FIRE friends & family

eastcorkram

If you're retired, how have you got work colleagues?

fred246

I won't lose touch with my work colleagues. They are the people I worked with before I retired. They thought I was a bit mad because I would have had a massive final salary pension if I had worked a few more years. But the combination of a FIRE style pot with a smaller final salary pension is fab and I have many more years of extra retirement.

Triumph13

enthusiasticsaver wrote: »

You don't need to make a big to do about FIRE. Just live your life without worrying about what others think. None of their business.

This.

Pollycat wrote: »

I'd be looking for a fresh set of friends...

And this.

We have been completely open about FIREing and had no issues with it. If we did, we'd just make it clear that we got here by spending sensibly and we won't have to work again as long as we continue to spend sensibly. There are no random pots of 'spare' money, there's just a set of pensions and investments that give us our income instead of having to work for it.

enthusiasticsaver

Anonymous101 wrote: »

We're following a similar path to the one you have by the sounds of it. We save much more than most people into pensions and ISA's but I wouldn't say we are particularly frugal. Mrs. Anon more so than I am but we just reached a standard of living we were happy with and stuck to that whilst some of my friends have continued to spend more as they've earned more.


I am open about my FIRE aspirations with a couple of my friends and they do come out with the odd comment from time to time when I too remind them its long term planning that will get me to an earlier retirement rather than being "lucky"!


I'm sure that some people will be surprised and think that we've won the lotto or something when the time comes that I no longer have to work. Especially if that is much sooner than regular retirement.

Totally agree that long term planning is crucial to FIRE aspirations.

While we weren't particularly frugal we did not keep changing cars for new ones. I had one brand new one bought in interest free credit for my 50th birthday which was a convertible which was the only "foolish" acquisition but I kept it 6 years until grandchildren arrived and it was impractical. We bought things to last rather than getting the cheapest and we have not moved in more than 30 years which I think is a major reason why we were able to save at a decent level once the early childcare costs were gone and we ploughed loads into savings once our mortgage was gone and our daughters had finished uni.

It always amazes me how people live their life expecting some windfall to fund their later years when all it would take is some financial planning and forethought.

enthusiasticsaver

fred246 wrote: »

I won't lose touch with my work colleagues. They are the people I worked with before I retired. They thought I was a bit mad because I would have had a massive final salary pension if I had worked a few more years. But the combination of a FIRE style pot with a smaller final salary pension is fab and I have many more years of extra retirement.

My DH has a very generous final salary pension as well as a DC one and there was a reduction for taking it early but he also pays less tax. I think the question to be asked is when do you consider the time is right to retire? So long as your income is enough to cover your lifestyle why do people choose to work longer just to get an extra thousand or two on the pension when they already have more than enough?

We are in the crazy situation of having a bigger income after our state pensions pay out than we had when working. If my DH had worked longer that would just have ended up paying a lot more on tax and getting close to his LTA. That is essentially because we discounted state pensions when calculating our income in retirement as we wanted to retire when we wanted to not when the government told us we could. We will just end up paying more tax though but it means we are quite relaxed on drawing on our savings over the next 6 or 7 years until we get an extra £17k per annum from state pensions.

Silvertabby

It's not the concept of retiring early I find odd.

I posted this almost 3 and a half years ago:
“ We're comfortable too.
I took early retirement 13 years ago, OH 3 years later.

Not yet state pension age but are OK living on our occupational pensions & investments.

We don't have children & have always lived within our means but enjoyed ourselves. Lots of holidays, new car every 3 years (just not a Mercedes or BMW).

Mortgage paid off, only debts on credit cards on 0%.

I still look for food bargains, do menu plans & batch cook.
I buy a lot of clothes from charity shops (through choice) but do like jewellery.
”
on this now closed thread:
https://forums.moneysavingexpert.com/discussion/comment/70748632#Comment_70748632

I'm now in receipt of my state pension, OH has 18 months to wait.

It's the bothering about what other people are thinking that stumps me.
It's the idea that people will ask me for money that bemuses me.

One person did (half-jokingly) say we must have won the lottery but I pointed out that in our circle of friends - all similar ages - we were the only ones who didn't have children.
I am the only one who worked full time throughout my working life - and am now reaping the benefits through a very good occupational pension. Posted by Pollycat

Gosh, Pollycat - apart from the fact that it is Mr S who is now claiming his State pension, whereas I have a couple of years to go, we could be twins !

Most of our retirement income is from our combined 50+ years service in the Armed Forces, and I've been told many times that we're 'lucky' to have such a good pensions. Err - yes - lucky that we took the decision to 'sign on' all those years ago?

Sea_Shell

"You're lucky" is something that I've heard alot!! (DH had stopped work a few years before me, and I was part time.)

Yes, you could argue that we're "lucky" in the sense that we've not had any major life events interrupt our plans...but to suggest it's just down to "luck" is wrong.

It's like saying to a slim person "you're lucky, you don't need to watch what you eat", when it's because you DO watch what you eat, that you're slim!!

Silvertabby

Sea_Shell wrote: »

"You're lucky" is something that I've heard alot!! (DH had stopped work a few years before me, and I was part time.)

Yes, you could argue that we're "lucky" in the sense that we've not had any major life events interrupt our plans...but to suggest it's just down to "luck" is wrong.

It's like saying to a slim person "you're lucky, you don't need to watch what you eat", when it's because you DO watch what you eat, that you're slim!!

A very slim friend claims that 'she can eat what she likes and never puts on weight'. Reality is that she 'likes' salads, lean meat, lots of veg etc - and 'doesn't like' fried food, pies, sweets etc. It's hardly rocket science.

fred246

I think they mean you are lucky that you didn't get shot.

Silvertabby

fred246 wrote: »

I think they mean you are lucky that you didn't get shot.

No, it was the money. But you're right - we both consider ourselves extremely lucky to have completed our service with our lives, limbs and minds intact. Unlike so many others.