cover annual bills, travel etc...)
One Cash ISA
One S&S ISA (Regular Monthly Payment)
One Two Year Online Bond
Premium Bonds.

Two more salary payslips to go. The June pay slip will be quite small as it only covers period 1st to 9th June.

From July 2023 to July 2024 Monthly income will be £1656 after tax. Budget done and it will be very doable.

From July 2024 monthly income, at present payment levels, will be about £2300 a month after tax.

I now have 46 NI paid years. One more to pay up to April 2024.

I am really looking forward to finishing. Finding it hard to keep motivated at work as the finish line approaches. Fortunately only have 15 part-time working days left. (Not that I'm counting!)

Absolutely fed up with current weather. Never been so behind with getting garden ready for the summer. Impossible to cut the grass when it is so wet, and as for the weeds!

After my nostalgic 4 day visit to Kent in June I plan to spend at least a month really sorting the garden and enduring the house is in order. (to be fair the house usually is, as my mild case of OCD does not allow otherwise!) 

I may then take myself away for a few days thinking time!

It has been been interesting reading some recent posts. Keep them coming.

Hard to believe this thread now has had over 1400 responses and over 340000 views. It must one of the most popular threads on the MSE Forum. Amazing.

I hope you all enjoyed the weekend. Best Wishes.

Congratulations Baron_Dale! Your account system is very much like mine and my partner's.