How much to live on

Bravepants

I'm an invigilator and get £12 per hour, plus 12.07% holiday pay (it's piecemeal work during the year) plus employer contributory pension in the LGPS! It probably earns me about £1800 a year, and the pension will be around £300 when I'm 67 (i'm currently 56) if I stick at it.   It's not much pension but hey it's free money at the end of the day. So it's more than minimum hourly wage in some instances.

Most of the exams are in the morning from 08.30 for max 3 hours by the time the work starts and finishes, which suits me as I also have a part time job in a pub in the afternoons.

Clowance

Those of you looking for part time clerical work (not much more than minimum wage though) after finishing their previous careers could do worse than look at the temporary staff options in their local hospital / healthcare authority or council. In the hospital it may be called "clerical bank" but there is also a nursing bank. Once trained contracts can be short or long and also can be very flexible. You are not obliged to work but not judged, at least at my place, for taking whatever time off you want once you are experienced. HTH

louby40

Clowance said:

Those of you looking for part time clerical work (not much more than minimum wage though) after finishing their previous careers could do worse than look at the temporary staff options in their local hospital / healthcare authority or council. In the hospital it may be called "clerical bank" but there is also a nursing bank. Once trained contracts can be short or long and also can be very flexible. You are not obliged to work but not judged, at least at my place, for taking whatever time off you want once you are experienced. HTH

I'm actually considering this. They regularly advertise for bank admin staff at my local hospital. It would be a good opportunity to see what working for the NHS might be like and could be a foot in to more permanent work.

I'm a teacher so have no office experience as such but have a good telephone manner, can use a computer and am used to dealing with people - could I do this? Did you interview for it?

Clowance

Yes I think so if you go for band 2 at first, then after 6 months or so go for band 3 when you have a little experience under your belt. If in a job like mine, (medical secretary) you need google to help with weird and wonderful medical terminology as its good at making correct guesses from phonetic spelling. 
Wheres the harm in applying? First you register on the bank and then look for a contract (zero hours). As a teacher you have many many transferable skills, eg dealing with difficult people (parents to patients) on phone or in person etc etc. And teachers do a great deal of paperwork dont they? Accuracy etc.

Arthurian

Phossy said:

How much you need per month for the happiest retirement 

Interesting new research https://news.sky.com/story/money-latest-consumer-personal-finance-skynews-13040934?postid=8413481#liveblog-body

Fundamental problem with this is it quotes people managing on a low income, week to week, but that is quite different to managing a budget where intermittent expenses are covered, such as replacing the boiler.

Frugaliza

It's an interesting article.  £2K/month is the figure I have been budgeting for.  That's with the mortgage paid off by retirement date which for me is anything between 16 and 21 months away.  I'd agree though that funds saved up will also be needed to cover any big household expenses like a new roof/boiler etc.... 

noitsnotme

Pension wise we are happy with the numbers we have achieved.  Between us we have a decent pension fund and will be able to live very comfortably.  Our main problem is we are still around 7 years away from being able to access them.  We would love to 'retire' now but with 1 child still yet to put through university I'm nervous that we wouldn't be able to quite bridge the gap.  On paper we probably could now if we were sensible but I reckon another 2 or 3 years will make it more comfortable.

We really do have that feeling of "so near and yet so far".

Flugelhorn

Frugaliza said:

It's an interesting article.  £2K/month is the figure I have been budgeting for.  That's with the mortgage paid off by retirement date which for me is anything between 16 and 21 months away.  I'd agree though that funds saved up will also be needed to cover any big household expenses like a new roof/boiler etc.... 

it is interesting - our pension income is rather more than that, but we do only actually spend 2k a month - the rest gets saved or given to the offspring 

noitsnotme

Phossy said:

How much you need per month for the happiest retirement 

Interesting new research https://news.sky.com/story/money-latest-consumer-personal-finance-skynews-13040934?postid=8413481#liveblog-body

I've just re-read that and it says....

"According to new research from Legal and General and the Happiness Research Institute thinktank, the happiest retirees have an average monthly income of £1,700 - equating to a pension pot of around £221,558 at retirement."

Surely that can't be right for the pension pot figure?  Isn't that a drawdown rate of around 9%?  It wouldn't last very long.

*edit* you would need a pot of around £510,000 with a drawdown rate of 4% to achieve £1700 a month (I think).

Sarahspangles

noitsnotme said:

Phossy said:

How much you need per month for the happiest retirement 

Interesting new research https://news.sky.com/story/money-latest-consumer-personal-finance-skynews-13040934?postid=8413481#liveblog-body

I've just re-read that and it says....

"According to new research from Legal and General and the Happiness Research Institute thinktank, the happiest retirees have an average monthly income of £1,700 - equating to a pension pot of around £221,558 at retirement."

Surely that can't be right for the pension pot figure?  Isn't that a drawdown rate of around 9%?  It wouldn't last very long.

*edit* you would need a pot of around £510,000 with a drawdown rate of 4% to achieve £1700 a month (I think).

That’s a pension pot in addition to full state pension entitlement (Sky missed a key point from the L&G press release)