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brewerdave wrote: »
I started planning for early retirement in my early 40s ramping up my savings in equities/ISAs and cash (as far as possible with two young kids!);the Company I was then with, had an Early Retirement Facility that would have allowed me to retire at 55 on a "full" pension with the Company's permission.
HOWEVER, things changed rapidly in the mid/late 90s with the result that I was made redundant at the age of 49. Got another job at a lower rate of pay and much less generous pension scheme,so revised target retirement to 60. Got made redundant again at 56, not able to retire and out of work for several months so took a job at a lower salary again.
Got made redundant again after 2 years - couldn't get another job so was forced into taking original Company pension early.
My finances are considerably worse now at 60 than my original plan - we will survive but many of the luxuries that we had originally planned for retirement "have gone up in smoke"!
The point I'm trying to make is that any early retirement plan should include worse case scenarios especially a loss of a well paid job.
bendix wrote: »
True, but at the same time it's possible to over-analyse and over-forecast and think of every possible contingency.
Sometimes you just gotta live a little and take some chances
LGH29 wrote: »
We think we will manage until the sp kicks in - wondered if anybody had similar experiences with a big cut in salary for the years until 66.
I know the 40k could be larger ideally but with bumping the mortgage off in the last five years and both children through university restricted our saving potential.
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