Re: It's pension time.

You don't have much to live on Susan. You do sound happy though

Re: It's pension time.

It is a bit scary going into retirement. Will I manage financially and will I fit in with retirement being the two main concerns. I fell into my retirement very easily and my standard of living didn't change one iota. Don't forget that your expenses go down and there's no need for long-term savings.

Re: It's pension time.

I too just snuck in and got my state pension at 60, retired at 61, I only paid the married womans stamp, never really thought how it would affect me later, but they added a % of hubbys.

The bus pass is great though, we go all over even to the seaside

Re: It's pension time.

Alan & Steve - books have been written on retirement, and I'm sure there are loads of websites & forums about it, but here are a some hopefully reassuring comments on your two concerns

Unless you have some expensive cruises or whatever planned, you'll find you spend less when retired; no need to travel to work, shop around for cheaper food and time to cook your own
Do your homework on buses, it's surprising where you can get to with your bus pass. I can travel from Burnley to Derby or the Lake district in a day. Don't think of being stuck on a bus; relax, enjoy it, and accept that although it's longer than using a car, it's free. I have a friend who takes a notebook & jots down ideas for his parish magazine, another who reads a lot. You'd only be sat at home anyway. Certainly use your pass for trips to the shops and local towns

I've given up my car, but I hire one a few times a year for particular trips. I think it's about £98 from 12-00 Fri to 12-00 Mon. That gives me a modern reliable car with no tax or insurance to pay

You probably have all the clothes, pots & pans, and other domestic stuff you need by now
Don't be ashamed to look out for pensioner's rates; you've earned it, and every little helps

The common statement is 'I don't know how I found time to go to work'. and that applies to all my friends.
Now I can go hiking, make model planes, do woodcarving to my heart's content. there must be some hobbies & interests you can return too after giving them up because of work & family
Then there are a host of activities laid on, ask at your library, community centre etc. I have a friend who's completed all the National Trails and now he's doing Land's End to John o Groats in sections of 2 to 3 weeks at a time

Re: It's pension time.

Thanks for your advice Zuludog but I think you've got me confused with someone else, I've been retired for 22 years now so I'm quite settled into it.

Re: It's pension time.

Sorry Alan, I must have miss - read your post

Re: It's pension time.

Welcome to the club, GW. Yes, the tax will be deducted from your occy pension. I hate it!! I mean, how dare they take more money away from me...I've earned it.

I keep forgetting it's every 4 weeks rather than calendar month because my occy pension goes in on the 1st. Then my meagre NHS one goes in on the 14th. I enter it all in my cash book anyway at the beginning of each month but it threw me having it go in last Friday. Still getting used to it, having only had it 3 months now.

Re: It's pension time.

I also discovered that the day it's paid on depends on the last two digits of your NI number, so mine will be paid on a Monday. As for tax, I have a second occy. pension starting at the same time, so goodness knows how that will be handled.

Re: It's pension time.

Yes, the way your money is dealt with is one of the differences between earning a normal salary and being retired

I have two occupational pensions, paid on 5th and 18th each month. My state pension is paid every 4 weeks. All my regular payments, standing orders etc. are paid on various dates pcm. It would be easier if the state pension was pcm, but I can handle it.

At the moment I check my bank account with pen & paper, and mini statements when I go in to town. I'm sure you could develop a spreadsheet to handle it, or perhaps I'll try Internet Banking, then I could check my account every day if I wanted.

I have worked out the pcm equivalent of my State pension, so I know how much money I will get each month. I have totted up all my regular payments - gas, water, insurance etc, - so I know how much will go out automatically, and thus I know how much cash I have available each month

Re: It's pension time.

SUSAN M

Do you know you can get a top-up if your pension is low? It's called Pension Credit.
Lancashire County Council produce a useful booklet on financial advice for over 60s, there may be something similar in your area. Check at library, community centres, or ask at Age UK
You'd probably find out about it too if you searched Google

Also, when you are over 60 the rules on benefits are relaxed, especially as they are paid by your local council and not DWP. I was claiming both Council Tax and Housing Benefits till my State pension put me up over the threshold