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  • FIRST POST
    • crv1963
    • By crv1963 5th Aug 18, 6:34 PM
    • 718Posts
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    crv1963
    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
    Hello,


    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.


    Background:-


    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 9
    • crv1963
    • By crv1963 15th Feb 19, 5:45 PM
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    crv1963
    Take no heed of them . I'll be 63 this year and can honestly say that gardening is less of a physical chore to me now, than it was when I retired 8 years ago .
    Originally posted by ManofLeisure
    I can honestly say Mum is in her garden doing something almost every day of the year, in the warm weather this can be from breakfast to supper time some days! She is planting trees and bushes that will mature a long time in the future but enjoys it so much.

    She only asks for help with the heavy or high things. We either pay ad hoc for assistance, I help her or a nice young neighbor helps her. In return for his help she has been helping him with plants, the odd knitted garment for his young son or on the odd occasion payment for decorating.

    The beauty of retirement is you have the time to pace yourself as it doesn't need doing before work on Monday or the next shift- the task is the next shift!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • MrAPJI
    • By MrAPJI 17th Feb 19, 6:15 PM
    • 99 Posts
    • 1,277 Thanks
    MrAPJI

    The beauty of retirement is you have the time to pace yourself as it doesn't need doing before work on Monday or the next shift- the task is the next shift!
    Originally posted by crv1963

    So true - it's like being on holiday 24/7 .
    • Mr Costcutter
    • By Mr Costcutter 17th Feb 19, 7:37 PM
    • 366 Posts
    • 1,048 Thanks
    Mr Costcutter
    My wife retired less than a year ago and is finding it hard to adjust. Today she suggested that we 'move house'. Goodness me, I genuinely thought this was our 'forever home' .

    ManofLeisure, did you ever sell that buy-to-let?

    CRV, your mum is lucky to have you .
    • ManofLeisure
    • By ManofLeisure 18th Feb 19, 11:37 AM
    • 499 Posts
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    ManofLeisure

    ManofLeisure, did you ever sell that buy-to-let?
    Originally posted by Mr Costcutter

    The property was 'gifted' to my four sons a year or so ago. At the moment my youngest son is living there with his partner, but I think the property will be marketed soon.
    • Mr Costcutter
    • By Mr Costcutter 18th Feb 19, 12:38 PM
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    Mr Costcutter
    Probably a wise move .
    • bugslett
    • By bugslett 19th Feb 19, 1:42 PM
    • 96 Posts
    • 341 Thanks
    bugslett
    Take no heed of them . I'll be 63 this year and can honestly say that gardening is less of a physical chore to me now, than it was when I retired 8 years ago .
    Originally posted by ManofLeisure

    I didn't as far as the gardening was concerned...but I decided not to go for it. Something ermine said on the pension board about not making any major decisions in the first 6 months chimed with some thoughts I already had. Is what I think I want to do while my work head is on, going to be the same as my retirement head.

    If anyone is interested - in the 'armpit' of a canal and the River Weaver navigation, 6 reception rooms, four beds, three baths. All for 200k.

    https://www.bests.co.uk/properties-for-sale/property/7131321-canal-side-weston-point-runcorn


    The oddity if anyone wants to look at it on the satellite map, is that to get to it, you go through Eddie Stobart's security barrier during the day, gate keys at night and you are on the port of Weston. Lot of space to run about with the dogs and a long 1 miles spit of land to mooch round. It's either your worst nightmmare of a house or a dream come true. Certainly useful in the event of a zombie apocalypse



    Bugslet as Man of Leisure also said, ignore them! They are wrong on so many levels. I as you know work in mental health, I was worried about my Mum doing too much, and had a good chat with one of my Consultant Psychiatrist colleagues about it - he has a mother around the same age.

    The relevant part of the discussion was never stop or try to stop anyone doing anything that they enjoy.

    Just help them do it safely. So I got Mum some step ladders with a platform for stability instead of the "normal" A frame ones so she can get up a height, hedge trimmer with a long arm for reach and a smaller electric lawn mower so not as heavy. I pay for a chap to come three times a year to do the tops of the hedges at just over six foot tall about 30-40 a time. I do the tip runs.

    One of the theories about lifespan of men vs women is to simplify it, men retire and do less, women retire and do the same or more. It is the doing- housework, gardening, the doing things, cooking, shopping, hobbies like crafts that make the mind work that helps. Also the social side of things, chatting to strangers in shops, having coffee with friends, exercising dogs, joining groups such as dancing, keep fit and the like that broaden social circle and keeping up with family that counts. These are all female dominated activities on the whole, men tend to treat retirement as a long holiday on the whole and lose the routine.

    The loss of a routine or purpose however loose and varied it is, is what leads to arm chair sitting and decline. Although there are exceptions that is what they are exceptions and of course the physical can interfere.

    So we encourage Mum when she says I'm going to try.......... She can be hard to catch when the weather is warm and around Christmas for all of he "do's and parties" she goes to as part of her activities. She has a far wider social circle now Dad has died because she can and does please herself.

    If you want to buy your ideal home do so, I love our home, on paper with what needs doing to it and the large garden we'd never take it on now- on paper if we were sensible we'd end up with a modern box, safe, little work but so dull in comparison, at least we have to think, plan and work on it. Plenty to keep us going for years!
    Originally posted by crv1963

    My close friends husband is semi retired. He needs to allow his son to take over the business without interfering,however the interfering is all he has. He has no hobbies apart from watching Everton play and that isn't my definition of a hobby. It can't be doing him any good and it certainly drives my friend nuts!

    When I was thinking about retiring, I drew up more than an A4 sheet of paper of things to do; some were doing more of what I do now, others were taking things up again but mosty it was new things, which included joining societies and meetings.

    I do agree that on the whole, women are more likely to be active in retirement, to seek out new people and that makes all the difference to an enjoyable, meaningful retirement than one where you put your feet up.
    Last edited by bugslett; 19-02-2019 at 1:47 PM.
    Yes I'm bugslet, I lost my original log in details and old e-mail address.
    • Savvy_Sue
    • By Savvy_Sue 19th Feb 19, 11:11 PM
    • 39,592 Posts
    • 36,740 Thanks
    Savvy_Sue
    If anyone is interested - in the 'armpit' of a canal and the River Weaver navigation, 6 reception rooms, four beds, three baths. All for 200k.

    https://www.bests.co.uk/properties-for-sale/property/7131321-canal-side-weston-point-runcorn


    The oddity if anyone wants to look at it on the satellite map, is that to get to it, you go through Eddie Stobart's security barrier during the day, gate keys at night and you are on the port of Weston. Lot of space to run about with the dogs and a long 1 miles spit of land to mooch round. It's either your worst nightmmare of a house or a dream come true. Certainly useful in the event of a zombie apocalypse
    Originally posted by bugslett
    My worst nightmare!

    One of my siblings was house hunting but was 'discouraged' from looking at a station master's house. Beautiful setting, only access was over the (pedestrian) railway bridge and up a slope the other side. Yup, no road access at all: removals, deliveries, visitors - all up and over the bridge, then up the slope the other side.
    Still knitting!
    Completed: 1 adult cardigan, 3 baby jumpers, 3 shawls, 1 sweat band, 3 pairs baby bootees,
    1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 2 hats, 2 balaclavas for seamen, 1 balaclava for myself, multiple poppies, 3 peony flowers, 4 butterflies ...
    Current projects: ready to decrease / decreasing on all parts of the mohair cardigan pattern! but moved onto wrist warmers for friends at Christmas ...
    • bugslett
    • By bugslett 20th Feb 19, 8:57 AM
    • 96 Posts
    • 341 Thanks
    bugslett
    My worst nightmare!

    One of my siblings was house hunting but was 'discouraged' from looking at a station master's house. Beautiful setting, only access was over the (pedestrian) railway bridge and up a slope the other side. Yup, no road access at all: removals, deliveries, visitors - all up and over the bridge, then up the slope the other side.
    Originally posted by Savvy_Sue
    Access is virtually to the door on this one, that's not a problem. I actually really like industrial areas and once you are on the property itself, it's like an island, even the garden appears to have its own microclimate. I really would love to have that port as my own personal playground at night
    Yes I'm bugslet, I lost my original log in details and old e-mail address.
    • crv1963
    • By crv1963 21st Feb 19, 8:55 AM
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    crv1963
    Bugslett,

    The property to me sounds great, if I was NW based rather than NE I'd be seriously thinking about it! Isolated but accessible, easy reach of amenities and services, lots of potential and gardens big enough to make an escape free run for the dogs.

    If the house appeals and you can sort the work/ refurbishment I'd really be torn too.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • bugslett
    • By bugslett 21st Feb 19, 3:19 PM
    • 96 Posts
    • 341 Thanks
    bugslett
    You know crv, I thought you were SW! Just move, I'll walk round and help you with the gardening
    Yes I'm bugslet, I lost my original log in details and old e-mail address.
    • crv1963
    • By crv1963 21st Feb 19, 5:03 PM
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    • 1,665 Thanks
    crv1963
    You know crv, I thought you were SW! Just move, I'll walk round and help you with the gardening
    Originally posted by bugslett
    No we're in the NE, right up in the hills, just a 20 minute walk and we're in Northumberland. Thanks for the gardening offer but I have to fight Mum off from doing it!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • bugslett
    • By bugslett 21st Feb 19, 6:55 PM
    • 96 Posts
    • 341 Thanks
    bugslett
    You are in a beautiful part of the world then. My Dad was from Spennymoor and my Mam from Durham.
    Yes I'm bugslet, I lost my original log in details and old e-mail address.
    • crv1963
    • By crv1963 21st Feb 19, 7:30 PM
    • 718 Posts
    • 1,665 Thanks
    crv1963
    You are in a beautiful part of the world then. My Dad was from Spennymoor and my Mam from Durham.
    Originally posted by bugslett
    What a small world! My last work place was based in Spennymoor, and I drive through Durham on my new commute, my nights out "with the lads" is usually to Durham, took my oldest for a night out there last time he was up as he wanted to tour the Gin Bars (prefer the real ale myself!)- the old time miners would be rolling if they saw how upmarket the place is now!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • bugslett
    • By bugslett 22nd Feb 19, 7:50 AM
    • 96 Posts
    • 341 Thanks
    bugslett
    I haven't been there for years. My maternal grandpa was indeed a miner!

    It is a small world.
    Yes I'm bugslet, I lost my original log in details and old e-mail address.
    • crv1963
    • By crv1963 25th Feb 19, 1:49 PM
    • 718 Posts
    • 1,665 Thanks
    crv1963
    Just a quick update, while sat waiting to get ready for my nightshift today.

    Have managed to sit Mrs CRV down and we've completed the paperwork to open a SIPP for her, relatively painlessly. Having worked our figures out we're putting 200pm into it. Small beer maybe for some but I am hoping to put additional money in over the year, depending on earnings.

    Having worked 9 overtime shifts this month the realisation that I can only do this for short bursts means from April I'm aiming to do two, one for Mrs CRV pension on top of our baseline 200pm and one for an ISA for me. March I've got 9 OT shifts booked on the basis I've got two weeks leave that I don't really want to take so I'll still have 3 days a week off.

    I understand that this will not lead to the land of bread and honey, but am reckoning on "every little helps" when we do take the plunge.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • crv1963
    • By crv1963 7th Mar 19, 12:02 PM
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    crv1963
    Hi

    I'm on my day off, so here is my February payday update!

    Spending- Have managed to keep myself in check. We spent 380 on a new petrol lawnmower, we decided to go for a robust self-propelled model that will hopefully last for years as opposed to my usual go to version of buying second hand or reconditioned. Having a self-propelled one means it is so much easier to cut the lawns, and I was surprised at how fast I managed to do the first cut of the year!

    I've bought sister-in-law a nice bottle of gin, ordered from the distillery for her 50th later in the month, to go with a few things Mrs CRV has bought (jewelry) and she is also busy sewing something for her too. Also bought youngest son a bottle of rum for his birthday next month, another bottle of gin to put away for someone for Christmas and some pieces of jewelry for Mothers day and Christmas for Mum.

    I've decided to buy all the gin from distilleries local to the NE, I didn't realise how many there were until I worked in my current office! Not the cheapest option but buying local helps the local jobs/ economy, I'm of the view that sometimes helping others is as important as helping ones self.


    Saving- Put 50 away again for a rainy day. Started a SIPP for Mrs CRV- signed up last month, with Hargreaves Lansdown, I chose Vanguard Lifestyle 60/40 as the fund, having read up on the Pension Board and a bit of research this seems to fit Mrs CRV risk profile, so we're putting 200 pm into that.

    I'm hoping that I do two overtime shifts pm from April, one of which will go into the pension for her. We'll have to see how that pans out, if I can put a bit more into it I'd like to. Ideally I'd like to be putting around 800pm into it so with the tax return uplift we'd have 1k pm saved.

    Sorting- No real progress as I'm busy trying to fit everything in- work, commute, self management as in making time to just be or relax.

    Other News- Doing an extra lot of shifts on my annual leave again this month and have two booked for April. It has dawned on me that I am not as young as I was! I am making sure that I work no more than 5 days/ nights per week, but when my annual leave is over I am going to make sure that from April I'm only going to work 48 hours or 4 shifts per week, I want to enjoy the fruits of my labour!

    Simple Pleasure- Did a couple of nice things, went on a course through work where we were not allowed to speak, this was surprisingly easy, had a lovely walk through the North Yorkshire landscape at the lunchtime. Also had a nice afternoon with Fish and Chips in Whitby while out for a drive.

    Have a great day!

    CRV
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • Mr Costcutter
    • By Mr Costcutter 14th Mar 19, 12:42 PM
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    Mr Costcutter
    [QUOTE=crv196 Also had a nice afternoon with Fish and Chips in Whitby while out for a drive.

    CRV[/QUOTE]

    Nothing quite like fish and chips at the seaside
    • MrAPJI
    • By MrAPJI 14th Mar 19, 7:40 PM
    • 99 Posts
    • 1,277 Thanks
    MrAPJI
    Hi
    We spent 380 on a new petrol lawnmower, we decided to go for a robust self-propelled model that will hopefully last for years as opposed to my usual go to version of buying second hand or reconditioned.

    CRV
    Originally posted by crv1963

    I think that will turn out to be a good investment .


    Is anyone else suffering from 'Brexit Burnout' lol. With the weather being so bad I've been spending too much time watching 'the proceedings' - lost for words


    On a positive note, the roof on the old barn I'm renovating has now been replaced. It looks so much different and although my bank balance is considerably lower, I'm really glad it's done.


    CRV, my sister-in-law invests in the Vanguard 60/40 Fund - seems a good choice
    • gallygirl
    • By gallygirl 15th Mar 19, 8:32 AM
    • 16,760 Posts
    • 110,439 Thanks
    gallygirl
    Is anyone else suffering from 'Brexit Burnout' lol. With the weather being so bad I've been spending too much time watching 'the proceedings' - lost for words
    Originally posted by MrAPJI
    Not burnout, no. I am suffering from BTS - Brexit Tourette's Syndrome . Never sworn or yelled at the TV so much in my life .
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = 0
    "Do what others won't early in life so you can do what others can't later in life"
    • ManofLeisure
    • By ManofLeisure 15th Mar 19, 11:39 AM
    • 499 Posts
    • 1,260 Thanks
    ManofLeisure
    Never sworn or yelled at the TV so much in my life .
    Originally posted by gallygirl

    As bad as that eh. Have to say that Donald T's thoughts on the matter made me laugh


    Glad the roof is on APJ - just hope it stays there with the winds . When do you start on building your new property?


    Hope you aren't working too hard CRV - remember- it's important to

    rest too. That's something I had to learn .

    I'm also a fan of the Vanguard Funds.



    Bet Bugslett is on the countdown - can't be much longer now
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