I finally got the details of my pension! Hooray!! I can now get planning for each month and I'll try not to dip into my savings. As expected it's less than £9,000 a year. It keeps me under the limit for paying tax so that's a bonus. I also get a single lump sum of just under £10,000 which I'll use to pay off my car next year. They're not huge sums of money to live on but totally doable with effort. I'm not entitled to any benefits until I reach the UK pension age, which is 67 for me. As I live in Scotland I get free prescriptions, free eye tests and cheaper dental check ups any way. I'll get a free bus pass at 60. Honestly, I'm feeling so relieved this morning as I can now just 'get on with it!'
I popped into Morrisons yesterday as it's good to change up supermarkets every now and then. I got a whole turkey leg (1.6kg) for £5,39! I slow cooked the thigh and roasted the drumstick as it couldn't fit in the slow cooker!! Overnight I made 2 lots of stock to make 2 large pots of soup this morning. My usual chicken/turkey and rice and a potato and leek one as I found a bag of leeks lurking at the bottom of my freezer. Once cooled, I'll portion them up to freeze.
I'll come back later to note how many mugs they make! Edit: 14 portions!
There's loads of turkey meat to make some pies and maybe a curry if I feel in the mood 😋
Your pension sounds very good to me. I took voluntary early retirement from the NHS when I reached 50 & could access my NHS pension. I got a lump sum similar to yours with which I cleared our mortgage but my monthly pension is smaller than yours, however husband still works. We also can't get our state pensions until age 67 (we're both 59).
ReplyDeleteIt's decent amount considering all the part years I worked. And as I'm on my own I have the control on how I use it. I opted for a smaller lump sum as I'm retiring early but that suited me :-)
DeleteHi from June I started receiving my small teachers pension too and I received an email from Teachers Pensions concerning the McCloud Judgement this week. I’m assuming this applies to teachers in Scotland too as I’m in England but you might actually receive a bigger lump sum than you have. We were moved from final to average salary back in 2015 without any consultation and this was judged to be unlawful! You may be entitled to a larger lump sum as this is based on your final salary pension. Teachers Pensions are currently reviewing ‘the remedy period’ over the next 18 months so you should receive an email from them hopefully. I really enjoy your blog by the way. Happy retirement!
ReplyDeleteJan x
Thanks! Not sure if this applies to Scotland but I shall find out. My pension calculation was more complex as they've changed the schemes over the years and I have paid into 3 different ones. I have no way of knowing if it's correct so I have to trust they've worked it out properly :-)
DeleteJust doubled checked my paperwork and yes it says they're awaiting judgement on it. So I may get a little more! :-)
Delete🙌 great news, fingers crossed we both get another lump sum in the near future. X
DeleteWe eat very well but do not waste and I have just worked out how much a week I actually spend on food it is £35 for two. It will not be the life of luxury but you will be fine. My mother was not entitled to any benefits but did get a council tax reduction. Enjoy your bus pass when you get it we live on the west coast and go for a bus run once a week, we went to the festival, Dundee, Stirling, Dumfries, Ayr, and last week The Forth Road Bridge which we walked over.
ReplyDelete£35 a week for 2 is brilliant!! I'm trying to get my food/supermarket spend down to around £100 a month but as I'm kinda still supporting my son and DIL a bit too it's not quite there yet :-)
DeleteIt’s always helpful to know exactly where you are with money coming in. I live in Canada, we have less social service benefits, but we are both fortunate in having a pension from work and government pensions. Jean in Winnipeg
ReplyDeleteIt's a relief to finally know the exact amount. I had a rough idea as you can use their online calculator but it didn't take account of the previous 2 schemes where I only worked part time. It's more than I'd estimated but still less than I'd like!! :-)
DeleteI took early retirement at the age of 58 (10 years ago now - eek!) due to my work relocating so I took the redundancy offered, paid of my mortgage and lived on a very similar income - just below the tax threshold. I was lucky in that I had had time to plan (as the relocation was announced some 18 months before) but I was still a little worried. However I found it was really easy to do - petrol consumption was reduced massively; I didn't need to buy smart clothes regularly (in fact I still wear some of my "work wear" from back then); I had time to shop around for bargains and cook from scratch instead of coming home late and just grabbing a ready meal or ordering a takeaway. I kept my car and planned days out to co-incide with shopping days if possible. I walked more and found some activities near to me that were free, or just cost a couple of quid. I realised that it really does cost you to go to work! I now get my state pension but have to pay tax now - I don't really begrudge that as I am aware of the fortunate position I am in (I say "fortunate" but I worked hard for many years and made sure to pay into the company pension). I do have friends who have to rely on pension credit to get by each month. I'm sure with your planning skills you will make out just fine. Plus, you always the back-up of finding other work in some capacity if you need to. Best wishes.
ReplyDeleteThanks! You sound like you've totally got it sussed!! I'm already noticing less petrol costs, I haven't been buying supplies for the classroom and definitely haven't needed to buy any new clothes. And that's all just after a few months. I do hope I can keep my car in the long run as it makes life a lot easier to help out family. If I can manage on what I get just now, by the time I get my state pension I'll feel rich again!! :-)
DeleteI agree totally with what Aileen says. Going to work can be costly!!!! We are frugal planners and can make a £ do the job of 3!!!! For me, leaving teacher stress was refreshing so I could take stock and be even more frugal. You will do fine, I'm sure. x
DeleteThe stress of the job was making me ill and I realised that my boss/my employer couldn't change anything. Being frugal takes time and effort and now I have the time to really work at it! :-)
DeleteGlad that you finally got your pension papers. We get our government pensions at 65 and also something called Old Age Security to top it off a bit. Neither of us has a private pension any longer as the places we worked either phased them out (gave them to us to invest) of paid out in a lump sum.
ReplyDeleteGod bless.
It really was such a relief to get the paperwork sorted out at last as it's been hanging over me these last few months, Onwards and upwards now :-)
DeleteGlad it has finally come through. I will keep my fingers crossed for the lump sum being upped too. That should help towards the vet's bills.
ReplyDeleteI'll not have my hopes too high then anything I might get is a bonus! :-)
DeleteIt's good to hear that everything is slipping into place, you deserve it all to go smoothly. We were a bit gutted when we left Wales as we found out that we wouldn't be getting our free bus passes until we retire at 66 in England. In Wales they would have started at 60 whether we were working or not.
ReplyDeleteWales seems to be in line with a lot of Scottish policies but as both are the smaller countries within the UK maybe it's financially easier to implement :-)
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