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  • FIRST POST
    • excelpaul
    • By excelpaul 19th Nov 16, 12:08 PM
    • 139Posts
    • 449Thanks
    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 ‘contracted in’ 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 ‘contracted out’ 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’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 21
    • excelpaul
    • By excelpaul 27th Apr 18, 9:32 AM
    • 139 Posts
    • 449 Thanks
    excelpaul
    Dear all. Just a little update! Recent better weather has allowed me to get the garden almost ready for summer. Exam invigilation is just beginning to get underway and will be fairly full on for the next 8 weeks or so. Then a visit to Cyprus in mid June. During the past 4 weeks have met several ex 6th formers of mine for lunches when on University vacation. Great to hear how they are progressing and their future plans. Hopeful of being offered some part-time teaching work next academic year which I'm excited about. Been fine to relax this year but I don't yet feel completely finished with education. I did apply for a role as a community adult tutor but heard nothing back!
    Finally just upgraded my car which I collect on Monday. It has meant my short term savings have taken a hit but my current car is 10 years old and harder to maintain as well as the road tax being 540 a year!!!! Running costs of newer car will be much less which will improve monthly cash flow.Also first car I have paid for without having to borrow anything! I have also treated myself to a personalised number plate. Maybe extravagant but after the year or so I've had I decided to go for it!
    Take care all.
    • Browntoa
    • By Browntoa 29th Apr 18, 7:35 AM
    • 33,553 Posts
    • 39,651 Thanks
    Browntoa
    Update on me

    Stopped working 31st March , applied for exam invigilator job early April , had interview 10 days ago and got the job . Start training on the 8th may . Followed advice from others in the thread who did this job and kept an eye out .

    Decided already I must keep working part time as I'd started to lose track of what day of the week it was . Think I'd go stir crazy otherwise . I'm also going back to volunteer work at a local hospice and looking for other local volunteer jobs within walking distance to stop me driving everywhere.

    Pension lump sum turned up so I'm busy planning finances to spread that around , premium bonds , cash ISA , a couple of high interest regular savings accounts . I also made a cash gift to my youngest daughter who's off to the USA for 5 weeks on a once in a lifetime trip to do with as she wished , she's thinking of a helicopter trip over the grand canyon which she could not have afforded , some posh meals etc .

    I'm looking for my volunteer jobs on here

    https://do-it.org

    And approaching a few organisations direct
    I'm the Board Guide of the Referrers ,Telephones, Pensions , Shop Don't drop ,over 50's and Discount Code boards which means I volunteer to help get your forum questions answered and keep the forum runnning smoothly .However, please remember, board guides don't read every post. If you spot an inappropriate or illegal post please report it to forumteam@moneysavingexpert.com Any views are mine and not the official line of MoneySavingExpert.
    • excelpaul
    • By excelpaul 29th Apr 18, 9:13 AM
    • 139 Posts
    • 449 Thanks
    excelpaul
    Thread now has over 100000 views which is amazing! 400 contributions from all of us too. Hopefully it will continue to inform and advise us all.
    • fatbeetle
    • By fatbeetle 29th Apr 18, 11:02 AM
    • 441 Posts
    • 845 Thanks
    fatbeetle
    We are moving out of our house so that building work can continue. We've bought a motorhome and will be living in that for the next few months.


    All part of the adventure.
    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.
    • crv1963
    • By crv1963 29th Apr 18, 1:02 PM
    • 449 Posts
    • 1,004 Thanks
    crv1963
    Update from me- things seem to be moving along at the moment.


    I've been offered a new post in a new Team, working 3 shifts per week with shift allowance so boosting both income and pension. Taking the new role would if it works out allow us both to retire completely in 3 years with no need to seek an additional or supplementary income when we retire as after deducting the additional travel costs from the extra income we could increase contributions to Mrs CRV pension fund (our weakest link).


    Mrs CRV returned from her holiday this morning interested and enthusiastic about going through the nuts and bolts of how we can make it all happen over the coming 3 years, what practical measures we need to take and what changes we need to make to our current work/ life arrangements to ease things forwards.


    Roofer comes tomorrow to make repairs to stop the water getting into the loft, so literally repairing the roof over our heads while we plan our final exit strategy from work!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • Savvy_Sue
    • By Savvy_Sue 29th Apr 18, 11:20 PM
    • 39,030 Posts
    • 35,909 Thanks
    Savvy_Sue
    Stopped working 31st March , applied for exam invigilator job early April , had interview 10 days ago and got the job . Start training on the 8th may . Followed advice from others in the thread who did this job and kept an eye out .
    Originally posted by Browntoa
    DH is also signed up for exam invigilation at one of the local Unis, and did his first session as a life model last week!!! He said the hardest thing was not talking for two hours ...
    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!
    • bournefree
    • By bournefree 7th May 18, 10:43 AM
    • 113 Posts
    • 292 Thanks
    bournefree
    Hello everyone on this lovely sunny day!

    Other half has written a countdown of days on the calendar, just 68 to go now!

    I'm with the TSB so the last couple of weeks have been interesting, checking that everything is still functioning. It has also spurred me on, whilst still in employment, to get my accounts more sorted out and to open another bank account Nationwide, which also has decent savings accounts, so that I can park the money and then deal with it in due course.

    Next job to do is to update my CV!
    MFW #59 2017 target met, now mortgage free!
    • Browntoa
    • By Browntoa 7th May 18, 11:27 AM
    • 33,553 Posts
    • 39,651 Thanks
    Browntoa
    See if you have a friend with a nationwide account , you both get a sign up bonus of 100

    Or head over to the referral section
    I'm the Board Guide of the Referrers ,Telephones, Pensions , Shop Don't drop ,over 50's and Discount Code boards which means I volunteer to help get your forum questions answered and keep the forum runnning smoothly .However, please remember, board guides don't read every post. If you spot an inappropriate or illegal post please report it to forumteam@moneysavingexpert.com Any views are mine and not the official line of MoneySavingExpert.
    • bournefree
    • By bournefree 7th May 18, 11:31 AM
    • 113 Posts
    • 292 Thanks
    bournefree
    Yes, good point, I've thought of that - going to wait until my account is set up then refer my husband as his Santander 123 isn't worth keeping.
    MFW #59 2017 target met, now mortgage free!
    • bugslet
    • By bugslet 9th May 18, 8:15 PM
    • 6,337 Posts
    • 30,197 Thanks
    bugslet
    See if you have a friend with a nationwide account , you both get a sign up bonus of 100

    Or head over to the referral section
    Originally posted by Browntoa
    *coughs* or even a random thread sharing person.. If you didn't want to share any details with some oddball on the forum, I wouldn't be offended!

    Interesting situation at work. My customer is digging his heels in over duration of contract and I'm digging mine in. I've conceded a lot and as we need to make some capital investments to continue, I'm not inclined to when the term being offered is in months.

    It is rather nice to know that if it comes to it, I could walk away, though I'd prefer a few more years under my belt.

    Interesting times.
    • Katiehound
    • By Katiehound 10th May 18, 9:04 PM
    • 4,472 Posts
    • 38,944 Thanks
    Katiehound
    As I suggested to Paul near the start of this thread, if you have a bit of time and want to boost your income fairly easily playing the switching game is a good one.(Can sometimes be fraught with delays etc!)

    250 from Clydesdale/Yorks & 125 from NatWest in the last 6 months. It's good to have an extra little basic bank account ready to go off to pastures new and pick up a spondoolie or two en route........."Pass GO and collect 200"- only this time real dosh not the Monopoly variety.
    Barclays is the 'go to' bank this week!
    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 ..4366cc+.2415mm (2.41.5) + RK 5.33
    • bournefree
    • By bournefree 17th May 18, 8:51 PM
    • 113 Posts
    • 292 Thanks
    bournefree
    Having been in teaching continuously since September 1982, tomorrow will be my last class. I will then just have the marking to complete, before finally hanging up my mortar board after the graduation ceremonies in mid-July. I will be 6 months short of my 60th birthday, and am taking voluntary severance. Such is life in the ivory towers of universities these days, where we refer to the demographic dip, i.e. a drop in student numbers over successive years. I will be sad to go, but I will not miss the marking!
    MFW #59 2017 target met, now mortgage free!
    • Katiehound
    • By Katiehound 17th May 18, 9:50 PM
    • 4,472 Posts
    • 38,944 Thanks
    Katiehound
    Having been in teaching continuously since September 1982, tomorrow will be my last class. I will then just have the marking to complete, before finally hanging up my mortar board after the graduation ceremonies in mid-July. I will be 6 months short of my 60th birthday, and am taking voluntary severance. Such is life in the ivory towers of universities these days, where we refer to the demographic dip, i.e. a drop in student numbers over successive years. I will be sad to go, but I will not miss the marking!
    Originally posted by bournefree
    and now look forward to no marking and planning your days as you wish instead of being ruled by lessons / classes/ lectures and clocks.

    Wish list time- to be indulged. Have fun compiling it.... and then....
    Enjoy
    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 ..4366cc+.2415mm (2.41.5) + RK 5.33
    • dunroving
    • By dunroving 17th May 18, 11:09 PM
    • 1,304 Posts
    • 904 Thanks
    dunroving
    Bourne free, our stories are very similar except that I started in 1979. I retired early with VS last October and am surprised that I really hardly miss the grind one bit. I'm going in tomorrow to conduct a mock viva for my last but one PhD student and while I am looking forward to it, I would be just as OK with not being involved. I have turned down every manuscript review request I have received and feel very content that I have started the next chapter of life. You have done your time, enjoy the late lie-ins.
    (Nearly) dunroving
    • Katiehound
    • By Katiehound 18th May 18, 2:53 PM
    • 4,472 Posts
    • 38,944 Thanks
    Katiehound
    Just a heads up for a cheap sweet treat for the impoverished retired!
    If you have a Wyevale garden centre near you.
    Tea for 2 for 14 or even 10.
    I posted more details on the Days Out board
    Last edited by Katiehound; 21-05-2018 at 10:40 PM. Reason: my post had been moved to pastures new!
    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 ..4366cc+.2415mm (2.41.5) + RK 5.33
    • excelpaul
    • By excelpaul 18th May 18, 4:32 PM
    • 139 Posts
    • 449 Thanks
    excelpaul
    Happy Retirement Bournefree

    Hope to be able to update you with my future plans soon.
    • bournefree
    • By bournefree 18th May 18, 8:20 PM
    • 113 Posts
    • 292 Thanks
    bournefree
    Thank you ExcelPaul. My last class was lovely. Taught it as usual, though bought them coffee and brought in cake. Told them 15 mins before the end of class. Kind students and a great way to finish, on a happy note!
    MFW #59 2017 target met, now mortgage free!
    • Browntoa
    • By Browntoa 25th May 18, 5:50 PM
    • 33,553 Posts
    • 39,651 Thanks
    Browntoa
    Well , I've done 22 hours of invigilator sessions , averages out at around 3-4 hours depending on the exam. They are short staffed after half term so hopefully will get almost a full week . It's an easy job to pick up if anyone's thinking of doing it !
    I'm the Board Guide of the Referrers ,Telephones, Pensions , Shop Don't drop ,over 50's and Discount Code boards which means I volunteer to help get your forum questions answered and keep the forum runnning smoothly .However, please remember, board guides don't read every post. If you spot an inappropriate or illegal post please report it to forumteam@moneysavingexpert.com Any views are mine and not the official line of MoneySavingExpert.
    • Savvy_Sue
    • By Savvy_Sue 26th May 18, 1:44 AM
    • 39,030 Posts
    • 35,909 Thanks
    Savvy_Sue
    Well , I've done 22 hours of invigilator sessions , averages out at around 3-4 hours depending on the exam. They are short staffed after half term so hopefully will get almost a full week . It's an easy job to pick up if anyone's thinking of doing it !
    Originally posted by Browntoa
    Yes, DH has done 8 sessions this week and has 9 booked for next. Every day there's been at least one email asking if anyone can fill in!

    What has surprised me is how many queries / misprints there are on the exam papers. I briefly worked in a Uni exams office, duplicating papers mostly, but I'm sure our standards were higher in those days! DH has had several queries flagged up once the exam has started.

    He's been spending his evenings working on GDPR for several voluntary organisations - how exciting can one life get!
    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!
    • Browntoa
    • By Browntoa 26th May 18, 9:16 PM
    • 33,553 Posts
    • 39,651 Thanks
    Browntoa
    I'm also looking to do part time film Extra work , there's regular filming where I live and again it's minimum wage but up to 12 hours at a time plus night rate if applicable . Invigilator job has given me the required DRB check (enhanced) but I have both as I have lower rate DRB from volunteer work . I'm using

    https://www.castingcollective.co.uk

    As no up front payment , it's deducted from your first job

    I'm hoping to get some ad-hoc work during the summer before the school mock exams start
    Last edited by Browntoa; 26-05-2018 at 9:18 PM.
    I'm the Board Guide of the Referrers ,Telephones, Pensions , Shop Don't drop ,over 50's and Discount Code boards which means I volunteer to help get your forum questions answered and keep the forum runnning smoothly .However, please remember, board guides don't read every post. If you spot an inappropriate or illegal post please report it to forumteam@moneysavingexpert.com Any views are mine and not the official line of MoneySavingExpert.
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