Early Retirement Plan

crv1963

MarkAdams wrote: »

Thanks crv1963. Good to know that those who have already made the jump early have no regrets.
And I agree; this is very much about mind-set. One of the reasons for posting up the plan was to get feedback from all quarters on its feasability and obvious errors that I have made. But the other reason was to start to do something more than just thinking about it. Posting on the forum makes it more real. Talking about it makes it more real.
There will come a point when the decision makes itself.

In my line of work 55 is the norm for my cohort of friends my age but, people can go anytime from 50 with a reduced pension. Two friends both went at 50, one by choice, one through injury.

The one who chose to go is loving it, the one who was forced to go (so had less/ no time to prepare) has just gained employment in a completely different workplace as he felt that he was not "contributing to the household or wider society" despite his wife and friends pointing out he'd retired because he was no longer fit enough to do the role he trained for.

I myself could go now but I find that hard as it is some shifts overall I enjoy what I do and enjoy the time off between shifts. So in my humble opinion the mental preparation is as (if not more) important, than the simple decision of "I have enough saved so I'm going".

For myself I have a target of 58 at the latest, sooner if we've finished all the preparations that cost lots of money- doing all the house things, have landscapers in presently to try to reduce the number of heavy tasks as we age, getting builders in to do a loft conversion so we have space for hobbies etc.

You have to look at it in the round in my view.

Good luck.

cfw1994

MarkAdams wrote: »

Thanks cfw1994. Good to know it looks OK and cautious. That was the aim.
Yes the risk of market reversals is a big one. DC pots are diversified but a global crash would hurt. If the plan is a good one then that would be one of the biggest jobs going forwards - work on a strategy to protect us from pound cost ravaging etc. And I like a spreadsheet as much as the next guy.
As for the psychology - "you do what you know" is a very telling phrase. It's a big jump. Even though afterwards looking back it might seem like a little step.

You have mail ;-)
Hopefully you can reply!