Ay Up From Chesterfield Derbyshire

[JonathanJ]

A bit about myself.

Retired Solicitor aged 64. I was forced into retirement when I had to close down my specialist employment law practice due to a change in legislation a couple of years ago,( I know - don't over specialise - but that was before I read Jacob's book) leaving me with a business debts of about £30K and personal loans / credit cards etc of £10K. Suffered from stress and became ill, marriage went on the rocks and lost my 6 bedroom house with half acre garden and orchard to my ex. I now live in a rented 2 bedroom terraced house on quarter of my previous income. I have ditched the car and rely upon public transport ( I get a free bus pass) or walk.Through juggling pension pots, some consultancy work and severe scrimping I have paid off the debts and have now achieved financial freedom.

My present financial position is as follows:

Assets

Pension pots: £112,900.00
Cash in bank: £4,222.00
Inland revenue tax rebate (due to me 2016): £3,616.00

Income

Private pensions £316.00 per month
State Benefit (pension credit): £330.00 per month
Housing Benefit: £322.00 paid direct to landlord per month

Outgoings

Utilities- gas, electric and water: £114.00 per month (average)
Mobile: £9.50 per month
Broadband: £21.99 per month
Rent shortfall to landlord: £110.00 per month
TV licence: £13.00 per month
Council tax: Exempt

My two younger children ( girls aged 10 & 12) stay with me 3 nights a week. I have just acquired an allotment and I have been given fishing rights to a stream (a few Trout but mainly Roach and Perch) about 20 yards from my front door. I have joined a political party and am looking to volunteer in local voluntary sector organisations. I also brew my own beer and mainly cook from scratch.

Living in a terraced house I know all the neighbours to say hello to, and most of them by name as against my old posh house ( two brand new cars and TV bundle) where I never saw any of my neighbours let alone knew them socially. Now my children play with the neighbour's kids ( There are about 10 children living in the row ) and we have communal parties and bonfires.

Basicly forced downsizing has been blessing. I have found that belonging rather than belongings are more important.( For more on this read Selfish Capitalism the Origin of Affluenza by Oliver James on how we became sucked into this consumerist society.)

I only wish that I had read Jacob's book earlier.

[Dragline]

Welcome! You certainly have the right philosophy/outlook for this group.

Your story sounds like one of the vignettes from Frankl's "Man's Search for Meaning"

[ether]

Welcome!
I hope you enjoy retirement, you deserve it after years of stressful work.
Sounds like you got a lot of fulfilling activities: fishing, politics, your children, and books.
I hope you care share your insights and contribute to the forum because most people disappear from here once they retire!

[Hankaroundtheworld]

Your story is certainly providing hope and perspective --> inspiring for this ERE community
Glad that you found peace and a better path

[JonathanJ]

Having been forced into frugality I found that there are a number of negative aspects which if I had taken this route in a planned way would not have occurred:

The main one is social isolation. My original social circle based upon employment and social position has diminished considerably mainly due to a lack of mobility, although I have found some new ones. The difficulty is finding like minded people to interact with.

Secondly ( surprisingly ) ERE has become an habit and my present financial position is based upon some state top up, which I feel somewhat guilty about. The dilemma is should I draw down more of my pension fund taking me out of the state top up benefits or stay as I am, but with a greatly reduced pension pot and little opportunity due to my age ( 65 in January) of obtaining funds to increase it.

[Ydobon]

Without getting into a potential argument about deserving/undeserving 'poor' (and that's not an insult, your life sounds pretty rich in experience to me), the very fact that you feel any guilt about receiving something from the state makes me think that you are the sort of person who 'deserves' to be helped.

As a fellow Dad, don't be too quick to try and escape from this situation (of being assisted), the enjoyment of time spent with your girls might drop quite a bit if your income drops again. I know life isn't about money, but it certainly helps, eh?

[JonathanJ]

Update

Reached 65 in late January. Practicing dithering at top of escalators and when getting off the bus.

Pension pots matured and now off state help.

Living the frugal life and plotting the overthrow of capitalism.

[Ydobon]

Haha - suspect you dither a lot less than the average millenial on a smartphone

[Cornerman]

Welcome , and good luck with the overthrowing of capitalism