The Senior Wonder Years!

Jellybaby

Happy new year @[Deleted User] and happy to read you’ll continue posting 😀

I tended to read rather than contribute last year being time poor between work and caring duties but now in the run down to finishing work I hope to post more.  Being in the LGPS I don’t get final paperwork with all the figs until the week before I leave. I’m itching to see if my sums match theirs!  I’ve had three pay rises since their original offer which I was happy with so keen to confirm what I’ll be getting now.  

Your talk of annual bills pot is a good reminder - I need to spend some time completely overhauling mine!

Brighton01

Happy New Year @[Deleted User] I’m glad you have decided to keep posting too. When I was thinking about early retirement, your figures helped me decide what to do & gave me the push I needed to sort out my own figures.
Thank you!

[Deleted User]

Hopefully to assist others here is my monthly budget for the next 4 months. Income will increase in May as my TPS pension should be increasing by 6.7% on about April 15th. As you know I have simplified my budget recently.

Income will further increase from the end of July when my state pension starts to be paid.

Net monthly income  £1654 (TPS and a small annuity)
 £650 to joint account for all monthly bills, fuel, charities and food.
 £335 to Loyalty Saver towards all annual bills, house and garden, Christmas, travel and reserve.
(Current balance £6900)
 £150 to second 'back-up' current account which is also used for birthdays, dentist, clothes and shoes, chiropodist and postcode lottery. (current balance £750)
 £100 to S&S ISA
 £300 for personal seconds such as haircut and meals out etc....
 £67 for funeral plan, i-cloud storage and HP cartridge ink plan.
 £45 to cash ISA
 £5 for local lottery

Simple but works for me!
 
From end of July my net TPS will decrease as my tax allowance will be mostly taken up by the state pension.
However, taking planned increases into account for TPS and state pension by August my monthly net income should be just over £2500 per month which is quite comfortable. I will be able to save more and spend more on travel and other pleasures!  .
I will also increase amounts for other budgets as necessary.

If anything should happen to my older relative (hopefully not for a few years!) I am able to meet all bills and obligations.

Comments and thoughts welcome. Would be interesting to read how others allocate their funds.

sheilavw

Happy New Year Baron Dale. I am glad that you are continuing posting, it's very informative.

Smudgeismydog

Thanks for the update Baron Dale, as always it’s very interesting to see how people allocate and spend their income.

The predicted £2,500 pm might feel quite a jump from the £1,654pm you have been receiving, and your Loyalty Saver and back up current account look like they are adequately funded. You mentioned you will split this extra between saving and spending, I’d be interested to hear how your discretionary spending might change in light of this extra money. Is there anything you’d really like to do as a result of the extra income?

[Deleted User]

Smudgeismydog.. Many thanks for your response. I may use some of the increased income for leisure activities and do some house decorating. I will probably save a little more each month too. Although my older relative is quite independent in terms of day to day living I like to around, as her mobility is not as it was, and this can restrict my activities a little.
It is only since last July that have had this level of income, when I finally entered full retirement, and it is going well at the moment. During my last ever look at the Pensions board I had a look at your postings. You seem to be in an excellent position for a comfortable early retirement. Well done!

Smudgeismydog

Thanks Baron Dale, I was in the office today and it really cements why I need to finish work!

LadyWithAPlan

Well done on all your planning and how lovely to be able to have the SP kick in soon - you will probably be feeling quite well off and able to spend more on trips

[Deleted User]

It actually is not raining here for the first time in days!  As I have said before I am so pleased I live on a hill!

Five days into the new budget and it is going well. Personal spends so far only total £13.54 on two books from eBay and a calendar from the local hospice shop.

I have also sent £45 to the Cash ISA.

I have just deleted my account and all posts from another online forum that had a retirement section for teachers. It was rather restrictive and discussions rather limited. I wrote a post about my finances with the aim of sharing ideas with others and received two critical responses, one from the administrator aghast at the content! Honestly! Their loss! 

It was the same when I suggested we looked at ways to expand the membership to reach more people who may need help with professional issues or who wanted to discuss retirement plans. Again the reaction was absolute horror at the thought! There are hundreds of thousands of teachers in the country and they have a membership of under 2000! They seem happy to write hundreds of posts about wordle or allotments, but nothing else.

Sorry about the whinge, but I cross at being made  feel that I was being outrageous or dangerous by discussing things that in my view could help other members of the profession both active or retired. 

No big plans for today. Some top up shopping later and reading. I am gradually learning that it is ok to relax in retirement and not having to be doing something all the time!

Best wishes to all.

Smudgeismydog

I’m sorry about your forum experience Baron Dale, it is very short sighted, as there are so many people who would really appreciate and benefit from sharing experiences.

Please keep sharing with us, as we benefit from it