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  • FIRST POST
    • Marine_life
    • By Marine_life 5th Nov 10, 10:46 AM
    • 684Posts
    • 1,124Thanks
    Marine_life
    Early-retirement wannabe
    • #1
    • 5th Nov 10, 10:46 AM
    Early-retirement wannabe 5th Nov 10 at 10:46 AM
    I would like to create a topic (don't see it at the moment - other than the NUMBER thread).

    Who is aiming for early retirement (or who has retired early already)?
    When did you begin planning and what drove the decision?
    What is the strategy for getting there?
    How much of a relative decline in income are you prepared to take / did you take?
    What are your main concerns?
    For those already in early retirement - how is it progressing? What have been the good and bad surprises (financial and otherwise)?

    I will post my strategy but wanted to get some thoughts
Page 151
    • Marine_life
    • By Marine_life 5th Oct 16, 10:00 PM
    • 684 Posts
    • 1,124 Thanks
    Marine_life
    I just realized I made the 3000th post.....whoop!
    Make it idiot proof and someone will make a better idiot…
    • Wednesday2000
    • By Wednesday2000 6th Oct 16, 8:08 AM
    • 530 Posts
    • 2,597 Thanks
    Wednesday2000
    I've been away for a while as I've been spending some time on another early retirement forum :-O
    Originally posted by Marine_life
    Which one?
    "It doesn't cost any more to dream big."
    • gfplux
    • By gfplux 6th Oct 16, 8:49 AM
    • 2,240 Posts
    • 2,223 Thanks
    gfplux
    I've been away for a while as I've been spending some time on another early retirement forum :-O

    Coming up to six years since I started this thread and I am starting to piece things together. We've moved into our retirement home which is a huge step both because it's where we really want to be but also because its massively inconvenient for work! So I've shifted to working largely from home. Essentially its a non sustainable working style so need to do something.

    I have a meeting with my employer two weeks tomorrow and have set out four options for the future. If I get what I am looking for then I would drop down to one day a week working. If they won't agree then the other option is a complete exit. Will be an interesting conversation especially as I've just had one of my most successful months ever!

    52nd birthday approaching which on my spreadsheets was always the long stop option. Financially we're in great shape and we have a really clear view on the life we want from here....what will actually happen however is anyone's guess ;-)
    Originally posted by Marine_life
    Good luck, but I will not be holding my breath.
    I voted to remain. Now I look forward to the end of March 2017 when some of the uncertainty will disappear IF/PERHAPS/MAYBE article 50 is triggered.
    • Marine_life
    • By Marine_life 6th Oct 16, 10:22 AM
    • 684 Posts
    • 1,124 Thanks
    Marine_life
    Which one?
    Originally posted by Wednesday2000
    If you google "early retirement forum", there are not that many.

    It's quite US focused but there is a lot of discussion around early retirement in general (as opposed to the purely financial).

    I have a different user name there but it wouldn't be that hard to find me ;-)
    Make it idiot proof and someone will make a better idiot…
    • atush
    • By atush 6th Oct 16, 2:43 PM
    • 15,331 Posts
    • 9,209 Thanks
    atush
    I just realized I made the 3000th post.....whoop!
    Originally posted by Marine_life
    But your info says you only have less than 1000?
    • melanzana
    • By melanzana 6th Oct 16, 2:45 PM
    • 1,962 Posts
    • 5,787 Thanks
    melanzana
    But your info says you only have less than 1000?
    Originally posted by atush
    3000 on the thread.
    • bigadaj
    • By bigadaj 6th Oct 16, 8:58 PM
    • 7,861 Posts
    • 4,796 Thanks
    bigadaj
    I just realized I made the 3000th post.....whoop!
    Originally posted by Marine_life
    It will be interesting to see your situation when you make the 4000th, or 5000th........
    • atush
    • By atush 6th Oct 16, 9:43 PM
    • 15,331 Posts
    • 9,209 Thanks
    atush
    Maybe he will have retired by then lol
    • atush
    • By atush 6th Oct 16, 9:44 PM
    • 15,331 Posts
    • 9,209 Thanks
    atush
    3000 on the thread.
    Originally posted by melanzana
    Sorry read as his 3000th
    Last edited by atush; 07-10-2016 at 3:26 PM.
    • melanzana
    • By melanzana 6th Oct 16, 11:19 PM
    • 1,962 Posts
    • 5,787 Thanks
    melanzana
    Sorry read as his 300th
    Originally posted by atush
    No worries,

    I did a double take myself at first!
    • Triumph13
    • By Triumph13 7th Oct 16, 9:38 AM
    • 719 Posts
    • 659 Thanks
    Triumph13
    "Grandad, why does everyone call it 'Marine Lifeing' when someone keeps on doing something long after they said they'd stop? Is it something to do with fish?"
    "Well lad, many years ago..."
    • bigadaj
    • By bigadaj 7th Oct 16, 8:58 PM
    • 7,861 Posts
    • 4,796 Thanks
    bigadaj
    "Grandad, why does everyone call it 'Marine Lifeing' when someone keeps on doing something long after they said they'd stop? Is it something to do with fish?"
    "Well lad, many years ago..."
    Originally posted by Triumph13
    Yes, I always wondered who that mr. Tea bag was.
    • amateur house
    • By amateur house 9th Oct 16, 9:48 AM
    • 78 Posts
    • 67 Thanks
    amateur house
    Andy1977 - I realise things do change, but at the moment it's looking like it will be 57 for you and not 55.
    Originally posted by lisyloo
    Are there plans to raise the age you can take a 25% lump sum from your pension? This is something I am planning to do in the next 2-3 years with the aim of paying off a chunk of my mortgage. I've not read anything about this change. No plans to retire early, I am just lurking on this thread.
    • gallygirl
    • By gallygirl 9th Oct 16, 10:24 AM
    • 16,053 Posts
    • 105,261 Thanks
    gallygirl
    Are there plans to raise the age you can take a 25% lump sum from your pension? This is something I am planning to do in the next 2-3 years with the aim of paying off a chunk of my mortgage. I've not read anything about this change. No plans to retire early, I am just lurking on this thread.
    Originally posted by amateur house
    I think there is talk of linking it to 10 years less than the state retirement age. Ive just turned 55 and I'm taking my 25% now in case the rules change in the next year of so.
    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"
    • hugheskevi
    • By hugheskevi 9th Oct 16, 11:42 AM
    • 1,835 Posts
    • 2,156 Thanks
    hugheskevi
    Are there plans to raise the age you can take a 25% lump sum from your pension?
    Under the Coalition govt back in July 2014, HM Treasury announced in a response to a consultation that minimum pension age would be linked to state pension age minus 10 years. It was stated that the change would be legislated for at a later date, which still has not happened.

    The consultation stated that the change would apply from when the State Pension age reached 67 in 2028. however, the lack of legislation means many details are left unanswered. The key outstanding questions are:
    • Does the current government (which being a Conservative majority is a completely different government to that which made the decision to increase minimum pension age) intend to enact the policy change announced in the Coalition consultation response? As well as being a completely different government there are now many different priorities.
    • If the change is legislated for, will the shorter time to the change taking effect mean the delay is put back to give people adequate notice to change their plans?
    • Will the increase be a cliff-edge in 2028, or will the increase be tapered in, eg, starting in 2024, aligning with state pension age in 2026 and then tracking with the state pension age increase to 67 by 2028. In the original consultation is was stated "The transition to this age will need to begin before 2028 and the government will provide further detail on this in its summary of responses to
      this consultation
      " However, there was no mention of this in the consultation response.
    • Will protection be given, as it was when minimum pension age last increased in 2010, for those with existing pension arrangements at a particular date?
    Last edited by hugheskevi; 09-10-2016 at 11:57 AM.
    • atush
    • By atush 9th Oct 16, 1:36 PM
    • 15,331 Posts
    • 9,209 Thanks
    atush
    Are there plans to raise the age you can take a 25% lump sum from your pension? This is something I am planning to do in the next 2-3 years with the aim of paying off a chunk of my mortgage. I've not read anything about this change. No plans to retire early, I am just lurking on this thread.
    Originally posted by amateur house
    I have no doubt this will eventually happen, but hasnt yet.


    Add in that it will be announced beforehand, so you would not be disadvantaged if you were just a year or two away.

    I'd make plans, incl using S&S isas, for it to be around 58+
    • amateur house
    • By amateur house 9th Oct 16, 5:45 PM
    • 78 Posts
    • 67 Thanks
    amateur house
    Thanks for the replies, it doesn't sound like it's imminent so hopefully won't kick in within the next 3 years. If it's raised after that hopefully it will be tapered so my age will increase in line with it.
    • atush
    • By atush 10th Oct 16, 11:48 AM
    • 15,331 Posts
    • 9,209 Thanks
    atush
    Pretty sure govt (at least the tories dont know about the corbinistas?) have vowed that future changes will be announced 10 years before action?
    • ex-pat scot
    • By ex-pat scot 10th Oct 16, 12:30 PM
    • 125 Posts
    • 116 Thanks
    ex-pat scot
    It's one of the things that might derail my plans.

    I have 7.5 years before I hit 55 and can first access my money.
    I might have enough by then. I have little certainty over my pot value, cash requirements and work situation in 2024. But what I would really like is certainty over the options available. I believe the general message touted was that 55 was far too young to be thinking of stopping work, because people still have lots of energy and things to offer. Stuff that! If I deem I have sufficient to support myself, then it should matter not whether I choose to withdraw at 50, 55, 60 or whenever. (yes i will still need to be prudent, but frankly I've already demonstrated that by accumulating).
    It's a different story to the SPA. I am fully on board with setting the SPA at a level where it becomes difficult to expect people to work fully effectively.

    My other big risk to current plans is the spectre of flat rate relief. That's another story entirely.

    The third traditional risk would be over the 25% tax free element of pension funds - but if this is restricted, i would expect that it would be so for fresh funds, as existing funds have been accumulated under the expectation of the relief.

    The fourth risk would be a further reduction to the lifetime limit. Frankly this is quite possible, and my response would be to work until i have the max allowed pot and thereafter stop. A bit like some (GPs) are doing with the new £1m level today, apparently.
    I feel the the whole notion of LTA is plain bonkers. It has no place alongside annual allowance limits, as it unneccesarily introduces risk (I have no idea on future performance and projected pot values, in spite of fairly clever cashflow and investment return modelling).
    • Karmacat
    • By Karmacat 10th Oct 16, 10:55 PM
    • 26,544 Posts
    • 140,143 Thanks
    Karmacat
    The third traditional risk would be over the 25% tax free element of pension funds - but if this is restricted, i would expect that it would be so for fresh funds, as existing funds have been accumulated under the expectation of the relief.
    Originally posted by ex-pat scot
    Expectations about pension rules and situations have been continually upset over the last 17 years or so, it would be nice to have your expectations met, but don't count on it, seriously.
    Retired August 2016

    Goal: earnings of £25k from new opportunities from September 2016 to December 2020 when my state pension kicks in.
    Currently: 86.53/25,000
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