How much to live on

Albermarle

I keep changing my mind with regard buying an annuity

You will not be alone with this ! One point to consider is that annuity rates are quite good at the moment and have been for the last about 18 months. Maybe that will persist for some time, or maybe not.

The rates are linked to Govt debt costs/interest rates, so vary over time.

louby40

I've got a Vanguard SIPP, it's only about a third of what I need it to be to bridge from 61-67 really. I've still got a few years to add more and will have an inheritance at some stage too.

Not sure what I do with it once I get to 60/61 (I'm 57) but I've got 3 years to work it out. I've asked AI and it seems to have given me some good advice. Still time to figure it out I suppose.

Organgrinder

Thankfully I don't need to make a decision on this for a couple of years at least.

On another front I'm considering getting an annual boiler plan. It includes a service. The plan is the same price as a service. Am I missing something here?

Also packaged bank account including travel insurance and breakdown cover. Chase do one for £12.50 a month (£150 a year) which seems pretty good for worldwide travel cover. Also includes mobile phone cover.

Decisions, decisions.

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Update......I can find a better deal buying things separately....so I'll do that instead!!

MarzipanCrumble

How much is a boiler service - for me it is £75 - could I get a plan for that? (Not from British Gas!!!!)

Organgrinder

https://forums.moneysavingexpert.com/discussion/comment/82010266#Comment_82010266

Well it's not from British Gas!

On another note Chase are offering 2% cashback on shopping provided you keep £1,000 in savings. Now the savings rate is abysmal at 2.25% but you can get up to £20/month back.

For me it's even better as the cashback is on my credit card spend too which I'm using currently for stoozing.

Over the next 6 months this should earn me approx £90 on cashback, £12 in interest, plus another £100 in the interest earned on what I stooze.

My snooze card runs out in November but over a whole year this deal will earn me over £300. Happy with that!

louby40

Finally sorted out my mobile phone. Now with Lebara for £9 a month (that's with a good chunk of data) and I got £18 from Top Cash Back too. So I'm saving £10 a month from when I was with Three.

I didn't realise that Lebara has a refer scheme - my parents are with Lebara so we've missed out there - ahh well!

Organgrinder

Half term has been eventful, for the wrong reasons.

I hadn't heard anything from teachers pensions so I contacted them. They've received nothing.

So I contacted the people who deal with it at the council. They had scanned the forms but couldn't upload them as they were too big so they posted it.

It's been lost. The same problems happened when I applied for a Phased Retirement too! So now it has to be resent but TPS say it might not be processed in time.

On a brighter note, I looked up my initial plans from 3 years ago. That was to do 4 more years at 3 days a week. I ended up doing 4 days a week and am continuing on 3 days a fortnight for 2 more years doing only A levels. All the stoozing, not paying off the mortgage, etc has certainly paid off. In all I'm in a significantly better position than I thought I'd be despite a few unplanned spends.

Might have to work on changing my mindset!

middlewife

I had similar experience with NHS pensions. I stopped and rejoined several times so had money in 3 schemes. I enquired by email about retirement at 59 losing a small amount but wanted to return. This meant that I would drop my hours from 15 to 5 but actually be better off. They told me I could claim all 3. What they didn't say until id handed in my notice and manager had signed the papers was that while I could " claim" all 3, due to a break in service, they wouldn't actually pay out on the biggest (80%) pension for a year until I turned 60. So had to raid savings for a year. Looking back now, it was fine but I was angry at the time that some bureaucratic rules meant I couldn't access what was, effectively, my money! Hope you get it sorted organ-grinder, I've instructed OH to put in for his state pension ASAP.

Humboldt

https://forums.moneysavingexpert.com/discussion/comment/82004160#Comment_82004160

Hi @middlewife, just wanted to say thank you for taking the time to share your well thought out plans for retirement. I find planning like this gives me reassurance, but also keeps me accountable. I too volunteer and find it a very rewarding way to spend a few hours each week. Wishing you both a very long and happy retirement.

Humboldt

Hi @HUSKYPAL I commend you on your monitoring, budgeting and planning, which has resulted in you being able to retire at 57 should you wish. It is pleasing to see that you have prioritised fun stuff too. Wishing you all the best whatever your final decision.