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  • FIRST POST
    • crv1963
    • By crv1963 5th Aug 18, 5:34 PM
    • 993Posts
    • 2,259Thanks
    crv1963
    50 something man seeking to save to retire before 60!
    • #1
    • 5th Aug 18, 5:34 PM
    50 something man seeking to save to retire before 60! 5th Aug 18 at 5:34 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 11
    • gallygirl
    • By gallygirl 29th Apr 19, 6:14 AM
    • 16,780 Posts
    • 110,579 Thanks
    gallygirl
    Today I am giving in my notice at work to retire. Feeling nervous and excited and hoping that with accrued holiday this year to date my notice period will be short!

    First day of the rest of my life.
    Originally posted by thriftytracey

    Fantastic, congratulations .
    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"
    • crv1963
    • By crv1963 29th Apr 19, 6:21 AM
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    crv1963
    Today I am giving in my notice at work to retire. Feeling nervous and excited and hoping that with accrued holiday this year to date my notice period will be short!

    First day of the rest of my life.
    Originally posted by thriftytracey
    I'm sure that the notice period will pass quickly, I imagine that it will feel weird going in knowing that it will soon be over and new adventures starting?

    Good luck!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • BucksLady
    • By BucksLady 29th Apr 19, 6:35 AM
    • 540 Posts
    • 1,769 Thanks
    BucksLady
    [QUOTE=MrAPJI;75753880


    [B]CRV, [/B]I'm not too bad thanks but I've had quite a problem with my neck. Tremendous dizziness when moving my head as a consequence of tight neck muscles. Since having physio things have started to improve though - touch wood! My cat is also ailing and about to go into the animal hospital for some investigations. He seems to have developed a very strange walk and sometimes his left leg gives way completely. The suspicion is that it could be neurological - we will have to see.

    Hope both of you will be well very soon x
    • bugslett
    • By bugslett 29th Apr 19, 9:46 AM
    • 355 Posts
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    bugslett
    If you are like me MRAPJI, you are probably worrying more about the cat than youself. I hope you are both feeling better soon.

    Thrifty tracy - well done. I hope it is sooner rather than later, no point hanging around for too long once your mind is made up.

    2 more operational days here, so it's a bit weird and has been for a few days. Normally we have things to plan for the rest of the week and sometimes up to 3 weeks in advance which obviously we haven't been doing. Drivers have been sending me cards and ringing up to say well, nice things. I'm in danger of getting a bit emotional and ruining my image as the 'ard woman of haulage'
    Yes I'm bugslet, I lost my original log in details and old e-mail address.
    • crv1963
    • By crv1963 29th Apr 19, 10:28 AM
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    crv1963
    Bugslett, guess you really are on the count down now. The time seems to have whizzed by since you told us about your decision to retire. Once you're actually there it will go even quicker .


    CRV, I'm not too bad thanks but I've had quite a problem with my neck. Tremendous dizziness when moving my head as a consequence of tight neck muscles. Since having physio things have started to improve though - touch wood! My cat is also ailing and about to go into the animal hospital for some investigations. He seems to have developed a very strange walk and sometimes his left leg gives way completely. The suspicion is that it could be neurological - we will have to see.

    MR C, good luck with your house sale. Have you decided where you would like to move to?



    Best wishes to all who visit.
    Originally posted by MrAPJI
    Mr APJI- good luck with you and your cat! Our cat presented in a similar way and went off her food, then we discovered that it was actually her thyroid, started thyroxine and bingo back to normal, so I hope it is something simple, even it that means between the cat twice daily meds and collie twice daily insulin Mrs CRV and I cannot have a holiday together...........

    Bugslet- 2 days! Just make sure you make the most of it!

    Mr C- Are you moving a distance or locally?

    We've booked Mrs CRV to go to see her Dad in Tenerife in June- the next time that we both have annual leave booked off at the same time- the last part of her birthday present- I paid for the flights.

    I think youngest son and I are going to Cambodia for a week in October! I have a colleague who has a sister who lives there and she'll source local hotels etc so much cheaper than booking as a package holiday. I know it is a long way for a short time but I do want to try to see a bit of the world outside of Europe and the cost works out cheaper than a European package tour.

    Payday tomorrow so will have to post an update over the coming days, the overtime money for my shed may need to be diverted to a garage bill, so will have to wait a bit longer I suspect as I don't want to compromise on the quality of my shed! I have now booked 2 overtime shifts for May, so hoping to pay most of the cost when I put the deposit down and get it delivered June/ early July.

    Good luck to everyone with their plans.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • Mr Costcutter
    • By Mr Costcutter 29th Apr 19, 11:20 AM
    • 380 Posts
    • 1,091 Thanks
    Mr Costcutter
    MrAPJI, you do sound in the wars. Wishing you and puss a speedy recovery . Hope your building work is progressing well.

    CRV, we're moving to the village where my wife grew up. We actually lived there when we were first married, but my job forced a move. It's one of those rare places where time seems to have stood still and quite beautiful. Guess it's about 90 miles from where we are living now - so not too far.

    Bugslett, it's ok to get a little emotional at this time - have to admit that I did . Retirement is such a big step isn't it.

    Well done Thrifty Tracey
    • Savvy_Sue
    • By Savvy_Sue 29th Apr 19, 12:30 PM
    • 40,096 Posts
    • 37,462 Thanks
    Savvy_Sue
    I'm in danger of getting a bit emotional and ruining my image as the 'ard woman of haulage'
    Originally posted by bugslett
    If it helps, I'm sure we can all think of you that way!
    Still knitting!
    Completed: TWO adult cardigans, 3 baby jumpers, 3 shawls, 1 sweat band, 3 pairs baby bootees, 2 sets of handwarmers, 1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 3 balaclavas, multiple hats and poppies, 3 peony flowers, 4 butterflies ...
    Current projects: pink balaclava (for myself), seaman's hat, about to start another cardigan!
    • bugslett
    • By bugslett 29th Apr 19, 6:17 PM
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    bugslett
    Thank you sue, that makes me feel better already

    Crv, could you get a housesitter in to give pets their meds and then you can both have a holiday at the same time?
    Yes I'm bugslet, I lost my original log in details and old e-mail address.
    • crv1963
    • By crv1963 30th Apr 19, 6:05 AM
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    crv1963
    Bugslet, we have thought of this but it is difficult we did have a weekend away and my sister in law looked after them, but the collie stole a Christmas cake and her sugars rocketed. Also Mrs CRV was constantly texting and worried so we didn't really relax away, so it is simply easier for us to have days out instead. We have to be aware of what is left lying about (nothing) and timing of medications 11-13 hours between doses ideally 12 hours.

    It does sound onerous but in reality it is easy, just live with a fixed routine, plan trips, going to weddings/ parties etc around their routine.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • bugslett
    • By bugslett 30th Apr 19, 7:56 AM
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    bugslett
    Well I have an 8 month old OES and she eats everything, so the not leaving stuff lying around applies here as well.

    Unfortunately she has taken a fancy to the bannisters and spindles and general architrave in the hall/landing/stairs and is steadily chomping her way through them. I may reside in an unintentional bungalow soon
    Yes I'm bugslet, I lost my original log in details and old e-mail address.
    • crv1963
    • By crv1963 6th May 19, 11:50 AM
    • 993 Posts
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    crv1963
    Hi

    I'm going to keep it simple, so here's my April payday update! We had some sad news of a siblings unexpected death, so we're busy concentrating on other things, although I'm taking a day off from everything today.

    Spending- Stuck to our planned spending regarding savings and pensions.

    Overtime payment from last month has ran down very quickly, with (i) travel costs and several 360 mile round trips in a week, (ii) sending son diesel money as he dashed up North, (iii) paying for our own new wills- no one can locate siblings will so one benefit of the situation is we are putting our house in order!

    Bought some more Christmas presents, lol only early May and I think I've already half way with this!

    Waiting to see what else I need to pay for before I order my shed.

    Saving- Looks like I'll be working more overtime to save for my shed again when I return to work. I have managed to get some plants at reduced prices though so a sort of saving- who am I kidding that should be under spending!

    Sorting- Spare bedroom cleared and everything put in its' place and it seems it will be used as a bedroom for sometime at short notice over the coming weeks.

    One Marine tank converted by Mrs CRV to freshwater tank and a couple of fancy goldfish in situ, I think Mrs CRV was trying to cheer me a bit as we've discussed doing it for years!

    Other News- Main news was my sibling dying, but it was nothing nasty just sudden and a shock. I'm afraid I just kicked into work mode, has this been done, we need to do that. Much harder for another sibling and of course Mum. I don't want to dwell on it here too much, feeling it is my siblings business and would like to keep this diary/ record light-hearted so will not post much about it. Maybe I'll feel different once we have the funeral.

    Youngest son had a busy few days driving up and down the country but it was good of him to come at all.

    Simple Pleasure- Had a few nice moments, have seen and appreciated some lovely scenery on my travels, cheered a few people up with some unexpected gifts.

    Saw a lovely smile on Mrs CRV face when I gave her some flowers.

    If the past week has taught me anything it is (i) make a will, (ii) tell someone where it is and (iii) live everyday as if it is your last as it might be (iv) if you can do something nice- like a smile do so.

    Have a great day!

    CRV
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • bugslett
    • By bugslett 8th May 19, 10:59 AM
    • 355 Posts
    • 1,326 Thanks
    bugslett
    I'm sorry to hear about your sibling, it certainly does make you realise that you have to enjoy life when you can. I second you on wills and POAs, absolutely vital.

    Enjoying the simple things is always the way to go. I take enormous pleasure from the bird feeders and 'plate' with dried worms in it, though I attract nothing more exciting than sparrows and blackbirds. Oh and of course, the obligatory cheeky robin.
    Yes I'm bugslet, I lost my original log in details and old e-mail address.
    • bugslett
    • By bugslett 14th May 19, 12:49 PM
    • 355 Posts
    • 1,326 Thanks
    bugslett
    Hi



    Youngest passed his driving test, new driver insurance for a 06 plate Clio 1.5 diesel is costing him 140 pm! My first car cost me 180 for a year!
    Originally posted by crv1963
    I'm nearly 55, been driving since I was 18. I have always been on fleet. I have a Vauxhall Combo, aka the dog van with a 100,000 miles on it. As I am soon to be retired I have to move off fleet and onto personal insurance.

    1078.00

    My colleague, one year older and with an equally second hand van, 550.00.

    Apparently having a van, even though it's just for dogs and not commercial makes it expensive, being retired makes it expensive and I live in a 'bad' area.

    So I need a car, a job and a new address
    Yes I'm bugslet, I lost my original log in details and old e-mail address.
    • crv1963
    • By crv1963 14th May 19, 1:03 PM
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    crv1963
    My insurance- 65 plate Ford Ecosport 1.5 diesel= 690 pa but that does include business insurance so I can if needed (rarely) transport a patient, and (frequent/ several times per day) travel between addresses to visit patients.

    Mrs CRV car insurance- 65 plate Honda CRV 2.0 petrol= 245 pa but from new it still has less than 4500miles on it, I can do that amount in a month, but not at her 24mpg!

    Vans are higher risk, I had a Fiesta van and my insurance costs doubled at the time, I was told it is because they are more likely to be broken into by thieves speculating about finding tools/ valuables in them. Makes a camper van sound a cheaper option for you.

    Also they'll start you as having no claims bonus coming from business insurance, a reason why I was advised if I want a lease car through work keep a cheap banger insured to keep my personal NCB, thereby ending up costing me more than I'd save!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • bugslett
    • By bugslett 14th May 19, 1:39 PM
    • 355 Posts
    • 1,326 Thanks
    bugslett
    I'm thinking of getting an estate car for that reason crv. Also not having another driver on the policy makes it more expensive, so not only do I need a new vehicle, a new address and a new occupation, I need another significant other.

    I need a completely different life
    Yes I'm bugslet, I lost my original log in details and old e-mail address.
    • crv1963
    • By crv1963 14th May 19, 2:12 PM
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    crv1963
    Lol, estate cars are great, I had a Passat Estate, brilliant to use and lovely to drive.

    New address, not so hard if you break your own rule about not changing much in the first stages of retirement, new occupation- how about passing world observer? New significant other, might make cost savings on the insurance but raise other costs!! Try adding a friend who won't drive it anyway, doesn't matter if you don't share an address, when we first got back together I lived in the SE, Mrs CRV in the NE, when she put me on her insurance it had a big drop in cost!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • bugslett
    • By bugslett 14th May 19, 3:30 PM
    • 355 Posts
    • 1,326 Thanks
    bugslett
    Good thinking, I might put my friend on it.
    Yes I'm bugslet, I lost my original log in details and old e-mail address.
    • crv1963
    • By crv1963 18th May 19, 9:04 AM
    • 993 Posts
    • 2,259 Thanks
    crv1963
    Hi just a brief update-

    Spending- Well my shed money went west, lol as I expected it to, with multiple trips to my siblings house, buying a new suit, supplementing sons fuel costs and eating out on the go then costs at the funeral wake. I know where I live is relatively inexpensive but cost for two double gins and pint 30!

    Cat needed to go to the vet for routine blood tests, and medication, has to go back Monday. Diabetic dog due end of the month!

    Saving- Back to starting again for my shed money! Going to seriously knuckle down over the summer, get my shed money back together for the autumn. Have stayed on target for pensions savings though.

    Sorting- Wills signed, original with Solicitor, copies filed at home, Executor told where they are.

    Been helping sort siblings garden pots, nothing else dispersed, I will at some point have to help pack the home up, but not where it all goes. I have suggested do it a room at a time but I'm not the one taking the lead so will just go with the flow!

    Been busy with the garden, dug a new border, general tidy up and planting large pots for the summer flowers, have a few more pots to empty of spring bulbs into the borders and will store them ready for the next release of spring bulbs at the end of July.

    Other news- Watching politics with amazement at how child like our MPs seem. Polarised opinion seems that the quest to settle EU membership is going to have unexpected consequences for all the major parties, maybe not before time?

    Have been taking Mum out a lot, will do so again tomorrow when Mrs CRV is in bed following her night shift tonight. Had Mum up digging out with Mrs CRV and I a post that held our Dovecot, which we took down a couple of years ago, had to dig about three feet down and ended up hauling it out with ropes! Mum enjoyed the distraction, and at 80 is no light weight in the manual labour department!

    Simple Pleasures- Surprisingly quite a few, went to a classic car show with my boys and Mum, saw the cars we had in the 80s, nearly ended up buying a Land Rover! Saw a few VW Campervans, which Mrs CRV would like- boys nearly fell over at how slow they are! Spent most of my time eye-ing up the two seater sports cars of course. Totally impractical for us but very nice. Mrs CRV tells me I've passed the time for a mid-life crisis so yes to a 4x4 on retirement, no to a two seater!

    It was nice meeting up with family even though a sad occasion and made plans for meeting up after the summer. Although we stay in touch we rarely meet up, life, work and time flying get in the way.

    Well that's enough for now, it is raining so ideal for planting up that new border.

    CRV
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • Mr Costcutter
    • By Mr Costcutter 8th Jun 19, 12:03 PM
    • 380 Posts
    • 1,091 Thanks
    Mr Costcutter
    Sincere condolences on the loss of your sibling, crv. Must be extremely difficult for your mum - no parent expects to outlive their child.

    More sad news in respect of ManofLeisure, who lost his wife a few weeks ago. I hope he will post again when he feels a little stronger.

    My house sale seems to be progressing well, but until 'exchange of contracts', one can never be sure. I will be glad when it's all over to be honest.

    Never a dull moment on the political scene. I see today's news is all about Gove and his antics 20+ years ago. Bet a few more skeletons will fall out of someone else's closet before long!

    The wind is howling and the rain beating against the window pane - feels more like autumn than summer . Think the plants and trees are happy though as the garden had started to look a littled parched.
    • crv1963
    • By crv1963 9th Jun 19, 9:03 AM
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    • 2,259 Thanks
    crv1963
    Sincere condolences on the loss of your sibling, crv. Must be extremely difficult for your mum - no parent expects to outlive their child.

    More sad news in respect of ManofLeisure, who lost his wife a few weeks ago. I hope he will post again when he feels a little stronger.
    Originally posted by Mr Costcutter
    Thank you Mr C. It is sad all round and condolences to ManofLeisure if he reads this. Death although inevitable is a very sad time.

    Mum also has had to have one of her dogs put to sleep, she has had him for almost 15 years so it was a very emotional trip to the vets. Sadly she had lost another dog a few weeks after my Dad died so it brought all that grief back too.

    Mrs CRV is in Tenerife but flies back tomorrow only to go to her ex-husbands funeral Tuesday, it seems we're surrounded by death and sadness at the moment.

    On a brighter note I went to a re-union last night and caught up with old friends, most are now retired, only 3 of us still working. I really felt the urge to join the retired brigade!

    Must post my May update.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
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