The Senior Wonder Years!

[Deleted User]

I attended a lovely wedding yesterday with family and friends. I also met several of my former students. One of them nearly reduced me to tears by saying, ‘Sir without you I wouldn’t be enjoying the life I am today’. Moments like that are priceless and worth all the hours of hard work we put in over the years. To have made just a little bit of a difference does make you cast aside all those negative moments.

[Deleted User]

Welcome @Tastiger and @Lindlou. Looking to hearing more of plans and progress too.

Organgrinder

[Deleted User] said:

I attended a lovely wedding yesterday with family and friends. I also met several of my former students. One of them nearly reduced me to tears by saying, ‘Sir without you I wouldn’t be enjoying the life I am today’. Moments like that are priceless and worth all the hours of hard work we put in over the years. To have made just a little bit of a difference does make you cast aside all those negative moments.

I must confess I was reduced to tears by the cards I received from the students and comments from parents when I left this year. In secondary you don't really expect it.

But I am really looking forward to an extra day off a week. And to next years travels.

I'm going to go a language class on my day off. I'm fairly fluent but want to improve.

On the travel side, I'm off to Borovets over the new year and at Easter we're going to Egypt. Not sure about the summer yet but we're planning a week away somewhere.

Starting in a new school is a little daunting but at the same time exciting, knowing that retirement plans are not only coming to fruition but leave us well placed financially.

Over the past two years we've replaced the kitchen, both bathrooms, the lounge and the main car. We are far from rich and neither of us has expensive tastes. I guess i like to get good value when spending.

It's so good to see people in a similar position breaking the myths surrounding retirement and the income levels needed.

Albermarle

If the OP's elderly mother was to be in receipt of higher rate mobility allowance then he may be able to lease a vehicle via the Motability Scheme at potentially attractive rates

I think to be correct she would be able to use the Motability scheme ( not him). He could be the nominated driver, but in theory at least he should only ever use the car for her benefit. Such as driving her around, going to the shops for her etc. Obviously practically it would be quite difficult for anyone to monitor, and there are some grey areas, but ethically at least it would not be right to go off on holiday for two weeks in the car without taking her.

In case people do not know there is a disability forum where these kind of things ( including stairlifts ) are discussed.

Disability money matters — MoneySavingExpert Forum

[Deleted User]

Thanks @Albermarle for the comment but our situation is not one for the Motability scheme.

luvchocolate

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 exactly the same always said stairs are good exercise and used the stair lift for shopping 

Savvy_Sue

Miser1964 said:

After taking early retirement, I'm also looking at additional income for a few years until the State Pension becomes payable. Something I'm investigating is a fixed-term annuity with a guaranteed surrender value; these are available to cover periods of 2 to 25 years. As the name suggests, by putting in £x up-front you know how much you'll get each month and what %tage of £x you'll get back (50% to 75% seems common) at the end of the period.

That's been suggested to us as well: I've had SP for a year but only retired at the end of May; DH started SP this summer but has been 'semi-retired' for several years. He's better off pension-wise as well, and we've used up one of his small pension pots already. The suggestion is that my two small pots (part-time working, limited number of years) could provide a lump sum that we need for some work on the house, and then give a useful topup to the pensions. 

Just waiting to see some figures! 

Albermarle

After taking early retirement, I'm also looking at additional income for a few years until the State Pension becomes payable. Something I'm investigating is a fixed-term annuity with a guaranteed surrender value; these are available to cover periods of 2 to 25 years. As the name suggests, by putting in £x up-front you know how much you'll get each month and what %tage of £x you'll get back (50% to 75% seems common) at the end of the period

Would you buy this annuity from a DC pension pot with the 25% tax free already taken? ( which is the normal way to set up an annuity)  If so do you know when you get the 50%/75% back after the end of the fixed term, do you know what form it is in ? Is it just a straight cash payment? I wonder if there are any tax implications.

If you buy the annuity from non pension money, I believe these are a bit few and far between and tend to pay less.

[Deleted User]

After one month of full retirement and receiving just my teacher’s pension as well as my small annuity, here is my financial round up for the month of July.

My current account started the month with £1213.66 and ended it with £1203.72. Total income was £1656.42. A total of £1666.36 passed through the account either being spent or as I put it ‘sent’. (To other accounts(and pots) or savings or my S&S ISA).

I spent a total £1230.36 including £109 from the clothing pot and £180 from the annuals pot. An extra £25 was sent to the Cash ISA today. £200 was added to the S&S ISA.

Savings and Investments increased by a total of £491.

I won £20 on the National Lottery which will mean I will not have to add any money to my online account until October (and not even then if I have some more wins! ) My BT bill came in £13 under budget. Personal spends total was £227.29. Although the miscellaneous part of personal spends was over budget, I had an underspend in other categories of £90 so I kept within the personal spends budget.

I joined three online survey sites in July and started completing surveys about 7days ago. I have made just under £18 in the first week( I have not yet redeemed this amount) which is above expectations and probably will not be sustained. I originally thought I would aim to make £200 a year in cash and vouchers but have now changed my target to £500 which may still be an under-estimate. However, I see the surveys as a stress free add on and not an essential daily chore.

I also received £240 of vouchers for my birthday. I will be using them for toiletries and clothes in the next few months. I spent £23.24 of their value leaving me with £216.76 worth.

In future months my Travel Pot will go down as I plan to get out and about more as will by voluntary NI Pot which I plan to pay out in September.

So, all in all not a bad start. Let us now see what August brings! Hopefully I can keep my records up to date!

Skint_yet_Again

Numbers are looking good for month 1. Well done on survey earnings too. It’s nice that your family gifted you vouchers that you can use on nice toiletries and clothes. At least you can get things you like.