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

stronginthesun

cns06 wrote: »

For us as a couple we think we will *need* about £17-£18k a year.

We wont retire until we can fund at least £24k a year as the above would be a bare budget covering just fixed living costs. The additional 6-7k will be for luxuries and whilst not 100% needed there is no point retiring early, in my eyes, unless you can enjoy yourself.

just not working is enjoying myself

missile

Originally Posted by cns06
For us as a couple we think we will *need* about £17-£18k a year.

We wont retire until we can fund at least £24k a year as the above would be a bare budget covering just fixed living costs. The additional 6-7k will be for luxuries and whilst not 100% needed there is no point retiring early, in my eyes, unless you can enjoy yourself.

You will be working for a long time then?

atush

fred246 wrote: »

I think Martin Lewis did a piece on student loan repayments on one of his programmes. The amount you pay only depends on your salary. So if you will never repay it you might as well borrow as much as possible. My kids will just put the extra in their house deposit accounts.

Yet my 3 boys with excellent graduate jobs would have had to pay it all back and 2 of them with high interest. Which is why they have no student debt as we paid.

So martins opinion is for those who got degrees that dont lead to good jobs really.

Anonymous101

atush wrote: »

Yet my 3 boys with excellent graduate jobs would have had to pay it all back and 2 of them with high interest. Which is why they have no student debt as we paid.

So martins opinion is for those who got degrees that dont lead to good jobs really.

You've got to question the logic of going to University at all if its not got a high likelihood of leading to a good job. IMO University is blindly pushed on many young people who would be much better off getting into vocational careers straight away.


I can speak from experience here as my first degree, even though it was a science, did not lead to a good job. I managed to eventually get myself a job in a totally different industry as a trainee with an employer which offered to pay for further study. Realistically I could have got this job without going to University first time around. For many reasons I now think that this is the most suitable way for our young people to gain further education.

atush

I completely agree, yet the courses exist and people study them.

Anonymous101

atush wrote: »

I completely agree, yet the courses exist and people study them.

The fact they exist is very political IMO. It keeps the unemployment statistics looking good and eventually leads to people staying in full time employment, and therefore paying taxes, for longer.


Plus there is a whole industry dedicated to further education. For me Universities only provide undergraduate courses to raise income, I know for a fact that several of the lecturers only give the lectures because they are obliged to.


I now believe that most higher education courses are a complete luxury. Almost back to the purpose for which they started when only the wealthy could afford them. Only now the government pushes them as a way for everyone, especially the disadvantaged, to better themselves. I don't believe for one minute that this is true. If they really wanted that they'd teach personal finance, tax, etc in schools and give proper careers advice that was actually insightful and relevant.


Sorry I got a little bit carried away with these posts!!!

Workerbee999

I really don’t understand why personal finance, credit cards, tax, mortgages, pension planning etc. aren’t part of the general curriculum in schools when so much less relevant stuff is. Leaving it to families and individuals themselves can mean the values are only passed on from those who plan well, and for others from different backgrounds they end up following the same mistakes

Anonymous101

Workerbee999 wrote: »

I really don’t understand why personal finance, credit cards, tax, mortgages, pension planning etc. aren’t part of the general curriculum in schools when so much less relevant stuff is. Leaving it to families and individuals themselves can mean the values are only passed on from those who plan well, and for others from different backgrounds they end up following the same mistakes

I don't understand it at all. I think we all use a fraction of what was taught to us in school. Even from core subjects like English, Maths and Science. Personal finance is relevant to everyone throughout their lives. Of course they'd have to teach the teachers first but that's besides the point. Perhaps its just not in the governments interest to raise standards of education in this area.

fred246

atush wrote: »

Yet my 3 boys with excellent graduate jobs would have had to pay it all back and 2 of them with high interest. Which is why they have no student debt as we paid.

So martins opinion is for those who got degrees that dont lead to good jobs really.

It actually comes down to when you want the money. So my kids will leave university with very large bank balances which they will use as a deposit to purchase a nice house in a good area with good schools. However 20 years down the line if they are on six figure salaries they may be cursing the 49% tax rate that is stopping them pay their mortgage off and retire early. I could have paid their fees and accomodation but they would leave university penniless and I would be too. If they only earn £40k and have years off for travelling or childcare we will be quids in.

michaels

atush wrote: »

Yet my 3 boys with excellent graduate jobs would have had to pay it all back and 2 of them with high interest. Which is why they have no student debt as we paid.

So martins opinion is for those who got degrees that dont lead to good jobs really.

Which is apparently something like 80% who won't pay it all off. For those who can earn enough to pay it off quickly the high interest rates are also not such a big factor, it is those who pay most of it off who get the worst deal. Given that parents can probably borrow much cheaper against their homes there would at least be a case for those who's kids are choosing degrees likely to lead to the loan being repaid to lend them the money privately - assuming they can trust them.