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The Senior Wonder Years!

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  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    edited 25 July 2023 at 3:19PM
    Thanks Organgrinder. I am not looking for any paid work now but many thanks for the suggestion. My teacher's pension and small annuity is sufficient for my needs until I reach state pension age next July.
    I am not sure I would enjoy the responsibility of exam marking. If I needed any extra money I do have an open ended contract at my school for exam invigilation that is completely stress free and would pay about £1500 over the course of the academic year. At the moment I cannot see myself doing this.
    Perhaps consider if you really do need £40000 a year between you from the ages of 60 to 67. What income would you have if you retired at 60? Would you not also have a lump sum that you could dip into between the ages of 60 and 67? Just an idea.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    edited 26 July 2023 at 7:49AM
    Organgrinder I have just re-read some of your previous posts on the How Much To Live On thread. I am a bit confused on how you will increase your savings to £90000 by age 60. Does that include some lump sum money from other pension schemes?
  • Organgrinder
    Organgrinder Posts: 768 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Not just me. My wife aswell. With regard savings I have a dc pot of about £32k currently. I have a savings plan for approx £45k at 60 and my wife has a SIPP for about £27k. Recently we uncovered another pension of about £3k pa too from a scheme that went into PPF.

    These are in addition to three DB pensions I have and two DB pensions my wife has. Our DB pensions are approx £25k - the state pension on top another £21k. Plus the above....when posting I often understate oir position.

    I took lump sums from my non teaching pensions. Was going to pay off the mortgage but it's now invested as it gives a net £8k return in comparison to paying mortgage off. This has funded a new car.

    My plans are quite fluid as I'm happy to change the way I fund my retirement. Hope that sort of makes sense.


  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    edited 25 July 2023 at 4:07PM
    Organgrinder, many thanks. I understand now lol. Looking at those figures you should be fine.Best wishes.
  • Skint_yet_Again
    Skint_yet_Again Posts: 8,437 Forumite
    Part of the Furniture 1,000 Posts Hung up my suit! Mortgage-free Glee!
    I have read your plans with interest and bookmarked for future updates. 
    0% credit card £1360 & 0% Car Loan £7500 ~ paid in full JAN 2020 = NOW DEBT FREE 🤗
    House sale OCT 2022 = NOW MORTGAGE FREE 🤗
    House purchase completed FEB 2023 🥳🍾 Left work. 🤗

    Retired at 55 & now living off the equity £10k a year (until pensions start at 60 & 67).

    Previous Savings diary https://forums.moneysavingexpert.com/discussion/5597938/get-a-grip/p1

    Living off savings diary
    https://forums.moneysavingexpert.com/discussion/6429003/escape-to-the-country-living-off-savings/p1
  • Clowance
    Clowance Posts: 1,900 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Always enjoy your posts and I am in awe of your financial organisation. I get my state pension in 3 weeks, can't wait (although still working part time).
  • Clowance, many thanks for your comments. Are you able to give any information about your plans financial or otherwise. Welcome to the thread.
  • Skint_yet_Again Many thanks for joining me. I always enjoy your thread and your awesome approach to budgeting.
    I am pleased you have settled so well in your new home. Any updates regarding your pensions? Do you think you may in the longer term work a few hours here or there?
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    edited 27 July 2023 at 7:47AM
    Fairly busy morning. After cutting my hand :'( unloading the dishwater last night I realised the First Aid Kits needed some additions so I went to town this morning and used one of my birthday gift cards to buy some more plasters, antiseptic cream and wipes...etc... Those plus a couple of toiletries came to £23.24 so £1.76 left on that card! Visited the the Hospice shop and bought another 5 books for £5. Final stop at Dunelms to buy some new towels and a clip on rack for the shower, total spend £59. After coffee and croissants at home I sorted the two First Aid kits and the ensuite. I have updated the money pots and now getting ready to go for a forest walk.
    I did mange to do most of my morning exercises even though the press ups were a little tricky with a bandaged palm!  :/
  • Organgrinder
    Organgrinder Posts: 768 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Well being rather budget conscious at the moment I've just been offered an energy fix 6% below current price cap.

    Forecasts are a 5% reduction in October and 2% rise in January. So I figure it's worth a punt.
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