Early-retirement wannabe
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Yes, and it's about 800 working days away.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
:T Isn't it about time you had a countdown clockgadgetmind wrote: »Yes, and it's about 700 working days away.
. A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
Mortgage Balance = £0
"Do what others won't early in life so you can do what others can't later in life"0 -
:T Isn't it about time you had a countdown clock.
My spreadsheet cell reads -
="There are roughly "&TEXT(NETWORKDAYS(TODAY(),B11)*0.85,"####")&" working days to retirement."
Where B11 is retirement date and the 0.85 is a big bodge to cover annual leave and bank holidays!I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
hmmmm - hesitant about giving up work, or unsure if you have sufficient funds and safety net, or concerned about having you under her feet all day every day
JFDI - you are young enough to go back to work if you have to.
All of those Money won't buy you happiness....but I have never been in a situation where more money made things worse!0 -
hugheskevi wrote: »When reading your blog I was struck by how similar your trip to New Zealand was to one I did for 2.5 months back in 2006 and 2007. I suppose that isn't surprising - if two completely separate people spend a month or more touring a fairly small country there are inevitably going to be a lot of similar places visited.
I did that trip 8 years ago, in my late 20s, whilst taking 18 months off work to go travelling around Central America, Asia and Australasia. I'd previously taken a year off to travel around Africa.
The more I look back at those trips, it strikes me how linked to early retirement they actually are. If I had not undertaken that travel earlier in life, I would probably be doing much the same sort of trips at the end of my working life. Due to taking those trips I'll be working several more years than would have been the case had I just continued to work and not gone travelling. So either way the travel would have been done, it was just moving leisure time forward from the end of working life to within working life.
The cost implications are very interesting. When I look at how much I could have got from working and investing, the opportunity cost of those trips is very high. However, the actual cost is much lower than the cost my future trips will be (I think I have lost my appetite for sleeping in Youth Hostel dorms and such-like). But ultimately the enjoyment of those trips make the opportunity and actual costs worthwhile (as money is just the means to an end, not the end itself).
That's an interesting perspective.
I didn't do any travelling when I left university as - frankly - I just didn't even think about it and didn't have any money at all (in fact my bank asked me to close my bank account when I left uni - which was nice of them). So I'm catching up now!
I suspect the opportunity cost is quite difficult to calculate as nobody I know has a career which has gone exactly as they expected plus its likely that all the travel you did early on contributed to decisions (whether subconsciously or otherwise) that you might have made differently had you not traveled. If that makes sense.
But I agree - there's no way I would 'back-packer' it today!Money won't buy you happiness....but I have never been in a situation where more money made things worse!0 -
Complicated formulae with built-in bodge are the best :rotfl:.gadgetmind wrote: »My spreadsheet cell reads -
="There are roughly "&TEXT(NETWORKDAYS(TODAY(),B11)*0.85,"####")&" working days to retirement."
Where B11 is retirement date and the 0.85 is a big bodge to cover annual leave and bank holidays!A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort Mortgage Balance = £0
"Do what others won't early in life so you can do what others can't later in life"0 -
I'll echo the above, with a pot of €1.3m you can draw down €52k at 4% and your pot will go down by €18k/year (assuming €70k spend and no other income). So, over 12 years you'll deplete your pot by €216k, leaving €1.1m
My assumptions are less aggressive as I assume no net investment return (i.e. inflation 2% and investment returns 2%) but nevertheless that still leave a fairly chunky buffer.So, roughly, if I'm reading you right, you'll have €2m plus pensions of €60k at 62 (that alone would be €80k in drawdown at 4% plus €60k pensions for a total of €140k/year) plus state pension later to come.
Broadly correct except that the 900k has to be drawn down at 20% a year over 5 years - meaning between 62 and 67.Are you seriously considering being the richest guy on the graveyard by delaying any longer?
When you put it like that it all seems to make sense!Money won't buy you happiness....but I have never been in a situation where more money made things worse!0 -
Goldiegirl wrote: »I echo those sentiments.
If you really do want to retire - just do it.
If you've decided that you are not ready yet, there's no shame in that - just make the decision to stay on at work.
But I can't see the point of arbitrary dates for the decision.
e.g. I'll decide when I come back from my holiday, has now been put back to I'll decide on 1st April.
I'm sorry to be tough on you, but as one who made the decision, I have to say it is rather nice not to have to think about work anymore.
You are right.
Actually the only big variable is the house sale as that will make up the biggest portion of our cash pot - the rest is in longer term investments which I don't want to / can't touch.Money won't buy you happiness....but I have never been in a situation where more money made things worse!0 -
gadgetmind wrote: »My spreadsheet cell reads -
="There are roughly "&TEXT(NETWORKDAYS(TODAY(),B11)*0.85,"####")&" working days to retirement."
Where B11 is retirement date and the 0.85 is a big bodge to cover annual leave and bank holidays!
Funny that. My retirement spreadsheet has a cell with exactly the same formula in it - well, as of 5 minutes ago it does!
I'm looking at a date that's between 1600 and 3000 working days away. It makes me realise I need to do something else - I can't contemplate literally counting the days for that long.0 -
Complicated formulae with built-in bodge are the best
Well, I do have a better one that allows for actual bank holidays, but it's harder to allow for annual leave, and whipping off 15% works for my leave + bank hols.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0
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