Early-retirement wannabe

kidmugsy

victoria61 wrote: »

not drawing pensions yet but are living off rent from my husband's house and our savings.

It all sounded idyllic until you mentioned the ukes.

kidmugsy

blisteringblue wrote: »

Am actually deciding if I go on my 55th birthday now, or carry on until the end of the tax year?

Seize the summer: you don't know how many more you'll get.

k6chris

kidmugsy wrote: »

Seize the summer: you don't know how many more you'll get.

My motto is "Never Waste a Sunny Day" - a similar logic to it!

Terron

Lungboy wrote: »

Do these numbers seem correct, or am I missing something blindingly obvious?

Well 16k seems a little on the low side to me. My personal calculation gave 18k as a minimum. Most people seem to want more than that - https://www.which.co.uk/money/pensions-and-retirement/starting-to-plan-your-retirement/how-much-will-you-need-to-retire-atu0z9k0lw3p

kangoora

bugslet wrote: »

Will this be the straw that breaks the camels back?. I could do that occasionally, but not every week.

A question for those that retired early, was there ever something small that tipped the balance to walking away, something that may look silly in isolation, but was just a step too far for you?

Crikey mine was around 4.5% of house value when I bought it.....but I don't live in the south east and my house is worth 170k:p

My tipping point was being given a project to install Voice over IP system, around 500 users over 4 sites. First meeting with the customer and they were desperate to have it completed by end December (this was end October).

Contract was signed weeks, if not months, before and I then found out that the sales person hadn't placed the pre-orders and we were looking at a 12 week lead-time on circuits and kit (not counting Xmas delays also). Created the project plan, looked at my options, threw my hands in the air in disgust and resigned/retired that day........

Best decision I ever made. Luckily I was in a position to be able to just walk away...........

Lungboy

Terron wrote: »

Well 16k seems a little on the low side to me. My personal calculation gave 18k as a minimum. Most people seem to want more than that - https://www.which.co.uk/money/pensions-and-retirement/starting-to-plan-your-retirement/how-much-will-you-need-to-retire-atu0z9k0lw3p

Thanks. Your link seems to support my estimate, £16k is 2/3rds of my wage, and when you add my wife's income that puts us well past the "comfortable" threshold.

I guess the big worry would be a big drop in markets just when I need to start withdrawing money from the SIPP, making my intended amount unsustainable, but in that situation I'll just have to stay working for a bit longer.

Techno

Your other worry is a rise in inflation. If £16k is what you think you can comfortably live on you need the equivalent of that in 20 years time. We have also settled on this number but are much closer than you and have already moved to part time and will go properly in another couple of years.

Sun-Is-Fun

Terron wrote: »

Well 16k seems a little on the low side to me. My personal calculation gave 18k as a minimum. Most people seem to want more than that - https://www.which.co.uk/money/pensions-and-retirement/starting-to-plan-your-retirement/how-much-will-you-need-to-retire-atu0z9k0lw3p

How much you'll need is all very subjective. Some people would struggle on 16K; others would find that amount a luxury !

If your mortgage is paid off and you don't have high outgoings, you could live easily on that amount.

Lungboy

Techno wrote: »

Your other worry is a rise in inflation. If £16k is what you think you can comfortably live on you need the equivalent of that in 20 years time. We have also settled on this number but are much closer than you and have already moved to part time and will go properly in another couple of years.

Also true, but the SP and DB are both inflation-proof (currently, could easily change in 20+ years) so it's only the SIPP that could be affected, and as before, working 6 months to a year longer should cover that.

atush

Lungboy wrote: »

Thanks. Your link seems to support my estimate, £16k is 2/3rds of my wage, and when you add my wife's income that puts us well past the "comfortable" threshold.

I guess the big worry would be a big drop in markets just when I need to start withdrawing money from the SIPP, making my intended amount unsustainable, but in that situation I'll just have to stay working for a bit longer.

You should always have a cash buffer of at least one years income, just for that reason. So that you dont have to draw income during a downturn.

If you havent got that much yet, work and save until you do.