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  • FIRST POST
    • crv1963
    • By crv1963 5th Aug 18, 5:34 PM
    • 924Posts
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    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 3
    • crv1963
    • By crv1963 25th Aug 18, 8:00 AM
    • 924 Posts
    • 2,075 Thanks
    crv1963
    Hi


    Another busy week at work, but have turned down working any "extras" this weekend, but have had to bring the laptop home to catch up on some paperwork at some point over the weekend.


    Spending- Another successful week I think, 3 over 2 days for lunch, 10p on some veg reduced to clear for the hens. 0 spent on cigarettes!!!!


    Saving- 0


    Sorting- Cleared pots and rubbish bags away to tidy up, trimmed the lavender bed filling 2 sacks of dead flowers. Lawnmower finally died, so there's a necessary purchase to make on payday. Managed to not mess up the kitchen which was sorted by Mrs CRV!


    Other News- My leaving do from work today- group of us going to a local city to hit the pubs, either Mrs CRV or I will have to not drink until the evening though as one of us(aka me probably or with a 3pm start I'll be asleep in a corner by 6pm!) has to come back to feed the dogs and give the insulin- part of the downside of a diabetic dog. Tomorrow another party for a colleague, then Monday downtime probably be ironing day!


    Nephew got good GCSE results so off to college in a few weeks, eldest son got news he's got an interview for a promotion, youngest son can't make it up for the weekend as his boss is taking him out to do some networking and discuss career progression/ planning.


    Better news for him- I possibly am being given a car from a colleague as she has just got a lease car and her own car MOT expires next week, so if it wont cost too much to pass it he can have it. He's checked and can afford to insure it. So fingers crossed. It's 12 years old but I thought very MSE way for him to start motoring and I used to enjoy bangernomics- get an old car service and MOT it, then at the end of the year repeat, had a car that cost me 50 last me 4 years and 120k miles with just regular servicing and MOTs. It might have to be an early Christmas present if it costs too much to go through MOT though.


    Simple Pleasures- A few this week, some happy moments at work amongst the chaos, made a colleague a cuppa when they were really busy and stressed, was simple but made a difference to their day. Had an appointment cancelled by someone who is getting on with life, a pain from a paperwork point of view but glad they're doing something positive.


    Hens loving their run, made the cursing putting it up worthwhile, the cat after years of being totally a feeding machine decided to spend an evening being a lap cat gone from one that wouldn't stay in the house to best friends, only taken 9 years!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • ManofLeisure
    • By ManofLeisure 26th Aug 18, 11:24 AM
    • 502 Posts
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    ManofLeisure
    Spending- [/B] 0 spent on cigarettes
    by crv19


    [B

    Well done
    • sukysue
    • By sukysue 26th Aug 18, 9:44 PM
    • 1,766 Posts
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    sukysue
    You are doing great well done!
    xXx-Sukysue-xXx
    • crv1963
    • By crv1963 27th Aug 18, 10:29 PM
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    crv1963
    Quick update- spent 7 hours cleaning the car for my son, hopefully it won't take too much to get through the MOT, but even though not at the limit I'm going to change the tyres, service due in 4.5k miles so think I'd rather get the tyres instead, after all that's all that's between him and the road.


    Hens laying well and a joy to watch.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • ManofLeisure
    • By ManofLeisure 28th Aug 18, 11:12 AM
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    ManofLeisure


    Hens laying well and a joy to watch.
    Originally posted by crv1963

    crv1963, as a matter of interest, do you have any experience of Eglu products? Keeping hens has always appealed to me, but I know very little about the subject My wife went to the library last week and came home with a number of books - probably to put me off !! It didn't work and I'm more keen than ever
    • crv1963
    • By crv1963 28th Aug 18, 6:59 PM
    • 924 Posts
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    crv1963
    crv1963, as a matter of interest, do you have any experience of Eglu products? Keeping hens has always appealed to me, but I know very little about the subject My wife went to the library last week and came home with a number of books - probably to put me off !! It didn't work and I'm more keen than ever
    Originally posted by ManofLeisure

    No personal experience of Eglu products but have seen them in use at our local hen place- www.durhamhens.co.uk look easy to use and easy to clean. There's a very good thread I discovered on a thread the link is I think- Keeping hens and ducks chat!! Hens & ducks names & how many eggs do you get per day


    I think it is so relaxing having hens, not very hard to care for and you know what you've fed them so what has gone into the eggs. I'd say go for it.


    I'd suggest getting a run for them and put the hen house of whatever type you choose inside it, then have a look at what type/ breed you want.


    CRV


    Edit- It's not the hens that are expensive, quite the opposite, but the equipment, but once you have the hen house and run the ongoing costs are low, bedding, mite powder and feed are all inexpensive.
    Last edited by crv1963; 29-08-2018 at 5:46 AM.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • ManofLeisure
    • By ManofLeisure 29th Aug 18, 9:12 AM
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    ManofLeisure
    CRV,


    Many thanks for the links and info. Out of interest, what breed of hens do you have?
    • crv1963
    • By crv1963 29th Aug 18, 5:13 PM
    • 924 Posts
    • 2,075 Thanks
    crv1963
    CRV,


    Many thanks for the links and info. Out of interest, what breed of hens do you have?
    Originally posted by ManofLeisure

    We have 2 Columbines- friendly if nervous that lay green coloured eggs although some lay blue or cream ones, 1 Copper Black, friendly and lays brown eggs, 1 Amber (which is actually white in colour) friendly were told that the breed could be nervous but she really is easily bribed to come to us, lays brown eggs and 1 Speckledy, friendly and lays brown eggs.


    The Columbines are actually the most nervous but once used to you they all come running when they see you. With the run - ours is one with a wire mesh roof and a tarpaulin over one third to keep the worst of the rain off them and their house- they can safely be allowed to roam and scratch about without fear of pigeons eating their food and infecting them, I put fencing boards around the edges of the run to stop them getting out and delay any foxes getting in.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • ManofLeisure
    • By ManofLeisure 5th Sep 18, 4:56 PM
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    ManofLeisure
    They sound a friendly bunch . My wife has signed me up to looking after neighbours' hens whilst they're away on holiday. Guess she's secretly hoping the experience will squash my enthusiasm .
    • sukysue
    • By sukysue 5th Sep 18, 6:25 PM
    • 1,766 Posts
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    sukysue
    They sound a friendly bunch . My wife has signed me up to looking after neighbours' hens whilst they're away on holiday. Guess she's secretly hoping the experience will squash my enthusiasm .
    Originally posted by ManofLeisure

    I have been brilliant yesterday and today decluttering like mad , 16 bags of charity stuff 3 bags of rags , been a huge relief to do it can;t stop now.
    xXx-Sukysue-xXx
    • crv1963
    • By crv1963 6th Sep 18, 2:47 PM
    • 924 Posts
    • 2,075 Thanks
    crv1963
    They sound a friendly bunch . My wife has signed me up to looking after neighbours' hens whilst they're away on holiday. Guess she's secretly hoping the experience will squash my enthusiasm .
    Originally posted by ManofLeisure


    They are a friendly bunch, watching them is very relaxing! They are not hard to keep in terms of time, clean out henhouse- 30 mins, top food and water up 10 min daily.


    Good for you to get a free trial run!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • crv1963
    • By crv1963 6th Sep 18, 2:49 PM
    • 924 Posts
    • 2,075 Thanks
    crv1963

    I have been brilliant yesterday and today decluttering like mad , 16 bags of charity stuff 3 bags of rags , been a huge relief to do it can;t stop now.
    Originally posted by sukysue

    Well done, I've been gardening so will have to do a run to the tip. De-cluttering the house will have to wait until I've either sorted the garden or it rains.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • crv1963
    • By crv1963 7th Sep 18, 9:27 AM
    • 924 Posts
    • 2,075 Thanks
    crv1963
    Hi it's been a busy few weeks. Left my old team with a tinge of sadness as they were a great bunch of people to work with, but working every day over my hours with little chance of getting the time back and no chance of getting paid for it 5 days a week means for me I made the right decision.


    Started my new job, expecting to have a 2 week, 5 days a week induction, to be told it's straight into 3 weeks, 3 days a week induction. Suits me fine, the drive is 2 hours each way but the traffic is constantly moving. Great set of people in the new team, very busy so the time flies over. I was able to get straight into some of it and felt very supported.


    Spending- Bought lunch 3 days- I'll have to start taking in lunches again, not going to get into spending 3 a day. Cigarette spending 0.


    Bought the car for my son, have it MOT'd but it is in the garage yesterday and today getting the advisory work done, so it will be as safe as it can be. Paid for daily cover 22 for the drive down to him tomorrow- I don't mind third party for the mile or so to my local garage but 220 miles to his home I wanted it fully comp.


    Bought birthday present for sister and niece so not doing well on spend reduction.


    70 later today for a refurbished petrol lawn mower.


    Saving- 200 into Christmas fund.


    Sorting- Gardening yesterday, tackled the box balls, cutting them back into shape one 5 foot and the other 6 foot in diameter as well as weeding a flower bed. Rain stopped play late afternoon.


    Other News- Considering renting a room/ B&B or other means of maybe staying near the new workplace as it is only 2 max 3 nights a week and Mrs CRV is worried about the travel, especially in the winter snow and fog. At the moment I'm enjoying the drive, trying different routes to find the fastest, but the scenery is great.


    Driving sons car down to him tomorrow, picking my mother up on the way so she can have a day out and see one hopefully both grandsons when we arrive. Oldest son will be working so we'll go to him while he has a break. Train tickets booked back.


    Hens laying well still, 4 or 5 eggs a day, getting reduced price veg for them at the yellow stickered veg in the local Tesco.


    Simple Pleasures- Having mid week days off!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • sukysue
    • By sukysue 8th Sep 18, 8:18 PM
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    sukysue
    I think l would be worried about you driving that far too if you were my DH, l think that is a very good idea . Things are sounding very good well done to you m'dear!
    xXx-Sukysue-xXx
    • crv1963
    • By crv1963 9th Sep 18, 10:30 AM
    • 924 Posts
    • 2,075 Thanks
    crv1963
    I think l would be worried about you driving that far too if you were my DH, l think that is a very good idea . Things are sounding very good well done to you m'dear!
    Originally posted by sukysue

    Thanks sukysue,



    Things are a bit "up in the air" at the moment, until I settle into a work routine and get to grips with the new role making definite arrangements to stay over or not seems hasty. Leaving the car at work and commuting from home to work base isn't possible, bus service doesn't start early enough to get to the train station to catch a train early enough to make the workplace start time.


    Spending took off so saving took a dive, but got the car down to my son, which worked out more expensive than I thought, easy to see the headline costs, the car, the MOT and fuel to deliver, but add on the "Dad" costs, a daily insurance, make the car as safe as possible ie- getting the advisory items sorted, buy coffees and train fares home etc, and it all adds up. Then of course I have to do it all over again for my other son- I'll try to get it sorted for him by mid-January. But I'll take a flask next time!


    I do believe in treating them both the same, and that they take some of the responsibility for costs, hence they have to pay their own insurance costs and tax the car. I don't mind helping but they have to know how much "things" cost in terms of hard work too! As insurance is the biggest single cost after the car they can know what it is like to work for something that they want.


    I see too many colleagues buy and pay to run their childrens' cars and in my view do them no favours as they expect the parents bank to always be there! Some even demand a new car or that they be given their next car, and get it!


    Man of Leisure how's the hen keeping going?


    Today is a "chillax" day, but I'm not one for sitting around so a bit of gardening is on the cards if the rain holds off, if not then ironing might have to be tackled.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • lessonlearned
    • By lessonlearned 9th Sep 18, 11:54 AM
    • 11,696 Posts
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    lessonlearned
    Hi all.

    CRV. Glad to see you are settling into your new job. It takes a while. My husband used to do the Monday-Friday staying over thing. It worked well. The drive was fine in summer but not for winter.

    Well I move tomorrow. I'm just about all packed up, ready to go. A few last minute bits before I go to bed and then up bright and early.

    My new adventure begins........
    • crv1963
    • By crv1963 9th Sep 18, 12:12 PM
    • 924 Posts
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    crv1963
    Hi all.

    CRV. Glad to see you are settling into your new job. It takes a while. My husband used to do the Monday-Friday staying over thing. It worked well. The drive was fine in summer but not for winter.

    Well I move tomorrow. I'm just about all packed up, ready to go. A few last minute bits before I go to bed and then up bright and early.

    My new adventure begins........
    Originally posted by lessonlearned

    Good luck LL, I'm following your move with interest. I'm sure that you'll have a good time sorting the new place out. We're looking at doing a full makeover to our home once we've sorted our finances out regarding the retirement, the list gets longer of what I'd knock the seller down on if I were to buy our home from them.


    One of our nieces is doing an architect degree, so fingers crossed she'll use us to practise some of her skills on!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • sukysue
    • By sukysue 9th Sep 18, 12:28 PM
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    sukysue
    Good luck with the move LL !
    CRV we are doing exactly the same as you re the cars for the DC . We bought our DD2 first car a decent enough fiesta, only 6k on the clock and we insured her car and taxed and run it for a year until she was settled in a job and now she has taken over the maintenance and insurance costs because like you say we won't always be here or able to fund it and they have to learn.
    Great idea to future proof your home. We have done the doors and windows UPVC and this year a new car, so think we will need an update to the kitchen and bathroom and then a thorough decorate to sort the house out but before that we need a huge declutter!
    DH and l are already not going to buy presents for birthdays and Christmas and Anniversaries from now on. I could never have imagined us ever doing this but l think as you get older you don't actually want any more stuff... does this echo with anyone else or are we being mercenary? I hope not . We have agreed to get whatever we want and need as we want it throughout the year. So this Christmas will be a bit strange but we have already started by only buying ourselves a card each for our Wedding Anniversary and tbh it was a huge relief ....so far so good!
    xXx-Sukysue-xXx
    • crv1963
    • By crv1963 9th Sep 18, 12:52 PM
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    • 2,075 Thanks
    crv1963

    Great idea to future proof your home. We have done the doors and windows UPVC and this year a new car, so think we will need an update to the kitchen and bathroom and then a thorough decorate to sort the house out but before that we need a huge declutter!

    DH and l are already not going to buy presents for birthdays and Christmas and Anniversaries from now on. I could never have imagined us ever doing this but l think as you get older you don't actually want any more stuff... does this echo with anyone else or are we being mercenary? I hope not . We have agreed to get whatever we want and need as we want it throughout the year. So this Christmas will be a bit strange but we have already started by only buying ourselves a card each for our Wedding Anniversary and tbh it was a huge relief ....so far so good!
    Originally posted by sukysue


    There's lots on my list, we've had the hall re-plastered walls and ceiling, new floor, decorated everywhere except the lounge we only use when we have people visit- our little everyday lounge is big enough for us. Mrs CRV want to extend the little used lounge demolishing the conservatory and build a proper extension so it can be a dual or rather triple use room- dining area doubling up as a dressmaking area/room with lounge area. We need to have the garage repaired/ rebuilt and the garden walls if not repointed then rebuilt and new steps built up from the drive to house level.


    We're undecided whether to follow our ideas or when we get a small inheritance (a whole different story and timescale, not wishing someone onward they have already made that journey!) if we should get an architect in and go through some ideas. The bungalow is large art deco style with lots of original features including servants bell in the kitchen from what is now our bedroom but was originally the living room.


    Of course it's me who needs to de-clutter, Mrs CRV needs to stop collecting fish tanks and she's done!


    We do anniversary cards, with me doing supermarket flowers! Birthdays a bit harder- my family goes big for birthdays than Christmas, Mrs CRV family the other way round! We buy each other something they want for birthdays, Christmas something big that they want, with little gifts/ stocking.


    This year I'm hoping to buy Mrs CRV a record jukebox for her singles, have clear instructions no clothes, jewellery or perfume! I want practical stuff like a new hose, zinc plated hen feeder or jeans.


    We like you tend to buy as we go along what we need. I need a new lawn mower this week not in December!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • xanthe06
    • By xanthe06 9th Sep 18, 2:23 PM
    • 265 Posts
    • 1,094 Thanks
    xanthe06
    crv1963, I think your thread will receive 'a large' number of views lol. On the main board it presents as '50 something man seeking' and of course we are all drawn in . Joking apart, I do wish you luck with your plans and am glad that you have recovered from your heart attack.
    Originally posted by ManofLeisure
    i thought there was a new sugar daddy in town, lol, glad your feeling better now x
    Comp wins
    25 worth of costume jewels and a plaq for mothers day
    debt 7374
    loans/goods hp 5000
    total 10375
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