Small steps lead to big changes...

jwil

I've also been playing with my pension figures as I found a list of the % reduction for each year it is taken early.  If I left today, and took my pension at the earliest point I can, even with the early reduction I could take it, and supplement it by working 10 hours a week at minimum wage.  That's a very exciting prospect, as obviously I haven't left today and don't have any plans to leave in the short term, so the position can only improve.  That's also ignoring the small lump sum of around £4k I'll get, and my AVC pot which at current contributions would also be around £4k in 10 years time.

The thread on the over 50s board about how much people are living on is really inspiring as it shows it's possible to have a decent life on not a huge income.  I want a fairly simple life, and for me, the not having to work bit is more important than having a large income.

When I'm looking at our pensions, I always look at my provision and DH's separately so that we can make sure we can both live individually if something happened to one or the other of us.  So my retiring early doesn't factor in DH's income and contribution to the bills either. (He says he doesn't want to retire early as the social aspect of work is important to him as well).

So the 10 year plan is still on, and looking doable.  However, that does mean I need to keep my focus and do the following within the next 10 years:

• Clear the mortgage
• Finish the work on the house - electrics, windows/doors, boiler/ashp, solar panels, kitchen, bathroom, decorating and carpeting throughout.
• Make sure I can support the kids through college/uni/whatever they choose to do
• Build up some decent savings, hopefully enough to ensure I wouldn't 'need' to take the pension early
• Clear debts
• Focus on health and fitness to ensure I am healthy enough to enjoy my retirement.

That is hugely ambitious, but we love a challenge   

jwil

20 listings done.

DH has moved a chest of drawers in our room which I've been wanting to do for ages, but gave up last time I tried as I couldn't get it past our bed.  That gives me a chance to reorganise and tidy.  I plan on putting one of the cube units up there which currently have toys in it (once the toy decluttering is done) which will give us both some shelves as well.

savingholmes

Sounds like things are coming together. Great that your retirement plan is on track.

lianne1984

Sounds like a good plan to me 

ladyholly

Clearing your mortgage before retirement is an excellent idea. It gives such peace of mind especially at the moment when interest rates are rising.

beanielou

All sounding good 

jwil

Thank you everyone

I'd worked out before that I could potentially go in 10 years time, but it was good to go back over and validate the figures and see that I wasn't being very unrealistic by following other's experiences.  The bit that was bothering me was that it makes the assumption I will stay where I am for 10 years, and so I wanted to know how it would change if I left earlier or was made redundant.  Knowing that there are still options is really exciting.

I love the idea of retiring, but things may change between now and then, and I might still have stuff to do before it's realistic.  However, what it does mean is that I'd have the freedom to choose, and I could look for something part time rather than working full time. That is very freeing, and gives me something positive to work towards.

jwil

Little miss is still not 100% so I'm keeping her home again today.  She's barely eaten since Wednesday so I don't want her flaking out at school.  She's definitely improved, so hopefully she'll be back tomorrow.

We're on the countdown to the summer holidays now.  I've booked two weeks off (separately) and a couple of odd days as well.  That combined with my not working on Fridays should give me a fairly decent amount of time off.  I'll also gain up to an hour each day due to not having to do the school run so my working week will be shorter as I won't have to allow for that time.  It all helps!

jwil

Today's PAD £2

Jan - £141

Feb - £139

March - £89

April £149

May - £79

June - £270 

July - £10

jwil

Today's PAD £2

Jan - £141
Feb - £139
March - £89
April £149
May - £79
June - £270
July - £12