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

barnstar2077

Marine_life wrote: »

That's an incredibly low level of outgoings. I assume that's for one person rather than a couple?

I am single and aiming for 12k as well. I live a simple life and it will actually give me more than enough money for what I want to do (plus it will then be topped up by the SP.) Alas it won't be before I am 57 as anyone reaching 55 after 2028 will have to wait until they are 57 to access their pensions(currently.) I hope more people who are on average wages take part in this thread. I know wealthier people are more likely to be able to afford to retire earlier, but I think that people on average wages will benefit greatly from any advice/tips and will probably feel a greater sense of satisfaction from having escaped menial work earlier than "The man" wants them to! :beer:

Sambella

I’m another who is aiming for £12k pa but will have to work til 62 (2024) before I can think of early retirement . State pension age is 67.

My 2 pensions should total approx £9k pa when I’m 62 and will have savings to top it up to £12k pa from 62-67.

I may also consider some part time work and there is also scope to downsize from a 3 bed to a 2 bed house.

JoeCrystal

Marine_life wrote: »

That's an incredibly low level of outgoings. I assume that's for one person rather than a couple?

Well, I am single and likely remains so for the rest of my life. If I excluded my mortgage/retirement saving, my living costs apart from foods/entertainment/holidays (which I don't track) added up to little over £300 per month. If nothing's changed, I would be expecting my living cost around the same.

kev2009

My company pension currently predicts around 9k a year pension based on retiring at 65 with no partner etc as i' single at present I don't foresee that happening, getting on a bit now lol. It is also based on me taking 25% tax free. IF i don't take any money and leave it all in my pension, i would get £13k a year it predicts. However, working out how long it would take to get the 25% tax free, i think i'm better off taking the 25% tax free. On top of this, i'm currently on-target to get full state pension on top so 9k + 8.5k approx which isn't a lot considering between myself and employer there is 18% going in but as i'm still 20+ years away, these are all just "predictions" and no one knows what will actually happen and wont get any meaningful predictions until probably 55+ when it starts to get closer.

I'm hoping to ideally, once I pay of mortgage, i'm hoping to increase contributions to the pension or maybe just make some one-off payments into the pension if i can to increase it, i doubt i'd ever hit the 40k a year limit as i'm standard rate tax payer.

Kev

MrSaver96

Will follow this thread with interest. I’m only 22, currently contributing into a pension alongside my employer via salary sacrifice. Currently don’t save outside my pension as just applied for a mortgage. It would be interesting to know what people do/did early on in terms of their retirement plans? Any advice/ thoughts welcome!

mark55man

good to start early - will significantly reduce the stress of starting later and playing catch up with the clock ticking down

don't leave yourself short - although even if you have to rein back as life overtakes you those early contributions will continue to work - and if the worst happens to you before retirement - they are (currently) very tax efficient ways of passing money to beneficiaries - although god only knows what the politicans will have done by 2072 (75years old is a significant age)

ggmf

caldejud wrote: »

I know many on here use Retireeasy....

I keep looking at this trying to decide if the monthly fee is worth it. I still seem to have access to the old 'free' basic version, if I plug in my numbers, then the output agrees with my very basic spreadsheet. Are the 'Classic' or 'Premium' version worth the extra? is there a minimum sign-up period?

bugslet

MrSaver96 wrote: »

Will follow this thread with interest. I’m only 22, currently contributing into a pension alongside my employer via salary sacrifice. Currently don’t save outside my pension as just applied for a mortgage. It would be interesting to know what people do/did early on in terms of their retirement plans? Any advice/ thoughts welcome!

I did have a pension of my own from an early age, though paid little into it. It wasn't until my mid 30s that I could more than 10% of my income in. The cash side of it, which will tide me over for ten years, comes from closing my business.

barnstar2077

ggmf wrote: »

I keep looking at this trying to decide if the monthly fee is worth it. I still seem to have access to the old 'free' basic version, if I plug in my numbers, then the output agrees with my very basic spreadsheet. Are the 'Classic' or 'Premium' version worth the extra? is there a minimum sign-up period?

If you click on caldejud's user name and select "find more posts" scrolling down you will see that pretty much every post is about that website. With the exception of apologising for having "accidentally" posted comments about it in the wrong section of the forum lol. Not that I am cynical of course :rotfl:

MallyGirl

I do have the free version of RetireEasy - it is interesting but I also feel it is overly optimistic compared to some of my spreadsheet figures. I wouldn't pay for it