The Senior Wonder Years!

[Deleted User]

Durban. You just need to work out what you really need to live on in your retirement years and go from there. You may be surprised with what is possible. What does your income look like it is going to be at say 60, 67, and the years in between?

Although my planned retirement income once state pension starts next July looks good for a single person, I have far, far less less in savings and investments than some posters contributing to this thread, but I know it is all manageable.

Welcome to the thread and best wishes.

Smudgeismydog

Many thanks for your comments

Durban. There is the option of part-time, and this is something I’ve been considering, but a couple of colleagues who have gone this route have said they feel they are just squeezing full-time work into part-time hours, which was my fear. Also, the parts of the job that really frustrate me will still be there, so I’m not sure it’ll work for me.

I have three years left of NI payments to make in order to be eligible for my full state pension, so I have increased my pension contributions through salary sacrifice. This has meant I remain a basic rate taxpayer, it reinstated child benefit, and I thought it would also help me get used to the reduced income figures. The child benefit will pay out for a further four years, assuming my daughter stays in full-time education until 20. 

So I’m hoping I’ve covered all bases 

Savvy_Sue

Smudgeismydog said:

Many thanks for your comments

Durban. There is the option of part-time, and this is something I’ve been considering, but a couple of colleagues who have gone this route have said they feel they are just squeezing full-time work into part-time hours, which was my fear. Also, the parts of the job that really frustrate me will still be there, so I’m not sure it’ll work for me.

I think that's definitely a risk with reducing hours: you really need to work out WHAT you will not be doing. In teaching it may be simpler than in other fields, eg do you reduce no. of lessons taught / pupil groups taught, but you would need to be very clear about the benefits, whatever the situation. And if you're still doing the frustrating parts ... 

One thing I found that may help: I went from working school hours to working 4 days pw, and that made a huge difference. It had always been really difficult to leave the office mid afternoon (especially when I knew phone calls were likely to go unanswered), and just not being there one day pw was much easier to manage - I think for everyone. 

So certainly for those of you in education but really for everyone, I'd strongly recommend reducing DAYS and not just hours. If you're not in the building, you won't be tempted to 'just' finish this, that or the other, and you can't be called on to 'just' deal with this, that or the other. 

PennysIntoPounds

Hi @Baron_Dale

Thanks for the invite to your diary 🙂

My only contributions on catching up are wondering why are you contributing £100 more a month than your relative (mum?) when you both own it 50-50?
Also do the beneficiaries of her will (as far as one can predict) particularly need the money in the next likely years of her lifespan? Could something be put into her will to reflect yours, so that you could stay until you died unless you chose otherwise then the beneficiaries or their nominated person/s would get that share?

Obviously if what you have is working for you that's great, just wanted to check those weren't aspects that hadn't been overlooked

[Deleted User]

PennysIntoPounds said:

Hi @Baron_Dale

Thanks for the invite to your diary 🙂

My only contributions on catching up are wondering why are you contributing £100 more a month than your relative (mum?) when you both own it 50-50?
Also do the beneficiaries of her will (as far as one can predict) particularly need the money in the next likely years of her lifespan? Could something be put into her will to reflect yours, so that you could stay until you died unless you chose otherwise then the beneficiaries or their nominated person/s would get that share?

Obviously if what you have is working for you that's great, just wanted to check those weren't aspects that hadn't been overlooked

 I have a higher income than my older relative. It is a question of fairness.
 It was my decision after discussion with my older relative to ensure that the beneficiaries of her will received their share of the equity as soon as possible. 
Welcome to the thread!

Katiehound

Smudgeismydog said:

 .

I will be 50 next month, 

One concern I have is that I am too young? I’ve always worked and I’ve had to juggle a huge amount being widowed with 2 tiny children, so will I get bored?  

No, of course you are not too young. If you have sufficient funds the world is your oyster! yes, you could volunteer but you also go to college/ uni yourself.

  I retired just before I was 50 and then went to art college. After that I volunteered with a national charity. I didn't get paid as a volunteer (of course!) but I got very generous expenses/meal allowance if I attended something that lasted all day and I got paid my fuel expenses.

My occupational pension kicked in when I retired but I needed to be careful. I loved being a student again- lecturers enjoy mature students because they have experience & more to say!  I also loved working for the charity but sadly my dog died quite suddenly so the 'job' changed.

perhaps sit down and think about what you would really really like to do for the next ... 20 years?    Don't just go with the flow , this might be a great opportunity for you.

Smudgeismydog

Thank you for your kind words Katiehound, that is very reassuring. You are right in that I need to use this period to focus on what I would like to do next. I have spent a long time studying for professional qualifications, so I’m not sure I want to go the academic route, but perhaps something more creative 🤔. I will also investigate opportunities for local or remote volunteering, as I am aware I will need the social interaction.

I am so sorry about your dog, mine is 11 now and the kids still complain that they think he is my favourite!


I have also been thinking about you were saying about going part time Savy-Sue.  I had thought I would drop days rather than hours, but this won’t stop emails and voice messages coming in when I’m off, so I know it will just feel like playing catch up all the time. To be honest, I feel burnt out and exhausted in work, so I’ve just got to keep going for the next few months while I have the planned expenditure, then perhaps enjoy some time off before I embark on my next adventure.

Organgrinder

Oh the angst of having to deal with HMRC.

It'll all right itself in the end but i've now received two of my pensions with a third due next month and they've all taxed or indeed not taxed at different rates. HMRC have also forecast that I will remain on my full time salary and therefore have decided my pensions will be taxed at 40% as they think I'm now significantly into the higher rate tax band.

Of course come next month with dropping a day this won't be the case (a little bit yes due to the way this year's pay deal got settled meaning last year's earnings got paid this tax year).

So my tax codes have been set to get about £600 more off me in tax than I will actually need to pay.

Ah the joys of semi retirement.

[Deleted User]

Pre-Op assessment went smoothly yesterday. Hopefully by September 19th treatment and post operative recovery period will be over. Just need to keep myself fit and healthy during the next two weeks.

A week tomorrow I will do my monthly financial update. August has seen more spending as a result of the trip to Kent and paying some deposits for the trip to Cyprus next May.

One advantage of including car hire when you book a British Airways flight is that the booking becomes a British Airways Holiday meaning you only have to pay a deposit of £150, with final payment 6 weeks before you travel. If you book just the flights you have to pay all the fare immediately.

I had a pleasant morning walk along the footpath by the river this morning and then a good lunch with family at one of my favourite eating places. I have been reading this afternoon but off to to a little bit of ironing now as that is in the plan for today!😐

applepad

My husband will be retired as of next month, he is 60 years young, already planning to take advantage of 10% off on a Tuesday at Iceland, discount off at local garden Center on. Wednesday.
Any thing else a 60 year old can get discount on? He only has a paper driving license and his passport is out of date, so no photo ID.