Escape to the country & living off savings

MovingForwards

Depending on the branch thickness they may be useful for someone with a log burner. We've shifted loads through G-tree.

You're doing very well with budgeting 😃

Skint_yet_Again

Thanks MF but most of the larger log burner ones are gone just a huge pile of small ones left. 

Had a lovely weekend at my sisters. We watched my b-i-l and nephew play cricket for the local team on Saturday and visited a craft fair on Sunday. Treated myself to a macramé owl £8 paid from my entertainment fund. 

My pension statement has arrived so I sat with tea and cake yesterday and checked all my figures. The pensions and lump sum are slightly more than I calculated. Pension 1 starts at 60. Lump sum just over £14000. Pension 2 and state pension are due at 67. I am going to ask for a calculation of the reduction to pension 2 if I take it at 60 or 65. I should be able to use some of the lump sum from pension 1 to buy a new car at some point. I need to make sure I have enough pension and savings to cover up to 68 in case they change the state pension age. 

I’m going shopping today. Current account balance now £152.42
Petrol £40
Entertainment £35.58 (plus cash £10)
Food £76.84

Approx 2 weeks left until “pay day”

[Deleted User]

Apart from the lump sums, how are the pensions payment totals looking now?

MovingForwards

You've definitely got varied activities since relocating and it sounds like a bigger network of people around too, which is helping with your adventures.

Have you recalculated your current savings to see what your income would be at 60 with P1 and the lump-sum as you may get away with not taking or taking a smaller sum from P2. 

Have you checked if you do currently qualify for a full SP based on NI paid to date, or is money earmarked to top up your contributions?

(I know you've previously mentioned workings out for the above two paragraphs, but now you're 'retired' it's worth another check).

You might have a tax refund as the PAYE deductions were based on working for the whole year. 

The 12ish months will see things settle financially and potentially you could take a slightly smaller monthly income to help stretch them a bit further.  Over the warmer months look at free or cheaper days out and take a packed lunch.

Skint_yet_Again

I will have an income of £10000 a year until age 67 if I decide not to get a part time job. Living off savings/equity up to age 60, then a combination of savings and pension 1 until pension 2 and state pension starts. That is without touching my lump sum. At age 67 I will have an income over £17000 from pensions. Both private pensions increase with inflation. There is no lump sum with pension 2. I will have enough savings left to cover up to 68 if the state pension age increases. 

I have asked for a calculation of the reduction to pension 2 if I was to draw it earlier at age 60 or age 65

I have already checked SP & not yet showing to 5/4/23 but I qualified for full SP at 5/4/22. I claimed and received my tax refund back in March.

Shopping yesterday came to £30.58. Menu this week includes 

Fish stew
tandoori chicken & roasted peppers, courgettes, onions & mushrooms 
Chicken thai green curry

Aunty & Uncle are coming to visit on Thursday and we are going out for lunch. I still have money in my entertainment fund 😊

Walked up the hill to the chemist yesterday afternoon to collect meds then had a walk round the village. Found a book exchange in the old red phone box. 2 loads of washing dried outside. 

Today is gardening. More twig pruning and bagging to go to the tip. 

MovingForwards

Your savings open up a few options, incl staying retired.

Take advantage of the book exchange and join the local library. There may even be local gathering in community halls etc to utilise.

Enjoy your visit ☺️

Skint_yet_Again

Couldn’t chop up or bag any of the huge pile of twigs at the bottom of the garden as a bird has nested in them. So they will have to wait about 4 weeks until the babies have fledged and flown the nest. Instead we checked the huge forsythia bush next to the house and as there were no nests in it DF helped cut that back instead. It was about 10 foot tall !

Had a lovely day yesterday with Aunty and Uncle and DF with lunch out at a pub in the next village. I had fish and chips lite bite with mushy peas and salad £6.95 and a diet cola, so just under £10. Smaller lunch sized portion but large enough to be full ☺️

£117.61 remaining in my current account. 12 more days until payday 

Petrol £40 
Entertainment £35
Food £42.61

Plumber should be starting my bathroom on Monday 😁

Skint_yet_Again

Friday I put £10 petrol in the car and treated myself to a Kfc 😋

Had a visit from my other Aunty yesterday. Haven’t seen her since Christmas so it was lovely to catch up. DF made us all sandwiches for lunch. 

Went into local town with DF in the afternoon. A few spends on food & a birthday card for DS priced at £1.99 but went through the till at 99p. I bought a few bags of curry noodles 45p & had some for dinner last night as I didn’t feel hungry enough to cook. Still have a pizza in the freezer and ingredients for a Thai green curry and I am making a fish stew in the slow cooker today. 

Current account balance £88.40
Petrol £30
Entertainment £20
Food £38.40

Skint_yet_Again

My bathroom is coming along a treat 😁

Had a bbq tea at DF’s last night. The weather has been glorious. 

Neighbour hired a skip to get rid of his old fence which he has replaced. He let us top up the skip with branches. Have also filled 4 green waste bins from kind neighbours. Just the pile at bottom of garden to go once birds have flown the nest. 

Current account balance £38.31
Petrol £10
Entertainment £28.31

Skint_yet_Again

Thank goodness it’s the weekend! Bathroom not yet finished. Plumbers will be back after the bank holiday. 

Gas & Electric meter readings submitted this week. Gas £24.20 Electric £44.95. Credit remaining £22.82 plus £100 in my savings pot. Provider is still estimating annual gas £1805.97 and electric £720.70 so I will continue to pay on receipt of the bill rather than set up a direct debit. 

DF painted the replacement white drain pipes on the kitchen extension and bits where previous paint was worn off with some black paint he had left over, so now they all match & look like new. This weekend he is painting roof seal on the flat roof. 3 tins of roof seal & plastic pipe £108.49 

Posted 2 birthday cards to my friends back down south from my card & stamps stash 

Meeting up with my old school friend today for a cuppa & chat. The forecast here is for sun ☀️ Have a lovely bank holiday weekend 😊