Keep calm and carry on....

South_coast

themadvix said:

I'm pretty sure (from reading other's posts here and elsewhere) that there's already a date for pension access to increase to 58?

Noooooo 😮😮😮😮😮

South_coast

greenbee said:

You might also want to factor in the need for care in your later years - or at least help to stay in your own home. You don't want to have to rely on the government for that if you can avoid it... I'm planning on the equity in the house covering that (as is my mum) but you do at least need a plan. 

Well I'm hoping equity release will still be a thing by then if that's needed - there's no point in me carrying assets at the end

South_coast

This article says possibly 57 (which does sound vaguely familiar....)

https://www.google.com/amp/s/www.thisismoney.co.uk/money/pensions/article-8083623/amp/When-age-access-pension-cash-rise-55-57.html

I don't like it when goalposts are moved when you're already signed up to a thing 😠 This is just like when they increased the student loan repayment threshold from £10k to £15k whilst I was still at Uni and had already drawn down the money 😯 So I ended up paying interest on 4 years' worth of loan, when I should have been making repayments under the T&C's I'd actually signed up to - it took 3 payrises before I crossed that magic threshold (with a pay cut and reduced hours in between, due to the so-called "great" recession 😯)

Sorry, went off on a tangent there - in summary, pensionable age being stolen away from me. Not going to change my money needed number yet though, plenty of time to come up with a plan/funds to bridge the gap 😀

shangaijimmy

South_coast said:

themadvix said:

I'm pretty sure (from reading other's posts here and elsewhere) that there's already a date for pension access to increase to 58?

Noooooo 😮😮😮😮😮

Quick adjustment. Burn through Isa first, and then move onto your pension... job done!

South_coast

Exactly, there's more than one way to skin a cat 😀

South_coast

Another thought overnight: If my understanding of FIRE is correct, in the time period between amassing my £72k and actually using it to live on, I should be able to withdraw £2880/year (4%). I know the numbers bandied around for FIRE are normally whopping - and it's not what I was aiming for - but I'm assuming it still works with lower amounts (just more likely to be at the mercy of fluctuations in the markets and not as guaranteed to replenish itself every year)? That would be a jolly nice holiday budget 😀 Makes me want to focus on the "investing" rather than "paying off" side even more now, so I can get there faster! More to ponder on I guess....

glass_half_full

Hi South-coast,
Love reading your plans and your enthusiasm is infectious! I don't have a specific answer to your question above, but I wondered if you had come across a book called 'Work Optional' by Tanya Hester. I found this a great resource for thinking through the big questions like 'what is the number?' and 'how do I get there'. She takes a really good (for me) holistic approach and it helped me think through what I needed to do financially to prepare to be FI and be able to retire early. But more importantly, it helped me to understand the real commitment I needed to make if I wanted to make it happen. This is not an advert for the book and she is no relation of mine! I hope its ok to recommend a book, I dont normally but I thought this would be of interest to you!

South_coast

Hi GHF, glad I'm coming across as enthusiastic rather than irritating 😂! The book sounds interesting, will see if I can look it out, thank you

South_coast

P.S. Recommend away, that's what's so great about this forum, I think - even if it's not for me, someone else might think it is for them 😀

themadvix

Like me! Sounds good... will check it out!