Everyday Ordinary Man Approaching Full Retirement at 59.

WeeMidgie · 28 August 2018 at 8:00PM

Hi Paul and Co, I last updated in February, and since then I've achieved my aim of moving to a nearby town closer to friends and facilities. I have a tiny pension (and have been living on savings) until state pension age in Nov 2019, but when working I had saved like crazy, sufficient to buy a one bedroom retirement flat in May this year, and have kept and now rented out my house, which gives much needed income in the meantime. I still won't be a taxpayer, but I'll be solvent, and I'll be able to conserve what's left of my savings instead of watching them sink month by month.

I love the flat, it was very good value for money and needed a small amount of renovation but nothing major. I'm within walking distance of everything I need, so I'm fitter, and my petrol consumption has plummeted. I've just been away for a short break, and it was very nice to come back and feel so at home.

I'm still very glad not to be working. It was a considerable effort to downsize and settle in whilst also preparing the house for rental. I wouldn't like to be doing that any later in life (I have a long term condition with fatigue issues). I'm continuing with my existing U3A activities, and letting the dust settle for a few months. Life certainly feels very good. I feel I've made the best solution I can out of the necessity of early retirement on health grounds.

bournefree · 15 December 2018 at 10:38AM

Quick update, Hope you are all well. have had several interviews for interesting and local low-paid jobs but no joy. I reckon the elephant in the room is when they work out you are nearly 60 they 'factor that in' to their official decision. My Teacher's Pension lump sum should kick in in January (I'm currently planning a special weekend in London) and the pension the following month. How are you getting on Paul?

sukysue · 15 December 2018 at 8:00PM

bournefree have a very happy Christmas and New Year , we are currently looking after my parents full time , we could not have worked now if we wanted to. The decision to take early retirement was totally the right one given our circumstances, when faced with the prospect of losing both your elderly parents in the not so distant future, things like money really are not important at all . I hope you get that job you are after , take care .

Katiehound · 15 December 2018 at 10:16PM

Best wishes to everyone who has posted on here in the past.
Hope you have either retired and are enjoying it, or have decided that work is still calling you..
..
Whatever, have a happy, peaceful and enjoyable Christmas, and may 2019 bring you more fun and whatever you wish for yourself.:xmastree:

System · 16 December 2018 at 10:03AM

Just a little update from me. I gave been enjoying my 0.26 contract. In fact from January I have been offered another one at my former school which I have accepted. So for the next few months I will be nearly full time again. I know some will think I'm crazy but I'm looking forward to it. Have also been invigilating at my former school. In fact it was while doing this I realised I still wanted to teach there!
Financially it makes sense as I will be bringing home more than I have ever done! Not obsessed with money but it will help boost savings, after purchasing an updated car and carrying out house maintenance.
Looking forward to September when say a reduction to say 0.5 would be great for a couple of years. I shall see how it goes. The great thing is that I can be flexible and nothing is permanent.
Still waiting for my tiny LGPS pension to be transferred into my new teaching pension which will make much better use of it. If I work as planned for a couple more years I could have an additional £1500 a year teacher's pension. I have also paid a relatively small NI Voluntary contribution to ensure 2017/2018 was another full year for pension purposes! Just need 6 more to make that full pension at 66! I will have paid in for 47 years! Necessary to overcome impact of being contracted out for so many years!
So now estimating (using 2018 figures) a total pension income of about £28000pa from age 66. Thus will do nicely and to be honest quite pleased I have sorted myself out. A few years ago I would never gave thought this possible. Working another 3 or 4 more years will have been worth it. It has given me peace of mind and security. Each to his own I guess.
Luckily with teaching and not being full time I will still have opportunities to do other things and travel. I know others manage on far less and I admire them for doing so.
Sorry if I seem over concerned with finances but this is MSE after all! I also feel so positive about having sorted them, hopefully for years ahead!
Wishing everyone a Happy and Peaceful Christmas!

bournefree · 3 March 2019 at 9:49AM

Hi excelpaul and everyone else! Well the New Year came and the Teachers Pension lump sum duly arrived on time. A month later and my first pension Payslip arrived, the amount actually as expected. It is nice that they call it a payslip, it reminds us that we have worked and paid in for it. No joy on the job front as yet and it may be that I am considered too old / too qualified etc. for the lower paying jobs I was looking for. Like Paul, I'm arranging to pay in the Class 3 voluntary contributions from now on to make up for having been contracted out of SERPS for so long - if I do so it will mean £30 a week more in due course, so is a no-brainer!

crv1963 · 3 March 2019 at 10:49AM

Hi Bournefree,

Enjoy, another 2 to 3 years for us!

CRV

System · 3 March 2019 at 5:45PM

Dear all
I am fine if rather tired! Going back to almost full time has been a little challenging. The students have been generally settled but at times it hasn't been easy! Just marking some mock exam papers now and Year 10 exercise books!
However it has been pleasant to receive two salary payments a month as well as the pension! I also get a £40 per month payment from my AVC annuity! Trying to save a few thousand between now and August 31st.
Not sure about plans from September. It will depend on the needs of the school and how I feel about continuing. Two to three days a week, but definitely no more!
Bournefree so pleased to hear your pension duly arrived on time. I hope you are managing on it! Its nice to have a lump sum in the bank too.
crv1963 I have been reading your diary entries too. Things seem to be progressing well. How is the number crunching going?
Hopefully everyone else is doing ok too.
Maybe we need some more posts about how the finances are going? I suppose that sounds nosey but I love detail!!
Take care everyone.

crv1963 · 3 March 2019 at 7:34PM

Hi ExcelPaul,

Number crunching is going well. Opened a SIPP for Mrs CRV, first payment is 7 March. Busy trying to earn a bit extra to get some jobs done around the house and started the Christmas shopping!

Finances are ok we've had a few expensive months- about £850 for the cat January and just about the same for the older dog in February- both had to have dental work, along with the running costs for the diabetic younger dog we've taken a bit of a hit. Still not over drawn though!

bugslett · 4 March 2019 at 12:34PM

Unfortunately I can't really add any numbers until I actually close the business. You probably haven't seen, but I gave my customer notice last year and currently have 43 more operational days to go and then a few weeks closing the business, selling assets, getting money in and paying invoices.

Theory is that I will have 400k ish in the pension pot by this time next year and minimum 250, probably more from the close of the business. Actually it should be quite a bit more but as long as I have 250k in cash, that's my minimum.

I'm going to book a meeting with my IFA today and see what he suggests, taking money out of the pension, leaving it all there until I want to take it. As I have no dependents, I'm quite happy running money down with the intention of leaving just enough to pay for my funeral;)

Everyday Ordinary Man Approaching Full Retirement at 59.

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