Early retirement advice

Student_of_£

Apparently I'm going to have to wait untill I'm 68 to retire (over my dead body!) and who knows? that age might go into my 70s before I actually do retire.

So, I'm planning on retiring when I'm 60 (2050) or 65 at the latest, as that should give me time for the "big" things like a house and children.
Can you give me advice regarding how I can be able to retire by the time I reach 60?
Thanks

sleepless_saver

I like this approach. In a nutshell, spend less than you earn and invest wisely. http://www.mrmoneymustache.com/2013/02/22/getting-rich-from-zero-to-hero-in-one-blog-post/ .

stinktankcynic

I'd be more concerned finding a job I liked and enjoy your life and money when your young.

GhIFA

Get into the habit of saving now. Build up an "emergency fund" that would see you through 3-6 months if you were out of work.

Make use of ISA's - at your age, with a long term view, stocks and shares ISA's should be more beneficial than cash.

take advantage of any pension offered by your employer (pay at least what is needed to benefit from the maximum level of contribution they will make if possible)-if they don't offer one at the moment they will be required to within the next 3 years or so. You will receive tax relief on the pension contributions you make.

You haven't given much information so this is all very generic but it's a start!

mania112

So you're 23 this year and 68 seems so old that will do anything you can to retire earlier..... At age 65!

stinktankcynic

Hmm.. Nice article.

Ideas.
Using Freesat box instead of pay TV, saves a lot.
No mobile contracts.
Buy second hand things rather than new.
Charity shops.
Buy cheaper but good foods.
Grow your own foods.
Cheap hobbies.
Try and live without a car or try and reduce household cars / car share.
Switch off devices at night.
Buy house rather than rent.

Find a job with a final salary pension... If you can.

Invest money in ISA's etc with money saved.

stinktankcynic

mania112 wrote: »

So you're 23 this year and 68 seems so old that will do anything you can to retire earlier..... At age 65!

I often hear a few years before 65 is worth a lot more than a few years after 65.

ajbell

mania112 wrote: »

So you're 23 this year and 68 seems so old that will do anything you can to retire earlier..... At age 65!

I think its about having control of your life. I do not intend to let the government tell me when i can retire.
I am planning for retirement at 60 and am not even thinking about a pension from the state.

kidmugsy

Student_of_£ wrote: »

A
Can you give me advice regarding how I can be able to retire by the time I reach 60?
Thanks

1. Don't spend money you don't have on things you don't need to impress people you don't like.
2. Find a good woman and marry her.
3. Be lucky with your health.

Student_of_£

stinktankcynic wrote: »

I often hear a few years before 65 is worth a lot more than a few years after 65.

I think its about having control of your life. I do not intend to let the government tell me when i can retire.
I am planning for retirement at 60 and
am not even thinking about a pension from the state

.

I totally agree! I want to retire at 60/65 as I will be young enough to enjoy my retirement. I also want to be able to know when I get to 55+ I can work if I want to, not because i have to.

Than you all for your replies!

atush

I think the biggest thing that puts people back, is spending beyond their means. They fall into a debt and a decade can go buy and they are just treading water.

Saving is the way forwards. Emergency cash, buy a home, then pensions and S&S isas.