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50 something man seeking to save to retire before 60!

edited 30 November -1 at 1:00AM in Over 50s Money Saving
314 replies 66.8K views
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  • sukysuesukysue Forumite
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    We cleared our mortgage asap about 10 years ago. I hated having to pay the interest for our own home and I felt such relief once it was paid, like a weight lifted from our shoulders. Since then we both saved money on our wages every month as well as having our lump sums from our pensions. I thought so hard and did so many sums trying to figure out how much we would spend and how much we would use out of our savings , in the end l just realised we wouldn't know until we did it and bit the bullet..... but omg the deliberating before we did it , l worried and worried over it.
    As for work mates I had to see them today whilst taking my DF for an appt and i really did not miss it/ them at all. I am shocked l dont miss them but l was of this steely frame of mind that l was not going to be the Butt of ppls jokes re not being able to talk about anything else to them except shop now l had retired! l may be a bit strange but l have my pride lol
    xXx-Sukysue-xXx
  • crv1963crv1963 Forumite
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    Although in the financial sense this makes a lot of sense, how are you actually coping with your new working pattern? Or more importantly, how do you feel you would cope if you aren't able to retire in about 18 months. One of my sons is a doctor and I well remember the time when he was a junior and struggled with those night shifts - which take a terrible toll on the body.


    I think that I'll manage okay- I do nights several times a year when I work my current "extras". I think it all depends if you can sleep adequately the following day. Luckily I seem to sleep better during the day than the night!


    Junior Doctors have a horrible shift pattern sometimes, although things are not as bad as they were 20 years or more ago. Thanks to the EU working time directive.


    I also have the advantage of knowing I am time limiting to an extent how long I will be in the role, the first time that I am starting a job/ role where I have set the end date, I honestly had thought my current post would be my last and if I don't leave it I think it would be but not in the sense of retirement but leaving in a wooden box! I ended up working 3 hours past my finish time yesterday, with no chance of getting the time back or pay for it and that was day 1 of 5. In the new post I'll know ok, only 2 more to go not 4.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
  • edited 7 August 2018 at 12:22PM
    lessonlearnedlessonlearned Forumite
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    edited 7 August 2018 at 12:22PM
    CRV. I think the idea of having a set end date is a good one. It gives you a target and a focus. If you find the extra commuting difficult at times well, knowing it's only a short term thing will probably make it more bearable. And of course you can use that time to good effect, listening to music to help you wind down, listening to talking books, which could either be fiction or motivational books. You could even learn a new language....

    Since reading some of these threads I have been thinking a lot about the concept of retirement. I have also been studying longevity, why some people live longer and remain active well into their advancing years. Obviously genetics have a role to play but I also think lifestyle is a very important factor in how well we age.

    Often the people who remain the most healthy well into to their advancing years are those who remain working - paid or unpaid....it doesn't seem to matter which, especially those who follow their passions.

    Look at people in the public eye......David Attenborough is a shining example but there have been others, actors, artists, musicians , academics, scientists, writers. It even seems to apply to we lesser mortals, I know lots of oldies who either do paid work or volunteer well into their 80s

    My family do seem to be quite long lived, but I have noticed all of them remained active in their retirements, often taking up second careers or pursuing interests and passions which they hadnt had time or resources for when they were younger.

    So ......I think it is important to think about what kind of retirement you envisage, pipe and slippers watching daytime TV........ or something a little more pro active.

    Travel and adventure? Well it sounds good in theory but is it enough, what about the times when we aren't travelling.

    I have met loads of people who go on several holidays a year but in all honesty that's it, when they are at home, they dont seem to do much else. Their lives revolve around their travels. Which is fine but I'm afraid I quickly realised that travelling wasn't the answer for me. Perhaps that's because I was forced to travel alone, maybe if my husband were with me I would feel differently. But, at the risk of sounding like a spoilt princess, I came to realise that I actually need more from life.

    As you know I am older than you and already technically retired. I draw state pension so I'm retired right??:rotfl: well yes and no. I don't actually think of myself as retired. I see myself more as a "senior entrepreneur". Apparently we are a growing phenomenon. ;)

    Just as a i never had a clearly defined career path......I always combined jobs that paid a salary to live off with sideline businesses eventually owning and running a couple of companies with my husband. I think I was a "portfolio worker" long before the term came into fashion.

    Now......I continue in much the same vein and I simply don't see myself as retired. I use my various pensions to live off, and some of my capital as working capital to fund my projects and business ventures, keeping a dollop back for long term investment.

    Being something of an amateur property developer, my latest house purchase is a case in point. I have talked about future proofing my living accommodation, but this is merely a "just in case" insurance policy.

    After all experience has taught me that you never know what is around the corner, illness and disability can strike anyone, anytime. So, if my health fails me whilst I undertake this next renovation project, I will at least have secured a suitable property in which to age.

    If my robust good health continues, then I will simply sell up when it is completed and then move on to the next one. In addition I will be looking at a couple of side hustles.

    Why do I do this......simple.....I enjoy working and I enjoy making money. It keeps me active, healthy and engaged. I will still do a big trip every so often.....Iceland next and maybe a couple of mini breaks now and then. I will still keep learning - brushing up my Spanish and Italian, will take up new hobbies and interests......a sewing course and music lessons and once my knee is better, maybe even learn to tango. Lol.

    So for me....."retirement" is a bit of a misnomer.....I am retired in that I don't work for "the man" :rotfl: My pension income is plenty for my needs and wants, but I choose to work for myself.....hopefully for a very long time to come.
  • bugsletbugslet Forumite
    6.9K posts
    crv1963 wrote: »
    I am only allowed to enjoy the seahorses, they're Mrs CRV hobby- although I can feed them if she goes away, they are hard work but lovely.


    Not planning on clearing the whole mortgage, at 54 and 51 it is better planning in my view to cycle money through a pension first to gain tax relief, then overpay a bit of it and use some lump sum money to reduce or clear it at the point of retirement.


    It's one of the numerous variables to wonder about! I also procrastinate and over think things at times!

    I went for the middle of the road approach - I overpay on the mortgage and I put money into a pension - it's either a completely disorganised scattergun approach that purists would disapprove of, or it's a sensible strategy with the aim of debt steadily decreasing and investments steadily increasing as opposed to one flatlining.

    In other words, do what suits you as you can never really plan anyway!

    If I ever stop dithering (and I'm now not sleeping because I'm mentally waffling), I expect that I would find some work to do, probably self-employed.
  • bugsletbugslet Forumite
    6.9K posts
    Just spent far too long watching sea horses on youtube - and sea dragons, why have I not heard about sea dragons before!
  • [QUOTE=crv1963;74


    I ended up working 3 hours past my finish time yesterday, with no chance of getting the time back or pay for it and that was day 1 of 5. In the new post I'll know .[/QUOTE]


    You work really hard and deserve to retire - hope it comes sooner than later for you :)
  • lessonlearnedlessonlearned Forumite
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    I love seahorses.....there is something magical about them.

    When my husband was in a nursing home, more or less Paralysed and no longer able to use his computer, I installed a fish tank in his room. It kept him entertained for hours. It was also a great talking point. The staff and other more mobile residents used to visit him to watch the fish with him and chat.
  • bugsletbugslet Forumite
    6.9K posts
    I like watching fish, very soothing and entertaining. I spent many years besotted with Kelly and Becky ( don't ask), two humble goldfish!
  • lessonlearnedlessonlearned Forumite
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    :rotfl::rotfl:

    Glad I'm not the only one who names fish.
  • crv1963crv1963 Forumite
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    Hi all,


    LL- I like your career approach! I think that I'll have lots to keep me busy, the garden for a start, although I am planning on paying someone to cut the high hedges, for the couple of days I'd take to cut them I could work one to pay someone, and use the other day to do other things in the garden.


    Longevity is dependent on so many factors, but being active is a big one, I discussed my 79 year old mother with one of our consultants and her love of (obsession) with gardening and climbing ladders to cut her hedges. His advice? "Don't ever tell anyone to try to slow down or do less, just get her a set of platform steps so she's not wobbling about with the trimmer. The fatal thing is when you slow down you do less and less. Mixing even just chatting in a shop is just as important." Men die younger because many see retirement as either a long holiday and watch TV and drive places specific to whatever the need is. Women (on the whole) live longer because they keep houseworking, shopping, cooking......more women than men do keep fit/ dance classes/ are the primary grandchild minder.


    I intend to take after my mother even though I seem to follow the male trend (in my family) for heart problems and since I was clearly told my heart attack boiled down to stress and smoking I am making the needed changes, at times with difficulty. Although my wife did despair that she couldn't get me to sit still during my recovery- the garden never looked as good despite being banned from lifting anything above waist height at the time!


    Bugslet- I think a scattergun approach sounds good, I'm forming a plan that includes debt payment, mortgage overpayment and savings at the same time, no point in having lots in pensions if you then need to draw it all down to pay off the mortgage.


    LL and Bugslet- My wife names the seahorses, we even buried a maroon clownfish when he died. I've named some of the hens, still waiting for names for two of them. Watching the fish is very relaxing and the seahorses are great as they don't bob about as fast as most fish.


    ManofLeisure- I too am hoping that it is sooner rather than later, hopefully nearer the 18 months than the 5 years!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
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