The Senior Wonder Years!

[Deleted User]

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! 

Lily8

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.

[Deleted User]

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.

shabbychic12

I too have bookmarked this thread. Have just finished working at 58 was trying for 55 but things didn’t go that way. Have to be on the ball regarding finances as only myself to answer too - widowed at 50. Received a lump sum when my husband finished due to ill health and receive a proportion of his pension. Have no mortgage and own 2 rental properties which give me a steady income. I own 1 outright and the other is mortgaged but is increasing in value nicely with a plan to sell this in another 4 years. I am luckily to have what l believe is enough in savings, isa, premium bonds and stocks and shares to see me out. The age old questions for me is when is enough enough and what if and both these are personal to everyone. I just hope lm here long enough to enjoy some of it.

[Deleted User]

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

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

>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.

[Deleted User]

A busy day yesterday with a good few hours spent working on the garden.  A little shopping trip for some top ups and household miscellaneous bits and pieces. I also checked PB app and found I had won £50 in August which is a nice little extra for the Cash ISA.

Surveys have slowed somewhat. I seem to get plenty of invites but get screened out quite a bit. Maybe less demand for a non-smoking, teetotal, fairly solvent, quite healthy, home owing , southeast living retiree lol !

Talking of health I have signed up for a PSA blood test later this month and joined the Prostate National Screening Programme. I am fine, but knowing two friends who have been affected I thought I would be more proactive in checking things out. It seems similar to the Bowel Cancer Screening. I have participated in this since my mum’s illness 13 years ago, from which she made a full recovery.

I can’t make too many forward plans at the moment as waiting for day surgery date. Nothing major and recovery time should be fairly rapid. I may say more when it happens.

I have also booked a place on this winter’s flu jab programme at the pharmacy attached to my GP surgery.

Nothing notable planned today. The sun is actually shining so probably some more gardening and a forest walk later. Now for those daily exercises! 

Clowance

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. 

[Deleted User]

Hi Clowance
Thanks for posting your figures and plans. Your net retirement income looks good for a couple after tax. Are the pensions mainly Defined Benefit ones? Don’t worry too much about not having lots of savings. I don’t either, As long as you have an emergency fund of several thousand you will be fine. In time you will be in a mortgage free house and no debt. A good position compared to many. Some of your expenses will be less in retirement. Does the child living at home contribute to household expenses?
You may find it useful to sit down and over time make a detailed budget for the short, medium and long term. Include bigger item plans too. I did that and found it very reassuring. Get creating those money pots lol! See it as an adventure and challenge to be enjoyed not endured.

With a planned net income at retirement of £3000 a month at today’s values it will be fine. Take ideas from others on this thread  and How Much To Live On. Some of those posters have a good time on quite a bit less. It will be ok.
Best Wishes.