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Plotting for an early retirement - anyone want to join me?

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Plotting for an early retirement - anyone want to join me?

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Mrs_ZMrs_Z Forumite
963 posts
Ninth Anniversary 500 Posts I've been Money Tipped!
Hello to all fellow forum members,
I've been reading the Early Retirement Wannabe thread but as it is rather long, I thought I start a new one instead.
So yes, like the title, I've been plotting an early retirement for some time. In fact it was all going swimmingly and my plan was to throw in the towel in 2023 (at the age of 55). But then the Brexit happened which has changed everything. In two months time, my work will be relocating to another EU country as a consequence.
I've decided to stay on the job for the time being, just 1 more year as the relocation package is rather generous and it's unlikely that I'd found another job in the UK with corresponding level of salary/benefits etc. This could mean that the early retirement might well become a reality in 2020. That is scary! :eek:
If that were to be - there will be 11 years gap before I start getting the work pension from the age of 63 and my plan was based on 8 years. There are options of course to get around this; to get a part-time job, maybe start some kind of business myself, etc but let's see what happens!
Anyways, that's my introduction, more to follow as the journey progresses. In the meantime - please join the ride if you are thinking/dreaming/planning of early retirement or have already retired and can contribute with any tips/experience etc.
It is going to be tough to stand it out....even til 2020!



  • MushyPeasMushyPeas Forumite
    3.1K posts
    Debt-free and Proud!
    Will be interesting to follow, good luck!
    Previous debt: £14K :embarasse Debt free: Sept '03 :DMFW#42 Mortgage OP savings £4271.18/£12000 2019 :)Started dating OH Mar '12, married Oct '12, Walnut born Dec ' 12 :A SPC 12: 99 £38.05/£500 Make money Jan: £412.34/£310 :T Feb: £88.79/£280 May: £215.52/£310 June: £18.98/£300
  • SystemSystem
    177.7K posts
    10,000 Posts Name Dropper
    Not at all sure I can contribute many interesting tips to help you out, but will follow your progress with interest and hope you make the right choices.
    I am currently 61 and already drawing a work pension from a job I left back in 2012...made redundant, but had worked for them for several years. Now only work very part time, and obviously got another 4 1/2 years till I can draw my SP. OH is younger than me by quite a few years and dreams of early retirement so that I won't be too old when he finally gives up work. Not sure how it will all work out though. We are currently in between paying off a few debts and boosting our savings and trying to OP the mortgage...its all good fun.

    Good luck though and I will follow your journey.
  • atushatush Forumite
    18.5K posts
    Ninth Anniversary 10,000 Posts
    Relocation can be difficult- your thread will be intteresting to read. when do you move? Will you keep your UK home and rent it out?
  • cfw1994cfw1994 Forumite
    748 posts
    Part of the Furniture 500 Posts Name Dropper Photogenic
    Interesting times, eh.

    I'm curious what line of work you are in that has made that firm decision to relocate...& is it to somewhere you know you will enjoy, or are you viewing it as just that stop-gap?

    Also: are there other people involved (partner/offspring/parents, for example - I know you call yourself MrsZ, but I make no assumptions!) that make things....more challenging!?

    Good luck, I suspect if you are 'forced' to duck out early, you will either find alternative employment, or more likely, never regret it :beer:
    Plan for tomorrow, enjoy today!
  • MallyGirlMallyGirl Forumite, Board Guide
    4.9K posts
    Seventh Anniversary 1,000 Posts Name Dropper Intrepid Forum Explorer
    I seem to be pretty much the same age as you but it has been hard enough to get OH to consider retiring at 60 - I suspect 55 would be a step too far. He is 2 weeks younger than me so that makes some things simpler.
    DD is aiming for a 5 (or 6) year uni course starting in 2020 so I don't think we will be able to have any more serious conversations about end dates until she is firmly ensconced there.
    For now we are loading up the pensions to the max with some also going in S&S ISAs. All DC pots, apart from a tiny FS scheme for me, so we can take from 55 if we wanted to.
    I am going for my first job interview in 20 years this week (scary) after finally responding to a LinkedIn approach. I suspect this will tell me whether I am in my final job or whether I want to take one last change of scene.
    I'm a Board Guide on the Debt-free Wannabe, Loans & Credit Cards boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to [email protected]
    Any views are mine and not the official line of
  • crv1963crv1963 Forumite
    1.3K posts
    Sixth Anniversary 1,000 Posts Name Dropper
    Hi MrsZ

    I'll come along for the journey too- we've embarked on a similar journey without the move abroad so I shall watch with interest!

    Good Luck
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
  • BravepantsBravepants Forumite
    906 posts
    Ninth Anniversary 500 Posts Name Dropper Photogenic
    I'm also 55 in 2023! I have a DB work pension, one portion I can take from age 60, the other I can take from 55 actuarially reduced. I'm paying extra into the second portion to boost this. I have a SIPP I'm in the process of moving to a cash account as I have enough in there to carry me from 55 to 60, taking into account tax allowance etc. I'm also stashing into a S&S ISA. Currently boosting cash fund for emergencies and to compensate for downturn in the futre rather than drawdown from ISA.

    Nominally 4.5 years to go for me!
    If you want to be rich, live like you're poor; if you want to be poor, live like you're rich.
    Be brave enough to invest against the herd!
  • edited 8 January 2019 at 7:20PM
    ThrugelmirThrugelmir Forumite
    72.1K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 8 January 2019 at 7:20PM
    Mrs_Z wrote: »
    But then the Brexit happened which has changed everything.

    That's life. My life time job disappeared when the Company I worked for was acquired by an American outfit in 2000. Jobs for life disappeared a very long time ago. The one certainty in life is uncertainty.

    Enjoy life every day for what it is. :)
    “Markets have been so good for so long, that many investors are trivialising the advanatages of actively managing portfolio risk" - Gervais Williams
  • Happier_MeHappier_Me Forumite
    563 posts
    I'll join you for this journey, it will be interesting to see how you get on.

    I'm younger at 43 (husband is 42) and our aim is to retire at 55, so we have a way to go yet. Our original plan was to have a joint income of £30k net from the age of 55...and we've pretty much got this in the bag from the age of 60, but I'm think I need to increase the 'contingency' so now aiming for £35k.

    Our current retirement income is made up mainly of 2 X state pensions (8 more years to pay in to get the maximum), 1 good DB scheme worth £12.5k from 60 and still growing and a company DC plus a few other bits.

    We have 12/13 years to go and although I feel like we're on track, we do have gaps in our retirement savings that we're working to address. Brexit is making me feel very nervous at the moment, particularly how this will be impact retirement savings and future job security.
  • OldBeanzOldBeanz Forumite
    927 posts
    Seventh Anniversary 500 Posts
    As someone who was hugged (not squeezed) by the older and younger generations who retired a few years ago in my early 60's and who enjoyed the original retiring early thread, I hope this shows more the benefits of going early and doing other things.
    I now work 2 days a week while waiting for my son to go off to Uni but am now doing a job which I would have done all my life - if the pay was not less than I was earning 30 years ago.
    Go now, you can afford it, the world's your oyster - should be the watchwords :)
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