Re: It's pension time.

I swear by my cash book method, in which I enter all my incomings and outgoings, and on the first page I have a column of all my DDs, then at the bottom all the pensions coming in.

As I use my debit card (or my credit card) into the book it goes so I know exactly how much I have left. Often I get a mini statement to double check.

I got my cash books from Wilko but they've been out of stock a fair few months now, but I've stockpiled some blanks having found some in Rymans. I now have a few years' worth. Goodness knows what I'll do when they eventually all run out.

Re: It's pension time.

5 years ago when I reached 60 they asked me if I would like my pension monthly, I asked could I have it weekly as I would manage better , they agreed I could. My state pension is paid in to bank every Monday . Lucky me

Re: It's pension time.

When I was first married, we kept a watch on the incomes & outgoings, but as our financial situation improved, we relaxed a bit. For convenience, I would like to have my state pension monthly, but it doesn't matter too much as I keep a reasonable 'buffer' to smooth out the peaks & troughs.

Basically, if our savings rise, things are going well. If they fall, we're spending too much!

Re: It's pension time.

I phoned up the Pension Service earlier today, and got through surprisingly quickly.
It is not possible to have your State Pension paid monthly, pcm.

Re: It's pension time.

Same here, we were given the choice weekly or monthly, since we had both been paid weekly most of our working life we said we would have it weekly, glad I did.

Re: It's pension time.

What a coincidence Grumblewagon, I also receive my state pension in a couple of weeks. Although I have applied for it online I don't know how much I'll be getting. I retired at sixty in 2010 and have been surviving on savings, works pensions and doing over the occasional house [only joking] I've had no problem at all settling into retirement, as Zuludog said in an earlier post, 'I don't know how I found the time to go to work' when I'm not running or walking, I'm reviving some old hobbies or surfing this site. It's nice to be able to talk to other mature people in a similar situation.

Previous post have mentioned that they keep accounts of their finances, and it's a brilliant idea, I've been doing it for years. As a self employed courier I started using Microsoft Excel to design my financial charts and accounts, you can design them to add and subtract entries and to keep a running balance, I can knock one up in no time these days and they are extremely useful. It saves paper, and mistakes can be corrected easily. I do online banking and can check regularly to see if my bank account tallies with my computer based account, any unauthorised use of my cards would be spotted immediately.

Bus passes are brilliant, although I love driving, being able to jump on a bus and travel to where my fancy takes me is wonderful, and while visiting my local town for essentials, it not only saves on diesel, but the extortionate cost of parking these days. Long may they continue.

So lets all use our pension's to best effect [we've done our bit over the years, it's time to let the young take the strain] and life can be as large as your imagination, just come on Over 50s Forum and tell us what you've been up to.....

Re: It's pension time.

Well done! I wouldn't be without my cash book/daily spend booklet.

Re: It's pension time.

We retired in our mid 50's and touse the well worn phrase, we've never been so busy. Financially it didn't work out too badly as we sold our house in Hampshire near the top of the market and moved to Scotland where the housing was cheaper, but rising. The interest (remember that?) on the capital from the house sale paid the rent on a modest semi while we looked for a house.

We've been living on occupational pensions and savings, and when I get my pension that will bring my income up to about the UK average salary and things should get easier. It would be a lot better if the government hadn't lied through their teeth about raising the female retirement age as Dianne will have to wait till she's 105 (or whatever it will be). Grrrrrrrrrr!
The bus pass is great. It's still at 60 here and there's no time restrictions. Pity it's not a UK pass, but I can get the length of Carlisle for a 50p booking fee.

I keep a track of my savings and investments on a spreadsheet, but I don't go into the detail of day to day spending.