The Senior Wonder Years!

Savvy_Sue

Dizee123 said:

On a passing whim we visited Shepton Mallet prison.
3 hours later we agreed that it was one of the most fascinating places we had visited in a while.  Lots of information on all the various aspects of prison life throughout the ages, an actual place where they carried out capital punishment, a spell as a military prison......not to mention the photo opportunities of peering through bars and being in cells!.

If you (or others) find yourself in the vicinity, I can also recommend Dartmoor Prison Museum. When we visited (some years ago now) they were even selling memorabilia, like cell doors! 

[Deleted User]

I have had my state pension figures through based on 46 years NI contributions to April 2023. I will top up the 2023/2024 year as as soon as I am able to do so. I will receive a one off payment of £519 at the end of July and £856 every 4 weeks from 28th August. Once my final NI year is topped up, that will increase to about £882 every 4 weeks.

I am very happy with this outcome considering I was contracted out for most of my working life to 2015. I am also please I worked for those few years part-time after taking by teacher's pension which enabled me to pay several years worth through my salary.

I will draw up a new budget and savings plan to take effect from August 2024.

helensbiggestfan

Hi Baron, your state pension sounds pretty good, similar to mine.  Now that the new financial year has kicked in mine is now £867.36, every four weeks. A small private pension takes me up to £15500 pa pre tax.  

The "house money" is currently scattered across several accounts paying between 4.6% and 5.6% - easy access because I am now actively house hunting so don't want to tie my money up.  The interest I receive covers my rent.  

After reading about people's food budgets, out of interest I looked at my mine for the last year.  It averages around £200/250 a month. Its just me but I do entertain regularly.  That includes wine,  flowers, cleaning materials, some toiletries,  and misc bits and bobs such as dry cleaning etc. I could reduce it if push came to shove but I am comfortable with that. 

I haven't earned much on my vintage clothing and bric a brac sideline business this year, that's on the back burner for now.  I intend to ramp that up again after I've moved. 

Aiming to move this year. Just need to find "the one"......

badmemory

I must confess to not wanting to "do without" unless it is a financial necessity.  I am also trying not to use my savings as my DS has some problems & I don't want to see him on the bread line when I am gone.  I am not going to sit here getting really stiff because I am cold though.  I am thinking of solar panels, but thinking is as far as I have got.  I am awaiting the better weather when I can bump into a neighbour who had them installed before the winter & see what they think of them. This is not known as the sunniest place in the UK.  

I did defer my state pension for a few years & when I retired I realised that my income was higher than when I was working for the last few years.  A great position to be in.  I think the recommended amount below working income is alright for some but it would certainly not have been for me.  We all need to figure out our own "I can quit now" figure.  Some figures go down but we also need to remember that some also go up.  I can still potter in the garden but mowing the lawn is & has been for some years not going to happen.  I suppose if you are one of a couple then often one continues to be able to do certain stuff & the other can do other things. But when there is just you, some things you get someone to do or it doesn't get done.

Sorry for the "essay".  So hello from the champion procrastinator.

[Deleted User]

@badmemory . Thank you for your post. Your approach makes perfect sense to me.

uralmaid

@[Deleted User] - are you saying that some of us who are fortunate enough to have a larger pension shouldn't post in case we upset anyone who has a lesser income?  I for one still have to be judicious about what our pensions are spent on, as do you yourself,  but don't feel the need to not join in conversations if it a topic I am interested in.  Everyone has their own priorities as to what they spend their money on whatever income they have and so long as they live within their means it shouldn't be an issue.  

Muddy_Walker

I’m another who enjoy your posts! I thoroughly enjoy them and when I have ventured to the pension or savings boards it has taken me a long time to find a simple answer to any questions I had.
i can also see that there are those who don’t realise how well they are doing - and also a hint of entitlement and defensiveness. 
yet there are others who are struggling for real who could do with the help in plain English.
The press does not help with doom and gloom for click bait scaring Mr and Mrs Jo Average and it adds to the stress of trying to make sense of retirement. Then there are tales of care costs as though it is a definite that the majority of elderly will end up in care…..I know plenty of older people who are fitter and healthier than most people I know!

Anyway this is a rambling post to say please don’t go 😊

[Deleted User]

uralmaid said:

@[Deleted User] - are you saying that some of us who are fortunate enough to have a larger pension shouldn't post in case we upset anyone who has a lesser income?  I for one still have to be judicious about what our pensions are spent on, as do you yourself,  but don't feel the need to not join in conversations if it a topic I am interested in.  Everyone has their own priorities as to what they spend their money on whatever income they have and so long as they live within their means it shouldn't be an issue.  

I have not said that at all. I was making general observations about how I believe the other thread had drifted away from its original theme. I have therefore decided to step down from that thread. What others say or do is entirely up to them.
My thread here is a personal one and people can contribute or not. Once again, It is entirely up to them.

[Deleted User]

@Muddy_Walker, many thanks for your comments.

[Deleted User]

I have just started to work on my budget from August 2024, the first month in which I receive my first 4 weekly state pension amount. I am working on a budget that will include everything out of my income plus allowing me to add some to savings rather than dip into them.

The one area I need to work on is travel. I want this to include a few short stays within the UK and two or three trips abroad of varying length. I do not plan anymore to go away at weekends or during school holiday periods. This helps to cut costs.

I also have to factor in the cost of the return ferry fare for the beginning and end of each trip which can vary from £90 to £170! This can be cut sometimes if I travel very late or in the early hours. However, this is not always possible or desirable! There are occasional offers but they are not always that generous.

I have started with a figure of £5500. I will now try to break this amount down into various trips.