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  • FIRST POST
    • Marine_life
    • By Marine_life 5th Nov 10, 10:46 AM
    • 817Posts
    • 1,461Thanks
    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
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    • ams25
    • By ams25 6th Dec 17, 11:23 PM
    • 102 Posts
    • 89 Thanks
    ams25
    Implants £1k or so a tooth? Not sure if I class that as expensive or not considering the implant should last a lot longer than its owner.
    Originally posted by westv
    more than 1k a tooth. 2k and up. Have some complexity in my case..probably looking at 10k or so all in. And these are replacing root canal teeth which of course previously cost a fair bit.
    • ams25
    • By ams25 6th Dec 17, 11:34 PM
    • 102 Posts
    • 89 Thanks
    ams25
    [QUOTE

    I dislike dentists more for the pain they inflict on your wallet than on your teeth....and they smile as they do it.
    Originally posted by justme111
    funnily enough you do not dislike car maufacturers I guess - their costs are eeven higher and cars last for less time.
    Or resent money spent on holiday or eating at a fancy restaurant - I never came across an expression how one dislikes gourmet chefs because they inflict pain on one's wallet.
    OldMusicGuy , you probably will realise thar not only implants are not " included" in NHS so in a few years you will be back to your dentist.[/QUOTE]

    you might be taking me too literally..... Are you a dentist!!

    But a key difference is with the dentist it is not really a choice....you are a captive market and short of insisting on a second opinion have to follow their advice which I am sure is mostly honest and good. But I've had a crown which then needed root canal (crown wasted) which then failed...so now needs an implant. Probably not the dentists fault (Maybe mine) but nevertheless experiences like this do make me somewhat apprehensive! And then there's the drilling.
    • justme111
    • By justme111 7th Dec 17, 7:53 AM
    • 2,878 Posts
    • 2,764 Thanks
    justme111
    you do not have to - yu have a choice - go to emrgency clinic and have the tooth extracted. When you think about the level of craftsmanship and precision and stress the job demands - working in a wet hole which is a mouth on a small oobject in yet another hole and so on to the level of sometimes hairline thickness root canals - it may be easier not to resent the money. Regrettably it is not even because of that that dentistry is not cheaper. It is in a big part becase of exponential increase of outgoing for the dentist - rules and regulations and so on. One usually has to pay 5 k a year just fir the right to work, then practice has to pay a zillion of things. Dentistry is a cash cow for anyone, they even have bogus emails letters and phone calls demanding money for some invented registration or subscription and many pay just becase it would have taken too much effort in trying to find out what exactly official body demands it and whether they indeed have to.
    Going back to choice - you do not have to insist on second opinion. you get consultation, pay, say you will book an appointment for treatment later, go and have a consultation with another dentist.
    One more thing to note - healthy teeth do not require money spent on them. so resenting that money is like throwing food on your carpet then resentin a builder for charging you to change it.
    • gfplux
    • By gfplux 7th Dec 17, 8:18 AM
    • 3,544 Posts
    • 3,285 Thanks
    gfplux
    It is good to hear so many sensible "teeth" story's.
    Health is not off topic in a retirement thread as it "can" cost.
    My original point was to have a line in the spread sheet for health.
    Just like many savings products money spent early can save money in the end and more importantly will be less painful.
    "Brexit Blight of Uncertainty" sums it all up. Although "Brexit Crisis", "The Curse of Brexit" or "Brexit Disaster" come close. I am a Remainder. Brexit will make Britain poor (again)
    • OldMusicGuy
    • By OldMusicGuy 7th Dec 17, 9:05 AM
    • 209 Posts
    • 389 Thanks
    OldMusicGuy
    I'd advise caution here. Implants are not available on the NHS (except in exceptional circumstances).
    Originally posted by ams25
    That's why I got it done now. My dentist has been bugging me for 5 years to get the work redone and I said why bother because I knew it would be expensive and it wasn't troubling me. But I decided to bite the bullet (pun intended!) and get it done now while I can afford it. My dental health is excellent now (after many years of private treatment) so I'll happily let the NHS folks tend and inspect them once retired.
    • Terron
    • By Terron 7th Dec 17, 11:21 PM
    • 115 Posts
    • 124 Thanks
    Terron
    I know we’re in O/T territory discussing dentists, but how do you fund your private dental treatment? Bank account? Denplan? BUPA?
    Originally posted by DancingBadger
    16k from the bank account, but I was lucky that my job starting offering dental cover just before the final payment of £2,000.
    • badmemory
    • By badmemory 8th Dec 17, 12:45 AM
    • 1,071 Posts
    • 1,138 Thanks
    badmemory
    That's why I got it done now. My dentist has been bugging me for 5 years to get the work redone and I said why bother because I knew it would be expensive and it wasn't troubling me. But I decided to bite the bullet (pun intended!) and get it done now while I can afford it. My dental health is excellent now (after many years of private treatment) so I'll happily let the NHS folks tend and inspect them once retired.
    Originally posted by OldMusicGuy
    Have you found an NHS dentist? Many are no longer taking on new clients. When I lived in High Wycombe 30 years ago they were no longer accepting NHS clients other than children (and that was reluctantly & looking forward to the ultra profitable years). Even my current dentists who do accept NHS have a 2 strikes (missed appointments) & you're out policy.
    • robdogg11
    • By robdogg11 8th Dec 17, 10:17 AM
    • 41 Posts
    • 19 Thanks
    robdogg11
    An interesting read.

    I recently had a pay rise so started to look into paying more than the minimums into my pension which in turn got me thinking about early retirement.

    I'm 31 now, we recently purchased our first property with a modest mortgage. I've calculated that even with small over payments (£100 a month) I can get it down to 18 years which would put me at around 50 years of age. My initial thinking was then to plough mortgage payments into savings for 5 years and retire at 55 with a reasonable pile of cash and a half decent pension (if I start upping my contributions now) to see me through.

    I'm struggling to calculate the finer details and commit to a plan though, I have a young family and the house we are in will probably be too small in 10 years time as the kids get older so it just feels as though there are too many variables along the road to be able to say I will definitely retire at 55.

    I think i will just up my contributions and start overpaying the mortgage and see where I am in 5 years time.
    • Anonymous101
    • By Anonymous101 8th Dec 17, 12:18 PM
    • 1,022 Posts
    • 384 Thanks
    Anonymous101
    An interesting read.

    I recently had a pay rise so started to look into paying more than the minimums into my pension which in turn got me thinking about early retirement.

    I'm 31 now, we recently purchased our first property with a modest mortgage. I've calculated that even with small over payments (£100 a month) I can get it down to 18 years which would put me at around 50 years of age. My initial thinking was then to plough mortgage payments into savings for 5 years and retire at 55 with a reasonable pile of cash and a half decent pension (if I start upping my contributions now) to see me through.

    I'm struggling to calculate the finer details and commit to a plan though, I have a young family and the house we are in will probably be too small in 10 years time as the kids get older so it just feels as though there are too many variables along the road to be able to say I will definitely retire at 55.

    I think i will just up my contributions and start overpaying the mortgage and see where I am in 5 years time.
    Originally posted by robdogg11
    I started thinking the way you do around 2-3 years ago.
    I'm 36 now and my initial retire at 55 idea became a retire at 50 and more recently a retire at 48 plan. Hopefully I can get this down another couple of years so that in 10 years time I can choose what I would like to do for work and the money doesn't matter.

    I hate to call it the F.I.R.E. community as some people do but once I'd found the information which they use I was totally switched onto my own version of that. Its certainly gone from strength to strength for me which is something I've read happens to others too.
    • penwise
    • By penwise 9th Dec 17, 8:25 AM
    • 362 Posts
    • 197 Thanks
    penwise
    Who are the F.I.R.E. Community ?
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 9th Dec 17, 8:49 AM
    • 601 Posts
    • 2,633 Thanks
    SuperSecretSquirrel
    Who are the F.I.R.E. Community ?
    Originally posted by penwise
    It's a bit of a forced acronym - financial independence / retire early. Pop that into your search engine of choice to find a whole lot of blogs and forums discussing the topic. Some better than others!
    Mtg [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £14,904.43
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£50,239.70
    (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £266,147.26 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 17.5%
    • IanSt
    • By IanSt 9th Dec 17, 8:07 PM
    • 155 Posts
    • 116 Thanks
    IanSt
    I'm struggling to calculate the finer details and commit to a plan though, I have a young family and the house we are in will probably be too small in 10 years time as the kids get older so it just feels as though there are too many variables along the road to be able to say I will definitely retire at 55.

    I think i will just up my contributions and start overpaying the mortgage and see where I am in 5 years time.
    Originally posted by robdogg11
    I don't know what type of job you have but i found a good way for myself was to move the majority of any salary increases or bonuses immediately across into investment based savings. It helps to stop you from just spending your increases on new things and it makes it a lot easier to retire if your pension pot has less expenditure that it will need to cover.
    • cns06
    • By cns06 10th Dec 17, 8:02 PM
    • 222 Posts
    • 107 Thanks
    cns06
    Who are the F.I.R.E. Community ?
    Originally posted by penwise
    I am Negan

    • cns06
    • By cns06 10th Dec 17, 8:03 PM
    • 222 Posts
    • 107 Thanks
    cns06
    I started thinking the way you do around 2-3 years ago.
    I'm 36 now and my initial retire at 55 idea became a retire at 50 and more recently a retire at 48 plan. Hopefully I can get this down another couple of years so that in 10 years time I can choose what I would like to do for work and the money doesn't matter.

    I hate to call it the F.I.R.E. community as some people do but once I'd found the information which they use I was totally switched onto my own version of that. Its certainly gone from strength to strength for me which is something I've read happens to others too.
    Originally posted by Anonymous101
    In a similar position / gone down a similar path. Are you on MMM?
    • Anonymous101
    • By Anonymous101 10th Dec 17, 9:44 PM
    • 1,022 Posts
    • 384 Thanks
    Anonymous101
    In a similar position / gone down a similar path. Are you on MMM?
    Originally posted by cns06
    It's interesting that most people's plans seem to shorten and gather pace rather. Perhaps people don't talk about their setbacks quick as freely.

    I've registered on MMM but haven't been posting much as yet. I take it you're active on that forum?
    • Reue
    • By Reue 11th Dec 17, 5:23 PM
    • 506 Posts
    • 414 Thanks
    Reue
    I started thinking the way you do around 2-3 years ago.
    I'm 36 now and my initial retire at 55 idea became a retire at 50 and more recently a retire at 48 plan. Hopefully I can get this down another couple of years so that in 10 years time I can choose what I would like to do for work and the money doesn't matter.

    I hate to call it the F.I.R.E. community as some people do but once I'd found the information which they use I was totally switched onto my own version of that. Its certainly gone from strength to strength for me which is something I've read happens to others too.
    Originally posted by Anonymous101
    I became interested in this a few years before you and have been pretty active in the 'community' for the past 3-4ish years.

    Unlike most who stumble across the various FIRE stuff I wasnt in a particularly bad position to begin with; expenses were already low and I'd already started saving. What it did do instead was really focus me on increasing income, investing and overpaying the mortgage rather than the following what I used to consider a 'good' savings rate of 5-10% each month.
    • jamesperrett
    • By jamesperrett 12th Dec 17, 12:24 AM
    • 699 Posts
    • 354 Thanks
    jamesperrett
    It's interesting that most people's plans seem to shorten and gather pace rather. Perhaps people don't talk about their setbacks quick as freely.
    Originally posted by Anonymous101
    I know that once I'd made up my mind to go I became less tolerant of some aspects of work that I was finding frustrating. I ended up going 9 months earlier than I'd originally planned.
    • robdogg11
    • By robdogg11 12th Dec 17, 9:35 AM
    • 41 Posts
    • 19 Thanks
    robdogg11
    I don't know what type of job you have but i found a good way for myself was to move the majority of any salary increases or bonuses immediately across into investment based savings. It helps to stop you from just spending your increases on new things and it makes it a lot easier to retire if your pension pot has less expenditure that it will need to cover.
    Originally posted by IanSt
    Yeah that is the way im trying to go about things now, I've spent most of the last 10 years in massive debt so most of pay rises before this one have gone on servicing that. In fact I think this is the first time I've had a pay rise and not felt the need to up repayments to creditors.
    • OldBeanz
    • By OldBeanz 12th Dec 17, 9:59 AM
    • 707 Posts
    • 546 Thanks
    OldBeanz
    I know that once I'd made up my mind to go I became less tolerant of some aspects of work that I was finding frustrating. I ended up going 9 months earlier than I'd originally planned.
    Originally posted by jamesperrett
    Got to echo this. I had planned to go at 65 but had enough at 60; lasted until I was 60 and 8 months
    • Anonymous101
    • By Anonymous101 12th Dec 17, 10:22 AM
    • 1,022 Posts
    • 384 Thanks
    Anonymous101
    Yeah that is the way im trying to go about things now, I've spent most of the last 10 years in massive debt so most of pay rises before this one have gone on servicing that. In fact I think this is the first time I've had a pay rise and not felt the need to up repayments to creditors.
    Originally posted by robdogg11
    Definitely agree with this. Its easy to plan to upgrade your car or spend the extra if its left around. By investing any pay rises you get the benefit of the saving without the of having to give something up.
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