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How much to live on
Comments
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Sorry to hear about your divorce, it does sound that you have paid what I call the "divorce tax". Sadly, both death and divorce cost money, both in the immediate aftermath and in how they affect long term financial outlooks. It can take some time to recover financially but it sounds like you're getting there. You have put the work in and now you will reap the rewards. Not long now till October, you're almost there. One of my little not so guilty pleasures is being able to wake up naturally and really savour that first cup of coffee. No alarm clocks, no rush, no commute, no stress.
The fact that the managing partner is being "petulant" - great word, lol - says it all really. Sounds like you're well out of it. Perhaps your manager is suffering from the green eyed monster. Ha ha. Never mind, their turn will come. In the meantime you've done your bit for the human race and contributed to the economy. Time to pass the baton, time to just "be". Retirement is not the end, it's the beginning. A new life, a new adventure.
I've just had my hair cut this morning. Since giving up the car I have decided to try a new hairdresser who does home visits. She's great, a really nice lady and I am chuffed to bits with my new style.
My previous hairdresser had the audacity to die last year and I have been searching for a replacement for some time. He was 72 and he practically died in harness. He was a wonderful man and a very talented "hair artiste", one of the few who could make my hair look half decent. I would have crawled over hot coals to get a haircut from him. I once asked him if he had any plans to retire and he gave me such a look. He said "they will have to prise these scissors from my cold dead hands". Bless him, he almost got his wish. He died a happy man still doing what he loved.
Some jobs and careers can last well into old age, with maybe just a few tweaks to accommodate changing physical needs and health issues. I was listening to an interview between Judi Dench and Ian McKellan, both in their 90s. Both still have wonderful speaking voices, deep, melodious and resonant, must be all those vocal exercises. So many old people struggle even to speak, their voices become weaker and they gasp for breath. I can no longer sing so after listening to Judi and Ian i have decided i need to start doing breathing and vocal exercises. A strong voice so people are forced to listen to me and I can't be fobbed off as a doddery senile old woman. Haha.
Judi started losing her sight a few years ago and relies on a PA to help her to learn her lines. My hairdresser invested in a good quality adjustable stool on wheels so he didn't have to stand all the time. And of course theres the likes of Mick Jagger still strutting his stuff and David Attenborough still going strong. I'm sure they buy in help as required.Right time for breakfast. It should be second breakfast but I missed first breakfast because the hairdresser came early. So now I'm ravenous or as my baby sister used to say "ravishing". Lol
Organgrinder…..sounds like you've a nice day planned. A good mix of activities. I am aiming to get in my garden.Ps. Didn't make it into the garden. Did some laundry, had a light bite and then promptly fell asleep. Never mind, there's always tomorrow. The weather looks more settled too. My handyman is coming to dig up the dead and dying shrubs and take the first load of my decluttering efforts to the tip.
He's a real treasure……he's just turned 50, not retired exactly but he got sick of the rat race and decided to downsize from the big job and became a freelance handyman. He says he doesn't miss his old life and enjoys his freedom. Money doesn't seem to be an issue. He has lots of holidays and enjoys his hobbies, cars, motorbikes and guitars. A happy man.12 -
As I now have to get out of bed and ready, that comment about doing 7 hours to "remain mentally active" is coming back to haunt me!
That said my classes today will be half full due to some students not being in yet so it's going to be a strange day!
Currently wrestling with my desire for a new pizza oven yet not wanting to spend. Oh how old habits are annoying!
UPDATE……why am I worrying about spending what I can afford - oven on order!
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Loving reading everyone's plans for the day.
We are off to Prestatyn this weekend, staying in a caravan that is owned by a cancer charity that I'm linked to - they are a support group who bought the caravan a few years ago for their members to stay in at a reduced rate. I'm a member of the group after having breast cancer in 2021 so my parents are coming to and benefitting from my access to the caravan.
It's a 6 berth caravan on a site by the sea and the weather is looking quite fair up to now. Typically we have packed shorts, t shirts and raincoats.
Looking forward to a few bracing walks along the beach and a couple of pub lunches.
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Croeso i Gymru!
Always nice to get away. There's a few nice walks nearby and of course the tourist traps of Llandudno, Conwy and Betws-y-coed (please don't say Betsy Co-ed, it is more like "BET-uhss uh COYD")
For lunch, there's many a nice place. Apparently a place called "Dishes" is recommended and if you fancy a takeaway the Mai Thai is wonderful and pretty authentic.
Further afield, Brunning and Price run The Dinorben Arms near Tremeirchion and The Druid Inn near Holywell for posh pub food (albeit a bit pricey).
Have fun !
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A quick update for anyone interested. As you may remember I retired several years ago, decided I wasn't ready, took a part-time job and finally retired again at the end of March.
On retiring initially we had a lump sum to see us through to state pension age, and I expected to burn through most of it, but knew that two state pensions with my DB pension would be more than enough for us to live on if we ran it down.
The advantage of the part-time work was the lump sum wasn't needed. We spent quite a bit of money we had in premium bonds as a cash pot, but added more in SIPPs to take advantage of the tax relief. They were also flexible with hours (It certainly worked both ways) So they were willing to let me have additional time off for holidays if I worked extra hours during busy periods. An added plus was an additional DB pension, which gave me an extra £1500 a year when I retired.
I still have over 3 years to go to state pension age, and expect to have to spend some of my capital - though I've become attached to it over the last few years, and take some comfort from having that nest egg. I've largely moved it into low-risk products this year, but it continues to grow ahead of inflation.
I've had a gradual awakening to my surroundings over the past few years, and take a lot of pleasure from being outside. I'm also determined to keep moving, maintain my physical capabilities as long as possible, and am walking over 50 miles a week.
It's hard to explain how much pleasure I get from simple things, such as wildlife when out walking. In recent months I've seen a doe with two young fawns, red squirrels, and a delightful little creature which I think is a young bank vole - in the photograph.
Holiday-wise we've had some family events, responsibilities, workmen coming with indeterminate timescales, so we haven't been abroad since March. Instead we've had half-a-dozen 4-6 day staycations. That has worked out very well. Scotland hasn't had the heatwave you've had down South, its been warm enough though, and we're still looking green and not parched. We are going to get away in October, and we're planning a big bucket list type holiday next year - possibly September.
As well as walking I've been gardening and growing veg, which I've never done before. We have enough potatoes to see us through into next year, we haven't bought lettuce in two months, I've about 20 jars of beetroot and I've just made 15 of chutney. It's immensely satisfying eating stuff we've produced ourselves. It certainly hasn't been a financial benefit, we now haunt garden centres, and there is always something new to buy, but its a very rewarding hobby.
Money-wise it is working out better than expected. I've drawn £2000 from capital, and expect that will see me through to the end of the year. I'm still paying £240 a month net into a SIPP, so overall that's just about breaking even on income for the year. I've seven regular savers running so get some interest at least every second month. I've cut back on stoozing as I had two 0% deals expiring. I got a good deal, so rolled one of them over, and paid the other one off. We have over £1000 in cashback due in October, so all these little add-ons help keep the finances going in the right direction - in addition I do enjoy getting a deal!
So all-in-all its going well. I'm much better prepared this time.
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That sounds excellent and indeed reassuring.
My pensions along with my part time and adhoc work has me in a very similar position which means I'm still adding to my SIPP too.
My overall mix is roughly
SIPP ( in medium risk funds) - 50% of total
Fixed term ISAs (4.3% - 5%) - 10%
S&S ISAs (medium risk) -20%
Regular savers (5% - 8%) -10%
Other saver (5%) - 10%
All beating inflation, maybe not by much but it's ok.
My stoozing is becoming more tricky. All card offers have dried up but hoping I'll get an offer in the next 8 months, preferably sooner. Currently got £48,000 stoozed earning roughly £2,100 pa in interest.
My chase purchase deal runs out in December but if I have to pay that off then the next ones are.
NatWest May 2027
Tesco/MBNA Jan 2028
Virgin/Nationwide Oct 2028
Santander May 2029
So plenty of time overall!
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Thank you @Nebulous2 for taking the time to share your latest update.
I think when retiring, either at SP age, or earlier, financial concerns has got to be top of the list for the majority. However, with careful planning and intentional spending, most slowly realise that it is possible to enjoy a full and rewarding retirement with less than they initially thought. It was lovely to read that you have taken the time to discover your local area, to learn a new hobby, and to prioritise your health and wellbeing. Keep the updates coming, they are both reassuring and inspirational. How lucky were you to not only see, but to photograph a bank vole!
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@Organgrinder,looking forward to hearing about how you get on with your pizza oven!
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Well it is up an running. I've had a small wood pellet one for years .... I love it. But I decided to treat myself to a larger one that will do 2 pizzas at a time.
A few issues eg the stones were damaged so new ones are being sent, but I've tried it and omg does it get hot. It uses hardwood kindling as opposed to logs but it works well. I did get some money back as there was a small dent in the oven, so £125 is a bargain. The stand isn't the best but the oven itself seems solid enough.
It has a lot to live up to though. Here is one of my efforts from the baby oven!
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