Early-retirement wannabe

JoeCrystal

tell_it_how_it_is, it is just simple matter of working out much time you got until 55 and invest/save enough to allow your dream to happen.

Unfortunately, the closer you are to 55, the harder it is going to be (or more expensive). Thus, I envy eighteen year olds who managed to have a foresight to save into a pension. And yet, it most likely to be a small percent of young people.

Cheers,
Joe

tell_it_how_it_is

Thanks for your reply, shame I'd missed out my age, 42!

Part of the reason for wanting to retire early is having a missus who is ten years older than myself. If I could live off IRO £1k a month, I don't think I'd be too unhappy. My thoughts are to use much of the savings from 55, take one pension (£35k, £350pm) at around 60, and the other pension at 65 (£15k, £150pm).

gfplux

A point everyone should take into account. If you have a "modest" income you ONLY need a "modest" amount to retire on.
The most important point is in IMO a regular and steady income (pension) in retirement that reflects you and your lifestyle.
Please don't get put off by the £££ that others may have.

xmodz

JoeCrystal wrote: »

tell_it_how_it_is, it is just simple matter of working out much time you got until 55 and invest/save enough to allow your dream to happen.

Unfortunately, the closer you are to 55, the harder it is going to be (or more expensive). Thus, I envy eighteen year olds who managed to have a foresight to save into a pension. And yet, it most likely to be a small percent of young people.

Cheers,
Joe

Thank god im starting now, just a week after i turn 19

atush

gfplux wrote: »

A point everyone should take into account. If you have a "modest" income you ONLY need a "modest" amount to retire on.
The most important point is in IMO a regular and steady income (pension) in retirement that reflects you and your lifestyle.
Please don't get put off by the £££ that others may have.

This is so true.

Although, with each pay rise/job move we have always increased pensions and savings, we also increased our lifestyle costs as well.

If we hadn't had those increases, we would not have increased our COL.

ozzage

Easy solution to that: don't increase your expenses when you increase your income! Then you can retire MUCH earlier

Linton

ozzage wrote: »

Easy solution to that: don't increase your expenses when you increase your income! Then you can retire MUCH earlier

That was a key factor in us being able to retire early. By the time I was say 35 we had reached a standard of living we were happy with and our house was large enough for all our needs so for the following 20 years were able to put a lot of money into pensions and investments.

flyfto

superb thread guys lot of good information and food for thought.
Just bought 3 new books because of this !:cool::T

exil

Haven't read the entire thread but having thought about early retirement myself I've found the main difficulties in planning are the factors beyond one's control:-
- how long are you going to live?
- what will be your state of health?
- how safe are the pensions and investments you have?
- will the government move the state pension goalposts yet again?
- will some unexpected event - death or disablement of a relative, collapse of one's business, loss of job - derail your finances before you get to your planned retirement date?

nevertheless it's better to plan than not to plan.

Techno

Literally just finished reading this thread and so much excellent advice. OH and I plan to retire when he is 55 (just 3 years away) though when I say retire I mean move to a more 'flexible' working pattern. We both have FS pensions which we can draw at 55 but may leave to accumulate. We own our retirement property outright and rent it out and have a mortgage on the house we live in so that will be sold and we will be mortgage free. We love skiing so the plan is to become chalet hosts at least for one season - pay is a relative pittance but it includes food, accommodation and most importantly lift pass - we'll see how it goes and if it's OK we may do it for a few years whilst still relatively fit and able so that just leaves 7 months per year to fund. OH is a maths teacher so hopefully some extra tuition opportunities available and I have been a nurse/project manager/teacher to name a few roles so happy to turn my hand to anything when the mood takes me/opportunities arise. That's the plan anyway but still got a bit more to save so back to the grindstone for a bit longer!!!!!!