4-7 Years Before Retiring....

GaleSF63

ArmyDilllo wrote: »

I don't believe in an afterlife but I'm considering putting clauses in my will to have them perform ridiculous tasks in order to claim it (like some 30's suspense novel) just for my own fun.
Just in case there is an afterlife.

Have you seen the film (1950s I think), Laughter in Paradise?

robin61

pandora205 wrote: »

robin61 mentioned RetireEasy website a couple of posts ago, which is fab for those who are not spreadsheet techies and give lots of options. It's well worth the time to plug in the figures to have a play. It's free to generate a Life Plan giving forward projections to age 100+.

Yes I think they offer a really good facility. It doesn' t take long and it is easy to go back in to tweak things.

jaydeeuk1

I'm starting to get obsessed, I'm constantly reading the best banking and savings guide, reading up on different isa's, ptp lending.... I'm 35 in a few days, only started a pension last year as I needed to clear my student debt and was having too much fun blowing most of my cash until I reached my 30's. For past 6 months I've been paying a decent net sum in to a pension as catchup and have a FD regular saver and a HTB isa (bought a house, hoping to have it all completed by end of May).

Although not a gambler, I love matched betting and making money, so I use that as my 'spend as I please' money each month, but now I constantly lurk on the savings and pensions forums and have decided to grow up a bit and get in to stocks and shares. Trouble is, now I'm undecided on how best to use my cash, I could drop the amount I put in to a pension to c£1000 and take more as a dividend each month to put in a S&S isa and other saver accounts so not all my cash is locked away. I'd want/need to have the new 25 year mortgage paid off before I retire, so again I can use cash to pay it off early, but I'm looking for a 10 year fixed rate so probably best waiting to the end and paying a lump sum. Also wife is due to inherit a large sum so I'm looking at the best way of using that. Done that many spread sheets and calculations I've ended up not sorting anything, although in between writing this and debugging some SQL code I have now opened up the AXA site and entered half my details.

ams25

Great thread... and scary how much I have in common with many posters here (spreadsheets, no longer really enjoying work (always used to), loading up the SIPP, wife not into pension planning or personal finance matters generally (but she enjoys spending!).

My plan - supported by over 30 years of saving and investing was always to retire at 55. That's only a few years away but now looking at bringing that forward (or at least to exit the rat race for something less well paid and less stressful), to possibly to this year.... so going into overtime on the spreadsheet. numbers seem to say its doable (with potential risks and upsides...) but the real prospect of actually taking the plunge does cause you to question and re-examine the numbers to the nth degree. Not to mention consider the non financial aspects and how you will adapt to not working (though I have no worry about how to spend free time..)

So, obsessed.. unfortunately I'm guilty. (But hopefully it will be worth it... )

Spidernick

jaydeeuk1 wrote: »

I'm starting to get obsessed, I'm constantly reading the best banking and savings guide, reading up on different isa's, ptp lending.... I'm 35 in a few days, only started a pension last year as I needed to clear my student debt and was having too much fun blowing most of my cash until I reached my 30's. For past 6 months I've been paying a decent net sum in to a pension as catchup and have a FD regular saver and a HTB isa (bought a house, hoping to have it all completed by end of May).

Although not a gambler, I love matched betting and making money, so I use that as my 'spend as I please' money each month, but now I constantly lurk on the savings and pensions forums and have decided to grow up a bit and get in to stocks and shares. Trouble is, now I'm undecided on how best to use my cash, I could drop the amount I put in to a pension to c£1000 and take more as a dividend each month to put in a S&S isa and other saver accounts so not all my cash is locked away. I'd want/need to have the new 25 year mortgage paid off before I retire, so again I can use cash to pay it off early, but I'm looking for a 10 year fixed rate so probably best waiting to the end and paying a lump sum. Also wife is due to inherit a large sum so I'm looking at the best way of using that. Done that many spread sheets and calculations I've ended up not sorting anything, although in between writing this and debugging some SQL code I have now opened up the AXA site and entered half my details.

To my mind it's always a good idea to have balance between the following:

1. Mortgage under control (with overpayments);
2. A good amount going into a pension (relief on the way in);
3. A good amount going into an S&S ISA (relief on the way out); and
4. Good cash reserves in case things go wrong.

I am fine on all bar the last one, as my wife has a habit of spending the cash reserves as soon as they build up!

settingsun

I am a little less obsessed with my spreadsheet right now, as it slowly dawned on me how little control i had over a 35 year period once we retire at 55ish. Who knows what the growth will be and what about inflation and cost of energy, tax rates, house prices......over such a long period. If i take average "sensible" numbers like 4-5% return and 1-3% inflation it all works very nicely. if it take random numbers within wider ranges each year then sometimes it works and sometimes it goes wrong

So I am a little more obsessed with Firecalc at the moment and seeing what i need to do to get a result of over 96%.

Also enjoying reading some retirement books best one for me was How to Retire Happy, Wild, and Free by Ernie Zelinski.

I really need to just enjoy the spring and try and stop checking all the accounts everyday.

bugslet

Spidernick wrote: »

To my mind it's always a good idea to have balance between the following:

1. Mortgage under control (with overpayments);
2. A good amount going into a pension (relief on the way in);
3. A good amount going into an S&S ISA (relief on the way out); and
4. Good cash reserves in case things go wrong.

I am fine on all bar the last one, as my wife has a habit of spending the cash reserves as soon as they build up!

That's broadly how I have approached it, though my ISA's aren't great.

The other difference is that I have a business which will either be sold, or more likely I'd just finish it.