3,4 or 5 year journey to financial freedom

frugal90

that is quite a pension your wife will get!!

fatbeetle

chiram2015 wrote: »

Hi Fatbeetle

Have you tried plugging it all in to Retireeasy - it's a brilliant tool and quite a few boarders on here use it. No ads, spam etc.

Thanks for that, will do!

fatbeetle

frugal90 wrote: »

that is quite a pension your wife will get!!

She's being paying into super since she was 19, living in a high cost high wage economy here in Australia, should be good for us when we move back to Blighty

frugal90

Wasn't planning an update until Dec, but a few things have happened. Our portfolio(slips and isas) is now sitting at £318k. I had a target of 70K for my Sipp, it moved to just under 71K, so it has now been moved to a cash holding. This will be drawn over 3 or 4 years through to age 60 when the teAchers pension will kick in. We have cash of 18k in a santander, which I believe is moving interest down to 1.5%. We also changed the car this summer so that expense has been dealt with for 3 or 4 years. Thinking about an innovative financial isa, but not sure? Think we might make the summer 2018 target the way things,are going, but very latest April 2019. Chip chip - been a lot of hard work but staying focussed on the goal and getting there.

robin61

Good that your plans are going well frugal.
A reorganisation at work has meant my job is a bit less stressful than it was so I am not desperate to go in March 2017 but March 2018 would be nice I really do not want to be there longer than that. I can probably do it either way so I am just waiting to see how the land lies in March 2017.
Strategy at the moment is
1) To continue investing into the AVC linked to my DB scheme so there is just enough to get the max PCLS without it impacting my DB pension.
2) Investing in a separate DC scheme with a view to using some of this to front run my DB scheme until age 60. This is instead of piling extra into the AVC as I stated in my previous post as it turned out not to be such a good idea because of the rules around how you can take the AVC residual after you have taken the maximum PCLS.

frugal90

Feel now that we could probably stop anytime as between sipps/isa and cash our portfolio is standing at £416462, with £135000 sitting in cash the rest mostly in investment trusts. We have decided that we will stop summer 2018 unless we get really fed up then we'll just pack it in. It's funny but the stress is beginning to lift because I know we can now go when we want. Finishing summer 2018 will mean we can have a really good standard of living in retirement. Yippee - 18 months or so to go!!

atush

Well done.

Yes, most find once they can go at any time, they no longer feel the stress.

robin61

Good for you frugal.

Like Atush says once you know you can walk away any time it does take the pressure off.

I was recently offered the ' opportunity ' to take on extra responsibilities in an area I really have no interest in and don't want to start learning. I know the job would have been extremely frustrating, high pressure and stressful. I was told it would put me in a less vulnerable position if and when they next want to lose people.

I said thanks for the offer but no thanks ! My mindset is that should they decide that they don't need anyone to do the role I do now then just make me an offer and I will be happy to leave ! A couple of years ago I would probably have felt under pressure to agree. Not now ! I fell pretty good about the decision actually.

frugal90

quick update

My ISA £110K income generating ITs
Spouse ISA £117K income generating ITs except for SMT

total £227K

My SIPP (Cash) £70.5 K to be draw over 3 years until age 60 - £23 500 small tax liability as no other income

My wife's SIPP(Cash) £78 500 to be drawn over 5 years - make up to 5 x £16666 = £83330


Cash holding - atom/NSI/Santander 123 80K



Retirement date June 30th 2018 -

Teachers pension kicks in May 2022 - £20 k per year plius £60 K lump

Spouse Pension Kick in July 2028 - £15 K per year plus £45k lump
Plus career average at state pension expected to be £2 K per year ish

Still to do - 15 month countdown as we will be paid until end of summer hols in august - expected saving 15 months x £3K = £45 K - supplement spouse SIPP- on stopping work make sure state pension years purchased . Waiting for correction before any more money to stockmarket. Have to thank all the FIRE websites for encouragement and information - like monevator and simple living in suffolk

feeling good about things at the moment and the fact I now have choice

atush

Sounds great.