The Senior Wonder Years!

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  • Baron_Dale
    Baron_Dale Posts: 897
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    Miserable day here today. Windy and heavy rain. Managed a trip to town this morning. Purchased a new rug for bedroom £50 (House and Garden Pot), toiletries using one of my Boots Gift Cards £21.50 and a gift card for my niece's baby shower £50 (Gifts Pot) Spent some time re-organising bedroom for new rug and then completed some housework. Updated finances and did several surveys. Was hoping to do some gardening today but weather is awful. May settle down with a good book! Also completed my daily exercises!  o:)
  • Lily8
    Lily8 Posts: 24
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    Hi Baron_Dale and all. Glad to hear you are enjoying retirement so far. I have bookmarked the thread too. You and others have helped me with pension queries and I enjoy reading the posts. Little bit about my circs. I am 61, partially retired, working 3 days weekly. OH retired earlier than expected at 60 due to a health issue. Hate to admit it on the forum but  might as well be honest. Neither of us were pension savvy ( if I knew then what I know now :) ) We both have db pensions  and although not a huge amount compared to some, we are grateful and manage. We are mortgage and debt free and have some savings behind us. Managing to add to the savings each month too. OH will receive his state pension next year and I am now trying to plan my escape as I don't really want to work till 67.  Looking forward to picking up tips.
  • Baron_Dale
    Baron_Dale Posts: 897
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    Welcome Lily8 
    Thanks for joining me! Are you able to say more about your income and expenditure? Look forward to hearing more you. Best wishes.

  • Baron_Dale
    Baron_Dale Posts: 897
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    shabbychic12
    Welcome to the thread. It must have been difficult losing your husband at such an early age. Well done for carrrying on.
    In financial terms with your pension provision, other assets and rental properties you appear to be in a strong position.



  • Albermarle
    Albermarle Posts: 21,067
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    Lily8 said:
    Hi Baron_Dale and all. Glad to hear you are enjoying retirement so far. I have bookmarked the thread too. You and others have helped me with pension queries and I enjoy reading the posts. Little bit about my circs. I am 61, partially retired, working 3 days weekly. OH retired earlier than expected at 60 due to a health issue. Hate to admit it on the forum but  might as well be honest. Neither of us were pension savvy ( if I knew then what I know now :) ) We both have db pensions  and although not a huge amount compared to some, we are grateful and manage. We are mortgage and debt free and have some savings behind us. Managing to add to the savings each month too. OH will receive his state pension next year and I am now trying to plan my escape as I don't really want to work till 67.  Looking forward to picking up tips.
    You might have neglected pensions etc but I think by going into retirement with your own home and no debts, you have a good head start.
    Maybe once the OH's state pension starts to arrive in the bank, you can reassess your position. 
    If things might be a bit tight then accurately monitoring your expenditure is important ( before and after retirement). Hopefully by next year inflation will have stabilised and you will be able to predict your future expenditure more accurately.
  • Miser1964
    Miser1964 Posts: 272
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    edited 3 August 2023 at 6:49PM
    >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)<

    My gut feel is no, the net income will be less. IMHO a 
    fixed-term annuity with a guaranteed surrender value is only worth considering you have a source of cash, maybe an ISA, and are really needing income until pension(s) start being paid at a known future date.
  • Clowance
    Clowance Posts: 1,831
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    Hi all, just felt inclined to put my far less organised finances to the group. I am getting state pension in a week, yippee! I am still working part time, mostly from home and hope to continue for a while although the job temping for nhs (admin) is insecure. I have a few small pensions already claimed for which I get £4750 before tax, in total my income is going to be nett 14300 not including any earnings. My husband is younger and still working, he will reach state pension age in 3.5 years and he is unlikely to be able to go before this as we have a mortgage taken out 3 years ago for a big extension, but we are overpaying as much as allowed on this and it should be done with in 2 more years. When he retires as best we can work out, his nett income will be £21700; making a total for both of us on todays figures of £36000 nett after full retirement at 66 and 66.5. Our expenses over the last 12 months were 38600 so some cutting back to do there! We have few savings but two kids one still living at home. We already buy quite a bit second hand, like furniture/appliances/ clothes/car (run it into ground having had it for 10-12 years on 4 year old one when bought). We will need a replacement car in 4-6 years, will use OH lump sums for that. Our spending priority is holidays, don't often eat out and hobbies not too expensive. 

    So I admire all of you with enough savings to retire early, but sadly not possible for us. 

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