Early-retirement wannabe

gadgetmind

Marine_life wrote: »

(subject to the fact of reaching the qualifying age for my pension - which is 50)

Unfortunately, this was unilaterally changed to 55 for pretty much everyone with private pensions.

I want my retirement to be one where we can enjoy ourselves without having to think every step of the way about money.

Absolutely. I want to travel the world, and I'm not doing it in economy!

atush

I don't mind travelling in economy, as long as I can still afford to travel lol. But Club World is always better ;-)

cyclonebri1

Marine_life wrote: »

This is something I think about.

M position is such that I have enough money / assets to retire today (subject to the fact of reaching the qualifying age for my pension - which is 50) but I won't becasue:

a. I want to have enough money to put the kids through Uni and potentially pay a house deposit.

I am past that stage, and both kids have 1 or more properties

b. I want my retirement to be one where we can enjoy ourselves without having to think every step of the way about money.

c. I potentially want to leave the kids some money.

Mine have categorically told us they don't expect any monies

In the main though I think you said it yourself the big uncertaint around early retirement is how much you need to last between the day you hang up your work boots to the day the pensions start rolling in!

This is what puts me in a slightly different position, plus I'm a fair bit older and in the words of Pink Floyd more than "One day closer to death".

Sorry, I'm not morbid but I am a realist;);)

atush

I still have two in Uni, and none have any property yet. But the one who has graduated, did so w/o student debt. So I am aways behind you ;-)

So, carrying that on (ie no student debt) is my first priority, then our retirement, then helping them with property.

BeatTheSystem

The last few postings resonate with my situation.

I am 45 and have 975K in pensions and about 100K in ISA's. I would like to retire (or have the choice too) as soon as possible, but with three kids who are going to go to university one after each other starting next year I am going to have to work in order to heavily subsidise them such that they are not drowning in debt. So I have at least 5 years of severe financial pain. I dont think I will be able to save any further monies over the next few years.

If it were not for the kids I would now be taking my foot of the gas a little.

Moreover i have to plan to at least get them on the property ladder which is say 150K each, so there is 450K gone. Some people incluing an IFA friend caution against making it too easy for the offspring, but I cant see them being too pleased if my Wife and I are spending every other week on a sun soaked carribean island whilst the offspring are living in poverty.

Almo

150k seems an extraordinarily generous amount to help get someone on the housing ladder. If you can afford it, great, but if it's seriously impacting you and your retirement plans could you reconsider whether your kids really need 450k between them?

Marine_life did you go to Australia on a temporary visa and if so did you claim all your super when you left I have a small pot (but I'm only in my late 20s, time for my pots to get bigger!) in Australia but have to leave it there until retirement.

gadgetmind

BeatTheSystem wrote: »

I am 45 and have 975K in pensions and about 100K in ISA's.

That split is going to hinder retiring before 55 and the GAD limits on drawdown could make even 55 difficult. It's better to have some assets outside of pensions that you can "overdraw" before state pension age to give flexibility.

However, well done on getting such a healthy retirement pot by your mid 40s.

Some people incluing an IFA friend caution against making it too easy for the offspring, but I cant see them being too pleased if my Wife and I are spending every other week on a sun soaked carribean island whilst the offspring are living in poverty.

I recommend you read "The Millionaire Next Door". The chapter on passing wealth on to children certainly changed my perspective on the subject.

Marine_life

Almo wrote: »

Marine_life did you go to Australia on a temporary visa and if so did you claim all your super when you left I have a small pot (but I'm only in my late 20s, time for my pots to get bigger!) in Australia but have to leave it there until retirement.

No - I was technically self employed when I was there so did not pay any contributions. Nice thought though!

Marine_life

BeatTheSystem wrote: »

The last few postings resonate with my situation.

I am 45 and have 975K in pensions and about 100K in ISA's. I would like to retire (or have the choice too) as soon as possible, but with three kids who are going to go to university one after each other starting next year I am going to have to work in order to heavily subsidise them such that they are not drowning in debt. So I have at least 5 years of severe financial pain. I dont think I will be able to save any further monies over the next few years.

If it were not for the kids I would now be taking my foot of the gas a little.

Moreover i have to plan to at least get them on the property ladder which is say 150K each, so there is 450K gone. Some people incluing an IFA friend caution against making it too easy for the offspring, but I cant see them being too pleased if my Wife and I are spending every other week on a sun soaked carribean island whilst the offspring are living in poverty.

150k each seems like a hell of a lot!

I was thinking about c. 20-25k which I think is more than generous having paid the thich end of 80k over four years for uni.

They will get what'S left when you pop your clogs anyway!

Marine_life

gadgetmind wrote: »

Unfortunately, this was unilaterally changed to 55 for pretty much everyone with private pensions.

Good job mine is a company pension then