Life's swerve ball - need to plan differently!

kidmugsy

k6chris wrote: »

now I just need to pull the rip cord!!!

Remember to jump out of the plane first.

k6chris

Rodders2409 wrote: »

Don't know what to say :-)

Do I book some vacation and lock myself away to do this justice?

What's certain is that you've left yourself wide open to more questions....be scared..!!

But many thanks James..

You can both retire, or rather make a lifestyle adjustment! Start off slowly and don't go on a mad spending spree. Re-read all the thoughts here are make a list about what needs to be done in what order. Monitor your spending against your funds (= huge spreadsheet - yeay!). Smile, Enjoy, repeat.

Good luck!

Rodders2409

Many, many thanks to all who've helped thus far, It's made me do a 180 on my thinking, so I'm so glad I started the thread.

I'll go through the info in more detail over the coming weekend and will certainly come back with a few questions, I see Excel will get some time with me too..!

Not sure if I should start a new thread when I do, or keep this one going....and suggestions welcome on this.

Regards to all...!!:beer::T:T:T

jamesd

Same one, easier to keep track of things.

There's also scope to wonder whether a smaller home and/or cheaper area might be useful. Low or lower housing costs are one of the secrets of early financial independence. Children around home leaving age and you still young is a good time.

Mnd

Good luck on your weekend thinking. I bet you wake up at 2.30 thinking about tax relief, safe drawdown rates, salsac. But you have had loads of good info and advice so as you get to grips with it little by little you will come to see that all your plans and dreams are achievable. I wish you well

Rodders2409

Hello all....you lovely people!

I just wanted to come back to my original post, and the ever so long thread that came about as a result, Our status thus far.

Going to get married very soon, because apparently that's the only way the income from our rental property can be properly 'passed' onto my OH, for her to use against her personal tax allowance and avoid me paying HRT on it.
It's not something we want to do but hey-ho...we've lived in sin for a quarter of a century, maybe it'll be better?!

I've now increased my Sal Sac to the point that I'm now not paying 40%, and have made allowance for the period that the rental property / income is in my name and not OH's.

We've set up a SIPP for OH to get the 'free' monies from Gov and intend to rotate this process every year.

Sadly, we've had a financial gift following a bereavement and will put that into my pension pot too. It will use up one of the 3 years allowance.

There are some negatives. We are looking to change the layout of the house to provide a better space for OH to live in as things progress, problem being that it's going to cost money!
There's a fairly simple and cost effective way to do this, and I can do most of the work to keep costs down. However, although it would be safe, Building Regs probably wouldn't like it and it would cost £50Kish.....MMMmmmm

Anyway, I just wanted to thank you guys again for the help so far, as it's made a significant difference to our outlook. Cheers.