The Senior Wonder Years!

[Deleted User]

Good Morning All!

Here is my financial round up for the month of September.

My main current (NW) account started the month with £1206.98 and ended it with £1213.37. Total income was £1656.42. A total of £1650.03 passed through the account either being spent or as I put it ‘sent’. (To other accounts or pots or savings or my S&S ISA).

The co-op current account now has a balance of £1281.50.

I spent a total £2803.65! 

£1585 of this came from various pots with most of it being payment for travel to mainland in connection with my day surgery and the purchase of a new computer and accessories. I have also paid in advance for two trips in October.

£20 survey money was sent to Cash ISA

Savings and Investments therefore increased by a total of £220.

Personal spends total was £206.58 All categories remained under budget this month.

Survey income has been very slow to increase. It now stands at £47 for 3 months. New target of £200 for my financial year.

I also have £145.00 of my Boots and M&S vouchers remaining to spend.

Organgrinder

I found that after the initial welcome bonuses that the surveys were paying very little for the time spent doing them.

Glad to hear op went well.

Am currently considering a switch to nationwide.....as my sources of extra income whilst still good seem to have slowed somewhat.

My current money top ups come from.

Chase 1% cashback.
Halifax £5/month.
Quidco (currently tracking at £79).
Investing mortgage instead of paying it off.
Investing 0% credit cards instead of paying them off.
Wealthify. Two deals on going bagging me £125 for investing £325.

Tastiger

Baron, I believe you are a retired teacher (I'm a semi-retired teacher). The teacher pension site has gone down for maintenance this weekend. I'm wondering if it is being updated from the result of the McCloud judgement. I believe they were supposed to be putting this in place from 1st October. If you move back into the final salary scheme for the remedy period, potentially I cash boost for you from the tax free lump sum?

Organgrinder

I'm a teacher taking a phased retirement.

For me the career average is better over the period in question as my pay scale didn't really change and I wasn't in the pre 2007 scheme.

In addition there are other factors.

1. Annual pay rises lagged behind inflation.
2. The revaluation rate for career average is CPI plus 1.6%
3. The accrual rate is 57th's not 60th's (but if 80ths then the lump sum is 3x pension and npa of 60 v 65 or 67).

For me my pension over the period in question works out as broadly £5900 (final salary) £6800 career average. Or if using 80ths £4425 plus lump sum of £13275.

There are different early retirement factors for each scheme. So assuming a retirement age 60, we see the following.

80ths annual pension of £4425 plus lump sum of £13275.
60ths annual pension of £4596.
Career average £4889.

For me career average works better, but for pre 2007 members, 80ths is the way to go.

Tastiger

Organgrinder said:

I'm a teacher taking a phased retirement.

For me the career average is better over the period in question as my pay scale didn't really change and I wasn't in the pre 2007 scheme.

In addition there are other factors.

1. Annual pay rises lagged behind inflation.
2. The revaluation rate for career average is CPI plus 1.6%
3. The accrual rate is 57th's not 60th's (but if 80ths then the lump sum is 3x pension and npa of 60 v 65 or 67).

For me my pension over the period in question works out as broadly £5900 (final salary) £6800 career average. Or if using 80ths £4425 plus lump sum of £13275.

There are different early retirement factors for each scheme. So assuming a retirement age 60, we see the following.

80ths annual pension of £4425 plus lump sum of £13275.
60ths annual pension of £4596.
Career average £4889.

For me career average works better, but for pre 2007 members, 80ths is the way to go.

I started teaching in 1992 so for me it's a no-brainer. Final salary definitely the way to go.

[Deleted User]

Tastiger said:

Baron, I believe you are a retired teacher (I'm a semi-retired teacher). The teacher pension site has gone down for maintenance this weekend. I'm wondering if it is being updated from the result of the McCloud judgement. I believe they were supposed to be putting this in place from 1st October. If you move back into the final salary scheme for the remedy period, potentially I cash boost for you from the tax free lump sum?

I believe that may be correct.

Much to my surprise, I have  received an email concerning the McCloud judgement.  I took the second apart of my phased pension in 2016, but also paid into a new pension for a while between 2017 and 2020. In 2016 I had a break in service of one day as is required.

Up to 2016 I was a protected member and after 'retirement' I paid into the career average scheme when undertaking up several part-time contracts. This additional pension I have since put into payment. The TPS simply added the payment to my original pension.

Therefore, although  I am not expecting any changes to my pension arrangements I may be!

Interestingly in my email it said it could take up to 2025 to respond to all those affected.

[Deleted User]

I am making the most of the good weather preparing the garden for winter. Most of the containers have been cleared and the large shrubs and bushes trimmed and cut back. I also need to paint a section of fence.

A week from today I am taking a few days break travelling to Wales, visiting Swindon and then three days in Kent. All payments coming from the travel pot.

I checked the household BG account and we are currently £154 in credit which isn’t too bad. We have been advised our variable tariff rate will be coming down, so will wait and see if that has an impact on our DD. It is currently £170 a month for both gas and electricity.

On October 17th I have a scan to check for an aortic heart aneurysm. Apparently all men my age are offered this free scan so I signed up for it. Through the NHS app I have also said I am willing to take part in various screenings if asked to help research. I think it is important to take advantage of such things and keep a check on one’s health. It could also ultimately help others.

I also had my 5th Covid jab last Monday and I am going for my flu jab next Wednesday.

I am beginning to build up my daily exercises again after recovering from my day surgery.

One thing I need to chase up are my voluntary NI payments that I need to make until next April. It is my final year I need to pay. Year 47! I sent off the form and DD mandate in early August. On Government Gateway it shows as received but still no action or money taken monthly. I worked until June 2023 so maybe they are trying to work out what I owe! If I do not hear by the end of the month I will contact them directly.

Lily8

Glad you are recovering well. Hope you have a good break next week. We had a mini break in London early September during that really hot spell. Haven't been to London for years but really enjoyed it. Will tell my other half about the aortic heart aneurysm scan as think you are the same age. Have a good weekend all. Enjoying reading all the posts.

Savvy_Sue

Lily8 said:

Glad you are recovering well. Hope you have a good break next week. We had a mini break in London early September during that really hot spell. Haven't been to London for years but really enjoyed it. Will tell my other half about the aortic heart aneurysm scan as think you are the same age. Have a good weekend all. Enjoying reading all the posts.

They send an invitation: DH has not long had one. Probably big batches done by surgery, when they have a venue available 

[Deleted User]

Savvy_Sue said:

Lily8 said:

Glad you are recovering well. Hope you have a good break next week. We had a mini break in London early September during that really hot spell. Haven't been to London for years but really enjoyed it. Will tell my other half about the aortic heart aneurysm scan as think you are the same age. Have a good weekend all. Enjoying reading all the posts.

They send an invitation: DH has not long had one. Probably big batches done by surgery, when they have a venue available 

   Yes that’s correct. The NHS are using a local semi private/NHS skin clinic as the venue.