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

cfw1994

westv wrote: »

Checks?! :mad:

That's someone working abroad....it will be a cheque once they return :rotfl:

DairyQueen

Mrs_Z wrote: »

Anyone else made radical decisions???

Not exactly 'radical' but over the last 12 months Mr DQ has transitioned from a dedicated 'one-more-year-er' to agreeing a retirement date (April 2021) and, in the last 6 months, the deadline has reduced to a new aim of full retirement 'by end of 2020'.

His mother's recent transition to palliative care has had a profound effect. We are, after all, next in line. His fave saying of the moment: "nobody ever looks back and expresses regret at not spending more time at work".

Amen to that.

(Congrats btw).

bugslett

Congratulations:j

5 months in and work seems 5 years ago.

missile

Mrs_Z wrote: »

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.?

Clever way to hedge your bets, but why wait until May? Do you have to give 6 months notice?

Mrs_Z

missile wrote: »

Clever way to hedge your bets, but why wait until May? Do you have to give 6 months notice?

I prefer to go at the beginning of the summer with the long days (and good weather) ahead of me. I'm a keen gardener and spring is always a busy time in the garden so i'm planning to take full advantage of this and enjoy the outdoors instead of being handcuffed to my desk!
Also, 3 months notice is required for the sabbatical, and I have 2 or 3 months (can't remember exactly) notice period - so should they turn down my application for the sabbatical say in March, I still have time to hand in my resignation and go as planned. But this is of course dressed as ....I'm giving you plenty of notice so you can plan accordingly for my replacement,,, etc... :rotfl:

Happymonday

I planned to take early retirement at 55 and this was an objective for me for over 16 years before I eventually took it last August. One of the drivers was that my dad worked until he was into his 70's and then due to ill health was unable to enjoy his remaining years to the full. However, finishing last year led to me learning a few important things. Financial freedom is one thing but you need to be in the right mindset and still have a real purpose to get up every day (you eventually find that there is no more decorating or gareden projects to complete!). Also your partner needs to be ready and mine was not and continues to work part time. Getting the right balance takes time but you eventually get there. I now do enjoy my retirement and have plenty of hobbies and learning opportunities going on - but if my partner wasnt working only 3 days a week I think I would be back working again.

cfw1994

Happymonday wrote: »

I planned to take early retirement at 55 and this was an objective for me for over 16 years before I eventually took it last August. One of the drivers was that my dad worked until he was into his 70's and then due to ill health was unable to enjoy his remaining years to the full. However, finishing last year led to me learning a few important things. Financial freedom is one thing but you need to be in the right mindset and still have a real purpose to get up every day (you eventually find that there is no more decorating or garden projects to complete!). Also your partner needs to be ready and mine was not and continues to work part time. Getting the right balance takes time but you eventually get there. I now do enjoy my retirement and have plenty of hobbies and learning opportunities going on - but if my partner wasn't working only 3 days a week I think I would be back working again.

Some great points here....& I do personally worry that I am so focussed on the FI part of FIRE, I might forget the detail of what I want to do!!
Yes, a load of 'jobs' around the house....I'd be fairly happy to almost "drift along" for a year & see how things go: I know a few early retirees, & they all tell me they have never been busier: I'd quite like to be NOT so busy!!
Plenty of ideas, a couple of hobbies & a volunteering role I've been doing a while should help, but.....yes, the mental side is important!

missile

Originally Posted by Happymonday
...… you eventually find that there is no more decorating or garden projects to complete! …....

Not in our house. There always seems to be something else to put off doing.

savingholmes

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 agree. I have read loads on FIRE now and watched lots of youtube and come up with a plan. We now think we could retire by 60 if we pay into a sipp and then use it to repay the mortgage. One of my DB pensions would pay £35K lump sum then and £6K a year. So we are looking at a drawdown of £26.2K (between age 60 and 67) if we wait until then plus 25% lump sum for our mortgage. I think though that if we are willing to work part time or part year which should be possible in my industry that we could potentially go sooner. If we work to 55 then we would qualify for full SP at 67 and would have a pension to look forward to at 67 of around £40K.

I am still playing around with different models that would help get me there. I am currently expecting to invest £24K a year plus £6K tax relief from 2021 to enable that to happen. Then hopefully if we get 5% return or more we should be sorted by 60 in a good Vanguard fund (thank J L Collins - Simple path to wealth) - possibly even before.

Mrs_Z wrote: »

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 sabbatical sounds positive. There's nothing to stop you choosing to earn money later or if you need to. This now gives you freedom of choice.

crv1963

I think though that if we are willing to work part time or part year which should be possible in my industry that we could potentially go sooner. If we work to 55 then we would qualify for full SP at 67 and would have a pension to look forward to at 67 of around £40K.

Sounds like a similar figure to us. Our combination of pensions providing a base of around 30k pa then when SP kicks in it rises to around 47k pa.