Retiring at 55

zagfles

frugal90 wrote: »

Retire and take a so holiday in Jan.
I fact Jan can be quite nice as you are able to get out and about during the daylight. Just dress for the weather.
Life is too short.
Stop dithering and go enjoy yourself

Or go on holiday to Australia, far east etc, somewhere where it's warm in Jan. Or go on a 4 week ski-ing holiday like a friend of mine did on retiring just after xmas.

Albermarle

Or go on holiday to Australia, far east etc, somewhere where it's warm in Jan. Or go on a 4 week ski-ing holiday like a friend of mine did on retiring just after xmas.

Some people have commitments, even after retiring , and can not just jet off at the drop of a hat . In which case better to retire when the darkest months are over .

MrDinosaur

If I do leave on my 55 Birthday - then its October. not the best month I agree but I do have a couple of big DIY projects which will keep me going through the cold dark month, I would then be free to enjoy the lovely sunny days we get in yorkshire.

westv

On a cold,dark, wet, miserable January Monday wouldn't it be nice to think that you just spend a little longer in bed rather then having to get up for work?

german_keeper

I'll be jacking it all in as soon as the numbers add up. Don't give a stuff what time of year it is!!

Sea_Shell

No more scraping ice off the car windows, or standing on cold, windy platforms!!

Also, on those crisp sunny winter days you can wrap up and go for walks in the fresh air.

Anonymous101

Sea_Shell wrote: »

No more scraping ice off the car windows, or standing on cold, windy platforms!!

Also, on those crisp sunny winter days you can wrap up and go for walks in the fresh air.

No more commuting to and from work in the dark never seeing the sunlight!


Maybe I'm a bit different to most but I find working much more difficult in the winter. If I could retire before winter I certainly would.

MrDinosaur

When you can really start to see the possibilities of retirement and for me that's around 330 days, you do start to think about the negatives of the weekly grind - all of the above does really apply, I cant wait to here next door going to work whilst laid in bed.

AlanP_2

Use some of your current savings / income and then pension TFLS to open a pension for your wife so that she can have Personal Allowance level income between retiring and getting State Pension.

Assume mortgage etc. all sorted and no debts worth worrying about so looks like a great position to be in.

enthusiasticsaver

You will be able to retire on that so I would go at age 55. In fact you are getting close to the LTA so I would not work beyond 55 as presumably you have another years contributions plus your work pension with £10k. Is that a £10k DC pot or do you mean a DB pension of £10k at NRD?

I would take the 25% tax free lump sum and invest part and leave some accessible to give you your income from age 55. We took my DHs whole lump sum initially to cover income shortfall until state pension age and invested half in stocks and shares isas over 2 years for us both and kept the other half back for additional income but I think with some pensions they are more flexible on drawdown so you don't have to take the whole 25% in one go. That will give you £210k - £225k depending on value of pot at crystallization date so easily enough to cover your £28k needs for around 8-10 years until 65 especially if your wife will still be working for the first 2 years. Use your Personal allowance to drawdown any additional income needed to take you up to state retirement age (67?). When your wife retires and gets her £5k pension and you both get state pensions you will only have around £6k shortfall to make up from your pension pot each year assuming you get around £17k combined in state pension.

Both DH and I retired in the winter. DH from end of October in 2016 at age 58 and I went a year later in December 2017 aged 57. Never regretted it.

I actually think you could take more than £28k but it makes sense to do a five year plan initially and see how you go.