Stopping work early with big change to lifestyle?

bostonerimus

Yes of course lifestyle is a choice.

The point was it’s not always easy to calculate if your lifestyle will inevitably change.

Some things you can alter but I can’t alter the fact that in London public transport is very practical and in most of the country it’s impractical to rely on.

We could estimate but as I’m not using private transport at the moment and don’t really know what the the usage would be then the estimates are of limited accuracy.

Conservative estimates will help you avoid any shocks. Having a poor idea of your budget should not stop you from trying to set your spending for the constants in your life and set aside the things that will be variable. This will at least give you an estimate that might come close to reality and you can plan on where to save if necessary.

nigelbb

lisyloo wrote: »

Yes of course lifestyle is a choice.

The point was it’s not always easy to calculate if your lifestyle will inevitably change.

Some things you can alter but I can’t alter the fact that in London public transport is very practical and in most of the country it’s impractical to rely on.

We could estimate but as I’m not using private transport at the moment and don’t really know what the the usage would be then the estimates are of limited accuracy.

It depends on the age at which you are planning to retire but public transport in London is free for those over 60 so you should have free travel for many years.

lisyloo

nigelbb wrote: »

It depends on the age at which you are planning to retire but public transport in London is free for those over 60 so you should have free travel for many years.

I’m 50 and planning on leaving London at 52.

Bus pass is free at 60.
London freedom pass would be 67 (only for residents)

VDOT47

Good thread.


Personally, if you can definitely say you have £30k of income pa to last you potentially 40 years then go for it.


If it were me, I'd pay a manager the additional 30% that you mention above and let them run the business. Even if it only brings you in a very small income after paying the manager's additional costs, that is better than nothing and you would still have a business to sell at some point in the future.


Saving 80% of your income is just phenomenal!


Good luck to you, I wish I was considering retirement in my 40s! I think I'll count is as a win if I can retire at 60!

nigelbb

lisyloo wrote: »

I’m 50 and planning on leaving London at 52.

Bus pass is free at 60.
London freedom pass would be 67.

A Freedom Pass used to be available at age 60 but is now aligned with state pension age (65+ & rising) however a 60+ Oyster Card is just £20 & gives free travel on bus, Tube, tram, DLR, London Overground, TfL Rail and most National Rail services in London. It's a fantastic deal for older London residents so it's a shame that you will miss out.