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

DairyQueen

barnstar2077 wrote: »

DairyQueen you are a good daughter, I don't know many people these days that would look after parents if it meant being away from their partner for most of the week.

At least I have custody of the TV remote most of the week

barnstar2077 wrote: »

I am into tiny home living and sustainability at the moment and would like to see retirement communities made up of tiny homes that are adapted for use by the elderly and the disabled with a central hub for socialising. Shipping container homes can be decorated beautifully inside and out and if they are made form scratch to be accessed easily with no steps etc then they can make for very comfortable, affordable housing. Which would give retired people a great way to live independently at an affordable price with beautiful green surroundings and a ready made community of like minded people to socialise with,

How do shipping containers compare to residential caravan homes? Do the latter qualify as 'tiny homes'?

enthusiasticsaver

We are a few years ahead of you on the retirement journey.

DH retired in 2016 at the age of 58 and I retired a year ago just shy of my 58th birthday.

We had been overpaying into our pension for many years and paid off our mortgage and a few years ago also embarked on SIPPs and S and S ISAs. I had been monitering our spending so had a good idea what level of income we needed and took the plunge 2 years earlier than planned. Initially we were aiming for 2020 but my DHs pension forecast was better than expected and we thought why wait.

We have a good level of income from our DB pensions (£35k a year) and a significant amount of savings in current accounts and internet savers and investments in DC pensions not yet crystallized and SIPPs and S and S ISAs. 25% of our total money is in cash so readily accessible and 75% is invested. The cash amount is quite high as we want to do a few things to future proof our house, new kitchen went in last year and we intend to do holidays, some overseas and some UK. We are aiming for around 4 breaks a year at least one with the family which we will probably pay for. Financially we don't have any difficulty living within our pensions but expensive holidays, new cars and large home improvement projects will need to come from savings. We have not allowed for care home costs should we need it though. We do have a house though and by the time our state pensions and other pensions pay out we will have around £50k+ income each year.


Having the freedom to do whatever we want mostly is priceless and so worth the sacrifices we made to overpay into pensions and investments and mortgage. Individually and together we go on days out when the weather is nice, we both have hobbies we enjoy and we have a membership to our local country club which has a pool and spa, exercise classes and gym, badminton etc. We see friends and I go walking and read, garden and play my piano. I also am researching my family tree. DH is into electronics and trains and we look after our grandchildren 1 day a week. I can honestly say I am never bored and am enjoying catching up with friends I have not been able to see that often over the last few years as gradually they are all now starting to retire. I plan to explore the U3A this year and join some of the groups. I also belong to a book club.


Luckily we are both fairly fit and healthy and this is the sad thing we have noticed is that many who have either had to work until state pension age or have chosen to because they rely on work for social contact, fear of getting bored or being lonely because they have no hobbies often seem to struggle with their health and do not enjoy an active retirement.


So my advice would be get your finances in order and make sure it will be enough to allow you to have the sort of retirement you want. Some can survive on less than £15k per annum and some need £40k+. Most of us are somewhere in the middle.


Next I would think about how you want to spend your time. If you don't have hobbies maybe think about things you might want to do if you had more spare time. Reach out to friends particularly if they are also retired or retiring and talk about things you can do together with them as well as your partner. Some husbands and wives do everything together. We have our own separate interests but like doing some things together. Having things to talk about with your partner now work is not the main focus is important in my view.


Think very carefully before family members claim your newly free time whether it is elderly parents or children asking you to do childcare for grandchildren. One of our daughters lives locally to us and the intention always was for me to do one day a week childcare even while I was working part time. We have left it at one day a week although we now have 2 grandchildren. Some of my friends have ended up doing a lot more though and are more exhausted than when working. My mum lives a long way away so day to day care is impossible for me to do and my siblings live a lot closer to her. Being retired allows me to visit more often though and for longer periods. My DHs parents are both dead.


Those are my few bits of advice for those of you approaching this period in your lives over the next few years. We never regretted retiring early but we were lucky in that our finances allowed for this through careful preparation.

atush

Neither of us have ever hd DB pnsions, so that really is part of why you couold go so early.

But no one begrudg you, you saved hrd and are now reaping the benefits

barnstar2077

DairyQueen wrote: »

At least I have custody of the TV remote most of the week


How do shipping containers compare to residential caravan homes? Do the latter qualify as 'tiny homes'?

The residential caravan / static homes are great, the living space is often very generous. However they are often poorly insulated when bought. I know two people that own them in England and they both had to do extra work to to insulate them, on one the central heating even used to freeze up in winter and stop working completely!

The reason that container homes interest me is that they can be tailored to suit everyone, from people who combine two to six containers to make large houses to people who make very cheap properties from only one like the link below:

https://www.youtube.com/watch?v=CWjqIyLXLDU

Of course tiny homes don't have to be made from containers. This is a great example of what can be achieved for someone who is retired and needs a bit more help because of reduced mobility. It also looks massive because they have added a large veranda with netting to the front to provide more living space. I don't like the way the bed is done on here personally, but the build over all is still impressive:

https://www.youtube.com/watch?v=BlQ3yuUmBiw

A thought to leave you with, a rough estimate puts the amount of unused shipping containers at approximately 10 million world wide! :eek:

DairyQueen

barnstar2077 wrote: »

The residential caravan / static homes are great, the living space is often very generous. However they are often poorly insulated when bought. I know two people that own them in England and they both had to do extra work to to insulate them, on one the central heating even used to freeze up in winter and stop working completely!

The reason that container homes interest me is that they can be tailored to suit everyone, from people who combine two to six containers to make large houses to people who make very cheap properties from only one like the link below:

https://www.youtube.com/watch?v=CWjqIyLXLDU

Of course tiny homes don't have to be made from containers. This is a great example of what can be achieved for someone who is retired and needs a bit more help because of reduced mobility. It also looks massive because they have added a large veranda with netting to the front to provide more living space. I don't like the way the bed is done on here personally, but the build over all is still impressive:

https://www.youtube.com/watch?v=BlQ3yuUmBiw

A thought to leave you with, a rough estimate puts the amount of unused shipping containers at approximately 10 million world wide! :eek:

I like the idea of recycling. The biggest issues I see are two-fold:

1) Storage.
I defy you to find a home that doesn't store a plethora of stuff. Much will never be used but some items are required even if only once a year.

2) Open-plan
Hate it.. And I mean really hate it. Having my kitchen open-plan to the living area is my idea of hell. Having my bedroom on show would be a step beyond any boundary.

I am probably a luddite but, hey, each to their own.

barnstar2077

DairyQueen wrote: »

I like the idea of recycling. The biggest issues I see are two-fold:

1) Storage.
I defy you to find a home that doesn't store a plethora of stuff. Much will never be used but some items are required even if only once a year.

2) Open-plan
Hate it.. And I mean really hate it. Having my kitchen open-plan to the living area is my idea of hell. Having my bedroom on show would be a step beyond any boundary.

I am probably a luddite but, hey, each to their own.

Well, if you design it yourself you can add a lot of storage, inside the bed and sofa etc, and in loft spaces or under the floor even. They do tend to appeal to people who are embracing a more sustainable lifestyle though, people who only buy what they need for the most part.

I agree with you about open plan living, I am not a huge fan of having a kitchen attached to me living room with no door, but then to go tiny you have to make some compromises . I know that a lot of conventional houses with open plan living can be a pain to keep warm, but that wouldn't be a problem with such a small space as a tiny home, I myself would definitely need a bedroom that was isolated from the rest of the house to feel safe at night though.

I do think that if governments supported them more that tiny homes could be a great way for young people to save up for a family home or for the elderly to retire with independence and money in their pocket. They wouldn't be a burden on the state as they would make money by selling their conventional houses to buy a tiny home at a fraction of the cost.

Sorry for going off topic, quick, someone say something about pensions! :rotfl:

DairyQueen

barnstar2077 wrote: »

Sorry for going off topic, quick, someone say something about pensions! :rotfl:

I don't think you are off-topic. After all, this is a retirement/pension planning thread and downsizing is often part of that picture.

I know a couple who sold their property and bought a holiday park home and a caravan. They spend the winter months, when the park is closed, travelling in southern Europe. Spring-thru-Autumn is spent in the UK. Obviously this isn't a particularly sustainable way to live but it sure seems to be fun and good value.

I was surprised at the spaciousness and comfort of the park home. It's like a tardis. Two decent bedrooms, both with en suites, plus a full-sized kitchen. They are surrounded by other retirees and they have plenty of cash to fund their travels.

They do have a storage issue though. Not much space to store things like stepladders, ice boxes, photo albums and tools. My friend still has her wedding dress from circa 1982 and it's packed carefully in a large box. No chance that she would 'declutter' it. It's those kinds of things that a tiny home can't accommodate.

OH would need an entire bedroom just to store his clothes

barnstar2077

DairyQueen wrote: »

I don't think you are off-topic. After all, this is a retirement/pension planning thread and downsizing is often part of that picture.

I know a couple who sold their property and bought a holiday park home and a caravan. They spend the winter months, when the park is closed, travelling in southern Europe. Spring-thru-Autumn is spent in the UK. Obviously this isn't a particularly sustainable way to live but it sure seems to be fun and good value.

I was surprised at the spaciousness and comfort of the park home. It's like a tardis. Two decent bedrooms, both with en suites, plus a full-sized kitchen. They are surrounded by other retirees and they have plenty of cash to fund their travels.

They do have a storage issue though. Not much space to store things like stepladders, ice boxes, photo albums and tools. My friend still has her wedding dress from circa 1982 and it's packed carefully in a large box. No chance that she would 'declutter' it. It's those kinds of things that a tiny home can't accommodate.

OH would need an entire bedroom just to store his clothes

I have declutterd massively over the last few years, to the point where I am starting to know where stuff is now when I need it! :rotfl:

I have heard about people who take photos of objects that have sentimental value and then store those images, at home and in the cloud as a backup. They then don't need the original object that takes up space any more as they can look at the pictures to remind themselves of the memories. I haven't gone this far myself, but I can see how it might let some people who have a tendency to hoard mementos to finally let go of them when downsizing.

Quick update on my status towards retiring early: I am having to take a couple of months off from paying into my SIPP to help out a friend financially. Feeling a bit depressed about it, but know it is a drop in the ocean in the long run really.

JoeEngland

barnstar2077 wrote: »

The residential caravan / static homes are great, the living space is often very generous. However they are often poorly insulated when bought. I know two people that own them in England and they both had to do extra work to to insulate them, on one the central heating even used to freeze up in winter and stop working completely!

The reason that container homes interest me is that they can be tailored to suit everyone, from people who combine two to six containers to make large houses to people who make very cheap properties from only one like the link below:

https://www.youtube.com/watch?v=CWjqIyLXLDU

Of course tiny homes don't have to be made from containers. This is a great example of what can be achieved for someone who is retired and needs a bit more help because of reduced mobility. It also looks massive because they have added a large veranda with netting to the front to provide more living space. I don't like the way the bed is done on here personally, but the build over all is still impressive:

https://www.youtube.com/watch?v=BlQ3yuUmBiw

A thought to leave you with, a rough estimate puts the amount of unused shipping containers at approximately 10 million world wide! :eek:

The small house in that first video would barely be able to store our books, DVDs and CDs, let alone have any other fittings or space in it!

barnstar2077

JoeEngland wrote: »

The small house in that first video would barely be able to store our books, DVDs and CDs, let alone have any other fittings or space in it!

That was an example of the budget end of what can be done

Tiny homes are not for everyone, although I did used to be a weapon of massive consumption! But as I have grown older I no longer see the value in objects the way I used to. A film DVD for example, I would buy them, watch them once or twice then store them somewhere. I can count on one hand the number of films I want to watch more than a couple of times, so it actually makes more sense for me to stream films that I want to see for a small one off cost. I save a lot of money and I don't have to store them anywhere. Other people will be film mad and watch them ten times each though of course.