Threads we think could be moved to the Early Retirement Board

gallygirl

There are quite a few of us on the Mortgage Free Board who have been saying they'd like somewhere to discuss plans for financial independence and/or retiring early. Although we all talk of overpaying our mortgage for most of us it's only one part of an overall strategy (or at least, we'd like to form an overall strategy!) to become financially independent so we can retire early if we choose to do so (the latter doesn't always follow the former).

A lot of people are doing a combination of overpaying mortgages, paying into pensions, S&S ISA's, regular savers, Premium Bonds, buy to let and simply saving cash. Although there is great advice on all of these there isn't a place to discuss these plans 'in the round', where we can chuck around all our ideas with people with practical or professional experience.

I raised the possibility of a separate board for financial independence with a view to retiring early and MSE have said yes:

MSE_Andrea wrote: »

Hi all

This is a yes

We can't set it up right now but when we do it'll probably be an "Early Retirement" sub-board of the Pensions board.

Meanwhile if one of you would like to set up a thread on the Pensions board titled "threads we think could be moved to the Early retirement board" then post links in the thread so we can look at them and decide when we set it up that would be a huge help

If anyone has any threads on the Pensions board they think would be suitable for the new sub-board can you please post a link here?

Really looking forward to seeing this set up and reading people's plans :T.

Thanks.

atush

Well there are some threads that could be moved, but TBH I prefer them on the main board. Where I will see them when they have new posts.

It is nice you and others discuss retirement on the Mortgage free board, as in my time there I saw more who were paying every spare penny on their mtg rather than saving at all for retirement (or anything else really) and I found that sad- esp now when mtg rates are so low that investing in your future is a better way to 'spend' your spare dosh.

Some people over there are quite religious abt it and think they can make up for decades of lost compound interest and you really can't.

9_inch

There are probably quite a few.

Karmacat

I was envisaging having our diary threads on here to work towards Early Retirement/Financial Independence. If so, I'd want mine to be on here: https://forums.moneysavingexpert.com/discussion/4870533

kangoora

One problem I can see, the mortgage free board is, naturally, about clearing down your mortgage.

The general opinion on this board is not to pay down your mortgage (if it's low interest rate) and rely on tax relief and stock market gains being more than the interest saved on paying your mortgage off early.

Obviously, there will be different circumstances which will affect any discussions. It will probably be interesting to see what people are writing.

Karmacat

Kangoora, I don't quite see the what the problem is, that the mfw board is about clearing the mortgage?

JezR

This board has 'retirement planning' as part of its title. That seems to me to encompass 'early' retirement (presumably that means before state pension age) and there are a few discussions around this on page 1 now. I have difficulty seeing therefore why this needs a separate board / sub-section of its own. Just come here ...

If the word 'pensions' up front is putting people off, why not turn things round and call it Retirement planning and pensions etc

Thrugelmir

kangoora wrote: »

The general opinion on this board is not to pay down your mortgage (if it's low interest rate) and rely on tax relief and stock market gains being more than the interest saved on paying your mortgage off early.

What's the FTSE down in the past month?

Assumption is a dangerous game.

gallygirl

JezR wrote: »

This board has 'retirement planning' as part of its title. That seems to me to encompass 'early' retirement (presumably that means before state pension age) and there are a few discussions around this on page 1 now. I have difficulty seeing therefore why this needs a separate board / sub-section of its own. Just come here ...

If the word 'pensions' up front is putting people off, why not turn things round and call it Retirement planning and pensions etc

Pensions, Annuities & Retirement Planning is the title, you're right Jez. But personally I've always seen it as a board for pension and annuities. I don't read every post, but people coming on to say they are/have retired early are usually reporting on what they HAVE done rather than looking for info on what they could do. Also I think Pensions and Annuities automatically makes people think of retiring at or around pension age (or at least once their first pension kicks in) whereas a lot of us are planning on retiring quite a bit before that .

I'm not suggesting we copy MrMoneyMustache, cycle everywhere, and don't take regular showers to save money :eek:, but there are a lot of options to explore. Personally I'd call the sub-board 'Working Towards Financial Independence' - not everyone will actually want to retire early but being able to if you wish, or not being worried the axe will fall over your head, is very different to the more usual retirement planning.

atush

Thrugelmir wrote: »

What's the FTSE down in the past month?

Assumption is a dangerous game.

short termism.

Yes, it is down, but yes it will go up eventually. It is all about the rise over decades, not days. And when you pay into a pension, it is generally done monthly. So falls like this week means more bang for your monthly buck.

JezR

The annuities part of the name really could be lost these days - it would have come in naturally at a time when annuities really were the only outcome of pension saving, but this has been abolished several times in the last few years.