FIRE friends & family

barnstar2077

Sea_Shell wrote: »

I get asked "how?" alot!! (and why?)

After I have told people I want to retire early and have suggested that they might do the same I have had a couple of people say "Yeah, but what would I do all day?" :eek:

I have been off work for three months with an ankle injury and have fallen into a routine of seeing a friend or family member every other day for lunch or a cuppa. If I were retired (and uninjured) I would also add a day in the week for cleaning and gardening, then fill the remainder with long walks and day trips. And that is without giving it hardly any thought at all.

Yet there genuinely do seem to be people out there that don't retire early purely because of a lack of imagination as to what they would do with their free time!

barnstar2077

fred246 wrote: »

Most retirement calculators reckon you need about 60-80% of pre-retirement income as a pension. So people who are earning £100K generally aren't happy to retire with £22K. I obviously never spent the £100K which is how I acquired the pot and retired early.

Fred, just out of interest, and my apologies if you have already said, but at what age did you retire please?

fred246

barnstar2077 wrote: »

Fred, just out of interest, and my apologies if you have already said, but at what age did you retire please?

I retired at 50.

fred246

Before anyone says you can't take a pension before 55.

A member of a pension scheme with a lower minimum pension age resulting from service before 6th April 2006, may be able to protect that right i.e. to continue to be able to draw benefits before age 50 (or before age 55 on or after 6th April 2010).

barnstar2077

fred246 wrote: »

I retired at 50.

I am aiming for 55, I bet 50 felt pretty good! : )

fred246

barnstar2077 wrote: »

I am aiming for 55, I bet 50 felt pretty good! : )

Yes. My spreadsheets had 55 as my retirement age and then I inherited some money and retired almost immediately. First few months are fantastic. I suffer with a bit of a 'lack of direction' feeling sometimes but I don't want to go back to work. So I am just building up a weekly timetable of activities. I do miss the mental stimulation and social contact of work. Most people doing pensioner activities are at least 20 years older than me. As time goes by that problem will disappear.

Ceme3000

fred246 wrote: »

Can you not read? I have a index linked pension of over £22K PLUS a massive FIRE pot. I don't walk round saying I have massive investments so they don't know about it. They THINK I am living off £22K but I am not.

I was made redundant last year at the age of 52 but decided to "retire". I do have investments but have challenged myself to make my final months net pay (approx 40k) last the 32 months until I turn 55 which means I am living on 15k net per annum. In fact so far I am only spending about £900 a month or 10800 per annum and I certainly don't consider myself sad and lonely! The independence and freedom to do exactly what i choose every day is worth it to me.

fred246

Find 100 people who have earned £100K a year for 20 years. Tell them that next year they will get £20K. Ask them how they would feel. I think the word "sad" might feature.

Pollycat

fred246 wrote: »

Find 100 people who have earned £100K a year for 20 years. Tell them that next year they will get £20K. Ask them how they would feel. I think the word "sad" might feature.

If someone hasn't managed to invest some money for the future after 'earning' over £2million in 20 years, I'd say the word wasn't 'sad'.
But the word that comes to my mind does begin with 's'.

Anonymous101

fred246 wrote: »

Most retirement calculators reckon you need about 60-80% of pre-retirement income as a pension. So people who are earning £100K generally aren't happy to retire with £22K. I obviously never spent the £100K which is how I acquired the pot and retired early.

I think that's generally correct, but generally people spend everything they earn and invest very little.


If you are aiming to retire early and are increasing your savings with every pay rise rather than your expenditure then much less than 60%-80% of income will do you.


As a couple we are investing well over 50% of our income, in our mid 30's. I don't intend to work beyond 50, perhaps even mid 40's, however if I were to and my pay increase accordingly then I'd be happy to have an annual pension income that was a fraction of that income. But I understand that I am far from typical.