Moving home vs early retirement

gadget88

I have savings and have been in a dilemma do I buy a bigger house and pay a few hundred more for extra so do I retire earlier than 65 in the future? I looked at a bigger house but felt it could compromise location. I feel frustrated with this house as some newer houses have newer windows or kitchens. I also realise moving could mean less holidays abroad. I don’t really want the hassle of talking to the bank or financial advisor just looking for some general advise. Is it better to move or is retiring early just a life of boredom? Would be interesting to hear as there’s maybe others here had his dilemma or made a choice? 

Brie

Do you need a bigger house? If no why do it.  Do you love your job?  If not then retire.  

Have you paid off your mortgage already?  That is such a big relief if you know you don't have that big chunk of money going out of your account every month.  And it means that perhaps you could change to a lower pay scale role and chill a bit rather than retiring outright.  

gadget88

I’m mid 30’s so wouldn’t retire to say 50. Seems a trend to retire early I currently work just 3 days so always sort of semi retired. Not quite I moved from a flat 5 years ago and added 30k to it. I have alot of savings and my wife’s family have money so I would be confident of clearing it q before it runs out in 29 years. I have a two bed house just me and  my partner no family so don’t need the space more of a luxuary. And yes that’s right maybe by 50 I could cut to 2 days work from 3 that may work well? It’s just I am in a position to spend and I don’t know if I should hold off home improvements or move. I have been spending around 2 grand per year on this house since 2018 so this one is modern. I had been looking at 3 bed 3 bathrooms but sometimes find new builds have smaller living rooms and can’t fit my furniture. 

gadget88

If I cleared my mortgage I could reduce to 2 days from 3 for same money. So maybe it’s a goal to clear a mortgage?

horsewithnoname

Retire is my vote. Other opinions are available. 

prettyandfluffy

Depends on you and your lifestyle but my OH & I both stopped work before 60 (me for health reasons, him because he wanted to.).  We downsized so we have no mortgage and savings.  Every day is a busy day.  We have time for hobbies, visiting family and friends, travel plus we have 2 dogs who get a good walk every day.  Main plus is that you need a lot less, you can live a lot more cheaply and your quality of life is better.

SilverSix

Retire as early as possible, life expectancy is not guaranteed. 

If you value a nicer place to live more than you do financial freedom, then move and keep working. 

Grumpy_chap

gadget88 said:

I have alot of savings and my wife’s family have money so I would be confident of clearing it q before it runs out in 29 years. 

What do you mean by "a lot of savings"?  Are you at least mortgage-neutral?

Who, exactly, do you mean by "wife's family"?  Does that mean her parents?

Why do you consider / assume that the money your wife's family have will be available for you to clear your mortgage?

Chemistry777

I deferred my early retirement by 5 years to purchase a new home.  18 month later I am not regretting the decision, we love our new house and time is flying as we "enjoy" getting it how we want.  The new property gives us more peace and quiet, a larger garden and being a bungalow will be more practical in retirement.

Having to work longer is not great but actually, I think we will enjoy our retirement far more in our new house and that could be for another 20 years (fingers crossed).

Just my opinion and everyone is different, so I don't think there is a right or wrong answer to this question.