Retiring at 55

Sea_Shell

MrDinosaur wrote: »

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.

Am I right in thinking, then, that you don't have any additional cash/ISA savings to use to bridge those 330 days??

What's your plan B, if the financial markets tank during the next 330 days?

blisteringblue

MrDinosaur wrote: »

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.

I'm 55 in November 2022 but have always planned to stay on until the end of the tax year, ie April 2023. Can get hold of the TFLS on my birthday and might as well see out the tax year stashing another 4 months into the pension to retire in time for spring.

MrDinosaur

In terms of Cash then yes we do have additional funds nothing major though and I had planned to use some of this for our once in a lifetime Holiday - which is booked, we fly the day after I retire.
My Pension Pot is at present 80% invested with 20% sat as Cash, this i will take when i am 55, even on a crash this money is safe - and I can use this for several years whilst the portfolio comes back.

Ceme3000

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.

Very true! I actually get a strange pleasure in the Winter listening to the traffic reports on the radio when the roads are chaotic knowing that I am snug and tucked up nicely at home.

frugal90

Ceme3000 wrote: »

Very true! I actually get a strange pleasure in the Winter listening to the traffic reports on the radio when the roads are chaotic knowing that I am snug and tucked up nicely at home.

I had my first winter last year after 35 years at the chalkface and I loved it!

Lovely brisk walks, daytime trips to the pool/sauna. All the u3a activities, some paiting, cooking, reading, winter mountaineering on the good days. FAntastic!

Sea_Shell

frugal90 wrote: »

I had my first winter last year after 35 years at the chalkface and I loved it!

Lovely brisk walks, daytime trips to the pool/sauna. All the u3a activities, some paiting, cooking, reading, winter mountaineering on the good days. FAntastic!

I had to Google u3a, as I'd not come across that before... interesting.

westv

Sea_Shell wrote: »

I had to Google u3a, as I'd not come across that before... interesting.

What you can do with U3A does appear to vary quiet. Some areas have dozens of activities whereas others have hardly anything going on.

GSP

Do you intend to leave any money to kids/relatives etc?
If not, you could easily spend £35k-£40k a year with a pot that size with the fallback pensions you have later on.
Remember, you can't take it with you.
Enjoy your lay-ins, everyday is a holiday when you don't have to work, wherever you are.

cfw1994

westv wrote: »

What you can do with U3A does appear to vary quiet. Some areas have dozens of activities whereas others have hardly anything going on.

A friend of mine who had retired 'early' told me she had checked out a local group....said it was rather full of much older people: she didn't return!

YMMV

westv

cfw1994 wrote: »

A friend of mine who had retired 'early' told me she had checked out a local group....said it was rather full of much older people: she didn't return!

YMMV

Oh and that too.