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  • FIRST POST
    • Marine_life
    • By Marine_life 5th Nov 10, 10:46 AM
    • 677Posts
    • 1,084Thanks
    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 152
    • westv
    • By westv 10th Oct 16, 10:59 PM
    • 4,063 Posts
    • 1,719 Thanks
    westv
    Haven't the positives slightly outweighed the negatives over those 17 years??
    • Karmacat
    • By Karmacat 10th Oct 16, 11:01 PM
    • 26,541 Posts
    • 140,118 Thanks
    Karmacat
    Erm, about the state pension? What positives, I can't think of any?
    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
    Save
    • westv
    • By westv 10th Oct 16, 11:14 PM
    • 4,063 Posts
    • 1,719 Thanks
    westv
    Erm, about the state pension? What positives, I can't think of any?
    Originally posted by Karmacat
    I was replying to your reply to the comment about the 25% tax free element of personal pensions.
    • Karmacat
    • By Karmacat 10th Oct 16, 11:20 PM
    • 26,541 Posts
    • 140,118 Thanks
    Karmacat
    Oh! My comment wasn't about the 25% tax free bit internet replies are wonderful things

    Signing off now.
    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
    Save
    • atush
    • By atush 11th Oct 16, 1:42 PM
    • 15,283 Posts
    • 9,159 Thanks
    atush
    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.
    You may 'deem so' but many in your position underestimate the length of their life. So overestimate how much cash they can draw from pensions (so that they dont run out before you die).
    • Stirfry
    • By Stirfry 11th Oct 16, 3:52 PM
    • 19 Posts
    • 12 Thanks
    Stirfry
    Retired August 2015 aged 58, recently sold main home and am waiting for OH to wind business down over next year. Will be closely looking at how much cash we can withdraw from savings/interest to supplement small current pensions and future state ones. Its difficult to get the balance right as OH wants to spend spend spend while he is young enough to enjoy and i want to keep it under the mattress and count it now and again.
    • ex-pat scot
    • By ex-pat scot 11th Oct 16, 5:02 PM
    • 124 Posts
    • 116 Thanks
    ex-pat scot
    You may 'deem so' but many in your position underestimate the length of their life. So overestimate how much cash they can draw from pensions (so that they dont run out before you die).
    Originally posted by atush
    And that's why the SP is a useful backstop.


    Personally, I know what my longevity forecast (and that of my wife) looks like.
    I also have run lots of sims to get a Safe Withdrawal Rate, which I can flex if I get poor initial years' returns.
    Finally I hope to have a pot at (or near) the Lifetime Limit = however I rather suspect / hope that it will no longer be an issue once I approach it.


    Bad scenario: I get to 55, with £1m in the pot, which frankly is ample for £40,000 to £45,000 pa (to be supported by small spouse pension and 2 x SPs later on).
    BUT the state, in its wisdom, deems me somehow too young to access it.


    I know I #could# mitigate this risk a little, by diversifying into ISAs. However I am well and truly stuck in the 62% marginal tax band, which makes pension optimisation the only sensible game in town.
    • Marine_life
    • By Marine_life 24th Oct 16, 3:37 PM
    • 677 Posts
    • 1,084 Thanks
    Marine_life
    So here it is....

    Not retiring....but you knew that ;-)

    Have agreed a 25% reduction in hours which I will test drive over the next 12 months.
    Make it idiot proof and someone will make a better idiot…
    • goRt
    • By goRt 25th Oct 16, 5:26 AM
    • 224 Posts
    • 131 Thanks
    goRt
    So here it is....

    Not retiring....but you knew that ;-)

    Have agreed a 25% reduction in hours which I will test drive over the next 12 months.
    Originally posted by Marine_life
    Richest person in the graveyard.

    I'm coming up to 4 years in retirement and I'm only just 54.
    • atush
    • By atush 25th Oct 16, 2:34 PM
    • 15,283 Posts
    • 9,159 Thanks
    atush
    So here it is....

    Not retiring....but you knew that ;-)

    Have agreed a 25% reduction in hours which I will test drive over the next 12 months.
    Originally posted by Marine_life
    Let us know how you get on, as i- unlike gort, dont think you will heading tot he graveyard soon.
    • C-dog
    • By C-dog 26th Oct 16, 7:36 PM
    • 86 Posts
    • 71 Thanks
    C-dog
    Marine Life I've been rattling around these forums for many years and this thread has been an inspiration to my own early retirement. If you don't retire before me....I just don't know what I'll do.
    • Wenlock
    • By Wenlock 26th Oct 16, 9:48 PM
    • 14 Posts
    • 21 Thanks
    Wenlock
    Which will come first; the building of the third runway at Heathrow or the "early" retirement of Marine Life?

    Personally, I retired at 50 on a fraction of the money that most posters on here have. I would not have wanted to carry on working beyond that age. There really is more to life than work and excessive wealth.

    For goodness sake just quit today!
    • Marine_life
    • By Marine_life 26th Oct 16, 10:55 PM
    • 677 Posts
    • 1,084 Thanks
    Marine_life
    Let us know how you get on, as i- unlike gort, dont think you will heading tot he graveyard soon.
    Originally posted by atush
    I will.

    At the end of the day it's not just financial - I could retire tomorrow and not run out of money.

    The funny thing is the more i take control of my working environment the less I feel the need to leave it.

    Lets see.
    Make it idiot proof and someone will make a better idiot…
    • enthusiasticsaver
    • By enthusiasticsaver 26th Oct 16, 11:08 PM
    • 2,543 Posts
    • 4,354 Thanks
    enthusiasticsaver
    My husband is now just three days away from retiring at 58. Just got his last salary payment and the P45 form arrived too today. Company car goes back next Monday so just waiting for letter from Pensions department to confirm final pension next week and confirmation the TFLS has been disinvested.

    Exciting stuff but he is most excited about his retirement do next Friday at a tap room in a local brewery of all places.
    Debt and mortgage free and saving for early retirement
    • Bootsox
    • By Bootsox 27th Oct 16, 7:30 AM
    • 142 Posts
    • 75 Thanks
    Bootsox
    As my pendulum swings from non-FI to FI, I find myself being less tolerant of work related issues (I've had 35 years of being rankled by work related issues).

    One day, they're going to push me too far....
    • Notfarfromtheborder
    • By Notfarfromtheborder 27th Oct 16, 8:08 AM
    • 114 Posts
    • 154 Thanks
    Notfarfromtheborder
    As my pendulum swings from non-FI to FI, I find myself being less tolerant of work related issues (I've had 35 years of being rankled by work related issues).

    One day, they're going to push me too far....
    Originally posted by Bootsox

    Me too, albeit I still have to bite my tongue as I could do with another few years yet
    Save £12K in 2016 #33
    So far £0/£19 000
    • wotsthat
    • By wotsthat 27th Oct 16, 8:56 AM
    • 10,420 Posts
    • 18,870 Thanks
    wotsthat
    Let us know how you get on, as i- unlike gort, dont think you will heading tot he graveyard soon.
    Originally posted by atush
    Good luck to ML. He's in the fortunate position of being able to choose between a wealthy retirement starting today or an even wealthier retirement starting some time in the (distant ) future.

    I'm sure this won't affect the date of his appointment with the grim reaper but every extra year spent working = one less year spent retired.
    • robin61
    • By robin61 27th Oct 16, 10:25 AM
    • 489 Posts
    • 371 Thanks
    robin61
    Good luck to ML. He's in the fortunate position of being able to choose between a wealthy retirement starting today or an even wealthier retirement starting some time in the (distant ) future.

    I'm sure this won't affect the date of his appointment with the grim reaper but every extra year spent working = one less year spent retired.
    Originally posted by wotsthat
    True but knowing you could retire if you wanted to does take a bit of the pressure off. I'm certainly finding that the closer I get to that position the more relaxed I feel at work. I am not looking over my shoulder or feeling that I have to keep pushing to justify my position.
    • gfplux
    • By gfplux 27th Oct 16, 1:02 PM
    • 2,221 Posts
    • 2,195 Thanks
    gfplux
    When you are in the position of Marine Life (you can retire, you have more than enough money) it is actually more difficult to pull the trigger.
    It is very difficult to compare the known (working) with the unknown (retirement)
    No one really knows what being retired means until it actually takes place.
    Retirement is like trying to describe the mountains to someone who has never seen one.
    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.
    • uk1
    • By uk1 27th Oct 16, 2:27 PM
    • 915 Posts
    • 606 Thanks
    uk1
    I will.

    At the end of the day it's not just financial - I could retire tomorrow and not run out of money.

    The funny thing is the more i take control of my working environment the less I feel the need to leave it.

    Lets see.
    Originally posted by Marine_life
    Obtusely, we were in an identical situation except that the opportunistic flavour of our business was once it had been milked to it's end, it was then over. So future revenue would involve a fundamental change of business direction. That mandated a choice of stopping or starting a new direction, because we had the opportunity of choice. We stopped. It was a luxury many do not have the opportunity to enjoy but actually I feel happier that the choice was forced on me rather than a choice I had to make. We retired at an imprecise moment but roughly age 50'ish and now I find us as being terminally bored but at least with options. We find ourselves missing the roller coaster of a fast moving business life and bored. But boredom is a luxury many aspire to.

    Life is never simple.

    Jeff
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