Early-retirement wannabe

elantan

Marine life can take all the time he feels he needs... its his decision and it aint like its just a small decision to make

tootallulah

My end date is the 30th April, sixteen weeks away I will be 56. I planned for the previous two years and I am certainly ready to leave the pressure of this job but probably not all work. I will have an index linked pension of £34k plus £6k from my rental properties. I too have only really wavered around "what will I do all day" to fill the non working hours - and I have a million hobbies so I think it is just the fear of fundamental change. However as soon as I am actually at work I know it is time to go I just don't have the creative energy for the job anymore and someone else will have that and be able to take the role to the next level. I have chosen to leave with the summer ahead of me, I love gardening etc and there is something so lovely about an English summer - if we have one...........................

Marine_life

tootallulah wrote: »

However as soon as I am actually at work I know it is time to go I just don't have the creative energy for the job anymore and someone else will have that

I read an interesting quote the other day which said:

"The years between 50 and 70 are the hardest. You are always being asked to do more, and you are not yet decrepit enough to turn them down"

Which summed up very much how I am also beginning to feel.

Although well paid, mine is a tough and very stressful job and I definitely feel that some of the "zing" has gone out of me the last year.

gadgetmind

Marine_life wrote: »

"The years between 50 and 70 are the hardest. You are always being asked to do more, and you are not yet decrepit enough to turn them down"

I can relate to that! More and more areas of responsibility keep being heaped on me, and I'm hiring and delegating like crazy, but still keeping running out of hours and "head room" to cover everything.

And yes, pay good, but an early grave will beckon if I don't take my foot off the gas at some point soon.

Linton

Marine_life wrote: »

I read an interesting quote the other day which said:

"The years between 50 and 70 are the hardest. You are always being asked to do more, and you are not yet decrepit enough to turn them down"

Which summed up very much how I am also beginning to feel.

Although well paid, mine is a tough and very stressful job and I definitely feel that some of the "zing" has gone out of me the last year.

8 years ago my zing had more than gone out, I was beginning to twitch. If I hadnt saved enough to retire in my mid fifties I could still be working now, though god knows in what sort of state. Saving/investing a significant part of my income was the best decision I ever made.

kidmugsy

tootallulah wrote: »

My end date is the 30th April, sixteen weeks away I will be 56. I will have an index linked pension of £34k plus £6k from my rental properties.

You have a convenient interval available to move your capital from properties to ISAs so that you won't be whacked for higher rate tax when your State Retirement Pension arrives.

mennie

Have been reading with interest


I am currently 33, with a 3 year old, so this is a way off, but never too early to start thinking right?


At the moment our combined group pensions will only give an income of £8Kpa. Our mortgage will be paid off by the time I am 46. Giving us 10 years to chuck everything at savings so we can retire before hubby is 60.


Did you all produce your own spreadsheets for planning or is there something available on line for free?


Thanks

gadgetmind

mennie wrote: »

I am currently 33, with a 3 year old, so this is a way off, but never too early to start thinking right?

33 is by no means too early and 40 is heading towards too late.

Did you all produce your own spreadsheets for planning or is there something available on line for free?

HL's calculator is OK but you do need to play with (or at least understand) the assumptions and play with the settings.

https://www.hl.co.uk/pensions/interactive-calculators/pension-calculator

madeinireland_2

Hi,

I have also been reading with interest. When I get some proper time I intend to set out the detail of my own position to get some views as the information available on here is great.

Meanwhile I have a specific question which someone may be able to give an opinion on....

I have built up a fairly large AVC fund alongside my company final salary pension scheme. It is currently invested for the large part in FTSE All share index and some in cash.

I do not want to buy an annuity with this and although I am able to draw out most tax free (as part of 25%) I would be left with some that I would probably have to buy an annuity with unless I take a different approach which I believe I can do as follows...

I think I can transfer all of the AVC out to a separate SIPP and then invoke flexible drawdown. I will have the magic £20k number for this.

Alternatively I believe I can commute some or all my pension lump sum into addition indexed linked pension at the rate £1000 = £49 in order to free up the capacity to take all of my AVC as tax free via the 25% rule.

So which way would you go ?

1. More pension
2. Flexible drawdown
3. Just buy the annuity

Let me know if you think you need any more info as I realise this may not be enough detail.

Thanks

mark55man

madeinireland - I would pretty much cut and paste your post into a new thread on this same board. it contains a number of questions each of which merits more discussion than possible in this general high level thread