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50 something man seeking to save to retire before 60!

edited 30 November -1 at 12:00AM in Over 50s Money Saving
319 replies 69.5K views
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  • Baron_DaleBaron_Dale Forumite
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    Many thanks crv1963. Very informative and well thought out.
  • edited 19 May at 2:41PM
    DurbanDurban Forumite
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    edited 19 May at 2:41PM
    crv1963 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!
    If you kick the bucket - won't your wife also have a DB pension in her own right if she also works for the NHS or if not her own DC  as well as 9k Survivors pension , 9k drawdown then replaced by her SP?
    Mortgage at highest start date - 25/9/2014 - £92000
    Mortgage now 23/5/2020 - £31,181
    MFD - October 2025 MF Goal Date 2021
  • crv1963crv1963 Forumite
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    Durban said:
    crv1963 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!
    If you kick the bucket - won't your wife also have a DB pension in her own right if she also works for the NHS or if not her own DC  as well as 9k Survivors pension , 9k drawdown then replaced by her SP?
    No Mrs CRV pot is all DC she left NHS in her early 20s. 
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
  • crv1963crv1963 Forumite
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    Hi
    I forgot to post June payday update! 

    Spending- Much the same, having to pay to stay in a hotel as landlady still shielding until August, otherwise no additional spending.

    Saving- Increased Mrs CRV SIPP contributions, otherwise no changes really, we've been moving money between pots- had to increase the Vet Bill pot as we now have 3 unwell pets, unfortunately the cat has a poor prognosis and there is nothing that can be done other than love and attention.

    Sorting- Been busy painting the Loft Room, just the electrician to do his bit then it'll be ours to furnish, ordered the carpet gets fitted next week, then we can start clearing furniture and boxes and boxes of material up there!

    Other News- Work, work, work! Getting overtime in while it lasts, I'm being seconded again away from my base Team as the Team I was seconded to asked for me to return, which was a nice compliment. Start there again mid August. I have been over to Mums, brought her over to see the building works progress (or not as it was due to be completed end of April) suitably masked and hand gel use of course.
    Builder estimates another 3 weeks, he's not here every day but as supplies are delivered he gets them used up, awaiting windows for the Sun Room and although I had said no changes to the plans we're having a lantern window fitted.
    Further extension- plans drawn up and approved so other than some costs for energy calculations because we're having more windows than normal it should go ahead in the coming months. I've managed to sneak in an extra lean to greenhouse so looks like my overtime will be put to good use- after we've got some new carpets. Hard work this prep for retirement!

    Hope everyone is well, making sense of the new and ever changing rules on where and what we can do! I'll try and post July payday update on time next month.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • ClowanceClowance Forumite
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    Glad to see you back, find your posts very interesting. We are having a single storey extension and intend to fit bifold doors and 2 lanterns so the rooms behind it are not too dark, let us know once yours is in how it is please? However we dont have a start date for ours, likely to be over the winter. 

    :j Don't forget quidco/topcashback - I do!:j
  • crv1963crv1963 Forumite
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    Clowance said:
    Glad to see you back, find your posts very interesting. We are having a single storey extension and intend to fit bifold doors and 2 lanterns so the rooms behind it are not too dark, let us know once yours is in how it is please? However we dont have a start date for ours, likely to be over the winter. 

    No problem, the extension we're having built at the moment is a replacement for the conservatory and when the shell was up and Mrs CRV stood in it she felt it too dark and as it is off the living room she felt that to dark too. So we asked if we could have a lantern window in. It was ordered last week by the builder- 1 x 1.6 m. We'd seen some prices on the internet and showed the builder. He said leave it with him as he was sure he could get cheaper from the glazing firm that was making our windows. As good as his word he has- double glazed, self cleaning glass and fitted. It should be ready in two weeks and revised completion of all the work is end of August. 
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
  • crv1963crv1963 Forumite
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    Hi
    July payday update! 

    Spending- Keeping day to day spending down to essentials. Excepting we have spent some of the money we've saved over the last 5 months on the Loft room, it is now fully carpeted, new hoover to save traipsing up and down the stairs with one, new iron- no point in arguing over who's going to use the iron and lots of flatpack furniture for storage. Then we decided to replace the main bedroom carpet and buy some art work for the Loft room.

    Sadly we had to say goodbye to our lovely Yellow Lab, out of hours vet then Pet Cremation, but his loyal and loving nature made it money well deserved.

    Saving- Still plugging away at the pensions and cash savings, not withstanding the above. Have been directed to a calculator which shows I still have more carry forward allowance than I can afford to sensibly save into a pension this year.

    Sorting- Huge effort into this, all the things stored away for the Sewing Room/ Loft now put away neatly, moved the CD Jukebox up there last night and completed two trips to the tip- car full to the gunnels each time, carefully sorted it before hand into clothing, cardboard and none recyclable waste- to be told to put the lot into "general waste as due to covid we're land filling the lot!"

    Other News- Brought Mum over a couple of times to us for a run out and took her to a well known Seaside town to buy some specific art pieces for the loft, it was packed, some social distancing especially in shops, but not likely to repeat going anywhere busy for a while, I used to love the hustle and bustle of a busy trip, no more! Looks like no Car Boot Sales this year at all and the local Christmas Market has been postponed until 2021.

    Builder waiting for supplier to make the Lantern Window for the Sun Room roof, no idea when it will be ready it is the glass they cannot get. The next stage of building may have to wait until next year if supplies remain hard to get.
    Both sons back from furlough, oldest tells me he's busier than ever working while youngest happy to have hung onto his job- they reduced his office from 6 people to 2 plus manager, they have full order books but no supply of raw materials!

    Hope everyone is well, keeping themselves and loved ones safe. 
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
  • mummytummymummytummy Forumite
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    How are you crv1963?   Hope you and Mrs crv are well?
    Sealed Pot Challenge no.14 #6 & #11 🤐
    Sealed Pot Challenge no.13 (2020) # 11 £1608.00
    Sealed Pot Challenge no.12 (2019) #11 total £1445.39

    MFiT-T5 #23, October 4th 2019 new 20 year mortgage of $425,157.00/£212,578.00 - aim to reduce mortgage to $350,000 by the end of this challenge, January 2022, current balance $397,300.00 I aim to finish this mortgage by 2030
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