Retirement - will I manage

Liz08000

Hi all,

Hope firstly this message isn't seen as negative. Thoughts most welcome.
Background-I retired from the NHS 3 years ago (did 38yrs full time). Took my NHS pension at the time.
I currently live off this monthly amount plus income from a new non NHS nurse pt job.
I am at the point where I am struggling to face this pt work and want to give my notice in and stop nursing, working even. In time I may like a pt job (possibly).
But anyway, this  current extra job money makes my life comfortable now i.e. I don't fret about having enough, as I do.
Due to the UK higher state pension age (my age will be 67), I have 6 more years to go before I get it and so the current pt nurse role covers this money amount for now, if this makes sense.

So my question is, if I retire fully now, do you think I could manage if I carefully budget between now and getting my state pension, or am I being daft. 
After ALL bill deductions are taken from my NHS pension I am left with approx £600pcm. BUT from this I would need to pay for my food, any days out or hols, clothes, pet food (have 2 cats), and any unseen house larger expenditures , vet or dental bills (I do have a private dental package to cover basics). I am single and can be frugal..
Thanks

SouthCoastBoy

From your post it seems you are saying you have £600 per month discretionary spending, other than food? For me that would be plenty however everyone is different so only you can really answer that

Flugelhorn

Sounds to me like you enjoy working, just not in the job that you are currently doing (understandable) - have a go at something else part time, the pay will be less but will help to bridge the gap for the time being 

NannaH

Why not take a year off and see how you manage?  Sounds like you could easily get work if you needed to. 

 Or how about fixed term temp contracts,  a 3 or 4 month contract would be ideal for some extra cash, presumably the hourly rate would be better too.  That would be my option,  work say March - June and have the rest of the year off. 

My neighbour is a retired nurse,  she did a couple of shifts a week during covid lockdown and earned well. 

That £600 wouldn’t be enough for me to feel secure,  food and a few bits could easily be £100 a week,  my Sister is single and spends more than that.  

Albermarle

and any unseen house larger expenditures , vet or dental bills 

This is the bit I would worry about. Vet bills can spiral quickly and an unexpected issue with a property ( new roof needed for example) will cost thousands.
Also you mention holidays. These are not getting any cheaper either.

xylophone

Have you obtained a state pension forecast?

https://www.gov.uk/check-state-pension

I am at the point where I am struggling to face this pt work and want to give my notice in and stop nursing, working even. In time I may like a pt job (possibly).

Are you sure that you are quite well physically/emotionally?  Would a check up be a good idea?

Would pet insurance be worth consideration?

Do you have any savings for emergencies?

Perhaps a part time job outside nursing?

Liz08000

Thank you everyone. All helpful. No not quite me just now but think as I’m fed up in this role. Have a few thousand rainy day money for the teeth, roof and !!!!!! cats. All taken on board….onto some action now. 

JoeCrystal

You can always do seasonal work? Lot of Xmas jobs around. That would give you some more incomes if needed!

lisyloo

I am a few years off retirement but in order to plan I keep a record of my expenditure in excel.
I categorise it e.g. travel (petrol, parking), car (mot, servicing, tax, insurance), household (food, council tax, energy bills), entertainment, holidays etc.
This is pretty easy as it means going through a couple of statements monthly and adding up the numbers (really easy in excel).
There a few categories that I need to budget for rather then reflect actual expenditure e.g. car capital, house repairs, health bills, vets bills.
But that gives me a very good idea of what I need and where I could cut back (if necessary).

I think you'd need to do more detailed planning.
You can just do a budget, but a record of what you have actually spent is very helpful.
If you use debit card/credit card/bank account then it should be possible to do this in arrears.

I don't think anyone can answer your question and it's really subjective.
For example I started off budgetting £3K per year for a car but I actually spent £250 in 2013 :-)
So what you need or want is quite subjective on the discretionary side.

Misslayed

If you have an emergency fund I would say it's easily affordable, and so much better for your well being, to give up a pt job you are starting to dread. I had exactly the same scenario, except I was a teacher doing supply work after I retired at 59. When I realised I was dreading that early morning phone call and mentally planning 'important appointments' so I could refuse a day's work, I knew I had to pack it in! Never regretted it for a moment. 

squirrelpie

xylophone said:

Would pet insurance be worth consideration?

Almost certainly not, for anybody! Put the same amount of money aside in a savings account and use it if required.