Early-retirement wannabe
Comments
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enthusiasticsaver wrote: »Good to see you are set to go now ML. I too intend retiring at the end of this year. Just at the stage of checking benefit projections now to finalise finances for the early part of retirement. We had a 5 year plan to save for early retirement and at present have 60% of our savings in stocks and shares and 40% in cash earning pitiful rates. I am looking to move a further 20% into stocks and shares and drawing the pension but that may change depending on quotes.
Thank you and good luck!
I think 60% in stocks and shares is already a reasonably high percentage of your retirement assets. You might consider putting that 20% into something else - maybe bonds - and / or have a look at crowd funding where there are plenty of decent options.Money won't buy you happiness....but I have never been in a situation where more money made things worse!0 -
The 60% is in a multi asset fund of funds so 40% of that is already in bonds. These are invested in both my husbands and my names in sipps and stocks and shares isas. I think that works out that of my total assets (excluding property) 40% is in national savings income bonds and "high" interest current accounts (i.e. Cash), 36% is in equities and 24% bonds. That seems a high allocation of cash considering our pensions will cover all our essential expenses and the majority of our discretionary spending.
I have not looked at crowd funding but both OH and I are what you would call on the moderate risk averse side so I am not sure that would be for me. I am even reluctant to look at P2P which I know is popular. I think I just need to find out more how that works.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.0 -
enthusiasticsaver wrote: »I have not looked at crowd funding but both OH and I are what you would call on the moderate risk averse side so I am not sure that would be for me. I am even reluctant to look at P2P which I know is popular. I think I just need to find out more how that works.
By corwdfunding I also included P2P.
I found the following blog gives quite a good overview:
http://www.financialthing.com/Money won't buy you happiness....but I have never been in a situation where more money made things worse!0 -
Take care with financialthing, it's often inaccurate and I think it might be influenced by referral payments. For examples, it's May 2017 updated Ablrate and MoneyThing reviews say that they have interim permission when both received full in March, then later says full permission in the text. There's also an irrational praise for secondary markets with no premiums or discounts and simultaneous criticising of them for the reduced liquidity that's caused by the lack of premiums and discounts.0
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Some things have happened over the last couple of weeks.
The main thing is that most people in the organization know that I am going and most are finding it hard to believe. I always seemed one of the most committed and enthusiastic at work and for a lot of people someone that they turn to when they need advice. But in actually I feel like I've been playing a part for some time. Inside I feel burnt out. Every time something new comes along I find it increasingly difficult to be really interested. I've maintained a professional exterior but increasingly I now see that the time has come to go.
Five weeks to go.
From a financial perspective its been a good couple of weeks as I'm close enough to early retirement that I've managed to negotiate the early retirement benefits which essentially means my normal pension age will be brought back to 54. That's six years of extra pension and means our day to day living expenses will be fully covered. If I had retired three years ago I definitely wouldn't have got it, so maybe all the years of waiting and planning were worth it after all ;-)
So I'll be retired at 52 and two-thirds.
There are three aspects ways to accumulate the wealth required to retire early, two of which (live frugally and invest sensibly) are the subject of the majority of personal finance blogs. The third (increase your earnings) is not spoken about because I guess its the hardest of the three to achieve. That will be the focus of my early retirement blog.
I don't want to wish my life away but I am looking forward to 30 June.Money won't buy you happiness....but I have never been in a situation where more money made things worse!0 -
Been retired just over two months now aged 56. Retiring as summer comes is well recommended. Despite people being surprised I was leaving, life and processes there continue perfectly well without me. I was in IT.
My daughter still works there (she joined just over two years ago) and she updates me. My father use to say to me when you leave work its like taking a stone out of a bucket of water and looking for the gap it left.
Having left its strange I dont even think about the actual work. I do think about the people but the actual work and responsibility I had does not even enter my mind.
I highly recomment retirement. I planned the last 12 months at work carefully and have now thrown myself into voluntary work, as again for me it was important to maintain the social contact which I knew is what I would miss most.
The financial planning is important but for me it was also essential to look at the retirment mindset and life style. Having started at work at 16, in the 40 years of work I had never been absent from work for more than 4 weeks so it was a big change!
Regards
Jerry0 -
Have you mentioned the title already, marinelife? Thats a blog I'd readMarine_life wrote: »There are three aspects ways to accumulate the wealth required to retire early, two of which (live frugally and invest sensibly) are the subject of the majority of personal finance blogs. The third (increase your earnings) is not spoken about because I guess its the hardest of the three to achieve. That will be the focus of my early retirement blog.
I'm really happy to know that you're retiring at the right time for youI don't want to wish my life away but I am looking forward to 30 June.
I agree with that - certainly, when I finished last August, I was amazed that the work immediately ceased to matter.jerrysimon wrote: »Been retired just over two months now aged 56. Retiring as summer comes is well recommended. Despite people being surprised I was leaving, life and processes there continue perfectly well without me. I was in IT.
My daughter still works there (she joined just over two years ago) and she updates me. My father use to say to me when you leave work its like taking a stone out of a bucket of water and looking for the gap it left.
Having left its strange I dont even think about the actual work. I do think about the people but the actual work and responsibility I had does not even enter my mind.2023: the year I get to buy a car0 -
Marine_life wrote: »
I don't want to wish my life away but I am looking forward to 30 June.
Keep your mind active and challenged. :beer:0 -
We have bought our domain name so soon you will be able to read about our exploits on:
earlyretirefree.com
It won't work yet!Money won't buy you happiness....but I have never been in a situation where more money made things worse!0
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