How much to live on

louby40

I read Lily Allen's autobiography too. What an entitled, awful person she is. 

Organgrinder

Breaking news! Just accepted a 0.8 contract. Phased retirement beckons.

2Scratters

@Organgrinder - congratulations on your wind down to retirement

louby40

Organgrinder said:

Breaking news! Just accepted a 0.8 contract. Phased retirement beckons.

That's great. 

AlanP_2

Albermarle said:

Tastiger said:

Well, I've applied for my teachers pension from September. Taking a 1 day break then returning part time. Shortage of teachers meant I was able to negotiate a good part time package, and also the step down to full retirement rather than over the cliff seemed a good idea to me. It comes with an extra tax free cash lump sum so planning on setting up a 3 year cash bucket to run alongside my DB pension. I will then top this up from my SIPP/ISA  over the 9 years until state pension kicks in. Will get full state pension and got no mortgage.
Hopefully no flaws in this plan.
 My last remaining task is to sort out where to keep the cash bucket so that it is accessible but not too ravaged by inflation.

You probably do not have much choice apart from savings accounts. Just pick the ones with the better rates and hope that inflation dies down asap.
You could have some in easy access , some in a one year fix and some in a two year fix. Watch out for tax on the interest. Assuming you will be earning more than £17,750 ( including your DB pension) anything above £1000 interest in a year will be taxed, unless it is in a cash ISA, or Premium bonds.

Why £17,750? 

My DB is a bit less than that at around £17k. I thought I could only earn £1k in tax free interest but your post implies it could be a bit more.

Roger175

Why £17,750? 

My DB is a bit less than that at around £17k. I thought I could only earn £1k in tax free interest but your post implies it could be a bit more.

The figure is actually £17,570 - see here https://www.gov.uk/apply-tax-free-interest-on-savings

Albermarle

AlanP_2 said:

Albermarle said:

Tastiger said:

Well, I've applied for my teachers pension from September. Taking a 1 day break then returning part time. Shortage of teachers meant I was able to negotiate a good part time package, and also the step down to full retirement rather than over the cliff seemed a good idea to me. It comes with an extra tax free cash lump sum so planning on setting up a 3 year cash bucket to run alongside my DB pension. I will then top this up from my SIPP/ISA  over the 9 years until state pension kicks in. Will get full state pension and got no mortgage.
Hopefully no flaws in this plan.
 My last remaining task is to sort out where to keep the cash bucket so that it is accessible but not too ravaged by inflation.

You probably do not have much choice apart from savings accounts. Just pick the ones with the better rates and hope that inflation dies down asap.
You could have some in easy access , some in a one year fix and some in a two year fix. Watch out for tax on the interest. Assuming you will be earning more than £17,750 ( including your DB pension) anything above £1000 interest in a year will be taxed, unless it is in a cash ISA, or Premium bonds.

Why £17,750? 

My DB is a bit less than that at around £17k. I thought I could only earn £1k in tax free interest but your post implies it could be a bit more.

Personal allowance is £12,570 ( got it right this time) , then you have the £5K starter savings rate and then the £1000 personal allowance.
There are regularly  threads and answers about it about it on the savings forum, as to how it actually works in practice.
Tax-free savings: check if you're eligible - Money Saving Expert

JGB1955

Albermarle said:

Personal allowance is £12,570 ( got it right this time) , then you have the £5K starter savings rate and then the £1000 personal allowance.
There are regularly  threads and answers about it about it on the savings forum, as to how it actually works in practice.
Tax-free savings: check if you're eligible - Money Saving Expert

Yep - definitely £18,570.

2Scratters

You learn something new every day thanks @Albermarle & @JGB1955

2 Scratters xx

[Deleted User]

It is done! At 1400hours today I entered full retirement after being semi-retired for 6 years!

I do not regret continuing to work part-time, but I am now looking forward to new adventures and some rest!

I have thoroughly enjoyed my career. I will certainly miss my colleagues and students, the latter keeping me well informed and young at heart!

Out to dinner tonight with family to enjoy and reflect.