Early-retirement wannabe

Johnnyboy11

Sara21 wrote: »

I'm only 30 (and really enjoy my job) but MSE has got me thinking about planning my retirement already! I already put a % into my pension each month (matched by employer) but I'm following this thread for tips

They say to take half your age when you start your pension and save that amount from your gross salary, so 15% if you started at age 30. I'd see that as a minumum, particularly if you want to retire before State Pension age.

Pennysmakepounds

itm2 wrote: »

Interesting discussion re. pension freedoms. I was wondering....these freedoms are quite a new thing - until a few years ago annual pension drawdowns were limited to a state-dictated GAD rate. What are the chances that future governments will withdraw the current freedoms and return to controlling drawdown rates? - e.g. if public behaviour changes and large numbers of people start drawing down their entire pension pots and blowing it all on Caribbean cruises?

Interesting thought.


Anything is possible, I guess.


To be honest, I've not looked at Pensions for about 15/20 years.


Being on this board has bought up some interesting points about the current set-up and how things have changed.

Anonymous101

Sara21 wrote: »

I'm only 30 (and really enjoy my job) but MSE has got me thinking about planning my retirement already! I already put a % into my pension each month (matched by employer) but I'm following this thread for tips

I've posted this several times before but I think its really important. It would have been to me anyway!

I'd recommend you read and listen to everything you can on Financial independence Retire Early (FIRE). All of it may not be applicable to you but since you're looking in on here at a relatively young age you seem like the type that would be open to it. You can be as radical or as laid back about the approach as you like, its not all or nothing, but I feel like the principles would benefit anyone and everyone.

If you start by reading the two links below. Particularly the Mr Money Mustache article. If you've never heard of him he's an American chap that managed to retire by 30.

The choose fi links below is a good place to start with a good overview. They also do a podcast which I've put a link to the introductory one below. Most of their podcasts are interviews with people that are working on their own terms after adopting the principles of FIRE in one way or another.

https://www.choosefi.com/the-why-of-fi/

https://www.choosefi.com/financial-independence-beginners-guide/

https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

Hopefully you'll find them interesting and useful.

Pennysmakepounds

Anonymous101 wrote: »

I'

The choose fi links below is a good place to start with a good overview. They also do a podcast which I've put a link to the introductory one below. Most of their podcasts are interviews with people that are working on their own terms after adopting the principles of FIRE in one way or another.

https://www.choosefi.com/the-why-of-fi/

https://www.choosefi.com/financial-independence-beginners-guide/

https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

Hopefully you'll find them interesting and useful.

These articles are an interesting read but hardly brain surgery to anyone with common sense.


The problem in todays society is that, there are allot of people who work very hard and make good money but lack the foresight to plan properly for a life AFTER work.


Its all about 'Here and Now' - The latest Car, the biggest House, the nicest cloths, 000's on self gratification and new gadgets etc.


(Before you start on me again about NOT having a Pension - i'm not in this category )


They spend their lives trying to prove to others that you HAVE money. The more they earn the more they spend.


On the flip side there are people who lack the financial means to plan for a future, i.e. those that are 2 paychecks away from being homeless.


The ones with money just don't think about saving and the latter, find it hard to put any a BIG % of their income into a Pension scheme.


Before I get bombarded with criticism, i'm not saying this is EVERYONE but there is a large % that fall into this category.


***Walks back to quite corner ***

bugslett

Pennysmakepounds wrote: »

My mistake, I thought this was the 'Early-retirement wannabe' board.


How you get there is your problem .


However, if this is a Pensions ONLY discussion, then i'll go back to my quite place .

It's an early retirement thread on a pensions board. Personally I don't care, but you seem to be upset that people are promoting pensions. I pointed out that you are on a pensions board.

New_and_Improved_Me

bugslett wrote: »

It's an early retirement thread on a pensions board. Personally I don't care, but you seem to be upset that people are promoting pensions. I pointed out that you are on a pensions board.

lol.

I'm not the type to get upset that easily:).

I have no issue with peoples opinions. I have mine they are allowed theirs.

Besides, you're never too old to learn and I am going to look at these new funky pensions again

bugslett

New_and_Improved_Me wrote: »

lol.


I'm not the type to get upset that easily:).


I have no issue with peoples opinions. I have mine they are allowed theirs.


Besides, you're never too old to learn and I am going to look at these new funky pensions again

I was talking to pennysmakepounds, unless you are the same person.

Anonymous101

Pennysmakepounds wrote: »

These articles are an interesting read but hardly brain surgery to anyone with common sense.


The problem in todays society is that, there are allot of people who work very hard and make good money but lack the foresight to plan properly for a life AFTER work.


Its all about 'Here and Now' - The latest Car, the biggest House, the nicest cloths, 000's on self gratification and new gadgets etc.


(Before you start on me again about NOT having a Pension - i'm not in this category )


They spend their lives trying to prove to others that you HAVE money. The more they earn the more they spend.


On the flip side there are people who lack the financial means to plan for a future, i.e. those that are 2 paychecks away from being homeless.


The ones with money just don't think about saving and the latter, find it hard to put any a BIG % of their income into a Pension scheme.


Before I get bombarded with criticism, i'm not saying this is EVERYONE but there is a large % that fall into this category.


***Walks back to quite corner ***

I couldn't agree more. Most people do lack the financial awareness to protect themselves and plan for the furture.

Personally it took reading articles like those for me to open my eyes to the possibility of retiring before state pension age. The thought had never occurred to me even though I have a reasonably well paid job working with money and haven't really ever been in debt. What is obvious to some isn't to others.

I don't think anyone here has attacked you for thinking about your future etc. You've obviously got some sense to do what you have but you're on a thread which is mainly discussing how to use pensions to plan for early retirement so naturally people on here will think you're missing a trick if you're not at least partly using pensions.

Sara21

Thanks Anonymous101! I've heard of FIRE but haven't done any research into it, I'll definitely check out the links you've suggested - many thanks!

Anonymous101

Sara21 wrote: »

Thanks Anonymous101! I've heard of FIRE but haven't done any research into it, I'll definitely check out the links you've suggested - many thanks!

No problem... there's so much new content on the topic sprung up over the last 12 months you could lose yourself reading about it for a very long time. Those link hopefully should give you an idea of what its all about.