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    • ShyAndRetiring
    • By ShyAndRetiring 16th Jul 18, 4:42 AM
    • 67Posts
    • 174Thanks
    Future Finances: Time vs Money
    • #1
    • 16th Jul 18, 4:42 AM
    Future Finances: Time vs Money 16th Jul 18 at 4:42 AM

    I'm a long time user of MSE and used to have a diary on the MFW board (different user name). These boards are just such an incredible source of advice, information, support and inspiration that now we're moving into the next phase of our lives, I find myself returning more and more and really feel the urge to reconnect with a new diary to help keep us focused and clued up in what we're doing: looking towards early retirement.

    I know there's a pensions and retirement board, but I do find the numbers on there to be quite intimidating. I'm not knocking anyone else's choices and lifestyle needs, each to their own, but do feel that the numbers I'm looking at are in a different league to those on the main pensions board (far less involved) and as we're risk averse and thinking more about money-saving rather than investment per-se, I feel more comfortable over here, if that's OK with everyone?

    So, the background:
    * OH is now 60. 2016-2017 was a horrible time for him, reaching an age where he was sidelined professionally (extremely common practice in his profession, so much so that the union advised him to take a 3 month settlement to leave as they'd "seen it all before and it's the best you can do, no point in fighting it").
    'Fortunately' for us, the writing appearing on the wall coincided with the youngest dependent flying the nest, so we sold our house and downsized. It didn't leave much of a pot for us, but we did become mortgage-free ... something that wouldn't have been possible but for the support and focus on paying down the mortgage via the MFW boards on here. The 'pot' we did achieve was mostly used to get our new place and garden suited to our (existing and future) needs. It also kept us afloat once OH finished work, as he didn't want to claim any benefits but needed a period of not working so he could recover from a stress-related health issue which arose largely thanks to the awful politics of his work situation.
    Turning 60 earlier this year means OH accessed his lump sum (50k) and a pension of around 6.5 k a year. For the last 7 months, he's been working part-time in the warehouse for a local retailer, minimum wage, anti-social hours (very early morning) but he's happy to be earning and useful again.
    As he lived and worked abroad for a long time before we knew each other, he does not have full NI contributions, so another reason for his part-time job is to help build up his contributions before SP age.

    * I'm 52.
    I had to give up my main professional, full-time role due to a long-term medical condition (auto-immune). I took up self-employment instead, working freelance for myself in order to manage my recovery and balance my health - this vastly impacted on my earning capacity and pension planning. I did have 'full' SP contributions but thanks to recent changes, now have to make another 5 years to get back to full contribution.
    Last year one of my freelance clients asked me to work for him exclusively (and permanently) so I now work part time for his company, working remotely from home. I can access my Occupational Pension (from professional role) once I'm 60 and I currently use NEST pension for building up another pension pot as I earn approx 10,500 from my part-time work.

    The plans / point of this diary:
    * We'd really love to be in the position to retire together when OH reaches SP age - I'd be 58 then. So at the very least, this diary's likely to be my place for accountability for our actions (big or small) towards trying to achieve this.
    * That said, if there's the chance to do this sooner, that would be so much the better! We didn't meet each other until a bit later on in life (it's a 2nd marriage for each of us) and with the slight age difference between us, we'd rather have time together than lots of money to spend. For us it's about living simply and wanting what we have, rather than spending money on 'wants'. I'm hopeful that this particular focus will help to get us to the finish line a bit sooner, so I'm sure some of this will creep into the diary too, especially as I'm about on the boards a bit more (I'm very at home on the frugal threads)!
    * I spend lots of time on the spreadsheets and our numbers just about work for us retiring together when OH reaches SP age, but I can't make them work for doing it any earlier. However, we benefited so much from the focus our MFW diary gave us (to the point that we could become MF when the fan started up and poop started flying) that I can't help but think a little of that focus again would help us to position ourselves a bit better for the next phase in our lives.
    * I also like setting myself cheeky goals and challenges, so having a diary's also a good way of recording my monthly goals and helping me stick to the actions needed to achieve them - especially as the mini goals would all be towards that main prize at the end - time together!

    I'm sure I'll share more thoughts and numbers down the line, but I'll stop there for the moment. Thanks for letting me settle into this new spot and if anyone would like to stop by from time to time, it would be lovely to meet you.
    Last edited by ShyAndRetiring; 16-07-2018 at 4:55 AM.
Page 9
    • Savvy_Sue
    • By Savvy_Sue 12th Aug 18, 4:13 PM
    • 38,864 Posts
    • 35,689 Thanks
    I have listened to you and agree l will go to a solicitor and get it drawn up, thank you for making me think again and see sense .
    Originally posted by sukysue
    but don't be the least embarrassed for phoning round to get quotes first!

    Also I think any half-decent solicitor should also talk to you about Power of Attorney. You don't have to use the solicitor to get these set up, but getting one set up should definitely give peace of mind.
    Still knitting!
    Completed: 1 adult cardigan, 3 baby jumpers, 3 shawls, 1 sweat band, 3 pairs baby bootees,
    1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 2 hats 2 balaclavas for seamen, 1 balaclava for myself ...
    Current projects: Poppies, mohair cardigan pattern arrived and going strong!
    • humptydumptybits
    • By humptydumptybits 12th Aug 18, 5:01 PM
    • 1,059 Posts
    • 2,115 Thanks
    We're also using the PO one year lock-in account, they do seem to have lots of variations so also an option? And to answer your other question, I still have my old Girobank account book, from when the PO started doing that kind of banking, so yes, I'm with you on the satisfaction of watching the numbers grow in a book! I've just had to get used to watching the numbers grow on screen instead.

    As above Humpty, maybe look at the T*cso current account, as you get the 3% interest but also the convenience of being able to pay for things easily ... something likely to be needed for wedding spends!
    Originally posted by ShyAndRetiring

    Thank you so much for that. I've done so many searches and looked at most banks and haven't found that or anything close. My job for tomorrow.
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