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

RueyE

missile wrote: »

That did not work for me. I found you can never go back there again.

In my situation, I found that after being made redundant, and therefore contemplating retirement, I did indeed take a job that paid about a third of my previous job's salary.
But this job was in a completely different sector, and a job that I have never even considered before. I found a change was as good as a rest and really enjoy the current work. Also it was considerably less stressful - hence the enjoyment of work.
It has allowed myself and the OH to ramp up the retirement planning, and seeing how we can live on a much lower income has been a useful exercise along the way.

BoxerfanUK

crv1963 wrote: »

this follows reading other threads and in particular k6chris thread that has been moved to the discussion time board.

CRV.... what board is this please? I can't seem to find the one you refer too.

MallyGirl

https://forums.moneysavingexpert.com/forumdisplay.php?f=58

Money Savers Arms

BoxerfanUK

MallyGirl wrote: »

https://forums.moneysavingexpert.com/forumdisplay.php?f=58

Money Savers Arms

Thanks MallyGirl :beer:

savingholmes

crv1963 wrote: »

That's only 18 years, which seems a long time, but 1982 when I first started work seems like yesterday! Have you got a plan? We started out seriously looking at it all 2 years ago, before that it was all a bit nebulous. The information here has been invaluable.

If I work to 67 - we would retire on around £51K which sounds fab. By the end of 2020 we intend to be credit card free - and by the end of 2027 we could be mortgage neutral - there is still a big step from there to creating sufficient investments / part time income to be able to retire early Currently listening to the £ or your life for ideas..,

shinytop

savingholmes wrote: »

If I work to 67 - we would retire on around £51K which sounds fab. By the end of 2020 we intend to be credit card free - and by the end of 2027 we could be mortgage neutral - there is still a big step from there to creating sufficient investments / part time income to be able to retire early Currently listening to the £ or your life for ideas..,

Not sure what your 'number' is but £51k is way more than most have to retire on. Maybe you could manage on a bit less and retire earlier while you have time and good health to enjoy it?

JoeEngland

shinytop wrote: »

Not sure what your 'number' is but £51k is way more than most have to retire on. Maybe you could manage on a bit less and retire earlier while you have time and good health to enjoy it?

I was thinking the same. Presumably the benefit you get from a high retirement income starts to diminish when you reach your 60s anyway as health and fitness will on average be on a downward slope. Not forgetting that the hazard figure (% of people who won't make it to their next birthday) increases each year.

Mrs_Z

Hello everyone,

An update again since we have now moved from summer to autumn and I’ve pretty much reached 6 months of this ‘working abroad’ thing.
In my last post I said I was hovering with a decision whether to pack it all in at the end of May. Well, I no longer hover, I’ve made the decision, and it’s is a YES. Scary as it is, once I dared to come to that conclusion, I just felt a wave of liberation and joy and now can’t wait to go and there’s no looking back.
That’s literally 7 pay checks before the tap runs dry!!! OMG!!!! :eek:
The finances are not quite where I’d like them to be, but equally, they are near enough at 80% of the target.
At that level, I feel comfortable enough to take the risk and jump off the wagon. Yay!!! There is enough financial cushion to support me for the time being. I’m not ruling out ever working again – but it’d have to be on my own terms, no more slaving 40hrs+ week plus commuting.
Maybe some kind of part-time local job at max 20hrs pw.
Bosses have been verbally told at work, formal letter is typed and ready and I’ll be submitting it next week. You may wonder why such a long notice. Well, I’m am actually submitting an application for a 1 year sabbatical. Which, if approved, would still give me an option to return, although not necessarily to the same position. I thought about what I would do if it got refused. If that happens, then I shall hand in my resignation – so either way, I’ll be going - at the end of May if all goes to plan.
The timing feels right. I need to take some time off and distance myself from the daily grind. Who knows which direction my life will go? I’ll be happy to go with the flow.
I also have elderly parents living in (yet) another country who are starting to be in need of support. At least I’ll be able to spend some time with them too before it’s too late.

Anyone else made radical decisions???

cfw1994

Mrs_Z wrote: »

<snip>
That’s literally 7 pay checks before the tap runs dry!!! OMG!!!! :eek:
<snip>

Anyone else made radical decisions???

That bit about the tap running dry puts it into perspective, eh!

I'm strongly considering a similar timeframe....& also considering whether to ask about a sabbatical to see what happens. Only on a 1 month notice, so no rush here, but plenty of thought going into this (& calculations too!).
Plenty to think about, for sure!

Congrats!

westv

Checks?! :mad: