Retiring at 50?

PootleF

Your second post mentions kids - do you have plans to help them out at all financially? 

We could definitely retire earlier if we didn’t plan to help kids with reasonable house deposits, but it doesn’t sit right to me to retire with the kids in their mid teens and then have them build up huge student debt and struggle to get on the housing ladder and work until 70, when some of the reasons we can retire earlier (as well as hard work and saving) are due to being born in a time of different house prices and much lower university costs. 

kempiejon

MEL1981 said:

I can easily see myself retired at 50 (will be 44 this year and partner similar). Not through ill health but moreso just to get out of the rat race, give myself the freedom to choose what I want to do and when I want to do it.

kempiejon said: So what's so special about hanging on till 50? 

Thanks! Maybe it's the psychology of turning 50, anything less just doesn't sit right with me for some odd reason? Also younger kids so need to keep in the grind until they are mid teens! 

Can we explore this a bit? You can see your self retired at 50 just to get out of the rat race. Quite, who wants to be the fastest rat? but will not before because it's not right? Are you sure you really want to get out or do you want wait until the kids are done? You might be waiting forever, my 40 year old chum moved back in with their parents a couple of year ago.
As you have an idea to get out and in your 40s it looks good and there's bit of time to finesse it, stick another £100k+ into SIPP/ISA, perhaps directing some funds towards a backstop for the yoof.

Simon11

Financially, you are in a fantastic position to retire at 50 and in your position, I would 'ease' off the gas in terms of your careers (if they are demanding/ not interesting) to ensure you/ partner get enough quality time to do everything you want plus to spent quality time with the family now! 


I am also aiming to retire around 50, but have 15 years to go. I am already ahead financially, with my target to be achieved around 45 if I keep going. At the moment, I am in a fantastic job, earnings lots and only working 2-3 days a week. Long may it continue, however if thing ever go sour, I know that I can easily drop my hours and role to ensure I get the right balance in life- later in retirement but also now!

artyboy

PootleF said:

Your second post mentions kids - do you have plans to help them out at all financially? 

We could definitely retire earlier if we didn’t plan to help kids with reasonable house deposits, but it doesn’t sit right to me to retire with the kids in their mid teens and then have them build up huge student debt and struggle to get on the housing ladder and work until 70, when some of the reasons we can retire earlier (as well as hard work and saving) are due to being born in a time of different house prices and much lower university costs. 

This. I'd have been done way back in my early 40s if it weren't for our decision that we'd get the kids through Uni and comfortably onto the housing ladder. I don't buy into Martin's argument about student debt one little bit.

gambleruk

I retired at 50 mainly by accident and with a fraction of your savings but I have not had one single regret, I will also say that I have never struggled to fill up my time either from working 40 hour weeks for 34 years to nothing was a very simple transaction for me. I still do everything what needs doing Monday to Friday and enjoy the weekends like I did when I was working, a lot to do with that is that most of my friends are still working so weekends is the only time I can really catch up with them so worth bearing that in mind if you do enjoy socialising and catching up with people.

Storcko14

I would recommend taking a sabbatical or going part time first if you can.  My partner had effectiveIy retired early to care for her parents so I took an indefinite break between projects a couple of years ago (mid 50s) to road test our retirement.  We aimed to live on our retirement income which actually turned out easier than expected even though our offspring came back home post Uni during that time.  I rode my bike and went walking a lot for the first 2 or 3 months (it was summer), nurtured a couple of worthwhile friendships that had suffered a bit, then I took a day a week volunteer role and read lots as autumn came around.  I don't think I've ever felt as relaxed since my 20s and didn't have a moment when I was bored.  After 6 or 7 months, the chance of a 3 day / week contract came up unexpectedly which I took as I enjoy what I do and it was pretty lucrative.  That has turned out to be one of the best and most enjoyable projects I've done.  It also allowed me to continue volunteering which I love as it's a total contrast to the day job - it's a whole new skillset and involves being with an interesting and eclectic group of people.

The main takeaways for me were a) testing the financials gives reassurance but maybe also a surprise, b) I've always considered myself more introvert than extrovert but I'm much better if I've got a couple of things to get me out mixing and socialising and c) change and variety is essential especially as we age and things turn up unexpectedly so have a bit of flex in the plan to take advantage.

Albermarle

Regarding your finances, they certainly look healthy enough.
However you need to be more careful managing your finances, when decumulating than accumulating ( in my opinion).
Tax efficiencies, investment strategies, withdrawal rates, keeping income up with inflation, watching out for changing legislation, inheritance issues etc.
 There is a good chance that one of you could reach your Nineties and maybe even both, so many years from 50 to finance.
As already mentioned that cash pile is disproportionately big for the long term.

Cus

I retired at 50 from the rat race, no one I knew had retired, felt completely lost. Make sure you know what you are retiring to, rather than just escaping.

zagubov

Another vote for going part-time before fully retiring. Plenty of statistics show that more people are happy in a lighter job than not working after retirement at all. Also of those people the ones doing a familiar job are happier than those doing something completely new.
If you're retiring early, why not return to study? (full disclosure I've been a OU tutor and noted how the students really appreciated the learning experience). Or you could enrol on a MOOC with loads of other universities.

Silverbullet036

I also retired at 50 but I dont have anywhere near the funds you do. That being said I dont need them as there is only me and my wife and we both live quiet/relaxed lives. We will never use the money we have and frankly we scratch our heads wondering why we worried about it whilst we were working and accumulating.
I find just a couple of jobs a day and plenty of exercise does the trick for keeping busy , no rushing anything and plenty of 'tea' stops.
You have to sit down and work out a sensible expenditure plan that your finances can comfortably cope with. Lots of things you wont need any more but lots of different things you may well need (new hobbies/extra holidays)

Just do it