The Cost Of Relative Freedom.

[Old_Geezer]

Hi.

I had intended writing a long “question” on this but think it might not be the most useful way to go. So keeping it (reasonably) simple (for me).

Those who have recently retired, or have a good enough memory for how it was for them years & years ago when they did. How the heck did you manage to cope with what seems to be a halving of one’s existing income ? Given most of us spend according to income, wasn’t the drop devastating and cause you real problems ? What were the coping strategies ?

Both my woman and myself are close to getting out and good advice would be very useful.

[Old_Geezer]

Thanks both.

Professional subscriptions, ah forgot that one, but I guess if cancelled it doesn't make things worse. Here's the thing, I already don't have sky, but use Freeview. I should be more of a big spender then I could have cut down :=)

And yes I am putting spreadsheets together, when I can find the enthusiasm to have another go. It's those that say I've to find savings. And my woman is likely to need to find a larger % than I. And it looks, possibly sooner.

[boxtops]

I do endorse too those people who've said make the most of discounts for oldies. B&Q card, cheap rate hairdressers, oldie day at the vets, bus pass, senior railcard - concessionary rates to visitor attractions etc. You often have to ask, but if you don't ask, you don't get!

[ladybirder]

Oldie day at the vets boxy? Where, when? Me or the dog?

[Old_Geezer]

Ah. I tend to go to the local GP.

[Peter Pedant]

Most points have been covered O G
SOmeone last week was saying that your income for retirement was 'tick' shaped. Initially high when you did all the things you wanted to just after retirement, and then that falls as you run out of things to spend on
and then there is a bit at the end when your care reqt kicks in.

you said: She is worried if she does retire the building society will notice she is no longer employed and cause problems :-( Another concern to worry about.
erm - dont think so. RBS didnt give a stuff when I retired so long as I paid the mortgage payments.

[Peter Pedant]

OG - prof subs
I am not sure about them
you dont have an income to set them off against

( you dont have to have professional subscriptions in order to be retired like you do to be employed ) - well obviously you do if you are part time

[Old_Geezer]

Thanks.

I think one reason they may be more interested is that the capital should have been repaid by now, but they've not hollered so the interest is still being covered each month. Just have to hope they don't suddenly take an interest.

[boxtops]

O_G, I still had a mortgage when I retired. My issue was that I remortgaged a few years ago, and all the bank were interested in was that the lump sump on my pension would be adequate to cover any capital remaining unpaid. They never checked again, and tbh as long as your OH continues to pay the instalments and they see she's managing it responsibly within her budget, they won't care, they want to keep the business.

Yes ladybirder - it's the catz wot benefit from the discount day, not me - but on that tack, O_G, don't forget that you and your lady will be entitled to free prescriptions when you retire, that saves about eight quid every time you need a script.

[Tilly2]

I think you should talk to the mortgage provider and let them know what's happenig. It's better to do that than to have the constant worry about them 'finding out'.

[Old_Geezer]

She will get free prescriptions soon, I have to wait. I'm the one on regular prescriptions. Typical.

[boxtops]

Some people with long term conditions are eligible for free prescriptions, O_G - not sure if you fall into that category, but it's worth checking.

[johnk]

I went part time so the reduction wasn't such a shock. I also saved for retirement.

[johnk]

After 60 prescriptions are free. Also get a bus pass

[DrFilth]

johnk in england that has changed and males now get it at 65

[DrFilth]

http://www.bedford.gov.uk/pdf/INT011_12%20Travel%20Scheme%20Change%20in%20Age%20of%20Eligibility_PRESS.pdf

[whiskeryron]

I have been retired now for over 20 Years. When I was at work quite a lot of my colleagues could not ( it appeared) get enough to live on without working constant overtime to keep up with their lifestyle. I always considered that work was in fact interfering with my & my wife's way of life & wherever possible avoided overtime at all costs so that we could spend as much time as possible together, we therefore spent our salaries wisely & saved money for regular holidays together. Since my dear wife died I am so glad we did this & spent as much time as we possibly could together. Now that I am alone I still spend my pension wisely, still managing to afford cheaper holidays a couple of times per year so my advice to you O_G would be try to do as I have said here & enjoy your time together as much as you can.

Ron.