The ins and outs of a Pensioner Life??
Discussion
Few questions....pick and choose which ones you want to answer??I turn 66 on Tuesday and wondering what to expect??
1)The State Pension is the same in the Stockbroker Belt as it is in some depraved areas...is that a little odd?
2)You all have equity or fully own your house now??
3)My State Pension and Works Pensions amount to about £1250 a month ...with £350 Standing Orders monthly....do I have enough to feed and clothe myself ??
4)Do you get bored s'@@tless watching Tales of the Unexpected over and over.They were such happy times??
5)We all have funds to fall back on of course...but are they enough??.
So answer what you like( the post is very tongue in cheek).Maybe add your own questions and answers to help people heading into this stage of their life??
I'm a year behind you.
I have three pensions in addition to my state pension.
One is the combined pension of all my private pensions.
One is a pension from working in local government for six years
One was a defined benefit from a company I worked for who went bust and is managed by the PPF
The combined pension which was all my pensions working for private companies (over approx 35 years) and my six year local government pension will be paying me the same monthly amount when I retire next year.
I have three pensions in addition to my state pension.
One is the combined pension of all my private pensions.
One is a pension from working in local government for six years
One was a defined benefit from a company I worked for who went bust and is managed by the PPF
The combined pension which was all my pensions working for private companies (over approx 35 years) and my six year local government pension will be paying me the same monthly amount when I retire next year.
68 here.
1) I'd have thought you'd need more state pension in a depraved area, what with all the extra coke and hookers - mind you, I haven't been round many stockbroker areas!
2) House is all ours,
3) only a state pension. (Very) small pot that is not being touched yet as my wife has a few more years of earning to go and is also stacking into her pension. Hopefully she can retire before official age - we keep working the figures out.
Top tip : get a younger wife and keep her working. ( She doesn't read this forum)
4) Get a dog. Walking the dog and talking to people takes more time than the TV.
5) If you have a wife you won't have any spare time anyway. Especially if she's working.
6) spend a lot of time deciding if you really need 2 cars, as they both do about 3k a year.
1) I'd have thought you'd need more state pension in a depraved area, what with all the extra coke and hookers - mind you, I haven't been round many stockbroker areas!
2) House is all ours,
3) only a state pension. (Very) small pot that is not being touched yet as my wife has a few more years of earning to go and is also stacking into her pension. Hopefully she can retire before official age - we keep working the figures out.
Top tip : get a younger wife and keep her working. ( She doesn't read this forum)
4) Get a dog. Walking the dog and talking to people takes more time than the TV.
5) If you have a wife you won't have any spare time anyway. Especially if she's working.
6) spend a lot of time deciding if you really need 2 cars, as they both do about 3k a year.
1)The State Pension is not means tested. Although you still pay tax on anything over the personal tax allowance
2)House is fully owned. Mortgage was paid off when I was 55
3)You will spend a lot less. Eat lunch at home rather than buy a sandwich. I gave up work three years ago and have spent £150 on clothes at the most.
4) Don't get bored as I can always find something that wants mending or painting or weeding. Plus if the weather is nice, I can sit in the garden reading a book.
5) Hopefully we have enough in savings. As you get older, you will spend less.
2)House is fully owned. Mortgage was paid off when I was 55
3)You will spend a lot less. Eat lunch at home rather than buy a sandwich. I gave up work three years ago and have spent £150 on clothes at the most.
4) Don't get bored as I can always find something that wants mending or painting or weeding. Plus if the weather is nice, I can sit in the garden reading a book.
5) Hopefully we have enough in savings. As you get older, you will spend less.
I'm chucking it all in soon, I only keep working because I'm greedy and get well paid. I've 6 and a bit years to go before state pension age but can't see me lasting the distance.
2 soon to be 3 good private pensions, no housing costs and kids have long since fled the nest so very low outgoings.
I enjoy running sheds which saves a sh#tload of money if you're handy with the spanners.
No chance of getting bored as I've too many hobbies and interests and like spending time with my grandsons reliving my youth through their eyes, wonderful.
2 soon to be 3 good private pensions, no housing costs and kids have long since fled the nest so very low outgoings.
I enjoy running sheds which saves a sh#tload of money if you're handy with the spanners.
No chance of getting bored as I've too many hobbies and interests and like spending time with my grandsons reliving my youth through their eyes, wonderful.
1)The State Pension is the same in the Stockbroker Belt as it is in some depraved areas...is that a little odd?
No, not really. The state pension is funded in the same way by stockbrokers, as it is by anyone who works, so the returns is the same.
2)You all have equity or fully own your house now??
Yes
3)My State Pension and Works Pensions amount to about £1250 a month ...with £350 Standing Orders monthly....do I have enough to feed and clothe myself ??
Feed and clothe yes, but little left over for holidays, cars etc.
4)Do you get bored s'@@tless watching Tales of the Unexpected over and over.They were such happy times??
Yes, but with hundreds of other channels of dross available, there’s usually something less mind numbing to watch.
5)We all have funds to fall back on of course...but are they enough??.
Depends on the funds and how you choose to spend them.
I retired for the second time a couple of years ago at 67. First time I was 53, but divorce and boredom made me go back to work.
The very substantial drop in income influences my choices in life, but I would say that I am still comfortably off, providing that I don’t do all the things I used to do. I’ve got over not being able to race anymore or spend 3 weeks in the Caribbean and a couple of weeks on a Greek island every year, but I can still afford decent holidays.
Key thing I would suggest, is to avoid vegetating and make sure you stay active, because age and declining wellness can be deferred/avoided if you look after your mental and physical fitness. Watching Tales of the Unexpected is unlikely to help you with this.
Good luck and stay well.
69, 70 this year. Retired fully at 62 but had consulted 2/3 days/wk for 3 years previous.
Keep physically and mentally active. Impact (weight) training is important as we get older to maintain bone density. Do stuff intellectually, even this helps. Do not move to a bungalow unless absolutely necessary.
Hopefully you have a passion/hobby. The thing you would have done had you not needed to work. Focus on that and maybe take up something other. My mate very similar age took up the electric guitar. His playing is a bit pants but makes him smile. He was also able to take his career role and do it part time for a club.
State pension will not cover most peoples needs, certainly until 80 ish. Spend profile drops off substantially post mid 80s. Saw it with my parents and just beginning to feel it myself. I don't bounce in quite the same way. Starting to feel mortal which is a bit discombobulating.
Downsize if and when you need to but don't leave behind friends and never move to some remote location without good infrastructure nearby.
Help out children (probably adults) as much as you can. A selfish joy is seeing one's children/grandchildren make use of it.
Then as my Daughter says take up SkI-ing (spending the Kids Inheritance).
If you haven't already, get a will written and organise Executors , but I suggest you discuss plans with children.
Keep physically and mentally active. Impact (weight) training is important as we get older to maintain bone density. Do stuff intellectually, even this helps. Do not move to a bungalow unless absolutely necessary.
Hopefully you have a passion/hobby. The thing you would have done had you not needed to work. Focus on that and maybe take up something other. My mate very similar age took up the electric guitar. His playing is a bit pants but makes him smile. He was also able to take his career role and do it part time for a club.
State pension will not cover most peoples needs, certainly until 80 ish. Spend profile drops off substantially post mid 80s. Saw it with my parents and just beginning to feel it myself. I don't bounce in quite the same way. Starting to feel mortal which is a bit discombobulating.
Downsize if and when you need to but don't leave behind friends and never move to some remote location without good infrastructure nearby.
Help out children (probably adults) as much as you can. A selfish joy is seeing one's children/grandchildren make use of it.
Then as my Daughter says take up SkI-ing (spending the Kids Inheritance).
If you haven't already, get a will written and organise Executors , but I suggest you discuss plans with children.
Slow.Patrol said:
The combined pension which was all my pensions working for private companies (over approx 35 years) and my six year local government pension will be paying me the same monthly amount when I retire next year.
This (while it is in line with my general understanding of the difference between private sector / public sector pensions) is wild!I suppose it is more accurately the difference between defined contribution and defined benefit pensions - just that the private sector decided long ago (and before I could get in on one) that defined benefit was too expensive to bear.
Oh, but also, glad that the LGPS pension is doing you proud.
David_M said:
Slow.Patrol said:
The combined pension which was all my pensions working for private companies (over approx 35 years) and my six year local government pension will be paying me the same monthly amount when I retire next year.
This (while it is in line with my general understanding of the difference between private sector / public sector pensions) is wild!I suppose it is more accurately the difference between defined contribution and defined benefit pensions - just that the private sector decided long ago (and before I could get in on one) that defined benefit was too expensive to bear.
Oh, but also, glad that the LGPS pension is doing you proud.
It really shows that LGPS are not sustainable. Or any other public sector pensions.
I must admit that I am not sure how they fund it. Whether it is a Ponzi scheme like the state pension. I believe they are implementing changes so that it is not as generous, but then UNISON wade in and the changes get scrapped.
Some great answers ...I thought most of you would be hugely offended by the Financial Questions??My Life is an open book...I have no secrets from anyone.
Pleas keep your answers coming and remember sling in your own question/answer if you want.
I particularly like the answer that you spend less....I really not bothered about holidays...I have travelled all over and still love Britain the best....especially Calderdale where I am now.I am on my own in my property but have a lovely Romanian Partner who is way off her Pension as yet !!
Pleas keep your answers coming and remember sling in your own question/answer if you want.
I particularly like the answer that you spend less....I really not bothered about holidays...I have travelled all over and still love Britain the best....especially Calderdale where I am now.I am on my own in my property but have a lovely Romanian Partner who is way off her Pension as yet !!
Lo-Fi said:
Yeah, but what happened with your insurance? Did it sort itself out?
Yep....it wasnt a problem...thanks for asking !!Now we have to deal with the switch from a working wage to a lesser wage than I am used to..this was the reason behind the post.And the possible boredom and financial implications.
Mike Reid the Eastenders Actor and Comedian once said...."You know its not easy for the ordinary person on the Street""..and thats how life has proved to be(for me anyway!!)
Please stick to this topic.
VanDriver99 said:
Few questions....pick and choose which ones you want to answer??I turn 66 on Tuesday and wondering what to expect??
Recently turned 66 myself receiving my uk state pension.I’m still running my construction business but only for another year, then I’m entitled to a part French state also. I’ve a couple of other small pensions that pay out on my birthday each year. Slightly younger wife still working until she’s 67 (4 years time) then she will get uk full basic and French part pension.
Self employed all my working life and I can’t believe for the small amount I’ve paid in class two contributions that I get nearly a €1000 a month.
1)The State Pension is the same in the Stockbroker Belt as it is in some depraved areas...is that a little odd?
Not odd.
2)You all have equity or fully own your house now??
Own our own houses.
3)My State Pension and Works Pensions amount to about £1250 a month ...with £350 Standing Orders monthly....do I have enough to feed and clothe myself ??
You may struggle but you’ve a young partner. Look after her/him!
4)Do you get bored s'@@tless watching Tales of the Unexpected over and over.They were such happy times??
TV doesn’t go on until the evening and then it’s generally rubbish.
5)We all have funds to fall back on of course...but are they enough??.
Yes we have funds. I would like to spend some on another camper van but I’m hesitating as the money was hard won. We both have a similar amount in our separate accounts.
So answer what you like( the post is very tongue in cheek).Maybe add your own questions and answers to help people heading into this stage of their life??
We’re confident going forward and enjoy our life.Recently turned 66 myself receiving my uk state pension.I’m still running my construction business but only for another year, then I’m entitled to a part French state also. I’ve a couple of other small pensions that pay out on my birthday each year. Slightly younger wife still working until she’s 67 (4 years time) then she will get uk full basic and French part pension.
Self employed all my working life and I can’t believe for the small amount I’ve paid in class two contributions that I get nearly a €1000 a month.
1)The State Pension is the same in the Stockbroker Belt as it is in some depraved areas...is that a little odd?
Not odd.
2)You all have equity or fully own your house now??
Own our own houses.
3)My State Pension and Works Pensions amount to about £1250 a month ...with £350 Standing Orders monthly....do I have enough to feed and clothe myself ??
You may struggle but you’ve a young partner. Look after her/him!
4)Do you get bored s'@@tless watching Tales of the Unexpected over and over.They were such happy times??
TV doesn’t go on until the evening and then it’s generally rubbish.
5)We all have funds to fall back on of course...but are they enough??.
Yes we have funds. I would like to spend some on another camper van but I’m hesitating as the money was hard won. We both have a similar amount in our separate accounts.
So answer what you like( the post is very tongue in cheek).Maybe add your own questions and answers to help people heading into this stage of their life??
We have a wonderful dog that we both walk with everyday. We both probably walk around 6 klm a day.
I have loads of gardens and buildings to take care of. We will have to downsize at some point but not yet. I’ve just bought some more land and a small wood!
I love a bit of hard work and it will probably do for me one day!
I’m of the opinion that good health is everything.
It's difficult and I have every sympathy for those on a fixed income over which they have no control and little in the way of savings. Pensioners can find themselves with large and unexpected bills wherever they live. Its a problem. New cars are out of the question, even running a car is difficult and needs to be justified.
I know someone who just keeps working, they deliver cakes for a baker to coffee shops and cafes, basic wage but it means he doesn't need to heat his house. Gets stung for tax though, state pension uses up his allowance so its BR on £11 an hour.
I don't think it would kill HMRC to make the first five years of retirement tax free on earned income.
I know someone who just keeps working, they deliver cakes for a baker to coffee shops and cafes, basic wage but it means he doesn't need to heat his house. Gets stung for tax though, state pension uses up his allowance so its BR on £11 an hour.
I don't think it would kill HMRC to make the first five years of retirement tax free on earned income.
I don't think it would kill HMRC to make the first five years of retirement tax free on earned income.
I am guessing the people who continue to work are the ones like me who woudln't even now how to claim a benefit.
Your desire to work and your work ethic has been passed down from your parents probably??In many cases the desire to live on benefits has probably followed a similar course.... Dignity is hereditary ??
I am guessing the people who continue to work are the ones like me who woudln't even now how to claim a benefit.
Your desire to work and your work ethic has been passed down from your parents probably??In many cases the desire to live on benefits has probably followed a similar course.... Dignity is hereditary ??
VanDriver99 said:
Few questions....pick and choose which ones you want to answer??I turn 66 on Tuesday and wondering what to expect??
1)The State Pension is the same in the Stockbroker Belt as it is in some depraved areas...is that a little odd?
2)You all have equity or fully own your house now??
3)My State Pension and Works Pensions amount to about £1250 a month ...with £350 Standing Orders monthly....do I have enough to feed and clothe myself ??
4)Do you get bored s'@@tless watching Tales of the Unexpected over and over.They were such happy times??
5)We all have funds to fall back on of course...but are they enough??.
So answer what you like( the post is very tongue in cheek).Maybe add your own questions and answers to help people heading into this stage of their life??
67 in 4 weeks, so nearly a year of state pension. I actually took "early retirement" aged 52, and started drawing my company pensions. I carried on with a part time PAYE job, while growing my own business. Gave up PAYE work aged 61, planning on carrying on as a Sole Trader for a few years.1)The State Pension is the same in the Stockbroker Belt as it is in some depraved areas...is that a little odd?
2)You all have equity or fully own your house now??
3)My State Pension and Works Pensions amount to about £1250 a month ...with £350 Standing Orders monthly....do I have enough to feed and clothe myself ??
4)Do you get bored s'@@tless watching Tales of the Unexpected over and over.They were such happy times??
5)We all have funds to fall back on of course...but are they enough??.
So answer what you like( the post is very tongue in cheek).Maybe add your own questions and answers to help people heading into this stage of their life??
2) I've been mortgage-free for about 16 years now.
3) My total Pension income is about £1700 a month after tax. I actually need £1200 a month to pay all the bills, run a car, eat, etc. Add in what I'm earning from my own business, and I'm better off financially than I've ever been.
My brother hits 66 in 9 months. No private pension (had to cash it in to pay for his divorce) and has an £80k mortgage (same reason). He's screwed unless he downsizes, or gets planning permission to build on his 2 acre garden.
The State pension simply isn't enough to have any kind of enjoyable retirement.
4) I would get bored and go crazy without my business. Not so much about the income, but it gives me something to do, and some structure to my day.
5) When I packed in my full-time PAYE job at 52, I had paid off the mortgage, and had £140k in the bank. I spent around £60k "upgrading" to a bigger, detached, house, and another £30k buying a 911. Ran my savings down below £20k at one point - scary!
I now keep it above £25k, just spending the surplus.
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