How much to live on

Organgrinder

https://forums.moneysavingexpert.com/discussion/comment/82059130#Comment_82059130

Thanks.

I must confess it took me a long time to accept that using savings to cover the time to retirement was the right choice. My forecasts are very conservative too, assuming no real term growth in the pension pot. I've used this as my main savings vehicle as it's allowed me to recover 40% tax whilst knowing I'll end up a 20% tax payer.

Mrs 0 is also piling a lot of money into a pension fund on top of her local government scheme. We intend using these more as savings pots than pensions too.

It's nice to hear other people making the most of their retirement too. Happy days.

louby40

My faith in HMRC is restored as I spoke to a really helpful young man today…..BUT he insisted that my tax has balanced out and they don't owe me any tax . I think because they've included my salary from April to when I retired in August it's all worked itself out.

So that's that then!

Nebulous2

Well done @Organgrinder that's looking good!

I've recently retired completely, and have almost £11k at 0% on two credit cards for stoozing which falls due in August. I've been conflicted about how to proceed, but I've finally decided to BT the larger one, at £6k and pay off the smaller one at under £5k.

I've updated my income with some of the providers, and the unsolicited offers have dropped off slightly, but I'm still getting reasonable offers, so I don't anticipate any issues in getting the BT. I'm being offered a 2.4% fee for 18 months, so I'm convinced I can get more in interest than I'll pay in fees.

I have two other 0% cards, but they run for quite a while, mid and late 2027.

Organgrinder

https://forums.moneysavingexpert.com/discussion/comment/82060688#Comment_82060688

Funnily enough I had almost run out of offers 2 months ago - now I have a 34 month offer from Santander and a 21 month offer from Virgin - plus I still have offers on my existing cards - so fingers crossed the stoozing will continue for a few years yet.

On another front I've noticed Topcashback are doing various offers if you invest in Stock and Shares Isa's - I did this last year with Scottish Widows, Shepherds and Moneyfarm, bagging I think around £1,000 for doing so. There's nothing like the returns in the other companies but I just invested £100 with Sandtander for £75 back and there's another with Quilter for £100 back for investing £1000 - I consider these short term investments purely to make a little bit of money - but all in all a £175 return (less fees and any potential drop in value) for investing £1100 for a 4 month period seems pretty good to me!

Humboldt

https://forums.moneysavingexpert.com/discussion/comment/82060609#Comment_82060609

Morning @louby40 whilst I acknowledge that there has been some attempts by HMRC to make their systems, processes, etc more transparent and understandable to us mere mortals, there is still much more work to be done.

I was pleased that you at least felt that you had received a good standard of customer service on this occasion and fingers crossed that its all worked itself out.

Humboldt

https://forums.moneysavingexpert.com/discussion/comment/82058920#Comment_82058920

Thanks for taking the time and effort to share your interesting and informative update @Organgrinder. Whilst retirement does take some adjustment, I can highly recommend it. Looking forward to further updates on this new chapter in your life. Best wishes Humboldt.

uralmaid

Got there at last @Organgrinder . Well done and happy retirement. In a few months time you will wonder how you ever found time to go to work. 😀

Organgrinder

https://forums.moneysavingexpert.com/discussion/comment/82062141#Comment_82062141

It is a strange feeling - I've had a few (not many) times where I've thought I could continue for another year or so, and I keep thinking I'm not fully retired as I'll be doing 3 days a fortnight and technically that is the case I suppose. But…..it's essentially on my terms - I could finish fully but I'm choosing to continue as I don't want to just stop completely - I honestly love teaching A level maths that much that I don't consider it working - I can happily sit down and think about how I might teach something and I love helping students develop their skills.

I have a few goals in mind.

1. Learning to play the guitar properly - I've tinkered for years without ever progressing.
2. Taking the time to cook things from scratch every day.
3. Getting fitter.
4. I'm thinking of doing either a masters degree in maths or a doctorate in business adminstration. Though I confess I'm probably not really suited to either and this is just a passing whim!

Auti

@Organgrinder - you sound like the sort of maths teacher my child would love (he is gifted in maths and finds it fascinating). If you still love and enjoy passing on your love of maths to your students then take it at the pace you want for total retirement - a love of doing something, whatever it is, is good for the soul and makes you happy and healthy :)

Love your goals too

Shimrod

https://forums.moneysavingexpert.com/discussion/comment/82065650#Comment_82065650

Doctorate is like a full time job! I started one part time (i.e. over six years) and that still expected around 17 hours a week effort. Eventually had to give it up after three years as I couldn't manage the demands on my time while also working full time.Masters is much more manageable from from a time commitment - although I would say whichever level you choose, pick a topic that interests you - it will be much easier to stay motivated