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  • FIRST POST
    • crv1963
    • By crv1963 5th Aug 18, 6:34 PM
    • 714Posts
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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 10
    • MrAPJI
    • By MrAPJI 15th Mar 19, 12:47 PM
    • 99 Posts
    • 1,277 Thanks
    MrAPJI
    That's the million dollar question . Should start in May, but you know what builders are like!


    The interview with DT also made me smile. It has been reported that he told Mrs M 'to sue' the EU - on what grounds I don't know. Would love to have been a 'fly on the wall' at that meeting
    • crv1963
    • By crv1963 15th Mar 19, 1:53 PM
    • 714 Posts
    • 1,658 Thanks
    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
    Originally posted by MrAPJI
    I've managed to not get time to see the news but have to admit to watching a bit before bed each morning!

    Glad you roof is on MrAPJI. I've just about chosen my replacement shed, which I'm earning the money for this month with the overtime! Can't just have a "normal boring apex one!" as it will also be a prominent part of the garden, and double as a workshop as well as storage. So I'm torn between a barn style or log cabin style. Once I have a water tight shed I can then free the summerhouse to be a summerhouse, and the loft can be free of my tools and hedge trimmers.

    Trying to future proof the house and garden, hard work this retirement planning when you start looking beyond the financial. Getting everything ready so there are no big expenses when you turn off the monthly income tap!

    I'm thinking of starting putting a bit away into a SIPP for me rather than an ISA looking long term so maybe Vanguard 100, as I'm hoping we can leave it alone until old age!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • crv1963
    • By crv1963 15th Mar 19, 1:56 PM
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    • 1,658 Thanks
    crv1963
    Not burnout, no. I am suffering from BTS - Brexit Tourette's Syndrome . Never sworn or yelled at the TV so much in my life .
    Originally posted by gallygirl
    I'm just of the view- get on with it! I don't think the best comedy writers could do a script like we've seen- they be accused of writing a farce!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • crv1963
    • By crv1963 15th Mar 19, 2:07 PM
    • 714 Posts
    • 1,658 Thanks
    crv1963
    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
    Originally posted by ManofLeisure
    I'm not afraid of a bit of hard work, I think a couple of months doing 60 hours over 5 days plus commute is okay anything longer and I'd grind myself down too much.

    April I'm turning the extra hours down a notch, March payday earned in February does the bits in the house, plus pay sister back a big chunk I put on her interest free account for Mums washer, dryer and TV for her birthday. Then April payday earned this month is for myself for my shed.

    I've decided that I don't mind one or two extra shifts to help out a month but marathon runs like this month and last are going to be the exception and only (like these) for specific items needed.

    I also expect Bugslet to be working a few silly hours clearing the decks as she sails toward retirement and the next phase of life.

    I didn't realise how many other around my age are doing as I am in my local teams- doing the unsocial hours for the pension and the extras to future proof as far as possible. One colleague is pouring everything into various forms of saving to get a nice campervan to drive off into the sunset with her partner.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • bugslett
    • By bugslett 18th Mar 19, 8:38 AM
    • 86 Posts
    • 311 Thanks
    bugslett
    I'm not afraid of a bit of hard work, I think a couple of months doing 60 hours over 5 days plus commute is okay anything longer and I'd grind myself down too much.

    April I'm turning the extra hours down a notch, March payday earned in February does the bits in the house, plus pay sister back a big chunk I put on her interest free account for Mums washer, dryer and TV for her birthday. Then April payday earned this month is for myself for my shed.

    I've decided that I don't mind one or two extra shifts to help out a month but marathon runs like this month and last are going to be the exception and only (like these) for specific items needed.

    I also expect Bugslet to be working a few silly hours clearing the decks as she sails toward retirement and the next phase of life.

    I didn't realise how many other around my age are doing as I am in my local teams- doing the unsocial hours for the pension and the extras to future proof as far as possible. One colleague is pouring everything into various forms of saving to get a nice campervan to drive off into the sunset with her partner.
    Originally posted by crv1963
    Shed or man cave? I think 60 hours is definitely the max. I've knocked about 7 hours off my working week this year, and really felt the difference. Come April you will enjoy some less hours - and in time for the better weather - she said optimistically!

    30 operational days left - . There will be a bit of a flurry in April regarding the hand over, and probably the first two weeks of May, then it moves to a gradual wind down. Lease on the warehouse finishes in June so 99% of things will be done then with just some end of year stuff to attend to if I can get off my sun lounger for long enough

    Campervans have really come along from the basics of the 70s, there are some gorgeous conversions out there. I keep looking at our youngest van and thinking, shall I keep it.......
    Yes I'm bugslet, I lost my original log in details and old e-mail address.
    • crv1963
    • By crv1963 18th Mar 19, 10:24 AM
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    • 1,658 Thanks
    crv1963
    Shed or man cave? I think 60 hours is definitely the max. I've knocked about 7 hours off my working week this year, and really felt the difference. Come April you will enjoy some less hours - and in time for the better weather - she said optimistically!

    30 operational days left - . There will be a bit of a flurry in April regarding the hand over, and probably the first two weeks of May, then it moves to a gradual wind down. Lease on the warehouse finishes in June so 99% of things will be done then with just some end of year stuff to attend to if I can get off my sun lounger for long enough

    Campervans have really come along from the basics of the 70s, there are some gorgeous conversions out there. I keep looking at our youngest van and thinking, shall I keep it.......
    Originally posted by bugslett
    Shed will be a bit of both I'm thinking that maybe while Mrs CRV is visiting her Dad in tenerife I can put up a lean to shed attached to my new shed and store the lawnmower and garden tools in that maybe a 6 x 4. Make a bit of room in my new one for a chair, small table for my wine glass and a radio!

    I know what you mean by the reduced hours, when I moved from M-F to 3 shifts a week I was a bit lost with the extra two days a week off, I think a good compromise will be do 3 extra shifts a month, so 4 days a week. That way 1 extra day paid for Mrs CRV SIPP on top of the planned 200, 1 for a SIPP or ISA for me (the tax refund is really a no brainer) and 1 for spending on the garden/ hobbies/ presents. With the hopeful better weather.

    30 days, which will fly by- enjoy the ending as much as the building up of the business, try and take a view that you've supported/ employed staff that you've given to skills/ developed so that they can make a go of wherever they work.

    In my time I've helped others move up, down (yes some do feel they've taken a job too far, or the service has changed around them) and sideways- I just had frank discussions on what they actually wanted to get out of work, not to kill themselves selflessly but to have personal as well as career goals.

    Sometimes for your own sanity you need to apply this to yourself. So look back with a sense of pride not sadness.

    Some of the campervans are brilliant, some are designed to part fools from their money! 95k for one! Go on keep the youngest, get it converted- Elddis near us does them I think, not sure if they convert someones own van.............doesn't hurt to ask? I'm sure other do too, I haven't looked into it, Dad did his own conversion, bought a 2 year old minibus to do it, but he had the metalwork and woodwork skills, I'm more a planner than a doer when it comes to things like that sadly.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • Clowance
    • By Clowance 19th Mar 19, 7:53 AM
    • 1,661 Posts
    • 1,147 Thanks
    Clowance
    Apropos of nothing - my grandfather retired at 60 and lived with grandma until he was 90, 30 years. he kept himself busy in their large garden, and had a little man cave in the (asbestos) garage with a table, chair, radio, newspapers. In decent weather he wasn't encouraged to come in the house until elevenses! (he died in 1975). It worked for them!
    My uncle has been retired for 38 years - he left at 59.
    So if you are lucky you will have a long long retirement, but the key is definitely keeping busy.
    I am stuck at work until the state pension kicks in, as I have not been a high earner since the kids were born.
    Don't forget quidco/topcashback - I do!
    • crv1963
    • By crv1963 19th Mar 19, 9:35 AM
    • 714 Posts
    • 1,658 Thanks
    crv1963
    Apropos of nothing - my grandfather retired at 60 and lived with grandma until he was 90, 30 years. he kept himself busy in their large garden, and had a little man cave in the (asbestos) garage with a table, chair, radio, newspapers. In decent weather he wasn't encouraged to come in the house until elevenses! (he died in 1975). It worked for them!
    My uncle has been retired for 38 years - he left at 59.
    So if you are lucky you will have a long long retirement, but the key is definitely keeping busy.
    I am stuck at work until the state pension kicks in, as I have not been a high earner since the kids were born.
    Originally posted by Clowance
    I agree the key is business, not always money. Some people I meet are enjoying life with allotments, walks, time spent doing hobbies in winter as well as summer. Some on SP only, I also think the key is being able to appreciate what you have.

    Dad worked until 71, simply didn't want to retire, used to say to me "there's only so much gardening and decorating you can do". Since he died my Mum has spent so much time gardening- she always was the main gardener- as she no longer has someone saying "I think we'll call it a day now, or do you want your lunch?".

    High earning is not always the key to earlier retirement in my view, plenty of high earners also are high spenders and find that they have to work to service the lifestyle, credit cards, keeping up with the latest car/ phone/ tv.

    I accept I earn more than the average wage, but I also think I'm not a high earner as I haven't hit the HRT bracket since 2011, so don't be discouraged by earnings. A couple of percent extra put away could make a difference to either going a little earlier or having a lifetime holiday/ a little more income. I'd encourage anyone to try to put even 10 pw away, just to build that "happy fund".
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
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