Early-retirement wannabe

JasonPr · 23 June 2015 at 1:03PM

Marine_life, any updates?

kidmugsy · 23 June 2015 at 6:14PM

JasonPr wrote: »

Marine_life, any updates?

I assumed that Somali pirates had got him.

Marine_life · 29 June 2015 at 10:38PM

Thank you for asking.

Actually a very boring update - we have had our house on the market for three months and so far no takers (we have reduced the price once). Rather annoyingly we have had reasonable amount of interest and three couples viewed it three times! But sadly no offers.

We will reduce the price again after we come back from holiday in July and then continue reducing until its gone. But honestly while I was very frustrated at first I am less concerned as the money keeps rolling in and when the day comes that the house is sold it will make the moment even sweeter.

Nevertheless, its given us time to out a few other loose ends while we have been waiting.

I realise now we made probably made a mistake last year buying our retirement home before we had sold our main home as now a substantial portion of our cash is tied up in property and I'm not prepared to carry the cost of two houses on our reitrement savings.

Watch this space....

kidmugsy · 29 June 2015 at 11:57PM

If only you'd waited, there would have been some rare bargains in Greece.

Karmacat · 30 June 2015 at 9:37AM

Best of luck, Marine Life - sounds like a good policy to reduce in steps, and wait till the right buyer comes along. It *is* horrible when you know you've made your asset allocations all lopsided, isn't it

another 3 years for me before I can start to correct that.

Marine_life · 1 July 2015 at 10:28PM

Thanks

Its been a weird year.

One of my colleagues died in February from lung cancer, he was only 1 year older than me. It kind of puts things into perspective but I waiver between those moments which seems to be life defining and the practicalities / nuances of day to day life. Its like driving past a traffic accident, you look and slow down for the next few miles but it doesn't last. I am not trivializing the life of a colleague just trying to overlay a dose of realism.

When the moment comes it will be weird, very weird. But we've now passed 1 July which means (according to my contract - 6 months notice from the end of the quarter in which you hand in your notice), I'm actually not going until March 2016. Its funny but my spreadsheets always had the options of retiring at 50, 51 and 52. I wonder whether it was a bit prophetic.

gallygirl · 1 July 2015 at 10:46PM

ML, Mr GG and I were talking earlier about some of his colleagues who didn't go when they had the chance and how we felt sorry for them. You have more than enough money - go now - retirement is GREAT

.

melanzana · 1 July 2015 at 10:58PM

gallygirl wrote: »

ML, Mr GG and I were talking earlier about some of his colleagues who didn't go when they had the chance and how we felt sorry for them. You have more than enough money - go now - retirement is GREAT .

I so totally agree with you gallygirl! Life is sweet now for me, and for you too I see...

Just back from a few days walking in the West of Ireland, if there is a God, he is there. Spectacular truly, and the weather was kind too.

I retired (very early by some standards) this time last year. It feels like a week ago! What freedom, what enjoyment, even the quiet days are bliss.

I know I am fortunate, but I worked bliddy hard to make sure I could go early. And when the time came, no second thoughts, no worries, I just went.

Would I say go now to anyone contemplating it and who can afford it? Of course I would. It's just great. What is not to like really/

Anyway, I wish OP Marine Life all the very best. I do hope it all works out for him.

If I may say so though... sorry if I am being a bit judgmental here, but I don't think he will go anytime soon. But that is his decision.

Men are different about retirement, no question. And I wonder if the man thing/status is a factor here? Cannot see much else holding him back from his dream.

But anyway, each to their own.

So glad you are enjoying the freedom. Sometimes you just have to say, I'M OFF.... see ya!

Marine_life · 2 July 2015 at 10:03AM

melanzana wrote: »

If I may say so though I don't think he will go anytime soon.

Men are different about retirement, no question. And I wonder if the man thing/status is a factor here? Cannot see much else holding him back from his dream.

Thanks for this - its always good to hear perspectives.

Here's where we stand.

As of today we have enough money in pensions once we hit 60 that we will be fine, so for us its always been about funding the gap between now and then. That's about 9 years.

My generous budget allows us an annual spend of around €80-90k a year in those 9 years and we have around €900k in cash for that period so just about enough (ignoring investment returns and inflation).

We have two houses with a combined value of around €1.1 million. One of which is on sale (expecting to realize between €600 and €650k and the other is our retirement home to keep.
Once the house is gone we'll feel totally comfortable with our budget / savings but don't want to go into retirement carrying the cost / hassle of two houses.

I may be ultra-cautious but that's the accountant in me ;-)

eagertolearn · 2 July 2015 at 10:06AM

I retired yesterday aged 54. It wasn't planned but was offered voluntary redundancy a couple of months ago and so I thought about it and it was an easy decision to make.

Pros:
- I have a DB pension which kicks in immediately and is not reduced
- I get 18 months salary as a redundancy package
- I get another DB pension at 60 from a previous employer
- I was at my Lifetime Allowance
- My wife and I have both had serious illnesses - both life threatening, so who knows what is going to happen tomorrow. Thankfully we are both fit and healthy now
- My father retired early at 63 and passed away at 65

Cons:
- I lose 4 years of a very good salary, but for all the stress is it worth it?
- Will I miss the intellectual challenge?

The spreadsheet says we can live the way we want to and we have significant savings as well as the pension income, no mortgage and the kids have been through university and have moved out. I know it is very early days but the disappearance of the "inbox in your head" i.e. the emails that you know are coming in is very liberating, and I am on day 2!

Early-retirement wannabe

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