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Retiring at 50?
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Simon11 said:I am in my mid-30s and have been quite savvy financially and in the last few years have focused heavily on the pension. In my model, I have forecast that I need £1.6m by the age of 50 (in today's money) to retire (or to work part-time doing something I really love).
I live in London, so yours may be lower however this amount covers owning my house & cars in full, providing a joint-income with my wife of £30k p.a. until a few years after we forecast to pass away, emergency saving pot of £30k and setting aside £50k for each child (uni house deposit ect).
As you can see, there is quite a lot of work required now to really save to build your wealth and to give you the option to retire early.
Well worth getting a spreadsheet to begin calculating everything!
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gadget88 said:I am mid 30’s and want to retire at 50 but not sure what I need to know?Do you need to sign on? What age do you get a work pension? I guess being mortgage free would help by 50?
You say in another post https://forums.moneysavingexpert.com/discussion/6502656/moving-home-vs-early-retirement#latest that you '...don’t really want the hassle of talking to the bank or financial advisor' but given how clueless you are about even the most basic relevant factors, spending some of your 'substantial' savings on proper advice might put you in a better position to assess if this is a realistic aspiration.Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
Simon11 said:I am in my mid-30s and have been quite savvy financially and in the last few years have focused heavily on the pension. In my model, I have forecast that I need £1.6m by the age of 50 (in today's money) to retire (or to work part-time doing something I really love).
I live in London, so yours may be lower however this amount covers owning my house & cars in full, providing a joint-income with my wife of £30k p.a. until a few years after we forecast to pass away, emergency saving pot of £30k and setting aside £50k for each child (uni house deposit ect).
As you can see, there is quite a lot of work required now to really save to build your wealth and to give you the option to retire early.
Well worth getting a spreadsheet to begin calculating everything!0 -
Tucosalamanca said:Simon11 said:I am in my mid-30s and have been quite savvy financially and in the last few years have focused heavily on the pension. In my model, I have forecast that I need £1.6m by the age of 50 (in today's money) to retire (or to work part-time doing something I really love).
I live in London, so yours may be lower however this amount covers owning my house & cars in full, providing a joint-income with my wife of £30k p.a. until a few years after we forecast to pass away, emergency saving pot of £30k and setting aside £50k for each child (uni house deposit ect).
As you can see, there is quite a lot of work required now to really save to build your wealth and to give you the option to retire early.
Well worth getting a spreadsheet to begin calculating everything!"No likey no need to hit thanks button!":pHowever its always nice to be thanked if you feel mine and other people's posts here offer great advice:D So hit the button if you likey:rotfl:1 -
BlackKnightMonty said:Simon11 said:I am in my mid-30s and have been quite savvy financially and in the last few years have focused heavily on the pension. In my model, I have forecast that I need £1.6m by the age of 50 (in today's money) to retire (or to work part-time doing something I really love).
I live in London, so yours may be lower however this amount covers owning my house & cars in full, providing a joint-income with my wife of £30k p.a. until a few years after we forecast to pass away, emergency saving pot of £30k and setting aside £50k for each child (uni house deposit ect).
As you can see, there is quite a lot of work required now to really save to build your wealth and to give you the option to retire early.
Well worth getting a spreadsheet to begin calculating everything!
I haven't considered any potential inheritance in my calculations, as firstly I wish for my parents to enjoy all their money and secondly, you just have no idea what it could be, as it could easily be spent on healthcare in later years. Anything that comes is a surprised bonus.
"No likey no need to hit thanks button!":pHowever its always nice to be thanked if you feel mine and other people's posts here offer great advice:D So hit the button if you likey:rotfl:0 -
Simon11 said:Tucosalamanca said:Simon11 said:I am in my mid-30s and have been quite savvy financially and in the last few years have focused heavily on the pension. In my model, I have forecast that I need £1.6m by the age of 50 (in today's money) to retire (or to work part-time doing something I really love).
I live in London, so yours may be lower however this amount covers owning my house & cars in full, providing a joint-income with my wife of £30k p.a. until a few years after we forecast to pass away, emergency saving pot of £30k and setting aside £50k for each child (uni house deposit ect).
As you can see, there is quite a lot of work required now to really save to build your wealth and to give you the option to retire early.
Well worth getting a spreadsheet to begin calculating everything!Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.phpFor free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.0 -
kimwp said:Ooh, how have you assessed the buy to let for the wealth pot? As saleable asset and/or converted the income into a cash pot equivalent?"No likey no need to hit thanks button!":pHowever its always nice to be thanked if you feel mine and other people's posts here offer great advice:D So hit the button if you likey:rotfl:1
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I also plan to retire at 50 if I can get away with it. I am now 43 with approx 670k in pension, 140k in ISAs (mostly S&Ss) and plan to continue adding 20k/year in ISAs for the next 7 years in addition to the max 60k/yr into the DC pension to put me in the best position I can for reaching half a century of youth. I also have around 200k cash but that was going to be to upgrade to a larger house (no current mortgage and no plans to jump back into that nonsence).
I had planned to top up with separate 10k/yr I'm getting on a rental property with no mortgage to give me 40k/yr income from 50 by a combination of drawing down on ISAs and rental combined until I can take from my pension at 58.
My partner also has separate pension and income but they enjoy their job more than I do so they have no plan on retiring at 50 - or so I tell them!
Their income can support kids (10 and 6) until they flee the nest too
Could be wild and I'll never get to live the dream of retiring at 50 but only time will tell. 😊0 -
Simon11 said:BlackKnightMonty said:Simon11 said:I am in my mid-30s and have been quite savvy financially and in the last few years have focused heavily on the pension. In my model, I have forecast that I need £1.6m by the age of 50 (in today's money) to retire (or to work part-time doing something I really love).
I live in London, so yours may be lower however this amount covers owning my house & cars in full, providing a joint-income with my wife of £30k p.a. until a few years after we forecast to pass away, emergency saving pot of £30k and setting aside £50k for each child (uni house deposit ect).
As you can see, there is quite a lot of work required now to really save to build your wealth and to give you the option to retire early.
Well worth getting a spreadsheet to begin calculating everything!
I haven't considered any potential inheritance in my calculations, as firstly I wish for my parents to enjoy all their money and secondly, you just have no idea what it could be, as it could easily be spent on healthcare in later years. Anything that comes is a surprised bonus.0 -
gadget88 said:I am mid 30’s and want to retire at 50 but not sure what I need to know?Do you need to sign on? What age do you get a work pension? I guess being mortgage free would help by 50?
We all want to retire at 50.
State pension alone is a struggle. You will probably need some sort of work pension too to top that up and that means investing into that for years even to get £100 a week on top unless you want to retire potless which probably isn't fun
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