Early-retirement wannabe

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  • Terron
    Terron Posts: 846 Forumite
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    Anonymous101 wrote: »
    Mine is all for it although she worries I'll be off busy with hobbies 2-3 days a week and we'll never see each other.

    I find that concept funny. We don't see each other 5 days a week at the moment! :rotfl:

    When my father was forced to retire at 60 due to ill-health my mother soon became fed up of having him at home all day. When he started play golf three times a week instead of just on Sundays the tension eased.
  • Reue
    Reue Posts: 569 Forumite
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    westv wrote: »
    How many others are finding the biggest obstacle to the possibility of early retirement is their other half? :o:D

    My partner is pretty apathetic to the idea. I suspect she's more interested in having a very extended maternity and possibly just never returning to a normal 9-5 job after that. Unfortunately the tax system in this country really penalises 1-working professional families so it's barely worth picking up extra overtime or making much additional taxable income from side business.
  • michaels
    michaels Posts: 28,074 Forumite
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    westv wrote: »
    How many others are finding the biggest obstacle to the possibility of early retirement is their other half? :o:D
    All too true, we divide the money equally chez Michaels, I earn it, she spends it. I think it makes sense to save more, spend less and retire early. She doesn't.
    alancwearing wrote: »
    Hi
    I am looking for some general advice on savings and mortgages.


    I work for the NHS as a nursing assistant, I have a 15k mortgage, and £65000 savings and a £400/ month private pension
    I am looking to retire when I am 60 in September 2018.(By then will have my mortgage down to £10k.)
    My dilemma is do I pay off the mortgage or save. I receive my state pension when I am 66 so need cash to live off.
    Thanks for any suggestions

    It would probably make sense to pay as much into your pension as you are allowed and use your savings to pay for your spending, leaving the mortgage untouched. You can then pay off the mortgage and replenish the savings using the 25% tax free lump sum that you can take on retirement.
    I think....
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
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    atush wrote: »
    A van? What do you have in your office lol.

    Um lots of stuff. A cupboard and a half of bits and bobs, pictures on the walls, oh and 60m of stainless steel tube in 3m lengths that won't go in the car!
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • atush
    atush Posts: 18,730 Forumite
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    Ahh, a hoarder lol.

    Congrats, let us know after xmas if you make the jump. What does yur wife think?
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
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    atush wrote: »
    Ahh, a hoarder lol.

    There was a lot more tube but I keep cutting lengths to take home to make monitor stands, a CNC cutter, etc.
    Congrats, let us know after xmas if you make the jump. What does yur wife think?

    She thinks she's also going to give up work soon, which is a misunderstanding that I'm keen to correct!
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • rpc
    rpc Posts: 2,353 Forumite
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    gadgetmind wrote: »
    She thinks she's also going to give up work soon, which is a misunderstanding that I'm keen to correct!

    Surely that is all dictated by your spreadsheets? :-)
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
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    rpc wrote: »
    Surely that is all dictated by your spreadsheets? :-)

    She does have access to those spreadsheets as I keep them in the same folder as I do all the information relating to her Christmas presents. The folder is named "Portfolio Analysis" and for some reason she's never thought to look in there. :cool:

    She'll probably work through next summer. It's seasonal and part time, and she doesn't mind doing it, but she does grumble when I put her entire taxable income straight into her SIPP. :D
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • atush
    atush Posts: 18,730 Forumite
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    gadgetmind wrote: »



    She thinks she's also going to give up work soon, which is a misunderstanding that I'm keen to correct!

    How are you going to do that if you are retiring? Could cause maritsl disharmony.

    but not if you ae still thinking of turning a hobby into a business as before. You know you like to tinker (see the many lengths of metal tubing lol)
  • Wednesday2000
    Wednesday2000 Posts: 7,439 Forumite
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    I've been reading this thread for a while and I can't remember if I ever posted. I look at Mr Money Mustache and Monevator too.

    We had some cash savings that we were keeping as an emergency fund if my husband lost his job. His job is safe, but I am not working now because of ill health.

    We were also gifted some money from a relative and we aren't sure what to do with it and our original savings.

    We have a small mortgage on a very low interest rate, but it is so tempting as we could almost clear it. I know that isn't the best thing to do financially. I was reading a thread about it on MMM forum and most people were saying not to do it. Actually, ETA sorry, I just checked the figures and we could clear it completely.

    My husband has a final salary pension and also puts money into an AVC. Would the best thing to do is start a personal pension for me? I don't have a pension at all (stupid I know!) as I was self employed and only really started thinking about early retirement a few years ago.

    We have been overpaying the mortgage for years and it would be so nice to not have that bluddy £700 a month going out of our bank account.:p
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