50 something man seeking to save to retire before 60!

SuperSecretSquirrel

Sorry to hear all your plans have gone out the window, will be happening to an awful lot of people at the moment I guess!

Thanks for doing the work you do 👍

crv1963

SuperSecretSquirrel said:

Sorry to hear all your plans have gone out the window, will be happening to an awful lot of people at the moment I guess!

Thanks for doing the work you do 👍

I'm actually not too upset at the changes to my plans I know that under the current circumstances I am fortunate to be earning and that in these times my particular skill set is in demand, retiring later than planned is not the worst thing that could happen.

crv1963

Hi

It is finally R-day! My P45 arrived yesterday with my last payslip- payslips are usually electronic. My re-employment starts on Saturday- I have to have a 24 hour break in service to comply with the Scheme rules. I was due to start work Tuesday night but have just agreed to work Monday night overtime due to someone going off sick. 

My last working day was Tuesday it was bizarre, accepting a card, a bottle of single Malt and good wishes while everyone knew I was returning but being seconded to provide cover elsewhere.

Payday today so about to check my bank account. Mrs CRV just asked me if I was bored with retirement yet- I told her I am so am going back to the workplace!

Spending- More gardening supplies my Tomato plants are galloping away, I've had to take the car for a minor repair but was told they are unlikely to get the part- a plastic clip for the foglight but am still legal to drive.

Saving- Plugging away at it, not much else to do with essential spending only. Going to up Mrs CRV pension contributions later this month. 

Sorting- I seem to be either at work, in bed after work or in the garden so apart from garden related things no new sorting, the house is upside down, everything all over the place and nowhere to put things away- I didn't realise how disruptive having the loft done was going to be! Mrs CRV cleared the Kitchen cupboards yesterday and it is the only room unaffected.

Other News- Been nowhere, seen no one! I do miss my trips to my local pub a couple times a week. 

Hope everyone is managing to stay safe and are if not working or furloughed managing to keep themselves occupied, not overthinking or worrying. 

SuperSecretSquirrel

crv1963 said:

Mrs CRV just asked me if I was bored with retirement yet- I told her I am so am going back to the workplace!

😂 😂 😂
Well done on getting to retirement mark 1, I look forward to reading about mark 2 in the not too distant future!

crv1963

SuperSecretSquirrel said:

crv1963 said:

Mrs CRV just asked me if I was bored with retirement yet- I told her I am so am going back to the workplace!

😂 😂 😂
Well done on getting to retirement mark 1, I look forward to reading about mark 2 in the not too distant future!

Not sure when mark 2 will be but still hoping it is before 60. My next days off I'm going to look into my own pension provision, I'll have my DB pension which will mean we have in effect 3 wages coming in and so I'll be about 10k into HRT bracket, want/need to increase Mrs CRV pension pot but to be tax efficient I need to put something away in my name. I'm as a retire and return worker going to be enrolled into NEST in the workplace. I think we'll see what added costs if any my extra travel will be. 

I think up Mrs CRV contributions to 80% of her income which I think is the max we can do and put 6k pa into a pension for me to get tax efficient for me, then look at anything left over and where it is best used. Any overtime can be saved ready to carpet the new rooms and possibly go towards a new car.

Mrs CRV is fed up with her CRV. It is a lovely car but big to park and thirsty to drive- 2 litre petrol av 27 mpg. Only 3k miles per year though. She has decided she has to down size but still would like 4 wheel drive because of the snow we get. Of course she can't take anything for a test drive so will have to wait until after the lockdown situation- she quite likes the look of the Suzuki Ignis, I won't be changing my name tag to Ignis1963 though!  

[Deleted User]

So CRV1963 I have read your all your posts with interest and keen to know how your figures panned out!

Just being curious and nosey plus a lover of detail! 
Best wishes and keep safe.

[Deleted User]

My plans and figures are on this threadI posted today!

https://forums.moneysavingexpert.com/discussion/6003515/what-are-you-aiming-for-as-an-annual-pension-for-you#latest

frugal90

Where on earth do you live that you need a 4x4 because of snow? I live in the North East of Scotland and don't feel the need. All weather tyres maybe?

crv1963

frugal90 said:

Where on earth do you live that you need a 4x4 because of snow? I live in the North East of Scotland and don't feel the need. All weather tyres maybe?

Mrs CRV got caught out and snowed in years ago and swore she'd never buy a two wheel drive again. So true to her word she has never missed work because of snow, in fact she's never missed a shift in over 20 years. As she rightly pointed out to me when I posed the same question as yours "it's my money and I am not asking you to contribute", end of discussion on the subject between us really. I use all weather tyres on my car and so far so good but we haven't really had a hard winter in almost a decade.

crv1963

Baron_Dale said:

So CRV1963 I have read your all your posts with interest and keen to know how your figures panned out!

Just being curious and nosey plus a lover of detail! 
Best wishes and keep safe.

Well DB due to commence 1 June, 15k pa. When Mrs CRV hits 55 in two years we plan to draw 9k pa from her DC pot, for 12 years so a combined income 24k pa, have already got enough saved to cover that even with recent market events. Meanwhile because we are both still full time (well almost Mrs CRV is 33 hours pw but has recently started overtime to help out) we are ploughing money into the pensions still. I estimated I'll have a NEST pot (employers choice) of around 9k in 3 years time plus we'll have Mrs CRV SIPP- about 60k, my SIPP around 54-60k (to be started in June), so probably a bit more available to draw monthly, or leave alone for the old age. All pot sizes estimates of what will be saved not with any growth added- I am not clever enough to work that out with any accuracy!

We are hoping that at me 60, Mrs CRV 57 total pensions income 15k + 9k + 9k= 33k pa, obviously this will exhaust the SIPPs pots but then SP should kick in giving a level 33k pa less tax from retiring onwards, if I kick the bucket Mrs CRV will have 9k Survivors Pension, 9k draw down then replaced by her SP, plus whatever is in my SIPP either as a TFLS or she can continue to draw it down.

We have some savings, probably build a bit more as travel abroad looks unlikely for some time to come for us. We also have now set aside the money to clear the mortgage from my TFLS, possibly not the wisest move but the reassurance having the house paid off is worth it- Happy Wife, Happy Life and all that!