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  • FIRST POST
    • crv1963
    • By crv1963 5th Aug 18, 6:34 PM
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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 1
    • ManofLeisure
    • By ManofLeisure 5th Aug 18, 7:11 PM
    • 456 Posts
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    ManofLeisure
    • #2
    • 5th Aug 18, 7:11 PM
    • #2
    • 5th Aug 18, 7:11 PM
    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.
    • crv1963
    • By crv1963 5th Aug 18, 7:13 PM
    • 481 Posts
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    crv1963
    • #3
    • 5th Aug 18, 7:13 PM
    • #3
    • 5th Aug 18, 7:13 PM
    lol Man of Leisure I didn't realise that!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • sukysue
    • By sukysue 5th Aug 18, 8:41 PM
    • 1,761 Posts
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    sukysue
    • #4
    • 5th Aug 18, 8:41 PM
    • #4
    • 5th Aug 18, 8:41 PM
    Good luck CRV , all l can say is my DH & l took the plunge and retired and have never ever looked back. I totally dropped the colleagues l had in work because l didn't want to be thought of as a SADDO hanging onto my workmates every word lol. I did the right thing .
    xXx-Sukysue-xXx
    • bugslet
    • By bugslet 5th Aug 18, 8:56 PM
    • 6,361 Posts
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    bugslet
    • #5
    • 5th Aug 18, 8:56 PM
    • #5
    • 5th Aug 18, 8:56 PM
    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 tell you I was answering in a flash ......then realised it was crv (who obviously is a catch) and knew he was already taken. Back to the drawing board!

    Having followed you round for a while in a non stalkerish fashion (I inhabit pension, pet and employment boards), I knew quite a bit of your history, but not a nice tidy timescale. So after reading all of that, I will say......

    You have seahorses, how exciting. I was reading only yesterday that some are living in the Thames now it's a bit cleaner.

    Are you planning on clearing your mortgage early or concentrating on building up the pensions?
    • lessonlearned
    • By lessonlearned 5th Aug 18, 9:00 PM
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    lessonlearned
    • #6
    • 5th Aug 18, 9:00 PM
    • #6
    • 5th Aug 18, 9:00 PM
    Ooh another nice thread to follow......

    CRV I shall be "stalking" you too - but in The nicest possible way.
    • crv1963
    • By crv1963 5th Aug 18, 9:13 PM
    • 481 Posts
    • 1,046 Thanks
    crv1963
    • #7
    • 5th Aug 18, 9:13 PM
    • #7
    • 5th Aug 18, 9:13 PM
    Hi SukySue


    I must admit I have had a similar approach to changing roles in the past as you cutting ties with former colleagues. I have moved North to South and now back again, I keep loosely in touch with only a few former colleagues and will probably have a severe haircut of FB "friends" when I do finally retire.


    I find as I gain in years I lose tolerance for gossip and GC pictures! I make a point of never gossiping at work, I don't see the point and since I re-evaluated my life goals have become quite self contained, anyone who adds to my stress I drop some quickly, some at a slower pace depending on the proximity/ relationship.


    As long as Mrs CRV and I are okay I'm happy. We've been brutally honest with our collection of children- we've worked for what we have and aim to enjoy it. Anything (if) that's left over is split between you but don't count on it because no one knows when the end of the game is.


    But as tomorrow isn't promised we do need to plan so we don't end up paupers so it is likely there will be something for them!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • crv1963
    • By crv1963 5th Aug 18, 9:24 PM
    • 481 Posts
    • 1,046 Thanks
    crv1963
    • #8
    • 5th Aug 18, 9:24 PM
    • #8
    • 5th Aug 18, 9:24 PM

    You have seahorses, how exciting. I was reading only yesterday that some are living in the Thames now it's a bit cleaner.

    Are you planning on clearing your mortgage early or concentrating on building up the pensions?
    Originally posted by bugslet


    I am only allowed to enjoy the seahorses, they're Mrs CRV hobby- although I can feed them if she goes away, they are hard work but lovely.


    Not planning on clearing the whole mortgage, at 54 and 51 it is better planning in my view to cycle money through a pension first to gain tax relief, then overpay a bit of it and use some lump sum money to reduce or clear it at the point of retirement.


    It's one of the numerous variables to wonder about! I also procrastinate and over think things at times!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • ShyAndRetiring
    • By ShyAndRetiring 5th Aug 18, 11:09 PM
    • 81 Posts
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    ShyAndRetiring
    • #9
    • 5th Aug 18, 11:09 PM
    • #9
    • 5th Aug 18, 11:09 PM


    Hi CRV1963

    Lovely to see your thread up and running!

    Great outline and useful looking timeline. It's great that you have a clear plan and I'll certainly be following along ... if you end up doing the whole 5 year push, we might even end up getting to the big R around the same time!

    Oh, and I hear you on the numerous variables ... I've no doubt our threads will directly reflect the most popular variable in thinking and finances at any given time, and I'm looking forward to hearing all about it!
    ~ * ~ "A goal without a plan is just a wish" Antoine de Saint Expuery ~ * ~
    • ManofLeisure
    • By ManofLeisure 6th Aug 18, 9:42 AM
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    ManofLeisure
    I tell you I was answering in a flash ......
    Originally posted by bugslet

    Wrong Board , but not sure I would recommend the marriage and relationship forum
    • ManofLeisure
    • By ManofLeisure 6th Aug 18, 9:54 AM
    • 456 Posts
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    ManofLeisure
    [QUOTE=crv1963;74620810










    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[/QUOTE]


    Although in the financial sense this makes a lot of sense, how are you actually coping with your new working pattern? Or more importantly, how do you feel you would cope if you aren't able to retire in about 18 months. One of my sons is a doctor and I well remember the time when he was a junior and struggled with those night shifts - which take a terrible toll on the body.
    • sukysue
    • By sukysue 6th Aug 18, 11:36 PM
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    sukysue
    We cleared our mortgage asap about 10 years ago. I hated having to pay the interest for our own home and I felt such relief once it was paid, like a weight lifted from our shoulders. Since then we both saved money on our wages every month as well as having our lump sums from our pensions. I thought so hard and did so many sums trying to figure out how much we would spend and how much we would use out of our savings , in the end l just realised we wouldn't know until we did it and bit the bullet..... but omg the deliberating before we did it , l worried and worried over it.
    As for work mates I had to see them today whilst taking my DF for an appt and i really did not miss it/ them at all. I am shocked l dont miss them but l was of this steely frame of mind that l was not going to be the Butt of ppls jokes re not being able to talk about anything else to them except shop now l had retired! l may be a bit strange but l have my pride lol
    xXx-Sukysue-xXx
    • crv1963
    • By crv1963 7th Aug 18, 7:33 AM
    • 481 Posts
    • 1,046 Thanks
    crv1963
    Although in the financial sense this makes a lot of sense, how are you actually coping with your new working pattern? Or more importantly, how do you feel you would cope if you aren't able to retire in about 18 months. One of my sons is a doctor and I well remember the time when he was a junior and struggled with those night shifts - which take a terrible toll on the body.
    Originally posted by ManofLeisure


    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!


    Junior Doctors have a horrible shift pattern sometimes, although things are not as bad as they were 20 years or more ago. Thanks to the EU working time directive.


    I also have the advantage of knowing I am time limiting to an extent how long I will be in the role, the first time that I am starting a job/ role where I have set the end date, I honestly had thought my current post would be my last and if I don't leave it I think it would be but not in the sense of retirement but leaving in a wooden box! I ended up working 3 hours past my finish time yesterday, with no chance of getting the time back or pay for it and that was day 1 of 5. In the new post I'll know ok, only 2 more to go not 4.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • lessonlearned
    • By lessonlearned 7th Aug 18, 9:55 AM
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    lessonlearned
    CRV. I think the idea of having a set end date is a good one. It gives you a target and a focus. If you find the extra commuting difficult at times well, knowing it's only a short term thing will probably make it more bearable. And of course you can use that time to good effect, listening to music to help you wind down, listening to talking books, which could either be fiction or motivational books. You could even learn a new language....

    Since reading some of these threads I have been thinking a lot about the concept of retirement. I have also been studying longevity, why some people live longer and remain active well into their advancing years. Obviously genetics have a role to play but I also think lifestyle is a very important factor in how well we age.

    Often the people who remain the most healthy well into to their advancing years are those who remain working - paid or unpaid....it doesn't seem to matter which, especially those who follow their passions.

    Look at people in the public eye......David Attenborough is a shining example but there have been others, actors, artists, musicians , academics, scientists, writers. It even seems to apply to we lesser mortals, I know lots of oldies who either do paid work or volunteer well into their 80s

    My family do seem to be quite long lived, but I have noticed all of them remained active in their retirements, often taking up second careers or pursuing interests and passions which they hadnt had time or resources for when they were younger.

    So ......I think it is important to think about what kind of retirement you envisage, pipe and slippers watching daytime TV........ or something a little more pro active.

    Travel and adventure? Well it sounds good in theory but is it enough, what about the times when we aren't travelling.

    I have met loads of people who go on several holidays a year but in all honesty that's it, when they are at home, they dont seem to do much else. Their lives revolve around their travels. Which is fine but I'm afraid I quickly realised that travelling wasn't the answer for me. Perhaps that's because I was forced to travel alone, maybe if my husband were with me I would feel differently. But, at the risk of sounding like a spoilt princess, I came to realise that I actually need more from life.

    As you know I am older than you and already technically retired. I draw state pension so I'm retired right?? well yes and no. I don't actually think of myself as retired. I see myself more as a "senior entrepreneur". Apparently we are a growing phenomenon.

    Just as a i never had a clearly defined career path......I always combined jobs that paid a salary to live off with sideline businesses eventually owning and running a couple of companies with my husband. I think I was a "portfolio worker" long before the term came into fashion.

    Now......I continue in much the same vein and I simply don't see myself as retired. I use my various pensions to live off, and some of my capital as working capital to fund my projects and business ventures, keeping a dollop back for long term investment.

    Being something of an amateur property developer, my latest house purchase is a case in point. I have talked about future proofing my living accommodation, but this is merely a "just in case" insurance policy.

    After all experience has taught me that you never know what is around the corner, illness and disability can strike anyone, anytime. So, if my health fails me whilst I undertake this next renovation project, I will at least have secured a suitable property in which to age.

    If my robust good health continues, then I will simply sell up when it is completed and then move on to the next one. In addition I will be looking at a couple of side hustles.

    Why do I do this......simple.....I enjoy working and I enjoy making money. It keeps me active, healthy and engaged. I will still do a big trip every so often.....Iceland next and maybe a couple of mini breaks now and then. I will still keep learning - brushing up my Spanish and Italian, will take up new hobbies and interests......a sewing course and music lessons and once my knee is better, maybe even learn to tango. Lol.

    So for me....."retirement" is a bit of a misnomer.....I am retired in that I don't work for "the man" My pension income is plenty for my needs and wants, but I choose to work for myself.....hopefully for a very long time to come.
    Last edited by lessonlearned; 07-08-2018 at 12:22 PM.
    • bugslet
    • By bugslet 7th Aug 18, 11:03 AM
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    bugslet
    I am only allowed to enjoy the seahorses, they're Mrs CRV hobby- although I can feed them if she goes away, they are hard work but lovely.


    Not planning on clearing the whole mortgage, at 54 and 51 it is better planning in my view to cycle money through a pension first to gain tax relief, then overpay a bit of it and use some lump sum money to reduce or clear it at the point of retirement.


    It's one of the numerous variables to wonder about! I also procrastinate and over think things at times!
    Originally posted by crv1963
    I went for the middle of the road approach - I overpay on the mortgage and I put money into a pension - it's either a completely disorganised scattergun approach that purists would disapprove of, or it's a sensible strategy with the aim of debt steadily decreasing and investments steadily increasing as opposed to one flatlining.

    In other words, do what suits you as you can never really plan anyway!

    If I ever stop dithering (and I'm now not sleeping because I'm mentally waffling), I expect that I would find some work to do, probably self-employed.
    • bugslet
    • By bugslet 7th Aug 18, 11:54 AM
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    bugslet
    Just spent far too long watching sea horses on youtube - and sea dragons, why have I not heard about sea dragons before!
    • ManofLeisure
    • By ManofLeisure 7th Aug 18, 12:06 PM
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    ManofLeisure
    [QUOTE=crv1963;74


    I ended up working 3 hours past my finish time yesterday, with no chance of getting the time back or pay for it and that was day 1 of 5. In the new post I'll know .[/QUOTE]


    You work really hard and deserve to retire - hope it comes sooner than later for you
    • lessonlearned
    • By lessonlearned 7th Aug 18, 12:16 PM
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    lessonlearned
    I love seahorses.....there is something magical about them.

    When my husband was in a nursing home, more or less Paralysed and no longer able to use his computer, I installed a fish tank in his room. It kept him entertained for hours. It was also a great talking point. The staff and other more mobile residents used to visit him to watch the fish with him and chat.
    • bugslet
    • By bugslet 7th Aug 18, 1:48 PM
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    bugslet
    I like watching fish, very soothing and entertaining. I spent many years besotted with Kelly and Becky ( don't ask), two humble goldfish!
    • lessonlearned
    • By lessonlearned 7th Aug 18, 3:31 PM
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    lessonlearned


    Glad I'm not the only one who names fish.
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