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  • FIRST POST
    • crv1963
    • By crv1963 5th Aug 18, 6:34 PM
    • 538Posts
    • 1,163Thanks
    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 5
    • bugslet
    • By bugslet 31st Oct 18, 12:31 PM
    • 6,422 Posts
    • 30,408 Thanks
    bugslet
    Thank you crv, I'll be about on your thread a bit more now that all the dithering from the customer is over!
    • MrAPJI
    • By MrAPJI 31st Oct 18, 2:39 PM
    • 56 Posts
    • 1,059 Thanks
    MrAPJI
    bugslet, really pleased you were able to reach a decision about when you will retire. Expect you are feeling greatly relieved

    crv, pleased everything is progressing well. You always sound very organized and extremely energetic - puts me to shame lol.
    • crv1963
    • By crv1963 2nd Nov 18, 4:10 PM
    • 538 Posts
    • 1,163 Thanks
    crv1963
    Hi MRAPJI I find it hard to chill out sometimes, but I'm not the most organised person, have to push myself at times, hoping things do progress but having a bit of a nightmare today with being disorganized with the direct debits and trying to shop for my mother on line!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • ManofLeisure
    • By ManofLeisure 2nd Nov 18, 8:18 PM
    • 459 Posts
    • 1,073 Thanks
    ManofLeisure
    I'm another one who used to find it difficult to relax, but now I'm retired I have no trouble at all . You have my sympathy in respect of the online shopping. Recently I've been roped-in to do a bit of online shopping for an aunt who's in her 90's - it's enough to try the patience of a saint!
    • thriftytracey
    • By thriftytracey 3rd Nov 18, 9:02 AM
    • 110 Posts
    • 101 Thanks
    thriftytracey
    Oh, I am so looking forward to relaxing when I retire. I never feel rested recently, always tired and a weekend is never enough.6 months to go!
    • Mr Costcutter
    • By Mr Costcutter 8th Nov 18, 2:42 PM
    • 321 Posts
    • 847 Thanks
    Mr Costcutter
    Oh, I am so looking forward to relaxing when I retire. I never feel rested recently, always tired and a weekend is never enough.6 months to go!
    Originally posted by thriftytracey
    I'm sure the next 6 months will fly by . A stroke forced early retirement upon me, but what I've really enjoyed is being able to ''live in the moment''.
    • thriftytracey
    • By thriftytracey 8th Nov 18, 5:31 PM
    • 110 Posts
    • 101 Thanks
    thriftytracey
    I'm sure the next 6 months will fly by . A stroke forced early retirement upon me, but what I've really enjoyed is being able to ''live in the moment''.
    Originally posted by Mr Costcutter


    Hope you are fully recovered now and enjoying your retirement.
    • crv1963
    • By crv1963 10th Nov 18, 2:46 PM
    • 538 Posts
    • 1,163 Thanks
    crv1963
    Finally getting some time to catch up!

    Sorting The eternal battle with the spare bedroom and it's role as the "go to" for dumping stuff in is coming to head tomorrow- we're going to be dog sitting for sister in laws dogs while she and her family take an annual holiday to Paris. Not that it's actually that bad a few hours should see it cleared. Have to use it for her dogs overnight next week as we're both working nights.

    Finally sorted my mothers on line shopping out, lol, I'll take her physically shopping in the future. Admiration for those that can battle on a regular basis with shopping for food on line as opposed to a quick purchase from a one off site. I thought shopping on line was supposed to be both quick and stress free. Not in my case!

    Spending Overspent on payday, but am now the owner of two decent coats from charity shops, washed up well and saved me a large amount against their cost new. Got two new with labels cotton work shirts for 2 each as well.

    Saving Got my last 200 into the Christmas Savings Club and next year the NHS Trust is outsourcing this scheme so not sure if I'll put as much in next year, thinking of saving some in the local credit union, maybe help others with my savings?

    Looking at the different ways to save into Mrs CRV pension, not over keen to have more going into her NEST Pension as she can't salary sacrifice, so thinking of putting 200 pm into a SIPP for her exploring this further when we see the IFA in December/ January.

    Other News Having a relaxing day doing little really- nights and then training yesterday means I've not stopped. I may be cynical but it seems that everything is needlessly over complicated as time goes on, did a basic life support course (compulsory for work) now we don't just check airway, breathing, circulation but have D= disability, what is causing the problem and E= Expose and examine. I thought D+E were what caused ABC and had to be tackled to restore the person to breathing? Maybe I am the idiot the guide is written for?

    Stayed at my lodgings near work when on nights, slept well but on coming home the Border Collie was put out that I sat next to Mrs CRV on the sofa! Landlady has been nice and got me a wardrobe, and had a discussion about this site as she is looking at increasing income and retire early stuff.

    Car serviced- I wish I was practical with things like that though at 200 for the service and a pair of winter tyres for another 155. Still should at least keep me safer when the snow comes.

    Mrs CRV got the jukebox going and sewing herself an outfit, and has said she'll get make me a coat!

    Busy researching building hen houses/ sheds/ hedgehog boxes. I'm also looking for recycled wood, found some relatively locally for 25 delivery so I'm going to rebuild the shed using timber for the framework that's recycled, the cladding will be new as it's easier to paint. Just got to find some slates or shingles for the roof. Definitely planning on making somethings to sell once the shed is sorted.

    Reading up on being an author- I firmly believe there is a good book in everyone, so thinking of spending some time looking at whether I could have a go at writing one.

    Hens still laying but tailing off a but Tuffty our oldest has stopped already. Still giving them away as we don't eat 28 a week.

    That's all!

    People with purpose, goals and vision have no time for drama. They invest their energy in creativity and focus on living a positive life!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • ManofLeisure
    • By ManofLeisure 10th Nov 18, 6:08 PM
    • 459 Posts
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    ManofLeisure
    [QUOTE=crv1963;75

    Landlady has been nice and got me a wardrobe, [/QUOTE]


    Crikey, I hope she's not dreaming of you moving in on a ''permanent'' basis lol
    • crv1963
    • By crv1963 10th Nov 18, 6:51 PM
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    crv1963
    Lol, no ManofLeisure,

    Bought me a wardrobe so I have somewhere to hang my work shirts. I think part time staying suits me and part time lodger suits her. Working in the same field helps, in different teams also helps, gaining different perspectives of professional problems.

    She is looking to retire early so is looking for the elusive second income stream. Renting a room out wont get her there but helps short term. Steady income.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • lessonlearned
    • By lessonlearned 11th Nov 18, 8:01 AM
    • 10,714 Posts
    • 68,823 Thanks
    lessonlearned
    Great catch up there CRV. Lovely to read your progress.

    I'm still beavering away but at least I can go at my own pace and don't have any bosses breathing down my neck or have the dreaded office politics to contend with.

    I love my retired life now, stress free, relaxed and although I'm often busier than ever it's busyness of my choosing and doing stuff I enjoy.
    • crv1963
    • By crv1963 11th Nov 18, 9:37 AM
    • 538 Posts
    • 1,163 Thanks
    crv1963
    Hi LL,

    I'm enjoying a weekend off, have the hens to clean out and of course it's Remembrance Day, have to get Mrs CRV up early so we can support the parade. The local War Memorial is at the bottom of our garden (well there is a fence between it and us) so we have to keep one of the dogs quiet as she barks at the parade every year! We can't of course do our usual trick of turning the jukebox up louder.

    I'm going to start planting bulbs this afternoon- got a load of bluebells to put in.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • Mr Costcutter
    • By Mr Costcutter 11th Nov 18, 2:44 PM
    • 321 Posts
    • 847 Thanks
    Mr Costcutter
    [QUOTE=crv1963;75

    Reading up on being an author- I firmly believe there is a good book in everyone, so thinking of spending some time looking at whether I could have a go at writing one.
    ![/QUOTE]

    Yes, I'm sure that each and every one of us has a story to tell .
    I've a number of retired friends who are apparently writing their memoirs. One in particular cut himself off from his family (for what reason, no one knows) and has decided to explain everything in his book. Not a book to be published (at least I don't think that's the plan), but essentially for his wife, children/grandchildren to read. All a bit odd, but I guess he has his reasons for keeping matters to himself .
    • crv1963
    • By crv1963 11th Nov 18, 2:59 PM
    • 538 Posts
    • 1,163 Thanks
    crv1963
    Yes, I'm sure that each and every one of us has a story to tell .
    I've a number of retired friends who are apparently writing their memoirs. One in particular cut himself off from his family (for what reason, no one knows) and has decided to explain everything in his book. Not a book to be published (at least I don't think that's the plan), but essentially for his wife, children/grandchildren to read. All a bit odd, but I guess he has his reasons for keeping matters to himself .
    Originally posted by Mr Costcutter
    Nowt as queer as folk!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • bugslet
    • By bugslet 16th Nov 18, 11:20 AM
    • 6,422 Posts
    • 30,408 Thanks
    bugslet
    Yes crv, life has got overly complicated, but it means lots of boxes can be ticked, so lots of a***s are covered because you know, the box was ticked.

    There is definitely no book in me - I can write OK, but I'm as creative as a block of wood!

    Relaxation, nope, no idea, but it's on the list to investigate

    Spent the first part of this week explaining to my customer what they do. Not what I do, what they do. That is worrying.
    • crv1963
    • By crv1963 17th Nov 18, 12:47 PM
    • 538 Posts
    • 1,163 Thanks
    crv1963
    Oh dear bugslet,

    It gets to be something when you have to explain to the customer what it is that they do!

    I feel your pain about ticking the boxes, I've found that there are so many that it actually interferes with the work delivery. It seems that you can't even do anything without it being written down. I agree with making the workplace safe but there is it seems little room for "personal judgement" these days.

    Still now a full weekend off for me so I'm going to catch up on all the little jobs this weekend! Got an extra two dogs staying until tomorrow but they seem to have settled in okay. The Border Collie okay with them but I think a bit stressed so her sugar levels are running a little higher than normal, so I think we'll go for a walk this afternoon- just she and I.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
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