Seen an FA finally! This is the plan to retire early....anyone any opinions?

AnotherJoe

FIRSTTIMER wrote: »

I've made my point about 58, I like working, I don't want to stop at 40, 45, 50, 55. 58 is just fine. Why do I have to justify 'earliest age possible' or do I need to put earliest age possible based on me for me in my life, before everyone jumps in with their keyboards and says you could actually retire at 45, 50 or even 36. I am not bothered about when I can retire in other peoples opinion.

I WANT TO RETIRE WHEN I WANT WHICH IS WHEN PENSIONS INVESTED IN BECOME AVAILABLE TO ME.

Way to get help there ! Not.


58 isnt currently the "earliest age possible" even if its when "pensions become available to you" and its also a totally backwards way of putting it, suppose before you get to 58 they change the law and that then becomes 63, are you happy to work another 5 years since your criteria has switched to "whenever the government lets me take my pension"?

I'm out.

FIRSTTIMER

It!!!8217;s like asking for help on a plan to retire at 58 then being told no no no you need to retire at 50 or 90.

Or put simply, going into a shop asking for a beer and being told water is a better option.

FIRSTTIMER

I!!!8217;m also sure I!!!8217;ve put I may decide to work until 65 too, but as ever there are some people who read threads and take on board op post but then some who spend all day wanting to make their own point instead.

Thanks everyone for helping my situation/circumstance.

wjr4

You won’t get any help on here if you start getting your back up and being so defensive. We are only here to help. Good luck to your IFA!

Frogstar

Hi firsttimer. You may spot I am also a firsttimer!

I think I would suggest 2 things.

1. People see the S&S ISA and assumed you would use that to retire earlier than you can access your pensions. However, as you state, you are not really interested in retiring before you can get your pensions.

In that case, consider using a S&S LISA to replace the S&S ISA. That is , use the SIPP and LISA. You won't be able to get the money until 60, but if you don't want the money until then anyway, the LISA will give you a lot more due to the 25% boost and compounding on that.

2. This may be a personal view, but I would always keep a DB pension as it is. No one knows how long they will live for, or exactly how the market will perform. It de-risks a portion of your plan, and your plan sounds like it gives you enough money anyway.

People posting here are just passionate about these things and are frustrated you have a different view to them. Don't get too stressed about it :beer:

noh

FIRSTTIMER wrote: »

Feel free to google some fund calculators and see the difference in total sums at the end of 23 years

I don't need to as it is plain that there will be no difference as Alexland has already explained to you.

bigadaj

FIRSTTIMER wrote: »

I!!!8217;m also sure I!!!8217;ve put I may decide to work until 65 too, but as ever there are some people who read threads and take on board op post but then some who spend all day wanting to make their own point instead.

Thanks everyone for helping my situation/circumstance.

Can you change your thread title please, as the last point is very misleading, you dint want any.

FIRSTTIMER

Well I do like a balanced response! Thank You.

Can someone explain to me where the cash will come from to top up my employer pension at 58 when I have a NPA of 65 with this and would mean I have 7 years underfunding that I could pay for in a lump sum before ceasing employment.

I am non the wiser if all I have is a SIPP, a LISA and 2 defined benefit schemes. I cannot recycle pension fund lump sums - it!!!8217;s illegal and taxable. Where is flexible cash if needed at 56/57 to finalise me departing employment at 58.

stoozie1

I didn't anticipate you being able to fund your current employer pension after age 58 if you retired then, so I thought you planned to draw from SIPP and savings at that point until your deferred pensions and SP kicked in.

FIRSTTIMER

So my back is up because I am correcting what I want. My IFA doesn!!!8217;t need help, as normally you go in and say what you want and they advise. I want beer not water. I wanted to retire when I said. The title doesn!!!8217;t need changing, just read the book instead. But hey ho, there!!!8217;s always the higher level thinkers and the low level thinkers in life. You can!!!8217;t keep everyone happy as he said after he!!!8217;s seen this thread! I now know how Terry Smith felt when reading his article that everyone kept correcting him so he did what he wanted on his own in 2010.

The main problem with the LISA is that most people start decision making around the 50-55 mark and that is when the S&S ISA funds will be useful to top up pensions (gaining tax relief) either in the SIPP or the Employer Pension or both, it!!!8217;s trapped otherwise until 60 with minimal flexibility from age 50 to 60. So why bother having a LISA, a S&S ISA and a SIPP all running together alongside 2 DB Schemes. I!!!8217;m not a millionaire.

Using a SIPP completely tax free for 7 years is going to be the same as using a LISA for 5 years. So I am not hung up on it and this thread is over clearly. Thanks Everyone.