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

GenghisKhan

atush wrote: »

Have you budgeted for post brexit complications? Such as having to pay for private health care etc?

I think we're minimising our risks as much as possible. I believe there are two considerations - timing and £'s.

On the timing front I think there are 3 key dates - Brexit day which is the 29 March 2019, the end of the draft transition agreement which is the end of 2020 and then whatever agreement exists (if any) for post 2020. To minimise our risks here we'll leave the UK in the Autumn of 2018 which gives us plenty of time to register ourselves in our new country pre-Brexit day. Rationale is that the transition agreement is not agreed until "everything is agreed" which means if a hard Brexit occurs the transition agreement could be in danger or maybe modified in some way. I'd prefer to be in and registered pre-Brexit as an EU citizen. Of course there's still risk but at least I think we've minimised it.

On the budget front I think there are two risks:
- Healthcare as you mention. As we'll be pre-State Pension Age and not working we'll need private anyway and have quotes in place already. The problem is that as we age the annual price will go up and post a certain age it could become problematic. If I understand the current proposals post State Pension age provided we're in prior to Brexit we should still be able to get the S1 but if not we've picked an insurer who will still insure us post age 75 with a co-pay. At that age I expect our need to travel etc will have subsided so we should have plenty of annual spending available.
- State Pension and specifically will it be uplifted with inflation etc. Since starting on my journey to FIRE back in 2007 I've always assumed I'll be somehow (age pushed out, means tested etc) excluded from the State Pension so plan on £0 per annum. Anything above that is a bonus and would add to our fun money.

From where I sit the management of Brexit is a shambles. The Tories have wasted most of the Article 50 time arguing amongst themselves what Brexit means and still haven't agreed. Why they didn't do this pre-A50 is beyond me. So it's a mess but I'm not going to surrender our dreams because of it while also acknowledging we're taking some, albeit I believe fairly small, risk.