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How close am I to my early retirement?
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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I've formally withdrawn my purchase for the Reading flat and started to look for temporary accommodation in London for 3/4 nights a week at a budget of £500-600 per month.
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.0 -
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 farand 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
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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. lolI 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.cheers1
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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?
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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?3
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JoeCrystal said: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"2 -
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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