Early retirement at 55

droopsnoot

I can't see how it wouldn't be enough, but as others have said, without knowing your outgoings and spending habits, it's impossible to say.


It should be relatively simple for you to knock up a basic spreadsheet showing monthly outgoings and incomings, project that over a few years, round income down and outgoings up, and see what you think.

Mark993targa

Anonymous101 wrote: »

For some people yes, for others no.
We need to know your total expenses per year and your pension situation to be able to answer more fully. You've not given us a full picture with that info.

Are outgoings at the moment are around £24000 with long haul holidays , we also have personal pensions.

AnotherJoe

Easy way to tell, starting right now, live on £2200 income (making allowance for expenses you might not have when retired, perhaps train tickets, parking, petrol for commute etc)

shaun_from_Africa

One thing to bear in mind that the £2200 income from the rentals could decrease if one or more of the tenants decided to move out or stopped paying rent.
Although you could take legal action to get them out if the latter was to occur but this could end up taking quite a long time to complete.

kazwookie

How much do you spend a month?

How much does al lthe extras you may have cost?

There is so little information no one as such can advise you.

20SmthngSver

Only you know how much you need to live off of.

If you're 55, you could easily live to post 100. Are you sure you have enough to cover any unexpected bills or care? Do you want to spend a potential further 50 years worrying about money each month?

Any pensions?

Anonymous101

Mark993targa wrote: »

Are outgoings at the moment are around £24000 with long haul holidays , we also have personal pensions.

Depending on your pensions then it would appear that you could retire early. I'd certainly be looking at your numbers in detail if I were you.


Questions I'd be asking myslef would be:
What profit can you realistically expect from your retal properties once you've taken into account all the maintenance, tax, underoccupance allowance etc etc costs?


How much could you draw draw down from your pensions?

[Deleted User]

On the face of it it doesn't sound enough but we don't know the full picture.


Personally I wouldn't want to rely on rental houses, the government is putting the squeeze on tax wise and tenants come and go as do maintenance costs etc.


Depending on what your private pensions give you and when you plan to take them together with your outgoings its hard to give a definitive answer .

Mark993targa

20SmthngSver wrote: »

Only you know how much you need to live off of.

If you're 55, you could easily live to post 100. Are you sure you have enough to cover any unexpected bills or care? Do you want to spend a potential further 50 years worrying about money each month?

Any pensions?

We have a pension pot of over £250000 at the moment .

Skibunny40

Mark993targa wrote: »

We have a pension pot of over £250000 at the moment .

In addition to your £145k savings?