The Senior Wonder Years!

[Deleted User]

I have been reflecting on full retirement a little in recent days. I am liking having more time to do everyday things. I enjoy laying in bed longer and taking my time to some morning exercise and take longer to get ready lol. The house, garden and car are all clean and tidy. I have caught up with some reading and TV programmes. I have  also enjoyed some time with friends and family.

However,  I do miss the hustle and bustle of work. I don’t want to lose the sharpness that was required when I was working daily with students.

After 6 months I need to think about what next lol. I am not one for groups or doing lots of volunteering. I am interested in lots of things, but can’t say I am passionate about any of them.

I also have to be true to myself. I am not one for spontaneity or taking risks. Never have been, even as a youngster. I was never impulsive.

I would like to become more motivated about some things. To be honest being in the company of retired people or those just around my age would drive me crazy too. My views both social and political seem different to lots of the age 60 plus people in my area.

There is also the practical reality of bring around for my older relative.

I will do some thinking…..

[Deleted User]

The end of the month today! The first month of my revised budget has gone according to plan. I am pleased my personal spends were £37 under budget. This will give me a little extra buffer in that section next month. I have also sent £200 to long term savings which is more than planned.

I now fully appreciate how fortunate I am to have a retirement income that is guaranteed for the remaining years of my life. I also have my state pension beginning in July.

Although my savings and investments are relatively small compared to others they should be enough for ‘emergencies’. I do have much for which to be grateful.

MarzipanCrumble

Ever thought about Bridge?  You can learn online and play online or face to face

[Deleted User]

MarzipanCrumble said:

Ever thought about Bridge?  You can learn online and play online or face to face

Thanks for the suggestion, but no. I am trying to spend less time online. I probably lack the intelligence too !

Savvy_Sue

[Deleted User] said:

After 6 months I need to think about what next lol. I am not one for groups or doing lots of volunteering. I am interested in lots of things, but can’t say I am passionate about any of them.

I retired at the end of last May, and started thinking about 'what next' before it happened! I had plenty of ideas for 'DFT' ('Doing Fun Things') but wanted to be more focused: I've worked for a charity for over 20 years and couldn't lose that ethos. 

You would have a lot to offer as a Trustee for any local charities or community groups which particularly interested you. The time commitment needn't be 'lots', and it can be very flexible. We have a community group which runs a cafe, garden / allotments, and hires out a local hall. Trustee meetings every couple of months, some reading and thinking in between times, plus I've got involved in finance and trying to improve the payroll processes. 

That's the serious 'thing' I do. For fun, I joined a choir, a 'shared reading' group (a book club where you don't have to read the book beforehand!), and started walking at times which suited me (rather than on my day off and at the weekend). There are friends I can now see regularly, and craft activities I can go to. I've just been asked to produce a newsletter for a walking group (which I started during Covid as a Keeping in Touch activity, but it now needs to be formalised). 

I have something to do nearly every weekday, but I don't want to be overwhelmed. 

kdalwayskint

Just a quick hello. I have started reading from the beginning.

I work in the education sector, as an administrator in an independent SEN school.

We don't have any savings really, maybe a little for Christmas and a small car fund which is used for MOT, insurance and attempts to save for a newer car in a couple of years.

With regards to pension and retiring, realistically I am unlikely to retire before 2039 and only with SP.  I will have a small work pension but I don't believe it will be enough to live on but might provide some nice things now and then.

We have a council house, so no mortgage. I guess I will need to look into what benefits will help pay the rent in later years, I feel like there's no point looking now as it will probably all change before we need it.

Any pointers gratefully received.

K 

[Deleted User]

Welcome @kdalwayskint.

If you are part of a couple 2 times the state pension will give you a base retirement income of £23000 a year. (Based on post April 2024 value). This is currently index linked.

You have 15 years until 2039 so time to build for your retirement. You have a pension with your employer which is also good news. What about your partner?

Having your pots for car expenses is a good thing. Do you have pots for the other annual bills and things such as Christmas and holidays?

You also need to build up an emergency fund if you don’t already have one. Maybe aim for £1000 to start with and then increase it when you have more spare cash.

When your debt is paid off you can divert more money into retirement savings. You do have the time to make a difference to your future.

These are just my suggestions. Feel free to ignore or pull apart lol.

Best wishes.

MarzipanCrumble

Umm the couple!  

What if you are single via choice or widowhood?  So much more expensive being a single!

[Deleted User]

I am single and I don't find it so much more expensive. Fortunately my retirement income is sufficient for my needs.

Floss

[Deleted User] said:

I am single and I don't find it so much more expensive. Fortunately my retirement income is sufficient for my needs.

For those like me who worked part-time while bringing children up before the law changed in 1994, I was not legally allowed to join a pension scheme as a part-time worker. Add in a divorce before pension sharing plus an unsettled working life, and the outcome is a minimal private pension pot, poor employer provision and just one income.

Luckily I am now in a relatively good scheme but need to balance being well enough to work with being able to afford to retire.