The Senior Wonder Years!

helensbiggestfan

Hi Baron.  

Hope you are feeling a bit better.  

House prices here are thankfully more realistic than the south east or the Cotswolds.  Obviously some of the really nice areas here come at a premium but generally they are very affordable. (Obviously that's relative).  Not as cheap as Wales or the north east but definitely more attractive than "down south".    

Yes there are now institutions quite happy to lend to retirees.  All you need is to have proof of income,  either pension or an established business with a minimum of 3 years accounts.  Given the aging population it is a lucrative market. Businesses are finally waking up to the attractions of the Grey £.......including financial institutions.  There are some high street lenders in the market but the better deals are through a broker.   Your income should be fine.  

I am not borrowing much, I only use my pension incomes as a baseline, I don't count any monies earned from any of my little sideline businesses.  I will probably be mortgage neutral, ie having a similar amount in savings to the capital I borrow.  I don't want to use all my capital on a house purchase, I want to keep a nice cushion.  I just like to have my cake and eat it.  😂. Interest rates are pretty good at the moment, even on instant access savings.   

What type of house??   Well I'm a sucker for period properties, but having done two complete restoration projects in the last few years I have decided to not go down the period route this time.  Not brand new but something that is relatively modern and that just needs a light touch refurb, that is well insulated with a few mod cons. About a  10 mile radius from the city centre and near a small market town for daily needs.  

Although my pension income is actually rather small cash flow isn't too much of an issue.  I have no debts. I did very well on my last project and made a nice healthy profit. It's sitting in various accounts earning a decent bit of interest.  

However, I don't want to take on anything as big this time.  Once I've moved I want to rekindle my antiques and vintage clothing business and then also have a look round for other business opportunities.  No idea what yet. 😂.  Just keeping an open mind.   

[Deleted User]

@helensbiggestfan, many thanks for your detailed and encouraging response. My teachers pension and state pension are of course government backed and index linked so I should be fine if I decide to take that path.

I have managed to complete my exercise routine and make myself presentable lol! Hopefully worst over in a couple of days. Will not swim tomorrow but keen to return to the pool on Friday.

helensbiggestfan

No problem.  My pleasure.  

Yes, best to avoid swimming until your cold is cleared.   I haven't done my exercises yet, currently changing the beds and having a laundry day and kitchen blitz.  Had a cortisone injection in my knee the other day, chiropractor tomorrow and hopefully the final part of my dental implants later this week or early next,  the lab keeps making mistakes with the bridgework so a bit behind schedule.  

Phew,!!   Once that little lot is out of the way I shall start house viewings,  I am aiming to be moved by the end of this year.   🤞.  

collins74

Hi @[Deleted User] so in the LGPS you can take up to 25% of the value of your pension as a TFLS   I am not an expert but the calculation is something like - pension at retirement age x 20/3 less any automatic lump sum.  It changes each year as the cost of living increases are applied.

 I have a spreadsheet that works it out.  I will max out the AVC rather than do the commutation of 1 to 12 as I won’t be able to retire on the reduced income.  If your AVC exceeds the max TFLS then you can buy more pension with the residue from the scheme which may get me another year or so of income from the scheme.  

This feature is unique to LG in the public sector and my wife cannot do this with her teachers scheme AVC.

In terms of putting a lot in well we haven’t always, some months it’s just £50 other months it’s been as high as £2200 if we had a backdated pay award.  The Covid months meant we had more money in 2020 so I upped the contributions then.

I have a really old car that is well looked after and don’t do a lot other than football and stuff with family.  That said we do things spontaneously so we have some wiggle room within the budget.  My wife’s salary also means I can contribute this much too.  We look on these pots as joint pots and if anything happens to either one of us then they will be paid out to the surviving partner.

If we had saved this in cash we would have spent some of it on holidays and/or a new car.  Just hope my car can keep going for five years or so at least.  

Thanks 

Humboldt

Morning @[Deleted User] just popping by to share that your holiday plans motivated me to book a winter sun holiday for next year. A bit of sunshine in the depths of winter feels like a real luxury. Like you we got what we thought was a good deal on a balcony cabin. We only had to pay a 10% deposit (so the savings can continue to gather a little more interest), plus we received an excellent amount of onboard spend.  So nice to plan new adventures. 

Hope that you are feeling better soon. 

[Deleted User]

I am feeling back to normal now after being unwell last week. I resumed swimming yesterday and plan to go twice more this week.

I collected the car this morning after its MOT and annual service. Unfortunately some repairs were required that warranted an overnight stay at the garage. The bill was twice what had been budgeted! Fortunately, I was able to juggle the annual bills account and I paid it in full without having to dip too much into savings. Most of the repairs were mainly replacements for wear and tear. There shouldn't be anything major next year. I am looking at replacing the car with a newer (not new) model towards the end of next year.

The good news is that the car service and MOT is the last major annual bill of the year.

Weather continues to be up and down so little progress made with outside jobs in preparation for Spring/Summer.

I also had the letter asking me to apply for my state pension, which I have done. Very quick and efficient online. It can't have taken more than 2 minutes!

Rich1976

[Deleted User] said:

I am feeling back to normal now after being unwell last week. I resumed swimming yesterday and plan to go twice more this week.

I collected the car this morning after its MOT and annual service. Unfortunately some repairs were required that warranted an overnight stay at the garage. The bill was twice what had been budgeted! Fortunately, I was able to juggle the annual bills account and I paid it in full without having to dip too much into savings. Most of the repairs were mainly replacements for wear and tear. There shouldn't be anything major next year. I am looking at replacing the car with a newer (not new) model towards the end of next year.

The good news is that the car service and MOT is the last major annual bill of the year.

Weather continues to be up and down so little progress made with outside jobs in preparation for Spring/Summer.

I also had the letter asking me to apply for my state pension, which I have done. Very quick and efficient online. It can't have taken more than 2 minutes!

Cars are a bottomless pit for money it would seem. Ours is almost 10 years old and required about £1000 worth of work in each of the last 2 years that the garage found when doing the service . Sometimes I do wonder if they find things!

we now budget about £1200 to cover such things but it’s anyone’s guess if that is accurate.

collins74

Good to have your latest update @[Deleted User].

 I have just put my car on a service plan it’s close to 20 years old and I go to the main dealer which costs more but uses decent parts it’s £17 per month for the next three years.  Dreading this years MOT as think it may need new brake pads and discs.  Only do 5k per year so may be ok

Like you can’t wait to get out and sort the garden but it’s damp and cold.  Hopefully the coming Easter break will give me a chance to do this.  

Looking forward to the next update. 

Savvy_Sue

[Deleted User] said:

I also had the letter asking me to apply for my state pension, which I have done. Very quick and efficient online. It can't have taken more than 2 minutes!

Don't forget your bus pass, which needs to be applied for via the local authority! Even if you don't feel your local services are reliable, it can be handy on holiday. 

[Deleted User]

Savvy_Sue said:

[Deleted User] said:

I also had the letter asking me to apply for my state pension, which I have done. Very quick and efficient online. It can't have taken more than 2 minutes!

Don't forget your bus pass, which needs to be applied for via the local authority! Even if you don't feel your local services are reliable, it can be handy on holiday. 

 I haven't been on a bus in years lol. I'll stick to my car for now. Thanks for the reminder though.