50 something man seeking to save to retire before 60!

Baron_Dale

Many thanks crv1963. Very informative and well thought out.

Durban

crv1963 said:

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!

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?

crv1963

Durban said:

crv1963 said:

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!

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

Hi
Finally I've found the time for May payday update! 

Spending- Not spent a vast amount just the usual grocery shopping and of course my "Tesco Meal Deal" x 2 daily on the days I'm working. Extra travel for work hasn't really had an impact on overall spending as I don't drive anywhere for pleasure these days! I have ventured to the local Nursery for garden supplies mainly soil although I did buy some veg plants for my new raised beds as well as planting up things I set away from seed.

Saving- Plugging away at it, not much else to do with essential spending only. We've had a couple of changes of plans- as no doubt have others when spending lots of time with their other and better half! 

Sorting- The house is still upside down, everything all over the place and nowhere to put things away- lack of supplies to finish the loft means the builder has demolished the Conservatory and dug the footings for the Sun Room, so now the Living Room, Spare Bedroom and Shed are packed floor to ceiling! Our little sitting room- the one we use most of the time is now cleared of junk so usable again.

Other News- Been off home from work self-isolating for a week, my test came back negative so as long as Mrs CRVs also comes back negative it's back to work later in the week. I've managed to get quite a bit done in the garden in my enforced week off but my admiration for those who have remained cooped up since March only grows- going to work has been easy in comparison!

Loft is awaiting being plastered, but currently no plaster available! Then the electrics can be sorted. Building Inspector due today. 

Having had a long time together over the past week and seeing how even with the loft conversion we still struggle with storage space- Mrs CRV collection of fabric in preparation for her retirement means boxes all over, we discussed how we can make space/ better use of space. We have lost a decent amount of space off of bedroom two due to stairs going in, can no longer store things in the Conservatory. Our solution options seem to boil down to further building.

So we're going to extend the happy home, building a Dressing Room off our bedroom- restoring and then increasing the wardrobe space lost from the build, extend the second bedroom- increasing the space there and so the build doesn't look odd extend our little sitting room. We've got a ballpark figure for cost by the builder and the architect is coming next week to discuss and measure up- so more hard saving! Still determined to go by age 60 though! 

One spin off is the build will not significantly reduce the garden space but will give me a chance to remodel it and make it even more low maintenance space. It may appear foolish to spend so much but we like where we live- the location, the space and so we decided we would make it as comfortable and as age proof as we can.

Finally the cheque I posted to pay off the mortgage arrived with the Mortgage Company this morning so definitely a happy wife!

I hope everyone is keeping well and cheerful. Best Wishes

CRV

crv1963

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.

Clowance

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. 

crv1963

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

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. 

mummytummy

How are you crv1963?   Hope you and Mrs crv are well?