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  • FIRST POST
    • Mrs Z
    • By Mrs Z 8th Jan 19, 2:03 PM
    • 911Posts
    • 1,012Thanks
    Mrs Z
    Plotting for an early retirement - anyone want to join me?
    • #1
    • 8th Jan 19, 2:03 PM
    Plotting for an early retirement - anyone want to join me? 8th Jan 19 at 2:03 PM
    Hello to all fellow forum members,
    I've been reading the Early Retirement Wannabe thread but as it is rather long, I thought I start a new one instead.
    So yes, like the title, I've been plotting an early retirement for some time. In fact it was all going swimmingly and my plan was to throw in the towel in 2023 (at the age of 55). But then the Brexit happened which has changed everything. In two months time, my work will be relocating to another EU country as a consequence.
    I've decided to stay on the job for the time being, just 1 more year as the relocation package is rather generous and it's unlikely that I'd found another job in the UK with corresponding level of salary/benefits etc. This could mean that the early retirement might well become a reality in 2020. That is scary!
    If that were to be - there will be 11 years gap before I start getting the work pension from the age of 63 and my plan was based on 8 years. There are options of course to get around this; to get a part-time job, maybe start some kind of business myself, etc but let's see what happens!
    Anyways, that's my introduction, more to follow as the journey progresses. In the meantime - please join the ride if you are thinking/dreaming/planning of early retirement or have already retired and can contribute with any tips/experience etc.
    It is going to be tough to stand it out....even til 2020!


    This Forum tip was included in MoneySavingExpert.com's weekly email!
    Last edited by MSE Tine; 15-01-2019 at 12:09 PM.
Page 20
    • savingholmes
    • By savingholmes 23rd Aug 19, 1:55 PM
    • 9,950 Posts
    • 20,330 Thanks
    savingholmes
    We would love to retire early or as some of the fire people say have mini-sabbaticals - currently reach state pension in 2037 but that seems way too far away. Need to come up with a cunning plan that bridges that gap.I mostly enjoy my job but OH doesn't. I wonder whether consultancy would be the way to go longer term...
    Target DFD Mar 21 Nov 20 £38840 @ 13/7/19 £25,369@0%
    Target MFD July 2031 March 28 owe £145551 @13/7/19 £145,078 @1.7%
    • crv1963
    • By crv1963 23rd Aug 19, 2:28 PM
    • 1,022 Posts
    • 2,297 Thanks
    crv1963
    We would love to retire early or as some of the fire people say have mini-sabbaticals - currently reach state pension in 2037 but that seems way too far away. Need to come up with a cunning plan that bridges that gap.I mostly enjoy my job but OH doesn't. I wonder whether consultancy would be the way to go longer term...
    Originally posted by savingholmes
    That's only 18 years, which seems a long time, but 1982 when I first started work seems like yesterday! Have you got a plan? We started out seriously looking at it all 2 years ago, before that it was all a bit nebulous. The information here has been invaluable.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • RueyE
    • By RueyE 23rd Aug 19, 2:44 PM
    • 19 Posts
    • 22 Thanks
    RueyE
    That did not work for me. I found you can never go back there again.
    Originally posted by missile
    In my situation, I found that after being made redundant, and therefore contemplating retirement, I did indeed take a job that paid about a third of my previous job's salary.
    But this job was in a completely different sector, and a job that I have never even considered before. I found a change was as good as a rest and really enjoy the current work. Also it was considerably less stressful - hence the enjoyment of work.
    It has allowed myself and the OH to ramp up the retirement planning, and seeing how we can live on a much lower income has been a useful exercise along the way.
    • BoxerfanUK
    • By BoxerfanUK 23rd Aug 19, 6:36 PM
    • 536 Posts
    • 434 Thanks
    BoxerfanUK
    this follows reading other threads and in particular k6chris thread that has been moved to the discussion time board.
    Originally posted by crv1963
    CRV.... what board is this please? I can't seem to find the one you refer too.
    • MallyGirl
    • By MallyGirl 23rd Aug 19, 6:42 PM
    • 4,076 Posts
    • 9,516 Thanks
    MallyGirl
    https://forums.moneysavingexpert.com/forumdisplay.php?f=58

    Money Savers Arms
    • BoxerfanUK
    • By BoxerfanUK 23rd Aug 19, 8:15 PM
    • 536 Posts
    • 434 Thanks
    BoxerfanUK
    Thanks MallyGirl
    • savingholmes
    • By savingholmes 25th Aug 19, 11:32 AM
    • 9,950 Posts
    • 20,330 Thanks
    savingholmes
    That's only 18 years, which seems a long time, but 1982 when I first started work seems like yesterday! Have you got a plan? We started out seriously looking at it all 2 years ago, before that it was all a bit nebulous. The information here has been invaluable.
    Originally posted by crv1963
    If I work to 67 - we would retire on around £51K which sounds fab. By the end of 2020 we intend to be credit card free - and by the end of 2027 we could be mortgage neutral - there is still a big step from there to creating sufficient investments / part time income to be able to retire early Currently listening to the £ or your life for ideas..,
    Target DFD Mar 21 Nov 20 £38840 @ 13/7/19 £25,369@0%
    Target MFD July 2031 March 28 owe £145551 @13/7/19 £145,078 @1.7%
    • shinytop
    • By shinytop 25th Aug 19, 2:50 PM
    • 600 Posts
    • 676 Thanks
    shinytop
    If I work to 67 - we would retire on around £51K which sounds fab. By the end of 2020 we intend to be credit card free - and by the end of 2027 we could be mortgage neutral - there is still a big step from there to creating sufficient investments / part time income to be able to retire early Currently listening to the £ or your life for ideas..,
    Originally posted by savingholmes
    Not sure what your 'number' is but £51k is way more than most have to retire on. Maybe you could manage on a bit less and retire earlier while you have time and good health to enjoy it?
    • JoeEngland
    • By JoeEngland 25th Aug 19, 4:53 PM
    • 396 Posts
    • 819 Thanks
    JoeEngland
    Not sure what your 'number' is but £51k is way more than most have to retire on. Maybe you could manage on a bit less and retire earlier while you have time and good health to enjoy it?
    Originally posted by shinytop
    I was thinking the same. Presumably the benefit you get from a high retirement income starts to diminish when you reach your 60s anyway as health and fitness will on average be on a downward slope. Not forgetting that the hazard figure (% of people who won't make it to their next birthday) increases each year.
    • Mrs Z
    • By Mrs Z 19th Nov 19, 9:51 AM
    • 911 Posts
    • 1,012 Thanks
    Mrs Z
    Hello everyone,

    An update again since we have now moved from summer to autumn and Iíve pretty much reached 6 months of this Ďworking abroadí thing.
    In my last post I said I was hovering with a decision whether to pack it all in at the end of May. Well, I no longer hover, Iíve made the decision, and itís is a YES. Scary as it is, once I dared to come to that conclusion, I just felt a wave of liberation and joy and now canít wait to go and thereís no looking back.
    Thatís literally 7 pay checks before the tap runs dry!!! OMG!!!!
    The finances are not quite where Iíd like them to be, but equally, they are near enough at 80% of the target.
    At that level, I feel comfortable enough to take the risk and jump off the wagon. Yay!!! There is enough financial cushion to support me for the time being. Iím not ruling out ever working again Ė but itíd have to be on my own terms, no more slaving 40hrs+ week plus commuting.
    Maybe some kind of part-time local job at max 20hrs pw.
    Bosses have been verbally told at work, formal letter is typed and ready and Iíll be submitting it next week. You may wonder why such a long notice. Well, Iím am actually submitting an application for a 1 year sabbatical. Which, if approved, would still give me an option to return, although not necessarily to the same position. I thought about what I would do if it got refused. If that happens, then I shall hand in my resignation Ė so either way, Iíll be going - at the end of May if all goes to plan.
    The timing feels right. I need to take some time off and distance myself from the daily grind. Who knows which direction my life will go? Iíll be happy to go with the flow.
    I also have elderly parents living in (yet) another country who are starting to be in need of support. At least Iíll be able to spend some time with them too before itís too late.

    Anyone else made radical decisions???
    • cfw1994
    • By cfw1994 19th Nov 19, 12:06 PM
    • 524 Posts
    • 478 Thanks
    cfw1994
    <snip>
    Thatís literally 7 pay checks before the tap runs dry!!! OMG!!!!
    <snip>

    Anyone else made radical decisions???
    Originally posted by Mrs Z
    That bit about the tap running dry puts it into perspective, eh!

    I'm strongly considering a similar timeframe....& also considering whether to ask about a sabbatical to see what happens. Only on a 1 month notice, so no rush here, but plenty of thought going into this (& calculations too!).
    Plenty to think about, for sure!

    Congrats!
    • westv
    • By westv 19th Nov 19, 12:54 PM
    • 4,915 Posts
    • 2,490 Thanks
    westv
    Checks?!
    • cfw1994
    • By cfw1994 19th Nov 19, 2:06 PM
    • 524 Posts
    • 478 Thanks
    cfw1994
    Checks?!
    Originally posted by westv
    That's someone working abroad....it will be a cheque once they return
    • DairyQueen
    • By DairyQueen 19th Nov 19, 8:00 PM
    • 1,030 Posts
    • 1,843 Thanks
    DairyQueen
    Anyone else made radical decisions???
    Originally posted by Mrs Z
    Not exactly 'radical' but over the last 12 months Mr DQ has transitioned from a dedicated 'one-more-year-er' to agreeing a retirement date (April 2021) and, in the last 6 months, the deadline has reduced to a new aim of full retirement 'by end of 2020'.

    His mother's recent transition to palliative care has had a profound effect. We are, after all, next in line. His fave saying of the moment: "nobody ever looks back and expresses regret at not spending more time at work".

    Amen to that.

    (Congrats btw).
    • bugslett
    • By bugslett 19th Nov 19, 8:28 PM
    • 406 Posts
    • 1,546 Thanks
    bugslett
    Congratulations

    5 months in and work seems 5 years ago.
    Yes I'm bugslet, I lost my original log in details and old e-mail address.
    • missile
    • By missile 20th Nov 19, 6:57 AM
    • 10,355 Posts
    • 5,365 Thanks
    missile
    You may wonder why such a long notice. Well, Iím am actually submitting an application for a 1 year sabbatical. Which, if approved, would still give me an option to return, although not necessarily to the same position. I thought about what I would do if it got refused. If that happens, then I shall hand in my resignation Ė so either way, Iíll be going - at the end of May if all goes to plan.?
    Originally posted by Mrs Z
    Clever way to hedge your bets, but why wait until May? Do you have to give 6 months notice?
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home
    • Mrs Z
    • By Mrs Z 20th Nov 19, 11:44 AM
    • 911 Posts
    • 1,012 Thanks
    Mrs Z
    Clever way to hedge your bets, but why wait until May? Do you have to give 6 months notice?
    Originally posted by missile
    I prefer to go at the beginning of the summer with the long days (and good weather) ahead of me. I'm a keen gardener and spring is always a busy time in the garden so i'm planning to take full advantage of this and enjoy the outdoors instead of being handcuffed to my desk!
    Also, 3 months notice is required for the sabbatical, and I have 2 or 3 months (can't remember exactly) notice period - so should they turn down my application for the sabbatical say in March, I still have time to hand in my resignation and go as planned. But this is of course dressed as ....I'm giving you plenty of notice so you can plan accordingly for my replacement,,, etc...
    • Happymonday
    • By Happymonday 20th Nov 19, 11:55 AM
    • 11 Posts
    • 11 Thanks
    Happymonday
    I planned to take early retirement at 55 and this was an objective for me for over 16 years before I eventually took it last August. One of the drivers was that my dad worked until he was into his 70's and then due to ill health was unable to enjoy his remaining years to the full. However, finishing last year led to me learning a few important things. Financial freedom is one thing but you need to be in the right mindset and still have a real purpose to get up every day (you eventually find that there is no more decorating or gareden projects to complete!). Also your partner needs to be ready and mine was not and continues to work part time. Getting the right balance takes time but you eventually get there. I now do enjoy my retirement and have plenty of hobbies and learning opportunities going on - but if my partner wasnt working only 3 days a week I think I would be back working again.
    • cfw1994
    • By cfw1994 20th Nov 19, 5:30 PM
    • 524 Posts
    • 478 Thanks
    cfw1994
    I planned to take early retirement at 55 and this was an objective for me for over 16 years before I eventually took it last August. One of the drivers was that my dad worked until he was into his 70's and then due to ill health was unable to enjoy his remaining years to the full. However, finishing last year led to me learning a few important things. Financial freedom is one thing but you need to be in the right mindset and still have a real purpose to get up every day (you eventually find that there is no more decorating or garden projects to complete!). Also your partner needs to be ready and mine was not and continues to work part time. Getting the right balance takes time but you eventually get there. I now do enjoy my retirement and have plenty of hobbies and learning opportunities going on - but if my partner wasn't working only 3 days a week I think I would be back working again.
    Originally posted by Happymonday
    Some great points here....& I do personally worry that I am so focussed on the FI part of FIRE, I might forget the detail of what I want to do!!
    Yes, a load of 'jobs' around the house....I'd be fairly happy to almost "drift along" for a year & see how things go: I know a few early retirees, & they all tell me they have never been busier: I'd quite like to be NOT so busy!!
    Plenty of ideas, a couple of hobbies & a volunteering role I've been doing a while should help, but.....yes, the mental side is important!
    • missile
    • By missile 20th Nov 19, 5:35 PM
    • 10,355 Posts
    • 5,365 Thanks
    missile
    Originally Posted by Happymonday
    ...Ö you eventually find that there is no more decorating or garden projects to complete! Ö....
    Not in our house. There always seems to be something else to put off doing.
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home
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