50 something man seeking to save to retire before 60!

lessonlearned · 7 August 2018 at 6:26PM

CRV.....a friend of mine, nine years my senior, so now 76, did a stock take of his male family relatives on the paternal side. He was around 28 at the time, the age at which hus own father had died of heart disease.

He realised that none them had lived much beyond 30, so he cleaned up his act, stopped smoking and heavy drinking, started exercising etc.

Seems to have done the trick. .....

Yes genetics are important but I agree with you, lifestyle also plays a role.

My dad had two heart attacks in his mid 50s. Died at the age of 90 with leukaemia....up until the last few months he was hale and hearty, always active and on the go. Like your mum an obsessive gardener and diy-er.

The platform step ladder is a good idea. I'm going to get myself one.

ManofLeisure_2 · 7 August 2018 at 6:33PM

[QUOTE=crv1963; more women than men are the primary grandchild minder.
[/QUOTE]

Not in this house. Crikey, where am I going wrong

. Still, it's a lot of fun playing with lego, building dens and tree houses, and jumping on trampolines

.

crv1963 · 7 August 2018 at 6:46PM

ManofLeisure wrote: »

Not in this house. Crikey, where am I going wrong . Still, it's a lot of fun playing with lego, building dens and tree houses, and jumping on trampolines .

Then you are following the advice of my consultant colleague, who advocates exercise is the best way of attempting a long life. Along with a decent diet, stopping smoking and drinking in moderation!

Personally I'm struggling with smoking cessation although 20 a month is better than 20+ a day! Oh and I'm not that keen on salad, but do at the moment eat at least one a day! Exercise is easy dogs and gardening, parking at the greatest distance from the supermarket door, walking to the pub for a medicinal red a couple of times a week (also enables practising striking conversations up) lol.

ManofLeisure_2 · 7 August 2018 at 7:02PM

I've never smoked, but have friends that have also struggled to quit. The one thing they all had in common was a stressful job. Have you tried everything which is supposed to help?

crv1963 · 7 August 2018 at 7:18PM

Yes, I've managed a couple of times to stay stopped for 3 years and 3 years and 10 weeks respectively.

I've in the past used patches, gum, nasal spray and cold turkey. This time round I'm using a vape, mind at around £45 a throw they eat into what would have gone up in smoke. The oils vary in quality and price but mine are around £11 for 3 bottles that lasts 10 days so £33 for a month supply. I know that there are cheaper versions available but the fire risk of the vapes that don't stop charging when fully charged, along with not knowing the true quality of oils bought off of the internet make the peace of mind that the house won't burn down if I leave one on charge when out and that the oils are safe makes the extra costs worthwhile.

Yes having a stressful job doesn't help, I am learning to make me time and to not feel I should be doing something all the time. I am learning to do nothing and enjoy it. I don't rush around as much and walk when I can.

joansgirl · 7 August 2018 at 7:49PM

Hi CRV, good luck with your plans!

My retirement happened quite suddenly just after I turned 60. At that time, having worked out how much I needed to live on until I got my state pension, I realised I was going to have to work another 4 years in a job I didn't like.

It was quite a depressing thought. Then, out of the blue, one of my pensions paid out. I didn't realise it was going to, I assumed it was going to be 65.

I took a part lump sum and that added to what I already had stashed meant I could safely retire and easily live until my SP paid out.

Then, a couple of months later, I had a couple of investments mature. And they paid out much more interest than I expected. So that cemented my plans to retire and I left work after working my months notice.

After I'd left I claimed my last pension, which also paid a lump sum as well as a monthly pension, so now I'm "comfortable"

However, I don't want holidays, new car or anything like that, not really interested in material trappings, I just want to live quietly but be able to afford the things I want and need. And that's what I've got now.

Been mortgage free since my husband died, my car is 10 years old now but I rarely use it, but there's money in the bank should I decide I need a new one. I am perfectly content with my life now and don't regret retiring at all.

One thing I've noticed with some retirees is that their jobs were not just jobs but vocations. That is a tough one to get over and many people have gone back part time or on an ad hoc basis. My job was just a job, I never loved it and I don't miss it.

Good luck with your plans, and look after yourself (and Mrs CRV)

ManofLeisure_2 · 7 August 2018 at 8:00PM

A friend quit by reading a book by a chap called Allen Carr. Just taken a look on Amazon and I think it was the one entitled ' Allen Carr's Easy Way to stop smoking'. Might be worth a read - he had tried absolutely everything and this book was the answer for him at least.

Learning to do nothing without feeling guilty, is a lesson I had to learn. I'm an architect and having waited years for a promised partnership which never materialised, I quit and set up my own business - taking a lot of clients with me

. In the financial sense, it was the best thing I could have done. However, I was working every hour of every day and seldom had time for anything else. Then came the crunch - my wife was diagnosed with breast cancer. I retired at 55 (7 years ago) and now look at life through different eyes. I no longer feel guilty that I'm not 'doing' and enjoy just 'being'

. My wife is 'living with cancer' and so we try to make each day special - often spending hours watching the world go by - sometimes in beautiful locations.

ShyAndRetiring · 7 August 2018 at 10:51PM

crv1963 wrote: »

I think that I'll manage okay- I do nights several times a year when I work my current "extras". I think it all depends if you can sleep adequately the following day. Luckily I seem to sleep better during the day than the night!

CRV, my OH has transitioned pretty well to working nights / early mornings as his 'retirement' job. He gets home just as I'm getting up, then he sleeps until about noon. Blackout blinds definitely help!

crv1963 · 8 August 2018 at 6:43AM

ManofLeisure- in a previous role I was working all hours, literally including taking work home nominally there but in reality working. The strain isn't noticed until you stop. Sorry to hear about your wife, but many people live many years "living with cancer", so as long as you're both "living" as opposed to "existing which sounds like you are then life is to enjoy.

Joansgirl- glad that it worked out okay and you are content. I think that getting the mindset right is as important as the income!

S&R- Mrs CRV works predominately nights so the when the curtains are shut it really is dark, I haven't had any issues sleeping so far following a nightshift. Hoping that continues when I work long stretches of them.

Tonight I'll try to get some figures down so I can begin to hold my feet to the fire in terms of meeting our targets and look at our choices. I did a lot of working out last year so have a good idea of what we need to do.

Mind the Lab had his teeth cleaned on Monday 250+ and a biopsy of a growth results today so we'll see if we're in for a rough few months blowing us off course today, the cat is going for her 3 monthly bloods today another 100 or so! Maybe I shouldn't save but put one of our wages by DD to the vet!

crv1963 · 9 August 2018 at 7:11AM

Well as promised some figures, although debt rounded upwards and income downwards to give a bit of slack in the calculations!

Me- Credit card 1- 800 (£50 pm), cc2 1000 (£90 pm), car loan 12k (£260 pm), contribution to joint finances £1400 pm, savings (salary deduction) £200 pm.

Mrs CRV- contribution to joint finances £1000pm, cc's and car loan @ 0% and she sorts from her wages.

Joint finances- Mortgage- 90k opening balance in January, £600 pm, 2% fixed for a further 3 years allowed to overpay 10% pa. Joint sum pm £2400 but ongoing monthly vet spend is very high! Just keeping diabetic dog before vet fees is ongoing at £250pm, annual eye check, 3 monthly health reviews plus oncology for the Lab with 6 monthly reviews and cat with 3 monthly reviews all adds up!

Income- Me £36k + £6k (additional shifts), Mrs CRV £27k.

Initial plan- reduce and then pay off cc1 and cc2. Use cc1 as monthly petrol payment card, clear balance every month thereafter, keep cc2 as an emergency card (just in case I get a bad winter and have to stay near workbase- our town was cut off for 2 days earlier in the year so not impossible). Time scale- cc1 by end Sept, cc2 by Christmas. Anything left over goes to a) vet bills fund (VF), b) Emergency Fund(EF).

Expected income current 36k+ 30% shift allowance. Additional shift earnings as is current but any increase currently unknown. I'm a bit circumspect about Mrs CRV outgoings as she's not so keen to post on a forum! It is my feet being held to the fire, she's much better at day to day, month to month finance than I but the idea of long term savings/ pensions/ investments turns her cold and I might as well be talking another language with her!

Then after Christmas when my debt reduction is well underway, look to reduce my car loan as this is my first in 30 years as I hate paying interest on a reducing asset! But needs must because of need for a decent car suitable for the mileage and safety/ reliability so it's a 2.5 year old Ford- hopefully cheap to maintain. I also have an account with a local garage for servicing, tyres etc, currently £350 in credit.

Also we'll have an idea of what I'm spending to commute, what my earnings average is and be able to form more concrete plans for debt reduction, increasing Mrs CRV pension and overpaying mortgage- I prefer ongoing payments as opposed to lump sum ones, but not adverse to making lump sum payments if that is better in the long run. If VF and EF reach a happy level then I might start a mortgage fund (MF) for lump sum payments.

Edit= To correct English and add some detail.

50 something man seeking to save to retire before 60!

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