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    • excelpaul
    • By excelpaul 19th Nov 16, 12:08 PM
    • 132Posts
    • 424Thanks
    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 19
    • bournefree
    • By bournefree 25th Jan 18, 8:50 AM
    • 105 Posts
    • 270 Thanks
    bournefree
    Dear Excelpaul,

    Given what you have been through over the past few months and have shared here, it's perfectly natural that you have been feeling down. Grief is like that, isn't it, it comes and goes, catches up with you, then gradually begins to fade. It doesn't disappear, but it does add to the depth and richness of our characters and lives.

    On another note, I've just had my 59th birthday, which was lovely, and have had the final figures for my voluntary severance at the end of July. I've decided to use some of the severance payout to pay for the 6 months before I reach 60, then take my Teachers' Pension unreduced from then. I will have done 36 years of teaching, so not quite the 40 I had in mind, but I now know that the time is right to move on. There have been so many stories recently of people dying before they are 60, it does remind you that life is all too short.

    Take care Paul!
    Last edited by bournefree; 25-01-2018 at 10:58 AM.
    MFW #59 2017 target met, now mortgage free!
    • Davesnave
    • By Davesnave 25th Jan 18, 9:04 AM
    • 25,054 Posts
    • 92,612 Thanks
    Davesnave
    This is certainly the weather when I rather wish dogs could exercise themselves
    Originally posted by Katiehound
    I feel the same about sheep sometimes. It's not that they don't get enough exercise, of course, but rather that they may go where they shouldn't and get their heads stuck, pick up large lumps of hawthorn and brambles or end up upside down in a ditch.

    But when I do what doesn't come naturally and trudge around out there in the rain and wind, trying to count them, it's actually not so bad. I see something like a new primrose flowering, or a bullfinch and think, " Hey, it'll soon be proper spring."
    'It's a terrible thing to wait until you're ready…..Generally speaking, now is as good a time as any.' Hugh Lawrie.
    • joansgirl
    • By joansgirl 25th Jan 18, 12:30 PM
    • 13,931 Posts
    • 54,230 Thanks
    joansgirl
    Dear Excelpaul,

    Given what you have been through over the past few months and have shared here, it's perfectly natural that you have been feeling down. Grief is like that, isn't it, it comes and goes, catches up with you, then gradually begins to fade. It doesn't disappear, but it does add to the depth and richness of our characters and lives.

    On another note, I've just had my 59th birthday, which was lovely, and have had the final figures for my voluntary severance at the end of July. I've decided to use some of the severance payout to pay for the 6 months before I reach 60, then take my Teachers' Pension unreduced from then. I will have done 36 years of teaching, so not quite the 40 I had in mind, but I now know that the time is right to move on. There have been so many stories recently of people dying before they are 60, it does remind you that life is all too short.

    Take care Paul!
    Originally posted by bournefree
    Yes, if you can do it, do it! I just had a cousin die at 53....just do it!
    Some people only exist as examples of what to avoid...
    .


    Finito
    • joansgirl
    • By joansgirl 25th Jan 18, 12:34 PM
    • 13,931 Posts
    • 54,230 Thanks
    joansgirl
    Oh, and Paul, it took me years to get back to "normal" (or what passes for it) after my husband died, grief won't be rushed, it will take it's own sweet time!

    I didn't really deal with anything emotionally until I found someone I felt I could talk to and just the talking helped, although it had been buried for so long it was upsetting and unsettling when it was all raked up again.

    However I'm doing much better now, time is a great healer.

    Think long and hard before making any major decisions is my advice.

    Best of luck, hope to hear from you soon!
    Some people only exist as examples of what to avoid...
    .


    Finito
    • excelpaul
    • By excelpaul 5th Feb 18, 1:14 PM
    • 132 Posts
    • 424 Thanks
    excelpaul
    Dear all. Feeling a little better these past few days. Just returned walking the dogs !!!128054; in the forest. Off swimming this afternoon. Now swimming 3 times a week which is proving beneficial. I do some toning exercises daily, walk the dogs in addition to the swimming so physically ok! Off to Gibraltar for a short break in about 4 weeks and Paphos to look forward to in late a June.
    Have been asked to invigilator exams again in March, May and June which will provide useful supplement to pension. Also looking at other types of temporary part-time work.
    Had a great meal out with History department n Friday too.
    Hope you are all well.
    • shabbychic12
    • By shabbychic12 7th Feb 18, 10:37 PM
    • 82 Posts
    • 409 Thanks
    shabbychic12
    Hi thanks for stopping by me and having a read of my ramblings and l have now added you to my subscribed list. I'm on 7 more paydays and that's all that's keeping me focused lol
    NST April 2018: April Fools Challenge
    2018 declutter and destress.
    2018 early retirement wannabe
    Save 12k in 2018 £1182/£12000
    £28/week on wk13 (£1 a day challenge)£644
    All this saving l'm turning into my Dad
    • excelpaul
    • By excelpaul 12th Feb 18, 7:23 AM
    • 132 Posts
    • 424 Thanks
    excelpaul
    Hope everyone is well. Would be good to hear some news and views.
    • pollypenny
    • By pollypenny 12th Feb 18, 8:40 AM
    • 23,921 Posts
    • 62,334 Thanks
    pollypenny
    Most views are aired on DT, Paul, with more light-hearted views, sometimes silly, in the Arms.

    Unless they are anything to do with over 50s saving or other specific board, of course.
    Member #14 of SKI-ers club

    Words, words, they're all we have to go by!.

    (Pity they are mangled by this autocorrect!)
    • Katiehound
    • By Katiehound 12th Feb 18, 4:36 PM
    • 4,401 Posts
    • 38,784 Thanks
    Katiehound
    Hello folks.
    Hope everyone is well and starting to enjoy the slightly lighter and mornings: they are becoming a lot more noticeable even if the temperatures are still somewhat challenging.

    I am off to warmer climes on Weds- looking forward to cruising in the Caribbean (not keen on that long haul flight- but there we are!) So good things on the horizon: sun, sea, different destinations, some craft classes, pleasant companions, dancing (hopefully!) every evening and lots of yummy food.

    Sorry dogs- off to kennels for you! Actually they are yipping and yelping before I have even finished parking and their goody bags of grated carrots, crunchy apples and pots of yoghurt will be going with them!

    Will look forward to reading about various exploits next month.
    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 ..2280 cc+.2205mm (£2.20.5) + RK £5.21= £30.25.5
    • bournefree
    • By bournefree 12th Feb 18, 6:54 PM
    • 105 Posts
    • 270 Thanks
    bournefree
    Hello Paul and followers,
    Well, I have 5 more months to go before my last day. It is strange thinking that things will come to an end, but suicides and fatal heart attacks amongst colleagues do focus the mind. Not looking forward to the next few months as difficult times are ahead at work, but have already planned a holiday in sunnier climes for the last two weeks of July!
    MFW #59 2017 target met, now mortgage free!
    • crv1963
    • By crv1963 13th Feb 18, 7:26 AM
    • 287 Posts
    • 694 Thanks
    crv1963
    Hello Paul and fellow thread readers.


    Bad news- I'm still working. Good news- only 8 paydays left before I go!


    I too am enjoying the mornings getting a little lighter and dusk arriving a little later, taking pleasure from the snow when it comes as I don't mind driving in it and lots of people avoid driving when it's down!


    Planning a holiday in April- don't know where yet, just going to go to the travel agents and ask where we can fly in the following couple of days. Practise run for when we are retired!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • bugslet
    • By bugslet 13th Feb 18, 7:50 AM
    • 6,132 Posts
    • 29,531 Thanks
    bugslet
    I'm mostly feeling quite happy about work at the minute, so today I'm staying.

    Tomorrow of course is another day!
    • WeeMidgie
    • By WeeMidgie 14th Feb 18, 12:58 PM
    • 230 Posts
    • 5,040 Thanks
    WeeMidgie
    Hello Paul & Co,

    After my three month odyssey around various family in the southern hemisphere, I'm back to "auld claes and porridge", and delighted not to be working.

    My key word for 2018 is balance, and I'm feeling my way with U3A activities (several different groups), and outwith the U3A an exercise class and swimming. I'm also supporting friends affected by health issues. That's enough of a mix to be going on with.

    Longer term, I need to move from where I currently live to a location where I wouldn't be so reliant on having a car. I'm hoping this will be achievable during 2018.

    Paul, it's good that you have holidays to look forward to. There's something about going away, being somewhere new and enjoyable that is so restoring, and can give fresh perspective and renewed vigour after a time of trial.

    In a couple of months I'll have been retired for a year! I can't believe how fast it has gone. I've had no regrets at all, and leaving a toxic boss behind is an ongoing source of relief and joy!!
    • fatbeetle
    • By fatbeetle 25th Feb 18, 8:27 AM
    • 399 Posts
    • 738 Thanks
    fatbeetle
    Hi all, just an update.

    I moved back to Blighty mid-Jan, and have settled back into my old house in Cornwall.

    I'm pretty much "camping out" here at the mo, living in one room with a chair, bed, tele, kettle and toaster, as the builders will start gutting and rebuilding the whole interior of the house in a couple of weeks,

    My dogs flew over last week and are great company, the wife flies over at the end of March.

    Loving being back and catching up with old mates, all of whom are rallying round and helping me out. I'm so glad we bit the bullet and decided to retire back here, too many people knock the UK but it;s a beautiful country, with good people in it
    “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.”
    • Savvy_Sue
    • By Savvy_Sue 25th Feb 18, 2:50 PM
    • 38,493 Posts
    • 35,154 Thanks
    Savvy_Sue
    Welcome back, but seriously, was this the warmest weather you could bring with you???
    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!
    • Seanymph
    • By Seanymph 2nd Mar 18, 8:41 AM
    • 2,669 Posts
    • 17,986 Thanks
    Seanymph
    Hi everyone - be gentle with yourselves,

    We have been snowed in for a couple of days already - and don't care. It's a nice feeling. Log burner on, made our own bread, car hasn't moved.

    We stopped November (me) and December (the OH) and so far have completed decorated two rooms, cut hedging, and spent time doing not so much....

    We have a month in our French house coming up, and are off for three months in the Campervan over Summer. It's lovely!

    We have zero regrets at the moment, that's not to say that may change, but currently I'd encourage anyone to perhaps gift themselves some time if they can.
    • bugslet
    • By bugslet 2nd Mar 18, 12:04 PM
    • 6,132 Posts
    • 29,531 Thanks
    bugslet
    I'm lucky, it's really not been bad here (manchester- Liverpool area). Normally takes about an hour + to go home, last night, 36 minutes. Yay

    Work, hmmmm. I'm a haulage contractor, happiness is seeing a truck take a load out, get it delivered, come back. Contract is up for renewal and it's suddenly getting very corporate. Trouble is for the customer, we are very good at what we do, the head of shipping has already said if we aren't rocking up with a new contract, they can forget shipping tuning up, it's nice to be loved; on the other hand, the customer wants all the corporate cr4p adding and I'm not built like that. Already having to change my ISO provider just because the current one is not accredited with the accreditor the customer wants. Cost will be over 2k.
    • crv1963
    • By crv1963 5th Mar 18, 4:57 AM
    • 287 Posts
    • 694 Thanks
    crv1963
    Hi everyone,


    We too have spent a few days virtually cut off, was able to walk to the supermarket all the local shops shut due to the snow for 3 days. However I managed to drive the 30 odd miles at the end of the week to do a couple of extra night shifts, much to prove it possible as to earn extra money to save towards retirement.


    I'm trying to balance earning extra cash with looking after myself- so when taking my annual leave to use it up or lose it I booked half the time off as night shifts- working as and where needed. I managed to earn in Feb the money for my holiday at end March/ early April. The extra earnings in March will go either into retirement savings or towards age proofing/ repairs to our home.


    I have actually really enjoyed my busmans' holiday so am now thinking about changing direction and applying for a role that will be 3 twelve hour shifts per week as opposed to my current 5 day 9-5 one. My logic being working a compressed week will give me 4 days off instead of my current 2 days off. Also if I did an extra shift a week I'd still get 3 days off.


    We still have a couple of feet of snow here and I'm due into the office by 9 so looks like my hour commute will be 90 minutes today. We've sprung a leak on a flat roof so when the snow has melted away we'll have to get someone to look at it grrrr!


    But even though it is a bit of a pain I have enjoyed the snow! Mrs CRV and I spent 6 hours between us yesterday afternoon digging her car out ready for her going to work later today, we had fun and exercise!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • sukysue
    • By sukysue 7th Mar 18, 8:44 PM
    • 1,722 Posts
    • 2,202 Thanks
    sukysue
    Hello everyone, hope all well. We are still extremely happy being retired, even more so now because Hubbs and I had a bit of a shock a month ago. His colleague in BT who had been retired about 3 months suddenly dropped dead at his home, he was 63. I also worked with his wife so we both knew them . It really puts things into perspective . No amount of money can buy this time, it is so precious.
    I have also been in touch with the tax man to sort out DH tax code and it seems he is due a tax refund of £760 this month so we are in the money lol so have a look at your tax code and see if you are due a rebate too , it is worth it !
    The snow was awful here in Monmouthshire but we enjoyed it very much. We are so busy I don't know how we managed to go to work , honestly..... l really mean that!
    Don't forget to check your tax code , you may have a nice surprise lol hope so !
    xXx-Sukysue-xXx
    • fatbeetle
    • By fatbeetle 10th Mar 18, 11:20 AM
    • 399 Posts
    • 738 Thanks
    fatbeetle
    Just started ripping out walls to convert 2 bedrooms to one master bedroom. Very cathartic work!! Our builder starts to rebuild the whole interior of our house, in a week's time, so will be employing myself as his labouror.

    Best of all though it's now less than 2 weeks before Mrs Fatbeetle flies over from Aus to join me in this new episode of teh adventure which is now our life!!
    “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.”
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