Only freedom will do

Karmacat

You've caught something really important, Ed - that even though you have a new baby, communication between the adults is crucial - so, good for you

And its great to see the focus on early retirement

elantan

That's a very young retirement age Ed ... deff something to work towards

Was my original planned retirement age when I started working ... sadly it's increased by 10 years but then I didn't keep my eye on the ball as I am sure you will

What possible things can cause this plan to go awry ?

I ask not to be a negative pain in the bum .... but to maybe help you see possible hurdles that may arise so that u can figure out a possible way round them before a knee jerk reaction is required

hiddenshadow

Nice plans, Ed!

edinburgher

Downside risks and mitigation

• Less salary - be more ambitious in my current job or find a new one, continue to seek other sources of income
• Unexpected children - stick to the plan
• Increased cost of living - avoid lifestyle creep, actively seek ways to curtail costs
• Unplanned expenses - budget realistically

Upside 'risks'

• I should get inflation linked raises (albeit small)
• Mrs E feels ready for a more senior role
• Windfalls
• Existing investments, solar etc. not included in calculations
• Parents own far too many houses, have not annoyed them enough to be cut from the will

elantan

Good one

I like your thinking

earthgirl

elantan wrote: »

That's a very young retirement age Ed ... deff something to work towards

Was my original planned retirement age when I started working ... sadly it's increased by 10 years but then I didn't keep my eye on the ball as I am sure you will

What possible things can cause this plan to go awry ?

I ask not to be a negative pain in the bum .... but to maybe help you see possible hurdles that may arise so that u can figure out a possible way round them before a knee jerk reaction is required

Elantan, what where you thinking of ...anything I should be thinking about? I also hope to retire at 50.

elantan

For me I was thinking of big things like house moves, more children, weddings for kids ... big holidays like florida, job loss, health loss, caring changes ( maybe having to go part time to care for a parent etc)

I think all these things can be achieved and early retirement but I do think it can be handy to have plans budgets idea etc incase these things happen.

I'm also aware ( and am in no way thinking Ed isn't ) that life can't be all about retirement it has to be a balance in life ... as is everything

edinburgher

• House moves = expect these to be cost neutral over 10 year+ timeframe
• More children = budget + don't have a football team (neither of us wants one)
• Big holidays = budget or don't go
• Job loss = savings + new job (don't think 'income protection' products are worth it)
• Health loss = not much I can do about that!
• Caring changes = I'm 1/5, Mrs E is 1/2, if that happened the load would be split either in terms of time or money between siblings etc.

Karmacat

edinburgher wrote: »

• Health loss = not much I can do about that!

Oh yes there is

edinburgher

Karmacat wrote: »

Oh yes there is

Assume El means something big and uncontrollable.

£26.70 OPed (My split of a referral for a fellow MFW, P2P interest and ET)