Escape to the country & living off savings

Skint_yet_Again

Thank you for all your help @Organgrinder
I will be sorting through the box of cd-r & floppy disks and deciding which readers to buy over the weekend. 

Sunny spells this morning & very windy. I am out with friends today for some retail therapy and lunch. I need a new belt for my cut off jeans as they are a bit too big on the waist. My current belt is disintegrating and barely holding together. I am also going to look for a sketch pad and pencils as I would like to start drawing again. I will start by drawing a plan for my garden. 

Just having a cuppa before getting ready as I am being picked up at 9am. 

Ordinary_Yet_Unique

Morning, in your signature you say you have pensions starting at 60 and 67. I take it when they start you will not have reduce your savings quite so much each year which will be a bonus for you? Excellent planning.

Skint_yet_Again

Ordinary_Yet_Unique said:

Morning, in your signature you say you have pensions starting at 60 and 67. I take it when they start you will not have reduce your savings quite so much each year which will be a bonus for you? Excellent planning.

Amended this for you. Presume you mean a bonus? 😉 Funnily enough I was looking at this yesterday. My original calculations are listed further back in my diary but mccloud would change it to 

pension at 60 = £6709 Lump sum £20129

Age 60 =

savings remaining £40000 + lump sum £20129

Savings used per year £3291 to increase  pension income to £10000pa until age 67. (Plus 2 pro rata years at age 60 & age 67)

Age 67 =

savings remaining 16k + any lump sum remaining (replacement car ?) (new boiler / roof in 2024) 

Pension 1 £6709 (plus any rises)

Pension 2 £408

state pension £12014.12 (current forecast £230.25 is the most you can get)

Skint_yet_Again

Have had a lovely day out. Visited Retford. 4 of us had a nice lunch, mine was £11.40 from entertainment pot. New belt £5, Artist sketch pad £1.99 and tin of assorted graded sketching pencils £2.50 from household bills pot

Tried on a top and a dress but didn’t like them on. I need to go shopping for clothes on my own as I need to try them on and take ages to decide ☺️ My school friend from the village has gifted me a new to me black handbag so that has saved me from buying one 😁

Chrystal

sya... I need you as my Finance Manager, but you'd be tearing your hair out (or maybe mine) at my profligate spending! 

You put me to shame and I admire you so much.  (((hugs)))

Ordinary_Yet_Unique

Many thanks for your response . I did indeed mean bonus lol 
Is that second person really only £400 plus a year? Maybe better to cash it in as a small pension pot lol

Ordinary_Yet_Unique

Sorry edited my post after you posted your thanks lol

Skint_yet_Again

Glad I got that right Oy_U. Hope you don’t mind me calling you that,  it just sounds so northern and makes me smile 😁 (even though you may be a southerner) 

That is so sweet of you @Chrystal 😘Can’t  seem to get away from accounting despite retirement 😆 just account for myself now 🤣

Have been to DF’s for a cuppa and we are off into town on the bus tomorrow. He needs help at the bank & he said he will treat us to fish & chips at our usual place 😋 Have checked his income and he should be entitled to the winter fuel allowance this winter since yesterday’s announcement 

Skint_yet_Again

Ordinary_Yet_Unique said:

Is that second person really only £400 plus a year? Maybe better to cash it in as a small pension pot lol

Second pension is I believe a db pension so cannot be cashed in  

Mc cloud 

OPTION A

Lump sum £20129

pension 1 age 60 £6709

pension 2 age 67 £408.        

OPTION B

Lump sum £15367

pension 1 age 60 £5122

pension 2 age 67 £3640

I would rather have more money from age 60 - 67. My state pension will top up my income from age 67. 

Ordinary_Yet_Unique

Are these two pensions linked? Can't you take Pension A Option 1 and Pension B  Option 2?