High risk, high reward: A pauper's dream of early retirement.

mrklaw

realised our number is likely 400k but combined. I aim to have about 285k (was 300 but 15 turns out to be in a weird protected DC that gives an ok annuity rate so I’ll probably take it as a tiny DB equivalent). And pushing to get my wife to 100k to lean on her personal allowance more. Target is three years roughly - april 2029. Will pretend to myself I’ll only check each april to see how we’re doing but I know that part isn’t true. Not the end of the world if we have to do another year or two but would be nice not to

barnstar2077

https://forums.moneysavingexpert.com/discussion/comment/82001771#Comment_82001771

How old are you currently please?

QrizB

I have finally decided my criteria for retirement. I will be at least 53, and I will have at least £400k between my ISA and pensions.

My number was £400k and 55 (as most of it was in my pension and I wanted to be able to get at it).

And here I am, over both of those, still not quite retired! (I have reduced my hours significantly, and would've retired if my employer hadn't agreed.)

barnstar2077

https://forums.moneysavingexpert.com/discussion/comment/82002067#Comment_82002067

One more year is very tempting, but I just keep thinking, what if I only make it to 72, or I am not mobile in my later years (I will definitely need a new knee at some point.) How many good summers do I have left?

It is a very difficult decision for sure, as OMY means a lot more disposable income once retired.

I feel like the best compromise for me will be to retire at 53 and not spend too much money till I can access my pensions. So I will at least be a free man for those years, and able to enjoy an ice cream in the park on sunny days etc.

I cannot tell you how tiresome the company BS is getting. Being told black is white and white is black on a regular basis is so soul destroying. They know they are lying, and they know you know they are lying, but they have to tow the company line. Even now I get into trouble for laughing out loud at the absurdity of it all sometimes! : )

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82002229#Comment_82002229

It is a very difficult decision for sure, as OMY means a lot more disposable income once retired.

Apart from the extra disposable income, it gives you a buffer. So when the news is bad you can stay relaxed. Of course some people take that to extremes and have 10 more years, which is not a good idea either if you do not like your job.

mrklaw

https://forums.moneysavingexpert.com/discussion/comment/82002012#Comment_82002012

55. Aiming at April 2029 a few months after turning 58. Wife will have just turned 59

Veloflyer

https://forums.moneysavingexpert.com/discussion/comment/82002229#Comment_82002229

As an aside perhaps, I can empathize greatly with your last para. I find it truly astonishing just how many folk I speak with feel the same way. Was it ever thus I wonder? The issue does seem to accelerate early retirement and make what was bearable, unbearable. Pity really as it means much experience and knowledge disappears, as certainly in my experience it is also invariably not passed on. Any proper handover fails to materialize due to the retiree simply not caring much anymore else leaving far more suddenly than expected leaving little or no time to plan for them not being there any longer.

mrklaw

agree. Had this just last week. Been trying to line up some additional work with a client, we’d adjusted the material we put in an exec presentation to tilt in that direction and they were receptive. Had an internal review and the team neeeded to back that up suddenly were all ‘well this is our desired target we aren’t quite there yet’. You literally signed off on us saying we’d shipped it with multiple customers already..

I’m done bothering to try and make us better. I might want us to be better but apparently ‘we’ don’t actually want that. So I’ll do the job and look after my team and then close my laptop at the end of the day

HedgehogRulez

I don’t even open my work laptop some days. Steam backlog too big for work!

Bostonerimus1

https://forums.moneysavingexpert.com/discussion/comment/82002489#Comment_82002489

I worked in academia and US government research labs with people from all around the world who simply loved what they did. There was fantastic "esprit de corps" and long hours were common because everyone was dedicated. I avoided management, other than technical project management, and so avoided most of the organizational politics. I retired over a decade ago and now many of my colleagues are leaving with some bitterness because of budget cuts and the very different leaders that have been recently installed. It's very easy to destroy decades of institutional heritage with a few poor high level appointments.