How much to live on

Humboldt

https://forums.moneysavingexpert.com/discussion/comment/81930473#Comment_81930473

Hi @Organgrinder, just putting down my paint brush (redecorating the living room) and popping by to say a huge congratulations to you.

Bobinyorkshire

Been doing part time for the past 7 years (with variable hours) since turning 52. Just wondering if others have noticed that when they reduce their hours too much it also diminishes their confidence at work which then returns when hours are slightly increased?

I’m thinking of finishing in the next 6 months, but my only concern is that once I’ve gone completely I will not be able to return because of this effect.

No worries on the money side, just the leap of faith. Your positive stories are very reassuring.

Jimbobdibob

@Organgrinder

At the risk of being really off base….

Are you really retiring?

You are still working, teaching A levels, parents evenings?

I retired at 55 years old (money sorted), not for me, and now work at minimum wage in education. I am the "Science Man" lab coat loved by the kids.

Organgrinder

https://forums.moneysavingexpert.com/discussion/comment/81933267#Comment_81933267

In my mind yes. I love teaching A level. I don't need to. I'm choosing to.

Jimbobdibob

Agree.

Doing something that you love is not working.

Forget, what is it you teach?

Proper Chap, all the best to you.

Organgrinder

https://forums.moneysavingexpert.com/discussion/comment/81933500#Comment_81933500

Mathematics and Further Mathematics - we're becoming a very rare breed!

louby40

I've had my current phone for nearly 4 years now. The battery isn't great but I manage with it daily. It's an iPhone 13 and I have a SIM only contract now after paying for my phone 2 years ago. My sim contract is up in May and will also rise as phone contracts do every April. I currently pay £18 a month, I have decent data, unlimited calls and texts and can use it abroad.

I've just looked at upgrading my phone to a used iPhone 16 and I quickly decided to just carry on using my current one. I've definitely changed. 10 years ago I had a brand new shiny iPhone every 2 years, now it's all about keeping costs low.

I'll deal with a new phone when I really need to.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81942037#Comment_81942037

There was recently an article on MSE, about when most people buy a newer version of a phone they already have, they can hardly tell the difference. Upgrades are more minor/subtle than they were when smartphones were first introduced.

Regarding the SIM, with most of the third party providers, you do not need a contract.

Lebara currently offer 10Gb data, unlimited calls and texts, free roaming in 37 countries for £6 a month . Rolling one month contract . Uses the Vodafone network.

louby40

My parents have Lebara sims which I know are reasonable. I need to investigate them.

My main issue is the battery life as they noticeably begin to fail after 5 or so years.

Organgrinder

Well term has ended. A colleague ever so helpfully told one of my classes that I'm retiring. Needless to say I was fuming!

Oh well. 13 more weeks. My new contract is in the process of being sorted too.

As a result I've been spring cleaning my finances. I've lost a few thousand since Trump's latest great idea (lol). But I'm sure I'm the long run things will be ok.

I've maxed out this year's ISA allowance and topped up my private pension. I've also taken out another interest free credit card. My stooze pot is now £40,000 and generating about £1,800 a year in interest, less the fees for transferring. Roughly speaking my cards all now have 18-30 months left to run. They'll total approx £3,600 in interest for about £700 in switching costs across all of them. Happy enough with that.

With the mortgage paid off my total debt is the credit cards. My savings are now approx £80k and my pension pot about £62k. I'll add another £20k to the pension pot over the next 2 financial years and approx £20k to the savings pots.

That'll leave me at 61 with £82k in pension subject to any growth/losses and approx net savings of £60k once the credit cards are paid off.

At this point I'll have pensions of about £23k subject of course to any rises. And hopefully the state pension at 67.

As for Sims mentioned above, shop around. Check what data you use etc.