Early retirement at 55

Mark993targa

Skibunny40 wrote: »

In addition to your £145k savings?

Yes that's right and we are still paying into the pensions.

elephantrosie

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.

Mark993targa

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

Looks like you have answered your own question then, no ?

Income is greater than expenditure.

Mark993targa

Thanks all , just after some reassurance that i am doing the right thing.

dividendhero

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

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.

fiisch

Yes, but you'll have to sell the 993 Targa...

203846930

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

fiisch wrote: »

Yes, but you'll have to sell the 993 Targa...

Sold a few years back lol.