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Everyday Ordinary Man Approaching Full Retirement at 59. - Page 47

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Everyday Ordinary Man Approaching Full Retirement at 59.

edited 19 November 2016 at 9:00PM in Over 50s Money Saving
465 replies 159.4K views
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  • PreciselymePreciselyme Forumite
    4 posts
    First Post
    MoneySaving Newbie
    When I retired I put my pot into ISAs and a SIPP. The state pension is not much and annuities are a joke and IFAs come in all sorts of guises so I try and make my money work as best I can. One major shareholding I had (Versarien on AIM) recently took a big tumble. It was not because of company problems but is a share that is expected to perform in the future. Where fundamentals like earnings are not reflected in the price, people known as shorters decide they can make some money by shorting the share. They borrow shares in the company with a promise to pay for them in due course. They immediately sell them even though they do not yet own them. At the same time they spread doom and gloom around the various discussion forums. With the selling, the shares take a dip. Coupled with seeing doom and gloom posts, the ordinary investor gets worried and sells out of fear thinking something has happened. This additional selling may trigger stop losses whereby shares of other holders are automatically sold. Once this has happened, the shorters then pay for their shares at a much lower price. Since they already sold before buying, they now pocket the difference of the initial value to the cheaper sold value. This has just legally mugged ordinary shareholders. Unethical ?. Yes and countries such as Germany, France, Spain, Italy and many more have made this practice illegal. The UK allow this. A petition has been started to get the UK to stop this practice. Please sign if you agree and pass to others who may not have read this. I am just an ordinary small investor. hxxps://petition.parliament.uk/petitions/242399 (Copy and paste the url and change xx to tt)
  • SystemSystem
    177.8K posts
    10,000 Posts Name Dropper
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    Just an update from me. Just checked state pension forecast. Now up to about £143 a week with another 5 years to go to try and reach just over £167. Owing to being contracted out for so many years they say my maximum will be £167.97. Only 63p short of absolute maximum so I will cope! Returning to work enabled 2018/2019 to count as full NI Year without additional contributions. When I stop working I will pay voluntary contributions to reach my maximum!

    One teaching contract finishes in June and the other at the end of August. In my former school head has already asked me about next year which is encouraging. I have requested some part-time days and will see what happens. Great knowing that if offered it's a bonus but not essential to maintain lifestyle.

    Really worth paying into new teacher's pension. In one year I have accrued another £500 per year index linked for life payable from age 66. It all adds up!

    Recent calculations show me on course to have guaranteed pension income of nearly £28000 from age 66.All this will be index linked. Am pleased with that! Really worth sticking with my career and making sure I keep up those NI payments.

    Will review work options in September 2020. Considering just invigilating from then on. Have done a spreadsheet until 2024. Should be able to do most things I want up until then using teachers pension, invigilation money and dipping into savings. The latter are not extensive but sufficient and there for the ages 62 to 66! After 66 with state pension and extra teachers pension things will be very comfortable.

    Still saving a certain amount every month to cover Christmas and annual bills. This reduces monthly DDs considerably and keeps costs down. Also drip feed £100 into low risk S&S ISA monthly. This is doing well at the moment.

    Hope everyone is well. Would appreciate comments on my plans and updates on yours!
  • crv1963crv1963 Forumite
    1.3K posts
    Sixth Anniversary 1,000 Posts Name Dropper
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    Your plans sound good.

    I am working additional 3 years- 8 months into it- to get the maximum possible NHS pension of 45/80 ths. I have returned to shift work as the shift allowances are also pensionable and I am enjoying days off during the week. As an effect of working the additional three years I also pay enough NI years to get full SP.

    We're saving into a SIPP for Mrs CRV, to boost her pot. This is planned to be able to be drawn down to zero 57-67 when SP kicks in.

    Good to hear your news and plans Paul!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
  • bournefreebournefree Forumite
    118 posts
    Good to hear from you Paul. My TP works out at 26K and I am paying in class 3 voluntary contributions until I reach State Pension age. I should then have around 34K in total. Any additional work is a bonus.
    MFW #59 2017 target met, now mortgage free! :starmod::j
  • KatiehoundKatiehound Forumite
    5.4K posts
    Part of the Furniture 1,000 Posts Combo Breaker Rampant Recycler
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    Glad to hear you are happy working!
    However just to say if you have any exotic/far flung etc places on your bucket list don't wait to save the money! Reason I say that is I have been to India ( Golden triangle +) this year and really really wish I had been years ago when climbing stairs etc were a good deal easier than with my 2 replacement knees and I had more stamina!
    So earn the money- yes, but enjoy spending some of it . (No pockets in shrouds!)
    Being polite and pleasant doesn't cost anything!
    If you found my posting helpful please hit the "Thanks" button!
    Many thanks


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