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    • crv1963
    • By crv1963 5th Aug 18, 6:34 PM
    • 540Posts
    • 1,170Thanks
    50 something man seeking to save to retire before 60!
    • #1
    • 5th Aug 18, 6:34 PM
    50 something man seeking to save to retire before 60! 5th Aug 18 at 6:34 PM

    This thread is inspired by reading others journeys, and at the suggestion of ShyandRetiring. I have been a lurker and commentator on a number of the excellent threads on this Forum. I like the Pensions Board, this board and the Pet Board in particular. I have been given some excellent advice and had answers to many specific questions on them.


    I'm a 54 year old soon to be 55. Where did the years go? I'm an NHS worker and can take my pension unreduced at 55 due to having "special officer class" because of my particular area of work. I currently have "all my years in to get a full pension" each years contribution counts as 2 years from 20 years service, in March I had a total of 40 years or 40/80ths pensionable pay.

    I am- because of the way the scheme is calculated allowed to accrue a further 5 years or up to 45/80ths from the age of 55-58. I also am allowed if I work shifts to have any shift allowance calculated as part of my final pension.

    So far so good, Mrs CRV and I married later in life than was originally planned, we lived together many years ago but parted without rancour in 1992 because in part of my career ambition and her reluctance to leave the area she lived in. We both went on to marry others, finally get back in touch through Friends Reunited. Two divorces later (we ended up divorcing our respective spouses) we finally married each other. I have two sons from my first marriage who live in the South East, Mrs CRV never had children but she (now we) has two nieces whom she/we adore. We both work in healthcare same qualification, me NHS, Mrs CRV always private sector since qualifying.

    I had a brief career break when I moved in with Mrs CRV, so did have an NHS Pension break but re-joined in time to preserve my special class status. Last year I had a heart attack- fully recovered now thanks to excellent emergency care and treatment, but had an enforced 7 month break from my stressful current role. This led to my MSE addiction and our planning carefully our retirement. I say it as the "Royal We" as the whole topic is cold for Mrs CRV!

    Part of my personal journey was re-evaluating my current role and seeking to reduce my stress levels. My cardiologist suggested that I should seek to return to shifts as a means of getting additional days off from work. This in addition to feeling side lined at work even being labelled as too old for the job and rather unkindly a dinosaur by a colleague said in jest I'm sure but left me feeling undervalued and not part of the Team.

    So luckily for me the Trust I work for realised that they had got rid of all the experienced staff and the in-patient services it runs needs experienced staff to provide leadership, coaching and in some cases straightforward "you do it like this" support for younger qualified and inexperienced staff. I applied for one of the posts and got it, starting in September! Luckily for me and my pension it is all "out of hours" and unsocial hours work, so I'm swapping my M-F, 9-5 role for a post that is almost all night and weekend work. It is worth around 12k extra on my salary and of course around 6k pa on my pension when I get it. I'm going from 20 days every 4 weeks to 13 shifts every 4 weeks, so will be able to also work a few extra shifts boosting the coffers more, as currently I work 2-3 "extras" at weekends while doing my M-F role, so having only 4-5 days off every 4 week period.

    Mrs CRV isn't so well off with her pension planning, she has some SERPs pension pot, with nothing between that and her now auto-enrolment pot. So this is where we'll have to concentrate I think.

    We have some debts, a 90k mortgage at a fixed rate and I was forced to borrow 12k for a new car 2 months ago as mine was written off and I need a decent economical car for work and the commute.

    The purpose of this diary?

    To document my journey to retirement which I hope will be 18 months- 3 years time, 5 at an absolute push, I don't want to be the richest in the graveyard but want a decent comfortable retirement.

    I also hope others will see an ordinary man can have aspirations, share what goes well and help others learn from what goes wrong!

    To get some advice/ ideas that add to our plans. I already have picked up tips, one thing we do need to sort is wills, LPA and future proofing our home, in addition to Mrs CRVs pension planning. I'll hopefully get some ideas?

    We live in a large bungalow with a very large garden, isolated on a hill in the middle of town, a cat with thyroid problems, a diabetic border collie !!!!! and an old Labrador dog who has had to have major surgery for mouth cancer, a collection of hens, a collection of tropical marine fish tanks (Mrs CRV hobby I am only allowed to look at the Seahorses!), we have a collection of outbuildings- shed, summerhouse, air raid shelter and garage full of my junk aka "valued items" that need de-cluttering as well as a loft heaving with an assortment of junk including 9 old fish tanks!

    We worked our number out- current figures-

    Me DB 16.5k pa 48k TFLS or 13k pa 85k TFLS
    Old Equitable Life AVC 6k
    Full SP is forecast if contribute another 4 years

    Mrs CRV 24k SERPs pot (2004 valuation, updated one requested)
    5k Auto Enrolled pot
    Full SP if contribute another 4 years

    We think save into PP or SIPP for Mrs CRV, draw down at 8k pa or up to PA. We think 24k pa would be manageable, any extra would be a bonus. We are in the position that if we live long enough as we age we'll actually get an increasing level of income!

    Motivation for saving?

    We've seen too many struggle to "get by" on SP alone! We want to be able to run our cars, keep our pets/ hobbies and have some decent holidays- we're having our gap year(s) at the end of our careers. So a tour of China maybe to see the Great Wall etc, tour of SE Asia see the Temples, Tour of India, and I'd love to see Botswana, Bermuda and go to Moscow! All depends on a) finance and b) health.

    Thank you for reading my ramblings!

    Never look down on someone unless you're helping them up!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
Page 6
    • bugslet
    • By bugslet 21st Nov 18, 8:56 AM
    • 6,428 Posts
    • 30,423 Thanks

    Up way too early for my shift today! Had a good weekend off, rested a bit and pottered a bit.

    Sorting- Spare room sorted finally looks like a bedroom, tidy until you open the wardrobe doors, but they can be cleared out one by one. Conservatory still tidy.

    I have just had my living room and dining room decorated and new flooring downstairs apart from the kitchen. Stuff all over the place, though in fairness I'm methodically going trhough a lot of paperwork and waiting for bookshelves to be built.

    Have sorted out Christmas present lists for everyone else's gifts, so I know what I'm buying, even helped my sons with what they intend buying, trying to teach them that it is okay to buy modestly and not over stretch themselves.

    I only do one Xmas present, and that's to a friends' twin sons. It's a voucher so that she can buy clothes if she wants, they aren't well off

    Youngest son has decided he's coming to stay with us between Christmas and New Year, even though we're working some of the dates he's going to use the opportunity to relax and "maybe do a few 5k runs".

    Relax I understand....5k runs...sorry, does not compute!

    So I've decided that I'll have to put the tree up the weekend before Christmas, not sure what date we'll actually open our gifts, we're working 25-27, so early night for me 24th, maybe we'll open them 27th.

    Spending Managed to stay in budget, mainly food, although I have had a trip down the pub and bought some raffle tickets for the local Christmas Charity Draw. £5 but it is to help the homeless and local foodbank.

    That counts as staying in budget to me

    Saving Other than sticking to the budget nothing to report I'm afraid.

    Other News Border Collie still running high with her blood sugar levels so may have to give her increased insulin for a few days to try to get it back under control and if that doesn't work have a trip to the vets to double check for an infection, which means a blood test.

    Dogs are the great budget breakers as I well know

    Weather has turned cold with a bit of sleet this morning, got to call into my mothers about 6ish on my way to work- note to self when I take her shopping make sure I drop all her bags off when she is dropped off!

    Shifts divided up this week so only one night away- great for seeing the Gorgeous One aka Mrs CRV and the dogs, not so good on the commuting time though.

    Working my way through my reading list, working on my next professional revalidation, don't want to leave it until the last few weeks next time, so I've made a headstart even though it's 3 years away.

    I always do things last minute, that really is never going to change,s o well done for your foresight

    Thinking about doing a "Dry December" good for the liver, avoids any chance of accidentally being over the limit the morning after on my way to work and having had two weeks nights I didn't miss a couple of glasses of wine a night! I might even find something to do to fill the time so I can't be tempted. I find that I sit on a night in front of the tv, having stopped smoking I then have a couple of glasses of wine, one bad habit to another!

    I find it really easy not to drink now that I'm a bit older. I found a nice apple and elderflower cordial at the C0-op, which because I like it weak, lasts forever. Very MSE

    Found a great quote-

    "We seem to wear busyness like a badge of honor nowadays. Often being busy just creates the illusion of being successful, but how successful can we really be when weíre stressed, exhausted, physically and mentally depleted, and missing out on opportunities for joy in our daily life? We may have responsibilities and obligations, but we all have the power to scale back. It might not be easy, but itís possible. I donít know about you, but I refuse to use being too busy as an excuse for living a beautiful life." ~Jo Ettles

    That is a good one. I do try on Saturday to do not a lot, or at least not to pressure myself to tick stuff off the to do list and it does help

    Enjoy your week and remember without the cold winter we can't appreciate the warm summer!
    Originally posted by crv1963

    No blower in the dogvan this morning....came into work via doggy day care with the windows open to demist the windscreen. Brrrrr.
    • MrAPJI
    • By MrAPJI 21st Nov 18, 10:32 AM
    • 57 Posts
    • 1,060 Thanks
    . I find that I sit on a night in front of the tv, having stopped smoking I then have a couple of glasses of wine, one bad habit to another!
    Originally posted by crv1963

    Well done on the smoking front and I can certainly identify with the pattern of replacing one bad habit with another lol

    I'm nursing a broken arm at the moment, which has curtailed all spending activity at least. I had pulled-up at a friend's house and just about to unfasten my seat belt when I saw a vehicle approaching me at quite a speed. There wasn't enough time to jump out of the car and I was hit ''head on'' - I didn't think I would survive. Fortunately I did, but the car was a complete write off. As luck would have it, an off duty policeman was following the driver of said car and so witnessed the whole episode - am really thankful for that. The driver of the other car didn't have a scratch on him!
    • Mr Costcutter
    • By Mr Costcutter 21st Nov 18, 12:00 PM
    • 324 Posts
    • 857 Thanks
    Mr Costcutter
    Such bad luck! I guess the driver who hit you was charged with dangerous driving? Sorry to hear your arm is broken, but it could have been so much worse. Wishing you a speedy recovery and hope the break mends well .
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