DC Pot is 'big enough' but can't see how to lock in the value in real terms?

Ibrahim5

DT2001

If you combined this approach with a willingness to take p/t work in say the 1st 5 years it would cover most bases.

People following the FIRE route typically have a very well paid job and save a lot of it. When I retired I planned to do part time work. After a couple of years retired the thought of waking up to an alarm clock every day fills you with dread. Also I couldn't go back to my well paid job after years out. Working for minimum wage after a good salary is just awful. I think if you are well paid you should really make sure you are well provided for before finishing. I know you can get into the 'one more year' trap but I personally feel going back to work after 4-5 of years of 'freedom' would be really hard.

NedS

Ibrahim5 said:

DT2001

If you combined this approach with a willingness to take p/t work in say the 1st 5 years it would cover most bases.

People following the FIRE route typically have a very well paid job and save a lot of it. When I retired I planned to do part time work. After a couple of years retired the thought of waking up to an alarm clock every day fills you with dread. Also I couldn't go back to my well paid job after years out. Working for minimum wage after a good salary is just awful. I think if you are well paid you should really make sure you are well provided for before finishing. I know you can get into the 'one more year' trap but I personally feel going back to work after 4-5 of years of 'freedom' would be really hard.

I know I'll probably struggle with the "one more year" issue once the time comes, but I initially set my goals quite conservatively and my date has been moving forward to 57, not backwards from the goal of 60 I initially set. But I agree, for me doing one more year and being safe would be far better than having to undertake more paid work in my 60's. Realistically I could probably go any time from 55 onward but the way the numbers stack up at 57 feels right for me at present.

DT2001

Ibrahim5 said:

DT2001

If you combined this approach with a willingness to take p/t work in say the 1st 5 years it would cover most bases.

People following the FIRE route typically have a very well paid job and save a lot of it. When I retired I planned to do part time work. After a couple of years retired the thought of waking up to an alarm clock every day fills you with dread. Also I couldn't go back to my well paid job after years out. Working for minimum wage after a good salary is just awful. I think if you are well paid you should really make sure you are well provided for before finishing. I know you can get into the 'one more year' trap but I personally feel going back to work after 4-5 of years of 'freedom' would be really hard.

The OP is well provided for. I should have said ‘a willingness to take p/t work IF the portfolio was say 35% down’.
The odds are very unlucky that it would be needed but the knowledge that you have plans to minimise your own perceived risk is important.
Personally I think I’ll adjust my level of ‘luxury’ spending in response to large market changes rather than look to generate income.

Albermarle

Working for minimum wage after a good salary is just awful.

Apart from that , I would not fancy being ordered about by some junior manager, or have some app keep bleeping at me because I only completed 40 deliveries that morning .

Better to do one ( or three ) more years and build a bigger safety net .

WYSPECIAL

Albermarle said:

Working for minimum wage after a good salary is just awful.

Apart from that , I would not fancy being ordered about by some junior manager, or have some app keep bleeping at me because I only completed 40 deliveries that morning .

Better to do one ( or three ) more years and build a bigger safety net .

Part of the fun of working in a stress free minimum wage job though is watching managers struggling to juggle too many balls, wondering how they will achieve everything that has to be done and thinking to yourself  “I don’t have to worry about that anymore.” You just need to pick something to do that you enjoy.

Notepad_Phil

Ibrahim5 said:
After a couple of years retired the thought of waking up to an alarm clock every day fills you with dread.

In my case I'd say it was after a couple of days that I got to that stage.

SouthCoastBoy

I am in the camp of preferring to complete a couple more years to have a bigger buffer. However I know of people who have taken early retirement from a relatively high paid position and are working as delivery drivers and hospital porters and really enjoy it.

german_keeper

I would just like to see out my time in a job where they speak English. So "two pints of lager please mate" or "excuse me could you tell me where the tinned peas are". Rather than "we want you to lead the conversation in the wellbeing space" or "we need to engage with our relevant stakeholders going forward." On that particular one whenever I hear it I ask what the definition of an irrelevant stakeholder is. Because if you have relevant ones surely you must also have irrelevant ones. Nobody has been able to answer yet.   

Thrugelmir

ex-pat_scot said:

Albermarle said:

cfw1994 said:

The UK is around 4-6% of ‘the world’, the US around 50-60% (example source).
I’ve never understood the desire to be UK-focussed and ignore the broader market.

Many people are suspicious of anything foreign, and think British is best. 

There is an argument that the FTSE100 is quite well globally diversified, as much/most of it is in companies with significant international trade.

To avoid going through the same old discussion over and over again. The broader FTSE All Share is estimated to generate just 23% of it's revenues domestically.  The FTSE 250 around 50%. The trouble has always been that investors move in herds and buy the most recent top performing sectors. Which then creates further momentum. Meanwhile FTSE100 companies get bought out on a frequent basis. The total number of listed UK companies has fallen 40% since 2008. 

Nebulous2

Ibrahim5 said:

DT2001

If you combined this approach with a willingness to take p/t work in say the 1st 5 years it would cover most bases.

People following the FIRE route typically have a very well paid job and save a lot of it. When I retired I planned to do part time work. After a couple of years retired the thought of waking up to an alarm clock every day fills you with dread. Also I couldn't go back to my well paid job after years out. Working for minimum wage after a good salary is just awful. I think if you are well paid you should really make sure you are well provided for before finishing. I know you can get into the 'one more year' trap but I personally feel going back to work after 4-5 of years of 'freedom' would be really hard.

I’ve never been very well paid, but was lucky enough to contribute to a DB pension. Having stopped at the end of March, I’ve sometimes wondered what I have done. Not in financial terms, but because I had a sense of purpose from my work. 

However I see part time work as a real bonus. My hourly rate is about two thirds of my previous job. I could have gone back as a locus, but wanted to make a clean break. 

The big bonus however is not going back to the alarm clock every day. Swapping five days on and two off, for the reverse, two on and five off, feels very liberating.