The Senior Wonder Years!

Scott_Chegg_

I too have bookmarked your thread. I enjoy your posts and find them very easy to read.

Baron_Dale

Welcome Scott_Chegg_ Thanks for coming along. Have you any plans to share too?

Skint_yet_Again

Hope your hand recovers quickly. You have made me think, as I don’t have a first aid kit. I think I have some plasters somewhere in the house. Perhaps I should get a few other supplies and keep them together in a place I will remember! 

I sent an email to my pension company on 16 May asking for a forecast on pension 2 if I took it a few years earlier at 65 instead of 67. They finally replied a few days ago 

“To estimate your Pension you should use your most recent Deferred Annual Benefit Statement, which I have requested for you under separate cover, we will issue one within 40 working days.

This statement provides figures of the pension, including any Pension Increases, which is payable at your normal pension age. 

If you wish to take your pension early, you can use the figures provided on your statement alongside the ‘Actuarially Reduced Pension Buy-out calculator’ on the Pension Scheme website.”

So I guess I will have to wait up to 40 working days! 

Otherwise pension 1 is due at 60 (5 years) with lump sum, pension 2 and state pension at 67 (12 years time unless they increase it to 68 in next 2 years) 

I'm not looking to work again which is a lifestyle choice for me, living off £10k a year until 67 (or 68 if state pension age increases)

Daffodil1234

Thanks @Baron_Dale for the new thread - I enjoy reading your updates and they are very useful.

Re the housing question - I'd agree with the previous poster who suggested a bungalow as an option.  While I think bungalows are quite pricey for the money, still, having no stairs is a big advantage.  The other option perhaps to consider would be to buy a house but ensure that it's one where a stair lift could be easily fitted, and one that could have a room downstairs as a bathroom if needed.

Scott_Chegg_

Baron_Dale said:

Welcome Scott_Chegg_ Thanks for coming along. Have you any plans to share too?

I can certainly share my plans as they are now. I'm 55 next month married with 2 adult children. My wife and I have a joint plan. We are somewhat fortunate that we both have 2 x DB pensions each and have both already paid enough NI to ensure the maximum state pension at 67. My wife is 2 1/2 years younger.

We are both loading the AVCs at the moment to give us both some DC pensions. We have £30K in savings too. Regarding mortgage we got a 10 year fix back in Dec 2015 and so will finish the mortgage in 29 months (not that I'm counting )  We currently have no plans to move and have been in this house for 21 years

We are cautious spenders, like a lot of people if they frequent this site. I track all my personal spending and transfer one lump of cash to a joint account on payday to cover all bills etc. We have a very minimal spend at the moment but we do enjoy holidays/days out etc. we just don't spend for the sake of it. We usually take flasks/packed lunches etc on day trips. 

My DC AVC pot is currently around £90K. My wife's is around £10K. We are currently salary sacrificing on average around 25% of salaries into AVCs  with the plan to load up my wife's more quickly to catch up.

Regarding "the number" - my rough plan is to have £16,760 each as income and retire around 62 (my wife being 60) and so pay no income tax. We may switch from AVCs to ISAs at some point too and build up more tax free savings.

I will fine tune the plan at some point to show the phasing in of when the DB pensions will start and then try and fill in the income gaps between potential retirement at 62 and the DBs starting and then the SP at 67

Hope this gives some background. Anything else just ask  

Baron_Dale

Scott_Chegg_Many thnaks for your informative post.

Scott_Chegg_

Daffodil1234 said:

.  While I think bungalows are quite pricey for the money, still, having no stairs is a big advantage. 

The one thing my parents say about stairs is that they keep you fit.
My mother in law has a stairlift fitted but she tries not to use it, preferring to get some exercise by taking the stairs.
The funny thing is, I am quite often over her house when she puts the ironing on the stairlift and sends it up the stairs to the airing cupboard. Saves her carrying it 

Makingabobor2

Scott_Chegg_ said:

Daffodil1234 said:

.  While I think bungalows are quite pricey for the money, still, having no stairs is a big advantage. 

The one thing my parents say about stairs is that they keep you fit.
My mother in law has a stairlift fitted but she tries not to use it, preferring to get some exercise by taking the stairs.
The funny thing is, I am quite often over her house when she puts the ironing on the stairlift and sends it up the stairs to the airing cupboard. Saves her carrying it 

My dad does that...although TBH, he can't get up stairs without the lift at all now

Clowance

Just a point on the stairlifts, my uncle failed to move to more sensible accomodation when he was young enough and eventually needed a stairlift. He continue to use the suicidally steep stairs in his house as long as possible but finally gave in. However the stairlift was somewhat unreliable, and the company would take 2 or 3 days to turn up to fix it. There were occasions when he had to crawl upstairs to bed at the age of 100! My point being, that a bungalow or the ability to move downstairs to live would be a better decision.

jackieblack

Scott_Chegg_ said:

Daffodil1234 said:

.  While I think bungalows are quite pricey for the money, still, having no stairs is a big advantage. 

The one thing my parents say about stairs is that they keep you fit.
My mother in law has a stairlift fitted but she tries not to use it, preferring to get some exercise by taking the stairs.
The funny thing is, I am quite often over her house when she puts the ironing on the stairlift and sends it up the stairs to the airing cupboard. Saves her carrying it 

My parents also do this 😁
They originally got their stairlift after Dad had a couple of stumbles on the stairs (luckily going up, as he fell forwards) but unexpectedly it proved to be essential for Mum while she recovered after a couple of hospital stays/surgery. (They only have the one bathroom which is upstairs and nowhere suitable for a downstairs toilet to be installed.)