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    • excelpaul
    • By excelpaul 19th Nov 16, 12:08 PM
    • 133Posts
    • 426Thanks
    excelpaul
    Everyday Ordinary Man Approaching Full Retirement at 59.
    • #1
    • 19th Nov 16, 12:08 PM
    Everyday Ordinary Man Approaching Full Retirement at 59. 19th Nov 16 at 12:08 PM
    I am setting up this thread as an ordinary everyday man moving towards full retirement.
    I say ordinary, in the sense that I am neither poor nor extremely well off. I have been reading these forums for several years especially the sections about savings and investment.
    Of course they provide lots of great support and advice but for the most part for people whose savings and pensions are the stuff of dreams for most of us. I do not say that as a criticism just as a point of fact. Indeed I nearly fell into the trap of measuring myself against other people in these threads and found myself becoming a little bitter and envious which I know is irrational! In my heart of hearts I know I am extremely fortunate. So I decided to set up this thread as therapy, a reality check and a genuine place for discussion for everyday folk approaching or into retirement. The emphasis initially will be on implications for finance and life plans for the next phase of our lives. It is not for advice but more for the sharing of ideas and experiences of other everyday folk. Let us see where it goes!

    First of some background about myself. I taught full time for 35 years until August 31st this year. I am now working just under two and a half days a week until next June when the plan is to finish completely. By then I will be just shy of my 59th birthday. I took phased retirement at 55 and the rest of my pension at 58 albeit reduced. I took the maximum lump sum as it suited my needs. Of course such a decision was met by derision from the pension experts in the other place but to me quality of life has become much more important than maximising returns! I am very fortunate in having a defined benefit pension that is index linked. It was reduced owing to taking it early and also taking the maximum lump sum. I also have a very small annuity that pays the grand total of £37 after tax a month! However it is better than nothing! I have recently received a state pension forecast which owing to being contracted out for nearly all my working life is currently £119.54 a week from the age of 66 (due in 2024) As I am working until next June I will add another year !!!8216;contracted in!!!8217; this amount. When I finish work next June my income will be about £1350 a month after tax until 2024 (all at current prices) Quite interesting that although I will have contributed for 40 years to the state pension they only include(at the moment) the 35 !!!8216;contracted out!!!8217; years in my pension calculation and none of the others!

    I co-own a house with my mother. My grandmother lives with us too, who is still going at the grand age of 101. Hopefully this means I may be retired for quite a while! My total share of the house will allow me in this area to buy myself a decent house in the future. (After other members of the family have received their share of the proceeds of the current one) Sounds morbid to talk like that but one has to be practical. I am debt free and the house is mortgage free too. We did some upgrades recently and have plans in hand to redo the drive and the kitchen in the next 2 to years. I may also need to change my car in the next couple of years. I have a lovely extended family that includes several nephews and nieces who are very special to me. Unfortunately I lost one of my sisters four years ago at the age of 42. She left 4 children. Such a tragic event certainly makes you re-address your priorities! Other illnesses in the family also provide timely reminders to enjoy life rather than worry too much about the finances!

    I used part of my pension lump sum to clear the mortgage and all other debts. I had some left over and have done the following with it.
    • A Loyalty Saver. Easy access and includes emergency fund.
    • Cash ISA
    • S&S ISA (See this as long term and will not look at it for 8 years!)
    • Premium Bonds
    • Nationwide Regular Saver (5% at moment! Started with £500. Can add £500 a month for a year only)
    • Personal Current Account
    • Joint current account for all household expenses. (We all contribute each month to this)
    Hopefully by next June I will have total savings and investments of just under £50000 before my income drops by 50% as I give up work completely. It sounds healthy but I am planning on being around a long-time! I also want to travel. Any constructive comments about any of the above most welcome.

    I do feel guilty about not having managed to save more during my working life but things happen. For example, I lost a lot of money during the property crash in London in the 1980s. Interest rates on mortgages were then 15%! I had to borrow to sell! Fortunately that is all behind me now and I have been fortunate to work solidly for 36 years. When I entered teaching I had little idea about the pension scheme. I do feel fortunate now.

    To my shame I do worry about money and probably should not. I suppose as we approach retirement we all get nervous about the regular salary stopping. Of course I could always do supply in an emergency but after 36 years I feel I have done my bit! It!!!8217;s just in the past I went through some close financial calls. I do want to enjoy my retirement and tick some things off the to do list!
    I have planned my finances for after June 2017 and after all expenses and spending money should still be able to save some money each month.
    I also want to spend some savings travelling. I am keen to do the train journey across the Canadian Rockies as well as maybe spend some time renting a property in Cyprus an absolute favourite place of mine! We are fortunate that also my mother and grandmother also have adequate pension provision.

    So that is my introduction. I am now just off to walk the dogs and then meet one of my nephews. I am fortunate that I live in a semi-rural area with plenty of countryside around me. Weather not looking too promising though. Have some schoolwork also to do. Working part-time has been great for getting the garden organised and actually being ahead with the Christmas shopping! As 2017 approaches I now need to plan more activities and long term aims for the retirement years.

    I do hope you will join me on my journey and feel able to share aspects of yours too!

    Thanks for reading.
    Last edited by excelpaul; 19-11-2016 at 8:00 PM.
Page 18
    • longleggedhair
    • By longleggedhair 10th Jan 18, 12:33 AM
    • 314 Posts
    • 383 Thanks
    longleggedhair
    I think if you can go you should. For years I would wake up each morning in a "panic"- heart would be racing, sweating and a feeling of dread. I could never figure out why, I had various tests which revealed nothing. I retired in November, and I now wake up so relaxed, it was work all along and I never realised it.

    I worked with a lady who was very comfortable, but she and her husband wanted to work a few more years to be on the safe side. Sadly before then she woke up one morning with him dead next to her. He'd had a heart attack in his sleep. She's now very comfortable, but has nothing to spend the money on. I bet she regrets carrying on every day.

    Life is short, enjoy it while you can folks, I for one certainly don't regret it.
    • excelpaul
    • By excelpaul 10th Jan 18, 3:35 PM
    • 133 Posts
    • 426 Thanks
    excelpaul
    David Julie. I do not feel your post is relevant to this thread. Please repost on the pensions board. It is long, boring and rather a personal rant.
    • longleggedhair
    • By longleggedhair 10th Jan 18, 3:39 PM
    • 314 Posts
    • 383 Thanks
    longleggedhair
    David Julie. I do not feel your post is relevant to this thread. Please repost on the pensions board. It is long, boring and rather a personal rant.
    Originally posted by excelpaul
    I agree Paul, I have hit the spam button.
    • dunroving
    • By dunroving 10th Jan 18, 4:50 PM
    • 1,259 Posts
    • 873 Thanks
    dunroving
    Shucks, missed all the action. ;-)

    Some of the recent posts also resonate with me. Almost three years ago, I was a passenger in a car that was hit side on (my side) by a drunken idiot going at high speed down a one-way street (the wrong way, of course).

    That really gave me pause for thought and among other things prompted me to make a will! You never know what is round the corner, sometimes quite literally and although you might last until you're 90, I think there are fewer regrets associated with retiring early compared to retiring late (as long as the numbers make sense, of course). I figure if I live longer than expected, I'll just tighten my budget more.
    (Nearly) dunroving
    • Savvy_Sue
    • By Savvy_Sue 10th Jan 18, 11:20 PM
    • 38,612 Posts
    • 35,334 Thanks
    Savvy_Sue
    That really gave me pause for thought and among other things prompted me to make a will!
    Originally posted by dunroving
    Will, and Power of Attorney, I hope! In some ways the latter could be even more essential than the former ...

    We're off to see DH's pensions adviser tomorrow. He stopped working not exactly from choice a few years ago and we've been living off my inheritance from my parents ... I'm still working, and not ready to give up but DEFINITELY not prepared to work more hours / get a better paid job. He's very busy, but none of the projects he's involved in ever seem to lead to any money for him, and none of the jobs he's applied for has led anywhere.

    So last year we started drawing down some of his pension, but it's not enough. It's just occurred to me that it could be worth me drawing a stakeholder pension which, when it was set up, had my SRP being due from 60. I'm already getting my local government pension which is peanuts because I was only in the scheme for a couple of years.
    Still knitting!
    Completed: 1 adult cardigan, 3 baby jumpers, 3 shawls, 1 sweat band, 3 pairs baby bootees,
    1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 2 hats 2 balaclavas for seamen, 1 balaclava for myself ...
    Current projects: Poppies, mohair cardigan pattern arrived and going strong!
    • fatbeetle
    • By fatbeetle 15th Jan 18, 10:27 PM
    • 399 Posts
    • 738 Thanks
    fatbeetle
    I fly back to Blighty tonight, to start my new life of humble retirement.

    Wish me luck!!!
    “If you trust in yourself, and believe in your dreams, and follow your star. . . you'll still get beaten by people who spent their time working hard and learning things and who weren't so lazy.”
    • Misslayed
    • By Misslayed 15th Jan 18, 10:35 PM
    • 4,535 Posts
    • 22,894 Thanks
    Misslayed
    I fly back to Blighty tonight, to start my new life of humble retirement.

    Wish me luck!!!
    Originally posted by fatbeetle
    Safe travels
    Hi. Martin has asked me to tell you I'm a (novice) Board Guide on the Competitions, Site Feedback and Campaigns boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with abuse). Any views are mine and not the official line of MoneySavingExpert.com.
    • Savvy_Sue
    • By Savvy_Sue 15th Jan 18, 11:13 PM
    • 38,612 Posts
    • 35,334 Thanks
    Savvy_Sue
    Safe travels
    Originally posted by Misslayed
    And bring some sunshine with you please!!!
    Still knitting!
    Completed: 1 adult cardigan, 3 baby jumpers, 3 shawls, 1 sweat band, 3 pairs baby bootees,
    1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 2 hats 2 balaclavas for seamen, 1 balaclava for myself ...
    Current projects: Poppies, mohair cardigan pattern arrived and going strong!
    • joansgirl
    • By joansgirl 16th Jan 18, 12:53 PM
    • 14,062 Posts
    • 54,711 Thanks
    joansgirl
    Welcome back to the UK Fatbeetle
    Some people only exist as examples of what to avoid...
    .


    Finito

    Brazil and Serbia
    • Katiehound
    • By Katiehound 16th Jan 18, 6:23 PM
    • 4,444 Posts
    • 38,865 Thanks
    Katiehound
    I fly back to Blighty tonight, to start my new life of humble retirement.

    Wish me luck!!!
    Originally posted by fatbeetle
    Hope it's not too humble (thinking of Uriah Heap!) but with lots of fun and enjoyment.
    Be prepared for grey days 'though- they are doing my head in. I want some sun!!
    Being polite and pleasant doesn't cost anything!
    If you found my posting helpful please hit the "Thanks" button!
    Many thanks

    2018 Wombling : Entrant 8 ..2319 cc+.2205mm (£2.20.5) + RK £5.21= £30.64.5
    • sukysue
    • By sukysue 17th Jan 18, 10:45 PM
    • 1,722 Posts
    • 2,202 Thanks
    sukysue
    Welcome back Fat Beetle hope it is everything you wanted my dear .
    xXx-Sukysue-xXx
    • mummytummy
    • By mummytummy 21st Jan 18, 4:11 AM
    • 729 Posts
    • 3,639 Thanks
    mummytummy
    Welcome home fatbeetle
    1. Sealed Pot Challenge No.11 #11 £428.74
    2. MFiT-T4 #62 (77.2% saved)
    3. Save 12k in 2018 #144 £700/£3000 = 23% saved
    • bugslet
    • By bugslet 21st Jan 18, 7:19 PM
    • 6,151 Posts
    • 29,599 Thanks
    bugslet
    And bring some sunshine with you please!!!
    Originally posted by Savvy_Sue

    Well he hasn't, has he

    Probably looking out of his window, wondering why he came back!

    I've found the nice thing about being able to go, is that it gives you choices. I'm entering into contract negotiations. They want me to stay, hmmmm, I sense some fun.
    • Katiehound
    • By Katiehound 21st Jan 18, 10:40 PM
    • 4,444 Posts
    • 38,865 Thanks
    Katiehound
    No he hasn't flipping bought any sun- yet more sleet and snow....... I would certainly be wondering why I wasn't somewhere nice and warm ! (not so keen on over hot)

    Still the days are getting longer when it is a bright day----- roll on some warmth.

    No excuse not to get sewing. This is certainly the weather when I rather wish dogs could exercise themselves
    Being polite and pleasant doesn't cost anything!
    If you found my posting helpful please hit the "Thanks" button!
    Many thanks

    2018 Wombling : Entrant 8 ..2319 cc+.2205mm (£2.20.5) + RK £5.21= £30.64.5
    • Savvy_Sue
    • By Savvy_Sue 21st Jan 18, 11:59 PM
    • 38,612 Posts
    • 35,334 Thanks
    Savvy_Sue
    Well he hasn't, has he

    Probably looking out of his window, wondering why he came back!
    Originally posted by bugslet
    I know. Can we send him back to look for some before he gets too settled?

    I've found the nice thing about being able to go, is that it gives you choices. I'm entering into contract negotiations. They want me to stay, hmmmm, I sense some fun.
    Originally posted by bugslet
    Ah, is this work? Yup, choice is always good ...
    Still knitting!
    Completed: 1 adult cardigan, 3 baby jumpers, 3 shawls, 1 sweat band, 3 pairs baby bootees,
    1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 2 hats 2 balaclavas for seamen, 1 balaclava for myself ...
    Current projects: Poppies, mohair cardigan pattern arrived and going strong!
    • bugslet
    • By bugslet 22nd Jan 18, 8:28 AM
    • 6,151 Posts
    • 29,599 Thanks
    bugslet
    Yes work for the main customer. The word is they want to offer me a one year - not having that.

    Juggling between asking for a five year or telling them we'll just make it up as we go along; the latter appeals to my maverick approach to business
    • excelpaul
    • By excelpaul 24th Jan 18, 7:40 PM
    • 133 Posts
    • 426 Thanks
    excelpaul
    Happy retirement fatbeetle!!


    I am hoping to post another update soon. Thinking some things through at the moment.
    Been rather down these last few weeks so looking at options to improve things.


    Will lay out my thoughts in next few days.


    Take care all.
    • Katiehound
    • By Katiehound 24th Jan 18, 11:12 PM
    • 4,444 Posts
    • 38,865 Thanks
    Katiehound

    I am hoping to post another update soon. Thinking some things through at the moment.
    Been rather down these last few weeks so looking at options to improve things.
    .
    Originally posted by excelpaul
    And you take care too whilst we keep your thread ticking over (as long as no-one presses the dreaded spam button!!- I kid not- several long threads have recently bitten the dust....)
    best wishes,
    chin up
    Katiehound
    Being polite and pleasant doesn't cost anything!
    If you found my posting helpful please hit the "Thanks" button!
    Many thanks

    2018 Wombling : Entrant 8 ..2319 cc+.2205mm (£2.20.5) + RK £5.21= £30.64.5
    • bugslet
    • By bugslet 25th Jan 18, 7:42 AM
    • 6,151 Posts
    • 29,599 Thanks
    bugslet
    Happy retirement fatbeetle!!


    I am hoping to post another update soon. Thinking some things through at the moment.
    Been rather down these last few weeks so looking at options to improve things.


    Will lay out my thoughts in next few days.


    Take care all.
    Originally posted by excelpaul
    You've had some big changes Paul, it's unsurprising that you are unsettled and the time of year doesn't help either.

    You know you can always do some out loud musing on here
    • mummytummy
    • By mummytummy 25th Jan 18, 8:34 AM
    • 729 Posts
    • 3,639 Thanks
    mummytummy

    I am hoping to post another update soon. Thinking some things through at the moment.
    Been rather down these last few weeks so looking at options to improve things.

    Will lay out my thoughts in next few days.

    Take care all.
    Originally posted by excelpaul
    Look after yourself excelpaul if there's anything we can help with, we're here. Come back soon
    1. Sealed Pot Challenge No.11 #11 £428.74
    2. MFiT-T4 #62 (77.2% saved)
    3. Save 12k in 2018 #144 £700/£3000 = 23% saved
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