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  • FIRST POST
    • Marine_life
    • By Marine_life 5th Nov 10, 10:46 AM
    • 789Posts
    • 1,388Thanks
    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 168
    • OldMusicGuy
    • By OldMusicGuy 3rd Jul 17, 11:01 AM
    • 93 Posts
    • 135 Thanks
    OldMusicGuy
    I am no longer the wannabe.

    I am done (or rather we are done).

    Friday was my last day of full time work and after 31 years of work I am now hoping for at least 31 years of retirement.

    I'm not sure how I feel yet.

    But after almost seven years (since starting this thread) its time to put the plan into action.
    Originally posted by Marine_life
    I know how I feel - jealous!

    Best of luck, I've bookmarked the blog so will keep up to date.
    • bugslet
    • By bugslet 3rd Jul 17, 11:33 AM
    • 5,213 Posts
    • 26,146 Thanks
    bugslet
    Congratulations Marine Life, I'll be heading over and following your blog.

    35 years last month that I've been working. I'm still dithering about giving up. I have earmarked 31 12 2019, could probably go now.
    • westv
    • By westv 3rd Jul 17, 11:53 AM
    • 4,247 Posts
    • 1,834 Thanks
    westv
    38 years working here so far.
    • Spreadsheetman
    • By Spreadsheetman 3rd Jul 17, 12:35 PM
    • 37 Posts
    • 27 Thanks
    Spreadsheetman
    Oh really!

    Good to know - thanks.
    Originally posted by Marine_life
    Yes, it's really off-putting.

    The lime green font colour on buttons and links makes them hard to see too against a white background.
    • jamesperrett
    • By jamesperrett 3rd Jul 17, 1:14 PM
    • 643 Posts
    • 312 Thanks
    jamesperrett
    Congratulations on finally going for it.

    I'm not far behind - only 27 working days to go after nearly 37 years for the same employer.
    • Marine_life
    • By Marine_life 3rd Jul 17, 1:45 PM
    • 789 Posts
    • 1,388 Thanks
    Marine_life
    I have earmarked 31 12 2019, could probably go now.
    Originally posted by bugslet
    What's stopping you?
    Something witty goes here
    • bugslet
    • By bugslet 3rd Jul 17, 2:36 PM
    • 5,213 Posts
    • 26,146 Thanks
    bugslet
    What's stopping you?
    Originally posted by Marine_life
    1. The easiest, I need to have a discussion with my accountant to understand better the financial options if I were to wind the firm up. I can do a reasonably accurate guess on sale of assets and ditto on what is left on the books - fortunately we are nicely solvent. I need to work out what the impact of paying redundancy would be.

    Very broadly speaking I have 350k savedin the business. By this time next year if I stay in work, a similar amount in a pension. I get the enhanced state pension at 67 of £175.00 p.w. I'm 53 now.

    Then the unknown quantity of what is left out of work, which bit of a conservative finger in the air, before tax and redundancy payments, would be around 400-450k, out of which that 350k would have to come. The tax liabilities would give the accountant something to consider.


    2. There are contractual reasons why I couldn't sell the business now - those may change early next year. A sale is preferable to just walking away from both a tax postion and staff TUPEing over.

    3. Some of my staff are into their third decade with me and a lot in the second decade. We're a small firm, there's an emotional connection with them - yes, I am a softie

    4. I have to make all these decisions myself. I'm used to doing that, but it's nice to bounce an idea around with someone who is equally impacted by it. I'm sure having Lady ML to mull things over with was useful. The social aspect of work doesn't affect me as I only see one of my staff really. The rest are out all day.

    5. I'm not that hacked off with work yet, but it's probably not too far off.

    Sorry you asked now, aren't you!
    Last edited by bugslet; 03-07-2017 at 6:20 PM.
    • Techno
    • By Techno 3rd Jul 17, 3:03 PM
    • 1,031 Posts
    • 582 Thanks
    Techno
    My first day of semi-retirement I am on 'school holidays' until the 1st September so still getting paid as a full timer then 2 days per week in work, 1 day per week in college doing an NVQ in cooking and food prep and 4 days off per week
    If you think you are too small to make a difference, try getting in bed with a mosquito!
    • Spreadsheetman
    • By Spreadsheetman 4th Jul 17, 7:14 AM
    • 37 Posts
    • 27 Thanks
    Spreadsheetman
    1. The easiest, I need to have a discussion with my accountant to understand better the financial options if I were to wind the firm up. I can do a reasonably accurate guess on sale of assets and ditto on what is left on the books - fortunately we are nicely solvent. I need to work out what the impact of paying redundancy would be.

    Very broadly speaking I have 350k savedin the business. By this time next year if I stay in work, a similar amount in a pension. I get the enhanced state pension at 67 of £175.00 p.w. I'm 53 now.

    Then the unknown quantity of what is left out of work, which bit of a conservative finger in the air, before tax and redundancy payments, would be around 400-450k, out of which that 350k would have to come. The tax liabilities would give the accountant something to consider.


    2. There are contractual reasons why I couldn't sell the business now - those may change early next year. A sale is preferable to just walking away from both a tax postion and staff TUPEing over.

    3. Some of my staff are into their third decade with me and a lot in the second decade. We're a small firm, there's an emotional connection with them - yes, I am a softie

    4. I have to make all these decisions myself. I'm used to doing that, but it's nice to bounce an idea around with someone who is equally impacted by it. I'm sure having Lady ML to mull things over with was useful. The social aspect of work doesn't affect me as I only see one of my staff really. The rest are out all day.

    5. I'm not that hacked off with work yet, but it's probably not too far off.

    Sorry you asked now, aren't you!
    Originally posted by bugslet
    Interesting. I managed to successfully merge my company with a much larger one a few years ago.

    There were several good business reasons for this, but also the personal one that ER would be much, much easier if I were a smaller fish in a bigger pond. It's getting close now and will happen with minimal business disruption. They might not even notice I've gone if I'm quiet about it
    • Marine_life
    • By Marine_life 4th Jul 17, 7:51 AM
    • 789 Posts
    • 1,388 Thanks
    Marine_life
    The lime green font colour on buttons and links makes them hard to see too against a white background.
    Originally posted by Spreadsheetman
    I've changed what some of the buttons do and added a blog link on the "about us" page. I kinda like the lime green so I will live with it for a while.
    Something witty goes here
    • bugslet
    • By bugslet 4th Jul 17, 8:48 AM
    • 5,213 Posts
    • 26,146 Thanks
    bugslet
    Interesting. I managed to successfully merge my company with a much larger one a few years ago.

    There were several good business reasons for this, but also the personal one that ER would be much, much easier if I were a smaller fish in a bigger pond. It's getting close now and will happen with minimal business disruption. They might not even notice I've gone if I'm quiet about it
    Originally posted by Spreadsheetman
    I nearly did a Joint Venture a while back, but the other larger party were adding us on as a complementary side to their business rather than us being their core business. It soon became evident that they had unrealistic expectations.

    I also had an offer to purchase us last year and as I said for contractual reasons, it would be better to wait till early next year before pursuing that.

    Good luck with your plans.
    • atush
    • By atush 4th Jul 17, 1:47 PM
    • 16,104 Posts
    • 9,815 Thanks
    atush
    I've changed what some of the buttons do and added a blog link on the "about us" page. I kinda like the lime green so I will live with it for a while.
    Originally posted by Marine_life
    There seem to be holes in your trip report, but will enjoy your blog.

    Even if I dont go such cold places on holiday. Where I live is cold enough in winter (was 50s the other day- in july) so I dont go places like Norway or Alaska lol.
    • DancingBadger
    • By DancingBadger 4th Jul 17, 2:29 PM
    • 131 Posts
    • 100 Thanks
    DancingBadger
    I kinda like the lime green so I will live with it for a while.
    Originally posted by Marine_life
    Okaaaay...

    ...but the sentence under 'Rent our apartment' seems have suffered an espisode of fat fingers.
    • Marine_life
    • By Marine_life 5th Jul 17, 9:05 PM
    • 789 Posts
    • 1,388 Thanks
    Marine_life
    Once we're up and running there will be one post per week but for now ...here's a new one for you:

    http://earlyretirefree.com/why-austria/
    Something witty goes here
    • westv
    • By westv 6th Jul 17, 1:11 PM
    • 4,247 Posts
    • 1,834 Thanks
    westv
    Just found out today that the company I work for will be taken over so, depending on how things pan out, I might be taking early retirement a little earlier than I might have.
    Will get a nice sum from the company share save scheme too.
    • gadgetmind
    • By gadgetmind 7th Jul 17, 11:34 AM
    • 10,599 Posts
    • 8,380 Thanks
    gadgetmind
    Well done Marine_life. I thought it would never happen!

    I can't see me going on beyond March next year, when I'll hit 55. I'm even toying with talking to a financial planner to sanity check my plans and figures.
    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.
    • ex-pat scot
    • By ex-pat scot 7th Jul 17, 12:20 PM
    • 202 Posts
    • 220 Thanks
    ex-pat scot
    sigh.


    82 months ish.


    I do enjoy the vicarious pleasure of the world opening up for you. All those possibilities!


    For me, I am firmly still in the "head down, drive on" mode. Control what I can: contributions, costs, investment strategy.
    There is a (very) complicated spreadsheet that pretends to make sense of it all, but I am wise enough to know that it will be wrong. At least it gives me a broad heading and a sense of planning.
    • jennyjj
    • By jennyjj 7th Jul 17, 11:28 PM
    • 177 Posts
    • 299 Thanks
    jennyjj
    Well Done ML.

    I'm nearly 8 months free, and I'm aggressively recommending early retirement to all my friends of similar vintage: Seeing too many struck down and not getting the choice.

    Fact is, most of my peers just don't realise how well off they are or how rich they will be when they die. Daft idea to die rich!!!

    This is not a rehearsal.

    If anyone tells you that you are too young to retire and that you will be bored to tears or lonely at home, I say . . .
    'There's a few things to be done at work and maybe a hundred acquaintances there, but outside of work there are endless fun things to do and 6 billion friends you haven't met yet.'

    Also, keeping a log of personal wealth. It hasn't dropped since quitting work and is certainly not evaporating.

    Will look in on your blog.

    JFDI folks!
    • Marine_life
    • By Marine_life 8th Jul 17, 8:55 PM
    • 789 Posts
    • 1,388 Thanks
    Marine_life
    There is a (very) complicated spreadsheet that pretends to make sense of it all, but I am wise enough to know that it will be wrong. At least it gives me a broad heading and a sense of planning.
    Originally posted by ex-pat scot
    I too have a spreadsheet and I will confess that I love yield and I tend to invest in things (shares, bonds etc) that deliver yield. In the absence of any divident cuts the yield feels very real and I love seeing those nice dividend cheques (or rather direct debits) arriving in my account every month. The uncertain part is the capital growth BUT if I'm happy with the yield then I can just leave the investments alone and (try and ) not worry about them - difficult but works for me.

    In my book the essence of knowing when your finances support early retirement is entirely dependent on your view of investment returns and inflation. I had the luxury of being able to set my invest returns exactly equal to inflation (i.e. very conservative) and did not pull the plug until that showed me I would never run out of money. Some will say that means I retired 3-4 years later than I could have but at least I can sleep at night!
    Something witty goes here
    • Marine_life
    • By Marine_life 8th Jul 17, 8:58 PM
    • 789 Posts
    • 1,388 Thanks
    Marine_life
    If anyone tells you that you ....... will be bored to tears, I say . . .
    Originally posted by jennyjj

    ......a day 'bored' at home is better than my best ever day in the office
    Something witty goes here
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