Early-retirement wannabe

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  • greenglide
    greenglide Posts: 3,301 Forumite
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    There are so many things you just grow out of (parties, drinking, enduring rough travelling conditions, etc).
    Unfortunately it is often known as "growing up"!
  • wotsthat
    wotsthat Posts: 11,325 Forumite
    edited 6 July 2015 at 2:26PM
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    kidmugsy wrote: »
    http://theretirementcafe.blogspot.co.uk/2015/06/retiring-early-lost-savings.html

    I read it as if you retire early you'll have a smaller pot than if you kept working and retired later.

    Doesn't answer the question as to when that pot is big enough.
  • xylophone
    xylophone Posts: 44,484 Forumite
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    Unfortunately it is often known as "growing up"!

    Or even more unfortunately as "growing old"......:(
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
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    wotsthat wrote: »
    I read it as if you retire early you'll have a smaller pot than if you kept working and retired later.

    Doesn't answer the question as to when that pot is big enough.

    That, alas, is unknowable.
    Free the dunston one next time too.
  • Marine_life
    Marine_life Posts: 1,059 Forumite
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    Goldiegirl wrote: »
    1) You have the two houses anyway, and you've got to manage them - I'd have thought it was more stressful managing them and working at the same time.

    We never intended to do that (own two houses) but a house came up in the area we liked at a very attractive price so we decided to buy it. It still looks like the right decision even though there is now a cost of maintenance

    Goldiegirl wrote: »
    2) That really surprises me. With your level of planning, I'd have thought the planning would have applied to the present day as well.


    About 18 months before we were planning to retire, I sat down and worked out our projected income in 18 months time, and then looked at our outgoings, to make sure we could lead the life we wanted in retirement.

    I know....but when you don't have to worry about money then....errr....the tendency is not to worry about money (if that doesn't sound odd). FWIW, I have worked out our retirement budget at about €50,000 per annum.

    Goldiegirl wrote: »
    As the house sale looks to be happening, if you ask your employers nicely, would they reduce the notice period slightly? March 2016 seems such a long time to wait!

    That's the piece that now require a bit of thought and planning. Assuming we sign contracts tomorrow I'll have two weeks vacation to think things through. I'm quite keen to keep a consulting contract just to keep my hand in. I'm also very keen to ski a lot in 2015/16 so my plan is to offer full time until 31 December and then drop to 50% until March followed by 20-25% thereafter (i.e. one day a week). Let's see.
    Money won't buy you happiness....but I have never been in a situation where more money made things worse!
  • Marine_life
    Marine_life Posts: 1,059 Forumite
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    That was quick - contract signed - house sold

    .......now where was my book of excuses ;-)
    Money won't buy you happiness....but I have never been in a situation where more money made things worse!
  • gfplux
    gfplux Posts: 4,985 Forumite
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    When I first arrived in Luxembourg I thought that there was too much paperwork and regulation just like a number of European Countries. However as we have seen with Marine life and the rapid sale his property all these rules and regulations and registration lays the groundwork for fast action as all the information is already in place.
    I have grown to like this type of regime and find the casual approach in the UK rather too casual.
    But each to his own.
    There will be no Brexit dividend for Britain.
  • Karmacat
    Karmacat Posts: 39,460 Forumite
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    Marine_life wrote: »
    That was quick - contract signed - house sold
    :j:j:j
    .......now where was my book of excuses ;-)
    Oi! :D
    2023: the year I get to buy a car
  • melanzana
    melanzana Posts: 3,953 Forumite
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    edited 11 July 2015 at 7:46PM
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    pjcox2005 wrote: »
    Hi all,


    Interesting thread even if it is some way off for me, but these articles along with things like Mr Moneymoustache challenge the view on how we save/spend which I don't think I've yet come to a conclusion on.


    One question I'd be interested in - For those that retired early and clearly enjoying it, would you in hindsight have preferred to taken a year off work at an earlier part of your life (thereby delaying retirement slightly) or not? And if so, what point in your life do you think that extra year off would have been most beneficial?

    Well, I did take a six month leave of absence when my Dad was terminally ill. I didn't even think of the financial stuff at the time, as I knew I had savings and tax relief on yearly earnings to make it up somewhat.

    I will never get that time back with him, so it is all good and I am so glad I did it. Money is not everything.

    Then two years later our Mum had a brain haemorrhage and was very ill. Talk about trouble in the family.... so my sister and I reduced our days at work and worked around it. So glad I did that. My Mum and Dad made us what we are. Payback time.

    Then my youngest sister got ill and died sadly at the age of 49. So you can imagine, live for the moment is what she said in the hospice, my lovely, lively adoring sister. Taught me a huge lesson.

    So there we are. I am living the dream now, enjoying every minute. I will never be rich or anything, but I have enough to keep me happy.

    I wish everyone, especially Marine Life, without whom we would not have this thread, the very best.

    If you can afford to go.... go. Time and tide waits for no man (or woman!).

    If you really want to go you will. If you are not ready you will not. Timing is everything, and life experience and tragedies, and all the rest can change your outlook.

    I am happy as a pig in !!!!!! now.

    I own my own house outright, have no debts, no kids that need minding, and I intend to SBI (spend Beneficiary inheritance) too!

    Woo Hoo!!

    Best of luck everyone. It is a personal decision. But if you want to go, and can afford to, GO!
  • neil1960
    neil1960 Posts: 13 Forumite
    edited 12 July 2015 at 9:30PM
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    Driver - I realised that I would be in a position not to need to work and the
    increasing stress associated with a well paid job was becoming less justifiable.
    Anyway IMHO there are better things to do with ones life
    I wish I could get this point across to an IFA. I have been semi retired for a couple of years with a view to getting access to my pension this year when I'm 55. But I can't do this without the agreement of an IFA who say I'd be better off financially working to 65, which is technically true if I live that long, what health state I'd be in then or how long I'd be healthy enough to enjoy it counts for nothing. It looks like I'm going to be forced back to work until I'm 65 or maybe older despite having a pension pot large enough to retire on. My advice to you or anyone else is:- If you have the finances and the interests to keep you occupied, get out there and enjoy life!
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