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How close am I to my early retirement?

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  • lisyloo
    lisyloo Posts: 30,077 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 12 June 2022 at 6:25PM
    IamWood said:
    A quick update:

    I've formally withdrawn my purchase for the Reading flat and started to look for temporary accommodation in London for 3/4 nights a week at a budget of £500-600 per month.
    That seems to low to me (I lived in London for 6 years in down market accommodation).
    others say they have done it though.

    i guess you have to cut your cloth, but I think you’ll have to set your expectations low for that.
  • IamWood
    IamWood Posts: 438 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    edited 12 June 2022 at 7:43PM
    Thanks @lisyloo

    I currently stay in London with a lovely semi retired lady for only one night. The lady is so nice and charges me minimal £30 per stay with no strings attached. She even shares meals with me. I did fix her WiFi though😃


  • IamWood
    IamWood Posts: 438 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    edited 22 April 2023 at 10:35PM
    Just a quick update:

    The change of job to London turned out to be a good decision. In fact, I don't have to be in the office every week. I've managed to go to the office twice this year so far :p and spent a few weeks in Singapore. I plan to show my face at least once a month. The work is challenging but I enjoy it so far. The recent 15% pay rise and the continuous flexible working hours would keep me there for a while.

    Here are my numbers (the pension pot has been 10% down compared to the peak of 2021):

    Age: 49
    Annual Gross Salary = 200K
    Accidental Landlord = 1,650 monthly (the rental income goes to wife)
    Workplace pension pot = 248K + 104K + 80K
    SIPP = 78K
    Spouse SIPP = 70K + 20K
    ISA = 54K
    Spouse ISA = 50K
    Saving = 30K
    Pension contribution since this year: 30% + 10% = 40%
    NI qualifying years (self) = 6 years to full pension
    No mortgage
    Children: One is in the first year of the uni. and the other the first year of six form

  • IamWood
    IamWood Posts: 438 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    edited 12 September 2023 at 9:52PM
    Another quick update.

    I still work in London. Work-wise, I'm doing very well. The advantage of this job is that I can go abroad to visit other offices. I could combine my business trip with my vacation. It's good because I don't have to pay for the expensive flight to have a business cabinet. I have been to Singapore and India twice this year. I plan to visit the United States soon.

    I've only been to the London office 5 times this year 😂, far less time than I have stayed in Singapore. lol

    I went to the London office yesterday as we rearranged the office seating. The CEO is now sitting not far from me 😭. When he saw me at the office, he grabbed me for a chat. He seemed very pleased with my “valuable contribution” to the firm and spoke about my career plans within the firm. Of course, I didn’t share my earlier retirement plan. However, the big boss mentioned that if I'm happy with my current role, he might allow me to work remotely full time. However, if I want to be promoted, I need to be more visible to junior colleagues and there is an opportunity in my team. He would like to make it official soon and wait for my response. 

    Understandably, my end year performance and bonus will be reviewed in October. I think he's trying to put a little pressure on me and at the same time would like me to take more responsibility.

    I'm not so sure, to be honest. I love my job and I would take this opportunity if I didn't have my plan here first. 😂. At the same time, I'm a little tempted to try new things before retiring.

    So here I am, to seek the collective wisdom again. i hope nobody is going to laugh at me. i just cannot make up my mind.

    cheers
  • Bimbly
    Bimbly Posts: 500 Forumite
    Eighth Anniversary 100 Posts Name Dropper Combo Breaker
    IamWood said:
    I'm a little tempted to try new things before retiring.

    Then try. If you don't like it, then retire  :)
  • IamWood
    IamWood Posts: 438 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    edited 17 August 2024 at 3:10PM

    As of August 18, 2024, for my record

    • Age: 50

    • Annual Gross Salary: £200K

    • Monthly Rental Income: £1,650 (paid to my wife)

    • Workplace Pension Pot: £725K (comprising £200K, £305K, £130K, and £90K)

    • ISA: £100K

    • Annual Pension Contribution: £60K



    • Spouse's SIPP: £175K (£125K + £50K)

    • Spouse's ISA: £70K

    • Spouse's Annual SIPP Contribution: £24K


    • NI Qualifying Years (Self): 6 years remaining for full pension

    • Mortgage: None

    • Children:

      • Child 1 is in year 2 of uni.
      • Child 2 will start uni  in September.

    Goal: Planning to retire at 55. Is it possible to retire earlier?

  • JoeCrystal
    JoeCrystal Posts: 3,322 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Why you haven't retire yet? You clearly got enough assets but the main question is what is your expected expenditures for retirement for a start?
  • k6chris
    k6chris Posts: 784 Forumite
    Part of the Furniture 500 Posts Name Dropper Photogenic
    Why you haven't retire yet? You clearly got enough assets but the main question is what is your expected expenditures for retirement for a start?

    Agreed.  The amount of savings you have is only half of the equation.  Have you worked out how much you would like to (or expect) to spend, once retired?  I retired at 55 on a tiny fraction of what you have saved, but it may well be that my outgoings are also a tiny fraction?  Lokk at "The Number" thread on this forum.
    "For every complicated problem, there is always a simple, wrong answer"
  • IamWood
    IamWood Posts: 438 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    edited 17 August 2024 at 3:36PM

    My plan is to retire once both of my children have started their careers. While they're in university, I’m contributing £4,000 annually to each of their LISA accounts and £2,880 to their SIPPs. After they begin working, I’ll let them take charge of their own finances.

    By that time, I should be eligible for my full State Pension (fingers crossed), allowing me to continue supporting my children, particularly if they decide to get a roof over their heads.

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