Early retirement at 55

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  • Mark993targa
    Mark993targa Posts: 10 Forumite
    edited 24 April 2019 at 7:25PM
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    Skibunny40 wrote: »
    In addition to your £145k savings?
    Yes that's right and we are still paying into the pensions.
  • elephantrosie
    elephantrosie Posts: 467 Forumite
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    how much is your monthly expenses?
    you kept saying how much your passive income is, your savings and pension pot. but not answered the above.
    Another night of thankfulness.
  • Mark993targa
    Mark993targa Posts: 10 Forumite
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    elephantrosie wrote: »
    how much is your monthly expenses?
    you kept saying how much your passive income is, your savings and pension pot. but not answered the above.[/QU
    Between £1600 to £2000 per month.
  • Alistair31
    Alistair31 Posts: 946 Forumite
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    Looks like you have answered your own question then, no ?

    Income is greater than expenditure.
  • Mark993targa
    Mark993targa Posts: 10 Forumite
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    Thanks all , just after some reassurance that i am doing the right thing.
  • dividendhero
    dividendhero Posts: 2,417 Forumite
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    BBH123 wrote: »

    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.

    The Government have already squeezed LL's to the extent that it's pretty marginal business - you think they got more in store?

    Apart from imposing NI on rental income, it's hard to think of anything more they could extract out of the BTL business:eek:
  • darkidoe
    darkidoe Posts: 1,125 Forumite
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    If looking after the rental properties are not considered work, then yes you can be happily retired! As mentioned before, be aware of your unique risk of having missed rental payments putting a dent to your income. Sounds like you have quite a big cash buffer, so might not cause immediate issues but worthwhile to keep an eye on net inflows and outflows.

    Save 12K in 2020 # 38 £0/£20,000
  • fiisch
    fiisch Posts: 511 Forumite
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    Yes, but you'll have to sell the 993 Targa...
  • 203846930
    203846930 Posts: 4,708 Forumite
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    AnotherJoe wrote: »
    Your dad lives on £220 a month?

    it's actually £250/month but he uses his savings pot for home/house/car insurance.
    It is a tight squeeze but he had a lot of practice before he turned 55 and was able to convert his pension pots into a drawdown, there is generally nothing left at the end of the month and if he gets it wrong he goes short of food (as he will this month) but I always get enough and I have my own account anyway to cover all my needs :)
  • Mark993targa
    Mark993targa Posts: 10 Forumite
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    fiisch wrote: »
    Yes, but you'll have to sell the 993 Targa...
    Sold a few years back lol.
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