Check my retirement plan! Constructive feedback on any obvious gaps in my plan to stop working early

Albermarle

 4.5% average ROI being too bullish; yeah, maybe you're right and 3.5% may be more realistic. 

Just to go back to the inflation issue . For investment returns it is best to talk in terms of growth after inflation. Of course you do not know in advance what inflation will be, or investment growth for that matter but normally 2% inflation is the figure often used for forward projections . So 3.5% would give you 1.5% above inflation.

If your workplace pensions are invested in a similar way to the investments outside the pension then you could work with similar figures , although I think maybe overall you are maybe too cautiously invested .

Linton

Experience on a narrow boat; this is a very good point. I intend to go on a helmsman course in Q1 (lockdown permitting) this year and rent out a boat for a long weekend in Q2 to get a feel for living onboard. I've read up on living aboard, both good & bad and appreciate it's not all beers in the sun and gentle cruising, I'm going in very much with my eyes open

Doing a helmsman course and then hiring a boat is very sensible.  But I suggest you make it 2 weeks rather than a long weekend.  Moving onto the canals is a bit like emigrating to a foreign country - would you do that on the basis of reading lots fo books and a weekend visit?

cfw1994

Linton said:

Experience on a narrow boat; this is a very good point. I intend to go on a helmsman course in Q1 (lockdown permitting) this year and rent out a boat for a long weekend in Q2 to get a feel for living onboard. I've read up on living aboard, both good & bad and appreciate it's not all beers in the sun and gentle cruising, I'm going in very much with my eyes open

Doing a helmsman course and then hiring a boat is very sensible.  But I suggest you make it 2 weeks rather than a long weekend.  Moving onto the canals is a bit like emigrating to a foreign country - would you do that on the basis of reading lots fo books and a weekend visit?

You are probably right, & clearly have a lot of experience....but I bet you can cover a lot on a weekend after getting a helmsman training under your belt.   If the weather gives you a bit of 'all seasons', perhaps enough to sway a decision.  

I have been on 2 x week-long canal holidays (Cheshire Ring & Shropshire Ring) in the distant past.   Nothing more than a 30 minute introduction to our 72' craft.   Crazy really!
Fun moment getting wedged when we let a "bad driver" take charge on a massively wide part of the canal - managed to get stuck on a 70' wide part of the canal      Overall, great times aboard!

OP, I am moderately jealous of your plan - sounds like a proper adventure to me!   Years ago (after those holidays!) I hankered after owning a boat....& a pal of mine lived in one for a year in London whilst working there.

Not so sure about giving up a land-property though.  That really is committing to it!   
Even if you sold the house, I would look at buying something to rent out as a possible future base.   I could not imagine "growing old" on a canal boat:  they can be wickedly cold, or wickedly expensive to run in winter, I would bet....with maintenance costs that I suspect could out-do a 3-bed semi when things go bad.   
BUT - as an adventure, go for it!   Keep us posted!

robatwork

Cruising the Cut has a lot to answer for!  (OP if you haven't seen it, it's on Amazon Prime. I strongly suspect you have seen it and been influenced!).  Factor in all the costs of ownership - not just maintenance but the expensive CRT and mooring fees, fuel for your heating - you may need a fire going all day and night in winter.  Sorry this is more of a lifestyle answer than a retirement one, but I'm also a bit jealous of your adventure.

If your numbers work could you buy the boat, keep the house for 6 months unoccupied, then decide to keep one or t'other?

Dansmam

Absolutely with you on making a complete change and doing it while you're fit and healthy. Brilliant idea! Ignore me if you think the rest of message is too much like lifestyle comment- intended to deal with the financial practicalities - I'm about 10 years ahead of you and in that decade have found health becoming more of a focus from experience with ageing rellies. I would want a land base there for later -creaky knees on a boat not ideal, but throw in (and I hope you don't) some kind of injury and dealing with that on the water might be a challenge too far. If not your current home, how about something level access in an affordable area that you could rent out till you need it? Keeps you with a foot in the market, some income and a long term base for if/when you need it. You don't need to love it but it would be there to live in or sell and move on. Downside would be the crystal ball planning of a move back on land but I think that's in your long term plan already?

MallyGirl

I have had a fabulous holiday in the summer on a narrowboat and would happily do another one if we didn't now have a campervan. I also had a friend who lived on one in Oxford when I was a student. I stayed over with her a few times and when it got really cold and the ice formed around it the noise was horrendous and impossible to sleep through. Maybe it was her style of boat but I wouldn't be up for another winter stay on one - I'd recommend renting for a cold snap winter week too before such a commitment. Always go in with eyes wide open.

mark55man

There are lots of blogs and video vlogs of boating.  I subscribe to youtube Boating Beyond - a story about a young couple's journey to living on the boat.  Only a year old and they already have 8000 followers.

The channel link is  https://www.youtube.com/channel/UCLoSfZ64HpLp9-Q-l9ePkdQ
The about page is https://www.youtube.com/c/BoatingBeyond/about

Joeygirl72

I live on a canal - I often talk to the ‘live aboards’, a few of them rent their own house out.  But...have you thought about renting in the future, yourself ?  You will have the capital to do it & as you have no dependents- why leave the capital intact. ?  Bricks & mortar are all well & good as an inheritance for family ( but that has massive tax issues).  You’ve made your profit from the housing market, now enjoy it.  It’s a contrarian view, but us ‘independents, with no dependents’, Often have a different view, as you have already demonstrated with your dreams of ‘living on the water’. 

My aim would be to leave as little as possible, at the end of the day, to ‘the cats home’ ( I’m a dog lover anyway)
- no pockets in shrouds !