Everyday Ordinary Man Approaching Full Retirement at 59.

Katiehound · 22 November 2016 at 1:36PM

Later thoughts!
As you say you are an M&S man, M&S Bank have had 2 switching offers this year: basically switch an a/c with 2 x DDs (easy to create those) I got £100 on an M&S giftcard and then £10 per month for a year. So, £220 donation to my fund!! Also access to a regular saver earning ? 5%?
I am not a huge M&S fan- 15 miles away and don't like their clothes but I have filled my freezer, for free.

you don't need to switch the account that you like, just set up another basic a/c and give that the heave ho.

System · 23 November 2016 at 10:16PM

Katiehound many thanks for the information. However still sticking with accounts I have currently. All my savings are keeping up with inflation at the moment and as I said earlier I intend to leave my S&S ISA for at least 8 years although I may add to it occasionally.
Had a little luck on the Premium Bonds this month with a £25 win.
Also a few pounds on Thunderball!!
A non-working day tomorrow so a pleasant walk in the forest with the dogs ahead and some shopping. Need to do some A Level marking too. But life is good!

System · 3 December 2016 at 11:25PM

Been over a week since I updated. Apologies for this but been rather busy with work and Christmas preparations. Spent today marking mock examination papers, just another 40 to go! Although only working part-time all my groups are examination groups. Well if all goes according to plan will be free by June 30th.
Doing quite well with the Christmas shopping as I have kept within budget. No use of credit card or savings so quite pleased with myself. One final gift to purchase tomorrow and then finished!
Been thinking a little about travel plans over next couple of years. Definitely going to do the Toronto-Vancouver train journey through the Rockies. Also would like to visit New Zealand. A few months in Cyprus is also in the plan.
We have accepted a quote for the front drive and work will take place next March. The other upgrade planned for 2017 is a new kitchen.
Not enjoying the cold weather although had some lovely walks with the dogs in the forest and nearby fields with clear blue skies.
Added another £500 to regular saver on pay day. Not expecting to save much more this month with Christmas approaching.
Hope everyone is keeping well.

Newly_retired · 4 December 2016 at 10:28AM

You could maybe continue to do exam board marking after retirement if you like. It would pay for a short break holiday. Or invigilation, if you can bear it. As a retired teacher myself, I do neither!

luxor4t · 4 December 2016 at 11:11PM

Newly_retired wrote: »

You could maybe continue to do exam board marking after retirement if you like. It would pay for a short break holiday. Or invigilation, if you can bear it. As a retired teacher myself, I do neither!

I do both...:rotfl:

If you mark for an exam board and want to add to your state retirement pension you can choose to pay voluntary class 2 (self employed) national insurance contributions - https://www.gov.uk/voluntary-national-insurance-contributions/who-can-pay-voluntary-contributions.

The HMRC don't act very quickly though: they have had my application for a couple of months but so far I have only been asked to pay for one of the 2 backdated years and have heard nothing since!

fatbeetle · 7 December 2016 at 6:38AM

Paul,

I'm in a "similar but different" phase of life to you. I plan to retire, back in Blighty, in Feb 2018, at age 59. To save me typing it all again, I'll cut and paste my situation from other threads, (and update the stats while I'm at it.)

(I will be 59 my wife 54 when this happens, we currently live in Australia.)

We have sufficient cash in my superannuation to give us £25,000 a year to live on for 9 years, or £25,000 a year for 7 years, plus £58,000 to spend on doing up our house, and buying a UK car etc.

I will take my super as a lump sum, invest half of it in long term high interest accounts.

With the rest of the money in short-term, easy-access, saving accounts, we will move back to Cornwall, (mortgage free house there.) If we can survive on my superannuation lump sum until the wife hits 59, (in 5 years time,) then her superannuation will kick in.

This is a substantial size, and will pay the equivalent of £35,000 + pa.

When this kicks in we can live happily on that. (plus I will take my NHS pension at 60 giving us an extra £3463.00 pa, plus I get a UK pension at 66.)

(All figures based on an exchange rate of $1.00 Au = 58p, today's rate.)

Since I've been over here the $ Au has been as low as 32p and as high as 68p, so we're budgeting/banking/praying of it averaging 50 p over the next years.

Newly_retired · 7 December 2016 at 9:38AM

Fat beetle, I am wondering if you need to take the whole of your superman as a lump sum? Maybe it is because you are going to leave the country which pays it? If it is possible, might it not be better to just take enough for your immediate needs and draw the rest as a pension?

Just to update you on the savings scene here in the Uk. There are no longer any decent high interest savings accounts. The rates are pathetic. As you can read elsewhere on this site, the best accounts are current accounts, but only for relatively small sums, and regular savers I.e. Monthly payments, which mostly mature after a year. And who knows how things will be in a couple of years?

fatbeetle · 7 December 2016 at 9:52AM

Very kind of you to share those thoughts NR. I have to draw the lump sum down when I am an Aussie resident, otherwise I'll pay 35% tax on it, (as opposed to a nominal tax on the first $200,000. as a resident.)

I'll invest the bulk of it in high interest savings accounts here in Aus, some long term, others instant access. I'll use "transferwise" or another such facility to transfer living expense to the UK when needed, or when the exchange rate is in my favour.

Any more thoughts you may have would be most welcomed, thanks again.

P933alilli · 10 December 2016 at 9:49AM

Hi, I retired in January at 54, I was 55 in October. Had a small business and sold up. I have about £178,000 in savings and that's it. £163k of it bringing back about £3015 in interest from a fixed rate isa, fixed rate bond and Santander's 123 current account. The other 15k is there to dip into when I feel like it. Im living with my elderly mother and look after her with her mobility issues; I get £62 carer's allowance per wk. Lastly I have about £19,300 in a private pension which im going to start paying into again for the tax relief and also its been growing at about 4.7% per year on average......although its down to about 2.5% this year. I don't know if im doing the right thing but im considering leaving the pension to grow ,as an investment, until about 62 then taking it in lump sums which fall below my personal allowance to avoid as much tax as possible! Obviously finishing work so young means im taking a chance. The bungalow is payed for and is registered equally between the two of us.

System · 10 December 2016 at 11:24AM

Collyflower1
I am sure that with careful planning you will be fine. In addition you have freedom and piece of mind. Spending quality time with your mother is another bonus which you will not regret. Your post also encourages me. You don't need a fortune to enjoy retirement, just common sense. To me the most important thing is 'time' and even with a huge pension pot you can't buy more of that. Look forward to hearing from you again.

Everyday Ordinary Man Approaching Full Retirement at 59.

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