Early-retirement wannabe

xylophone

the first thing I wanted to do was grow a bread for the first time in my life

And talking of money saving.....:cool:

Chickereeeee

If you do retire early (and survive) there can be the nagging thought that, if you had worked 5 years longer, you would have an extra 5 years money (poss £200-500K) in your bank account....

C

Goldiegirl

Chickereeeee wrote: »

If you do retire early (and survive) there can be the nagging thought that, if you had worked 5 years longer, you would have an extra 5 years money (poss £200-500K) in your bank account....

C

Or you realise that the additional time you have is more important than the money.......

chucknorris

Chickereeeee wrote: »

If you do retire early (and survive) there can be the nagging thought that, if you had worked 5 years longer, you would have an extra 5 years money (poss £200-500K) in your bank account....

C

Time IMO is much more valuable than money. Also if someone is capable of saving £100k a year (NET!), and they haven't sorted out their finances enough to retire early comfortably, then something is drastically wrong.

EDIT: Having £500k in a bank account isn't particularly wise either.

Chickereeeee

chucknorris wrote: »

Time IMO is much more valuable than money. Also if someone is capable of saving £100k a year (NET!), and they haven't sorted out their finances enough to retire early comfortably, then something is drastically wrong.

EDIT: Having £500k in a bank account isn't particularly wise either.

1) As you are spending your living expenses while retired anyway, and you could eliminate income tax by paying into a pension (ignoring recent rule chages) you could be saving close to your gross pay.
2) Of course, 'bank account' was shorthand for investments, ISAs or whatever.
3) The later years of your working life can be the most well-rewarded. A few extra £100ks can always come in handy...

Don't disagree with the time/money thing, but when looking BACK perspective can change. (Of course if you are dead, you dont care).

C

ManofLeisure_2

gfplux wrote: »

I have posted this before but does not mean that repeating it makes it easier to deal with.
Many of us are defined by what we do....."successful accountant".......Company CEO, Engineer, Teacher etc.
when you retire you are a "USED TO BE"
wether we like it or not that can be difficult to cope with.
I confess that this did trouble me for the first one or two years.
Do not discount that in your calculations.

I have never felt I'm a ''USED TO BE'' . On the contrary, I viewed retirement as a time to re-invent myself and I've never felt happier than I do today.

chucknorris

Chickereeeee wrote: »

1) As you are spending your living expenses while retired anyway, and you could eliminate income tax by paying into a pension (ignoring recent rule chages) you could be saving close to your gross pay.
2) Of course, 'bank account' was shorthand for investments, ISAs or whatever.
3) The later years of your working life can be the most well-rewarded. A few extra £100ks can always come in handy...

Don't disagree with the time/money thing, but when looking BACK perspective can change. (Of course if you are dead, you dont care).

C

You cannot invest more than the £40k annual allowance into your pension, and a very high earner is not likely to have any unused annual allowance to carry forward (I don't). My income will be over £100k a year anyway when I'm retired (after next summer).

chucknorris

ManofLeisure wrote: »

I have never felt I'm a ''USED TO BE'' . On the contrary, I viewed retirement as a time to re-invent myself and I've never felt happier than I do today.

I'm retiring next summer, I just don't have the time to work any more (I really mean that) and working is the least enjoyable thing that I do. I don't feel the need a label, I've never defined myself by my career (chartered quantity surveyor, but currently university lecturer), they aren't even my first string income, and haven't been for over 15 years.

ManofLeisure_2

I think we're on the same wavelength . I enjoyed my work as an Architect and had a very successful business, but it was ''always'' a case that I '' worked to live'', rather than ''lived to work''.

All the best for your retirement - you won't regret it, I'm sure

chucknorris

ManofLeisure wrote: »

I think we're on the same wavelength . I enjoyed my work as an Architect and had a very successful business, but it was ''always'' a case that I '' worked to live'', rather than ''lived to work''.

All the best for your retirement - you won't regret it, I'm sure

Thanks, I thought long and hard about it, but once I told them that I planned to retire after the next academic year, I felt elated. I am really looking forward to the free time. I would like to do a triathlon, but I really struggle to train in all 3 disciplines during the teaching semesters and the bowls season.