Alex321
Guru
- Location
- South Wales
That £43K is not gross income, it is outgoings. That means a gross income of around £55K
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That £43K is not gross income, it is outgoings. That means a gross income of around £55K
fossyant
Ride It Like You Stole It!
- Location
- South Manchester
Mad isn't it, no way would I need that. I won't be buying another car (hopefully), I don't need expensive holidays. My bikes will last me out and more.
I've a colleague that's retired (or both have) early 60's and they are managing on £2k per month between them and that's not pulling any extra in, and before the state pension arrives. They are busy 'doing stuff', so not sat in.
fossyant
Ride It Like You Stole It!
- Location
- South Manchester
Given my 'colleague' who stripped to his underwear in a lecture kept his job, I'm not sure what "really naughty" could be
Spoiler: don't watch the video if you're squeamish.
I'd like to do some other things once retired, so don't want to be waiting too late. Yes, I could probably pick up part-time teaching quite easily, but intend to try something different.
OK, we've got rid for lots less, but that would be a sacking.
I plan to do stuff, but it's not accountancy, or not the level I do it at (management) - I'd maybe help out a charity, or just go do ANY charity work. My colleague that's retired from the same job, she helps out at a food bank.
We've a few that are down right nasty folk to staff/students, so they are 'on the list' and being managed out, but they aren't 'sackably bad enough'. Financially we're a very strong Uni, so we only get rid of folk we can do without and don't need replacing. We've reviewed in detail many staff in my Faculty. 99% great, but there is the odd few that are doing not a lot - these are being targeted for one reason or another.
Regular.Cyclist
Über Member
- Location
- South West Scotland 🏴
I’m on a DB pension and, currently, intend to take my ‘95 scheme element at the end of March following my 60 birthday the previous December. On current calculations that already puts me well into the moderate range and my wife will still be working for a several more years taking the household income well into comfortable.
I then have the option to drop at least 10% of my contracted hours for one year (I can return to 100% after that) but the plan is to go completely. The up to 90% option is a good contingency though.
Later, at a time to be decided, I will draw the CARE scheme part of my pension and, possibly around the same time, be able to take my state pension, unless it becomes means tested or similar.
On current figures my wife and I will be able to maintain the comfortable range throughout even if we end up getting denied the state pension.
I then have the option to drop at least 10% of my contracted hours for one year (I can return to 100% after that) but the plan is to go completely. The up to 90% option is a good contingency though.
Later, at a time to be decided, I will draw the CARE scheme part of my pension and, possibly around the same time, be able to take my state pension, unless it becomes means tested or similar.
On current figures my wife and I will be able to maintain the comfortable range throughout even if we end up getting denied the state pension.
ebikeerwidnes
Guru
- Location
- Widnes
We have been retired for a while now - about 7 years
as said before I retired earlier than I expected due to circumstances
but we worked out that we would be fine on my pension and her small pension - due to her job - would allow for some extras
and in a few weeks I get the OAP and a few weeks after that she gets her
then we will be even better off
not living in luxury
but the house is paid off
the solar panels drop the energy bills in summer to almost zero
and we don;t want or need luxury stuff - a lot of our tastes are basic and traditional rather than luxury and expensive
so we are fine so far!
as said before I retired earlier than I expected due to circumstances
but we worked out that we would be fine on my pension and her small pension - due to her job - would allow for some extras
and in a few weeks I get the OAP and a few weeks after that she gets her
then we will be even better off
not living in luxury
but the house is paid off
the solar panels drop the energy bills in summer to almost zero
and we don;t want or need luxury stuff - a lot of our tastes are basic and traditional rather than luxury and expensive
so we are fine so far!
midlife
Legendary Member
If that’s an NHS pension you drop 10% of your pensionable pay and not hours ?
Regular.Cyclist
Über Member
- Location
- South West Scotland 🏴
True but, assuming staying in the same band, it’s one and the same.
PaulSB
Squire
- Location
- Chorley, Lancashire
Thanks. If I may here are two other things we did.
In the year prior to my wife's retirement we budgeted to live only on my salary. We have friends who did the same. It worked well. We squirreled away most of her salary as savings and when Mrs P did retire her pension boosted our monthly disposable income.
Our other approach was longer-term. In the five years leading up to Mrs P's planned retirement at sixty we undertook all the major household work we could imagine. For example we live in an 1845 cottage in a Conservation area. The roof needs felting and slating in a particular way - all original slates come off, numbered and put back - every 20 years or so. It's expensive. The porch was replaced etc.
The idea was to incur all major expense while we had two incomes. To date this has worked as we've had no capital spending on the house in the past 10 years........though sadly the garage needs re-roofing this spring.
Emanresu
I asked AI to show the 'real' me.
Not wishing to put a damper on those looking forward to retirement ....
There is a sort of rule of thumb that the purchasing power of your pension loses a third of its value over the period of the pension. This is due to the difference between real incomes and inflation i.e. people become richer but pensioners don't. So you're flush at the start but it gets increasingly difficult.
I volunteered for a number of years at a national advice charity for citizens. Often we'd see people who were asset rich but cash poor. They had am initial belief that their home was their pension but when push came to shove, they ended up where they didn't/couldn't move but couldn't finance it's upkeep either.
Bottom line. Plan for the assets as well as the income.
There is a sort of rule of thumb that the purchasing power of your pension loses a third of its value over the period of the pension. This is due to the difference between real incomes and inflation i.e. people become richer but pensioners don't. So you're flush at the start but it gets increasingly difficult.
I volunteered for a number of years at a national advice charity for citizens. Often we'd see people who were asset rich but cash poor. They had am initial belief that their home was their pension but when push came to shove, they ended up where they didn't/couldn't move but couldn't finance it's upkeep either.
Bottom line. Plan for the assets as well as the income.
wakemalcolm
Legendary Member
- Location
- Ratho
Which century are your thumbs stuck in Emanresu?
Are the pensioners in your case study taking out a non escalation annuity? I think it's important to state the assumptions to understand the causes of your damp.
Alex321
Guru
- Location
- South Wales
I don't think that "rule of thumb" is particularly correct currently, unless your main pension is a non-escalating annuity.
The state pension with the triple lock (however long that remains for) grows faster than the incomes of many working people. And many with DB pensions also have those index linked.
fossyant
Ride It Like You Stole It!
- Location
- South Manchester
Quite. Pensioners are better off - my salary doesn't rise as much as the state pension does.
midlife
Legendary Member
Yep. I asked for partial retirement, they agreed but said I had to do 100% of my full time job as a part-timer. This was a no-no so had to do the full retire-return and take my 2015 pension as well...
Aside from the above moan, what I meant to say was that the NHS are playing fast and loose with partial retirement in respect of redundancy. Those that were let go from HEE with partial retirement were only given redundancy from the date they took partial retirement and not the date of their original employment.
Very underhand and sneaky.
Regular.Cyclist
Über Member
- Location
- South West Scotland 🏴
That is certainly sneaky as you say.
As you sure they didn’t to retire and return as, will that option, you resign from your post and rejoin as if you are fresh into the NHS.
Partial retirement allows you to continue without leaving the post or taking a break from work.
midlife
Legendary Member
When partial retirement was announced by NHSBSA from April 2023 most people went for it as it was better for HEE employees.
I retired and returned a year ago but yet to get a contract of employment. The are currently underpaying me as I am not in contract and will no doubt let me finally retire in contractual limbo without back pay.......
