Early Retirement - (nearly) one year on

shinytop

Nullboris wrote: »

jUST MY THOUGHTS

I would advise anyone who is thinking of retiring early (or at all) to try going part time first.
This allows you to keep your hand in and is also a bridge to full retirement.
the beauty is that some pl need a a few years of de-compression, so that full stress can wear off.
Also be wary as sometimes you can be retired early due to ill-health without adequate funds, and have to rely on the VERY generous Gov to support you , till SPA /s

I suppose that's one way of looking at it but I really, really don't want to work PT. I will either be retired or working and working a bit less doesn't count as being retired for me. I totally accept others have a different point of view.

Ganga

jim8888 wrote: »

For home and contents insurance, a few years ago I was advised to go round the rooms in the house and total up roughly the replacement cost room by room for everything there. This would be an estimate of replacing everything if the house was burnt down in a fire. Doing this, I found I was under-insured versus the cover I'd taken, so I had to bump it up. I was told that insurance companies take a very dim view of people who have under insured on property and possessions.

What they do is check what you should have paid against what you have paid as a percentage and reduce payouts by that much:eek: so it pays you to value your contents accurately and then maybe add another 10% to the value total.

MallyGirl

That is why I go for unlimited contents. I did the room by room thing and it came to a pretty big number to replace everything.
I go for unlimited buildings as no one knows how much it would be to rebuild. It is not listed but is a detached Victorian house in a conservation area with cellar/coach house at the bottom of the garden/orangery. I know it would be a lot less than it would cost to buy but its valued at a million so I would hope so.
Unlimited option for both aspects means we cannot be under insured (when we remember to renew).

OldMusicGuy

Kevin_Draper wrote: »

Is anyone else struggling with NEED TO WORK (A LITTLE)?

Not in the slightest. There are far more important things IMO. But everyone is different and for many people work helps give them a purpose.

Nullboris wrote: »

I would advise anyone who is thinking of retiring early (or at all) to try going part time first.
This allows you to keep your hand in and is also a bridge to full retirement.

Based on personal experience I would advise the opposite. Also, some people don't have the option to go part-time (I didn't). But like I said above, everyone is different. I know an ex-colleague who gave up full time work, started a small consulting business which has now become more than a part time job. He loves it and says he will never give it up.

The most important thing before making any decision about retirement IMO is to think hard about the rest of your life and how you want to spend it. If you make a positive decision to keep on working (but maybe less), then great. And make financial plans in plenty of time so that you can choose your course of action rather than be forced into it.

coyrls

Teacher2 wrote: »

We pay over £400 council tax a month, £200 on utilities and £100 on house insurance.

Apparently Elmbridge Coucil has the highest council tax in the UK (https://www.getsurrey.co.uk/news/surrey-news/seven-surrey-boroughs-districts-top-14472590) and checking their website, you pay more if you live in Claygate Parish. The band H rate for Claygate Parish is £3,754.02 per year, so £312.84 a month. Where are you paying over £400 council tax a month?

coyrls

Teacher2 wrote: »

The thing I fear the most is Corbyn’s Marxist government being elected and his aim of tripling the council tax being enacted. I do not know how we could cope with that as we are hanging on by our fingertips as it is.

What is your source for Corbyn having the aim of tripling council tax?

bluenose1

coyrls wrote: »

What is your source for Corbyn having the aim of tripling council tax?

I was wondering that. I remember something got mentioned re increasing tax on second holiday homes, not on Council tax for all.

michaels

Labour have discussed an annual property levy of 1% of the property value - well property is theft after all so why not steal it back over a long period?

Not surprisingly this will not be in the manifesto.....but nor will it be ruled out!

k6chris

michaels wrote: »

Labour have discussed an annual property levy of 1% of the property value - well property is theft after all so why not steal it back over a long period?

Not surprisingly this will not be in the manifesto.....but nor will it be ruled out!

https://www.telegraph.co.uk/news/2017/05/29/tax-homes-treble-labour-plans-land-value-tax/


https://fullfact.org/economy/labours-land-value-tax-will-you-have-sell-your-garden/

bugslett

Nullboris wrote: »

jUST MY THOUGHTS

I would advise anyone who is thinking of retiring early (or at all) to try going part time first.
This allows you to keep your hand in and is also a bridge to full retirement.
the beauty is that some pl need a a few years of de-compression, so that full stress can wear off.
Also be wary as sometimes you can be retired early due to ill-health without adequate funds, and have to rely on the VERY generous Gov to support you , till SPA /s

Not everyone has that choice. I run my own business, once it's wrapped, it's wrapped, it's not something I could reduce to 10% turnover as an example.