Early-retirement wannabe

gadgetmind

Marine_life wrote: »

I know from my own company (or at least theUK arm) that they are wrestling with an additional cash contribution of (a notinconsiderable 30 million per annum) to make up a shortfall.

This is why companies need to move away from guaranteeing pensions and just contribute a percentage into a defined contribution fund that can follow the employee. Yes, it does move investment risk onto the employees, but this can be spread across assets and territories rather than being concentrated into what's effectively single company risk.

littlemissbossy

Marine_life wrote: »

So what do your other "non-pension" finances look like?

Sorry for half a story, £80k in savings.

gfplux

littlemissbossy wrote: »

My hubby would love to retire but how can you be sure its do-able?

He is 47, I'm 42. I would carry on working and my salary would cover our monthly out-goings. We have no kids, no debts, no mortgage.

Holidays/cars/home improvements would have to come from our savings.

Hubby has a personal pension which he could get at 55, its not much though, maybe £1,800 per year. To be honest although we've both paid into pensions since our teens we've not been paying enough in and kind of thought of it as a bit of a "black hole" so have preferred to save in traditional savings accounts.



I would love for my hubby not to have to work, I work in my families business so for me to carry on isn't really a big deal. My dad died from cancer 3 years ago at 61, that really brings home to you how short life is.

It would be great to hear some opinions/things we've not considered.

While I am devoted to equal oportunitys you appear to want to get your husband to become a "househusband" what does he think about this.
Many couples are trying to plan their retirement together so they can enjoy it as a couple.
Please forgive me if I have misunderstood your intentions.

gfplux

Hello Marine_life,
Cold feet!!!!!
How many of the posters to this thread have retired, voluntarily, slightly pushed, were planning to retire but jumped early when given the chance, heavily pushed or even retired by accident, (there are probably more variations of that theme)

REGRET THEIR PRESENT LIFE?

I certainly do not. (Retired at 52, 16 years ago)

Perhaps someone should think carefully and slowly about the choices and then put up a question

littlemissbossy

gfplux wrote: »

While I am devoted to equal oportunitys you appear to want to get your husband to become a "househusband" what does he think about this.
Many couples are trying to plan their retirement together so they can enjoy it as a couple.
Please forgive me if I have misunderstood your intentions.

In my first line I said my hubby would love to retire, I'm ok to carry on at the moment.:)

Gatser

littlemissbossy wrote: »

My hubby would love to retire but how can you be sure its do-able?
I would carry on working and my salary would cover our monthly out-goings.
Holidays/cars/home improvements would have to come from our savings.

All your daily expenses are covered by your income.
Larger expenses out of savings?

> Are your savings enough to pay for (say) 40 years of larger costs?
> Do you have enough saved up for when you are both retired?
> What is your NUMBER? What do you need to live a comfortable life... will your salary cover that?
> I am a great believer in eggs in many baskets... to ignore pensions totally is questionable.

Totally agree on the mortality thing...sadly we have been increasingly in contact with youngish friends/relatives that have left us.
Good luck.... its always good to get lots of views...then YOU decide!:T

littlemissbossy

Gatser wrote: »

All your daily expenses are covered by your income.
Larger expenses out of savings?

> Are your savings enough to pay for (say) 40 years of larger costs?
> Do you have enough saved up for when you are both retired?
> What is your NUMBER? What do you need to live a comfortable life... will your salary cover that?
> I am a great believer in eggs in many baskets... to ignore pensions totally is questionable.

Totally agree on the mortality thing...sadly we have been increasingly in contact with youngish friends/relatives that have left us.
Good luck.... its always good to get lots of views...then YOU decide!:T

Thanks for your thoughts, these are definitely questions we need to ask ourselves.

Even though we have no mortgage at the moment that doesn't mean we won't want/need to move in the future and get back on the mortgage trail, hey ho, more discussions me thinks.

eta: I've just come across your thread about "The Number" I'll have a good read.

Wilkins

SPnomore wrote: »

How are those early-retired dealing with employment questions, for things like car/home insurance. Do you keep with your old profession? I guess saying "retired" only applies at retirement age? Or do you say "unemployed"? Has it ever made a huge difference to premiums?

That is an interesting question. I only do home insurance and I have said "retired" --I don't see how I could claim to be employed when I'm not. However, I suppose "self-employed" might be an option.

Is there an official definition of "retired" or is it like, say, ethnicity, a matter of self-report?

ermine

How many of the posters to this thread have retired, voluntarily, slightly pushed, were planning to retire but jumped early when given the chance, heavily pushed or even retired by accident, (there are probably more variations of that theme)

REGRET THEIR PRESENT LIFE?

Blimey, no, never Indeed, now the scales fell from my eyes I came to the conclusion the advantages of working are vastly overrated

Do you keep with your old profession? I guess saying "retired" only applies at retirement age? Or do you say "unemployed"? Has it ever made a huge difference to premiums?

Retired means retired - you're not working, either in your old profession or anything else, you're not unemployed, you're not filling a UB40 and applying for unemployment benefit or whatever you do these days, you aren't looking for a job, you are of independent means. It doesn't mean you're not allowed to work and if that lights your fire then have at it, but you are no longer retired at that particular stage in life, although you may still be of independent means.

Working does kind of imply for monetary gain - it isn't like I never do any engineering or design stuff any more, but I do it to solve problems or pursue interests. If and when I were to sell something or use it to provide a service that people pay for and the income exceeded the costs I guess I would be no longer retired but self-employed for a short time. I don't aim for that status because I don't need it. I suppose there's an argument to be made that every time I think about investments or rebalance that I am sort of 'working' but since I am not selling my time to someone else for money I don't consider that 'working'.

I haven't detected a change in home or car insurance (though I am only a named driver on the latter). I definitely put retired and not unemployed because I am not unemployed although I do not go to work.

JasonPr

Goldiegirl wrote: »

Hello there, yes it was completely our choice not to have any children.

I hope you don't mind me asking a question related to this topic. I'm in my early 30s and have no desire to have children. One concern I have, though, is who will take care of me when I'm old. I know having children is no guarantee that they will be there for you (you might not get along, they might move to another country, etc) but it's a concern nevertheless. I see my dad caring for my grandmother and wonder what would have happened to her if it wasn't for him.

Is this a concern you have? How have you mitigated it?

Sorry for the unpleasant question but it's a big concern for me and I'd like to hear other people's thoughts.