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  • FIRST POST
    • Marine_life
    • By Marine_life 5th Nov 10, 9:46 AM
    • 1,011Posts
    • 2,003Thanks
    Marine_life
    Early-retirement wannabe
    • #1
    • 5th Nov 10, 9:46 AM
    Early-retirement wannabe 5th Nov 10 at 9:46 AM
    I would like to create a topic (don't see it at the moment - other than the NUMBER thread).

    Who is aiming for early retirement (or who has retired early already)?
    When did you begin planning and what drove the decision?
    What is the strategy for getting there?
    How much of a relative decline in income are you prepared to take / did you take?
    What are your main concerns?
    For those already in early retirement - how is it progressing? What have been the good and bad surprises (financial and otherwise)?

    I will post my strategy but wanted to get some thoughts
Page 275
    • SmashedAvacado
    • By SmashedAvacado 16th May 19, 10:06 AM
    • 938 Posts
    • 922 Thanks
    SmashedAvacado
    More fluffy than oppressive ;-)
    Originally posted by Marine_life
    i did around 10 years in dubai. Tax free and same income so basically earned double, but the thing with earning double is that your overheads say the same, so under my UK income where i could save say 10% in dubai i could save 60% (the 10% and the whole tax free bit). Which basically means i will be able to retire / do something else a lot more earlier (like 15 years) than had i stayed in the UK. Its not h the same for everyone but particular jobs are well suited and the heat is something you can get used to in the summer.
    • Anonymous101
    • By Anonymous101 16th May 19, 10:43 AM
    • 1,416 Posts
    • 1,145 Thanks
    Anonymous101
    i did around 10 years in dubai. Tax free and same income so basically earned double, but the thing with earning double is that your overheads say the same, so under my UK income where i could save say 10% in dubai i could save 60% (the 10% and the whole tax free bit). Which basically means i will be able to retire / do something else a lot more earlier (like 15 years) than had i stayed in the UK. Its not h the same for everyone but particular jobs are well suited and the heat is something you can get used to in the summer.
    Originally posted by SmashedAvacado


    What industry do you work in?
    I work in Construction and know its pretty common for people to do this in my line of work.
    At the moment I've no plans to go out there but perhaps in another few years I'd be prepared to take a risk and move abroad.


    The saving principle you're talking about has servered me well even here in the UK. Once I was earning enough for a comfortable life I tried to keep my costs fairly static whilst any additional pay rise went to savings.


    Its much harder to cut back costs than refrain from increasing them in the first place.
    • Kit Katt
    • By Kit Katt 17th May 19, 5:12 AM
    • 43 Posts
    • 63 Thanks
    Kit Katt
    I visit the ME on a regular basis with work.
    I would rank for a westerner and also if going with wife or girlfriend etc
    Abu Dhabi #1
    Bahrain #2 small and beautiful - good if yoir commuting to Saudi over the causeway
    Dubai #3
    Qatar #4

    Oman is beautiful and again up there with Dubai - big indian community in most of these places.
    Likes of Riyadh i think westerners struggle.
    • gadgetmind
    • By gadgetmind 17th May 19, 3:55 PM
    • 10,951 Posts
    • 8,951 Thanks
    gadgetmind
    Another problem with staying as a techie is that your manager could well be much younger than you, less experienced and in your eyes less competent.
    Originally posted by Linton
    They can also be older than you, but less experienced and less competent!

    This can make relations difficult and stressful for both sides.
    Agreed, but that's why the money is excellent if you're good at managing both those below you *and* those above.
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
    • JoeEngland
    • By JoeEngland 17th May 19, 4:58 PM
    • 352 Posts
    • 773 Thanks
    JoeEngland
    I work in IT software development and it's a relatively young environment. People tend to move into management or lead role by now. I don't know why but l keep thinking I'd probably struggle to find a suitable role, say if things don't work out a few years into retirement.
    Originally posted by inflationbuster
    Being out of IT for a few years would be a bigger impediment to getting another job than your age.
    • JoeEngland
    • By JoeEngland 17th May 19, 5:10 PM
    • 352 Posts
    • 773 Thanks
    JoeEngland
    Yesterday I handed in my notice and will be finishing at the end of July. This gives them more time to recruit a replacement and I get nearly two more months salary. Health issues have made working full-time unsustainable, and besides that I'm mentally done with IT after over 30 years. I may look for some kind of PT work, but the main thing is looking forward to doing other things and resuming my writing hobby. Getting more sleep will be a big benefit of not working as I'm constantly tired while working FT.

    Roll on July! ��
    Last edited by JoeEngland; 17-05-2019 at 5:28 PM.
    • atush
    • By atush 17th May 19, 5:15 PM
    • 17,966 Posts
    • 11,406 Thanks
    atush
    Congrats
    • shinytop
    • By shinytop 17th May 19, 6:46 PM
    • 515 Posts
    • 599 Thanks
    shinytop
    Yesterday I handed in my notice and will be finishing at the end of July. This gives them more time to recruit a replacement and I get nearly two more months salary. Health issues have made working full-time unsustainable, and besides that I'm mentally done with IT after over 30 years. I may look for some kind of PT work, but the main thing is looking forward to doing other things and resuming my writing hobby. Getting more sleep will be a big benefit of not working as I'm constantly tired while working FT.

    Roll on July! ��
    Originally posted by JoeEngland

    congratulations! August for me
    • JoeEngland
    • By JoeEngland 17th May 19, 6:53 PM
    • 352 Posts
    • 773 Thanks
    JoeEngland
    congratulations! August for me
    Originally posted by shinytop
    Congrats. Are you another ITer?
    • crv1963
    • By crv1963 18th May 19, 9:13 AM
    • 993 Posts
    • 2,259 Thanks
    crv1963
    Congrats to JoeEngland and ShinyTop!

    After some life events I'm requesting a pension forecast and if it is at all feasible I'm planning on going into semi-retirement in December, if it's not then it is a definite go in two years time.

    In the past month, 4 former colleagues have died before the age of 60 and a sibling at 60, so as my deceased sibling always said- "If you can, then go, time is one of the things you can't buy!".
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • Karmacat
    • By Karmacat 18th May 19, 1:00 PM
    • 32,407 Posts
    • 191,549 Thanks
    Karmacat
    Sorry to hear about your sibling, crv taking the lesson to heart means a lot, though.
    Downsized and paid off mortgage 2010
    Retired August 2016
    Paid off French mortgage September 2018
    New kitchen fully installed June 2019
    • crv1963
    • By crv1963 18th May 19, 6:15 PM
    • 993 Posts
    • 2,259 Thanks
    crv1963
    Sorry to hear about your sibling, crv taking the lesson to heart means a lot, though.
    Originally posted by Karmacat
    My sibling was so looking forward to retiring, no WASPI she saw the fairness and planned accordingly. She urged me to retire when I could last year, unfortunately that was not viable.

    I would urge others that if you can then do!

    It is a reality that not all make it to retirement, so even with careful planning it can all come to nothing!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • bugslett
    • By bugslett 18th May 19, 7:26 PM
    • 355 Posts
    • 1,326 Thanks
    bugslett
    Well done Joe!

    My company stopped trading on April 30th and my stress level dropped 95% and my working hours by around 60%. I'm looking forward to the end of June when both will be reduced to zero. It's going well so far!
    Yes I'm bugslet, I lost my original log in details and old e-mail address.
    • JoeEngland
    • By JoeEngland 18th May 19, 8:40 PM
    • 352 Posts
    • 773 Thanks
    JoeEngland
    Well done Joe!

    My company stopped trading on April 30th and my stress level dropped 95% and my working hours by around 60%. I'm looking forward to the end of June when both will be reduced to zero. It's going well so far!
    Originally posted by bugslett
    At Christmas my wife bought me a mug which says "Goodbye Tension Hello Pension" I'm also looking forward to a drop off in stress. All I want is a fairly quiet life and hope retirement or semi-retirement will give me that.
    • shinytop
    • By shinytop 18th May 19, 8:54 PM
    • 515 Posts
    • 599 Thanks
    shinytop
    Congrats. Are you another ITer?
    Originally posted by JoeEngland
    yup, is it that obvious?
    • lisyloo
    • By lisyloo 19th May 19, 8:40 AM
    • 25,441 Posts
    • 13,643 Thanks
    lisyloo
    In the past month, 4 former colleagues have died before the age of 60 and a sibling at 60, so as my deceased sibling always said- "If you can, then go, time is one of the things you can't buy!".
    Originally posted by crv1963
    Sorry for your loss.

    Whilst this is absolutely spot on, some of us will live a long time.
    My FIL died last year at 89 after smoking for 70 of them.
    My MIL is 91, so DH really has no option but to plan for longevity.

    The converse is running out of money which would be pretty miserable.
    • JoeEngland
    • By JoeEngland 19th May 19, 9:30 AM
    • 352 Posts
    • 773 Thanks
    JoeEngland
    yup, is it that obvious?
    Originally posted by shinytop
    There seems to be a lot of ITers on here wanting to retire. Not sure if that's just coincidence or whether it says something about working in IT
    • uk03878
    • By uk03878 19th May 19, 9:43 AM
    • 131 Posts
    • 102 Thanks
    uk03878
    Another IT person here as well. (big data type stuff)
    Going back to the OPs questions..
    When did you begin planning and what drove the decision?
    About four years ago I went to see a IFA who arranged my Directors Pension when I was contracting. He then said - you know you could retire at 55 if you wanted.
    Last year I really crunched the numbers in a homemade spreadsheet
    Obtained my state pension update - fully paid up 37 years of contributions, don't need to contribute any more. My pension comes out at 8.958 even though I have a COPE figure of 44.46 a week, so I must have been in SERPs at some point. My partners is 6,934 at the moment and we are buying class 4s each month by DD and also paid as much as we could of previous missed years. So she will end up with a full State Pension after around 4 more years of paying
    My DC pots come out at 620k and hers 35k. We put in to hers @20 per month but she is not a tax payer. Mine has another 43k to go into before I plan to retire late next year
    So all in all 700k in the pots, we plan to sell our house in 2021 and move to rented in the UK before going to Spain in 2022. That will release 200-250k equity of and we want to rent first and then maybe buy. But am openminded at this point about it. House prices in the area we look at are 150k incl all costs
    How much of a relative decline in income are you prepared to take / did you take?
    Currently earning over a 100k but looking to downsize to around 30-40k a year. I have nothing I really want to buy, and apart from the daily visit to the pub for a natter we don't tend to do much else
    What are your main concerns?
    Well if all else fails we will go and kip on he kids floor (we have three). I think we will have a relatively comfortable retirement albeit in a high tax country but with a low cost of living.
    And I guess the biggest concern would be a sustained stockmarket drop at the end of next year.
    I also worry about IFA platform and advice fee, but I have known my IFA for a long time. And he has a proven track record of portfolio returns net of fees
    Last edited by uk03878; 19-05-2019 at 9:46 AM.
    • JoeEngland
    • By JoeEngland 19th May 19, 11:48 AM
    • 352 Posts
    • 773 Thanks
    JoeEngland
    It's interesting to look back on the OP's early posts on this thread. Since it was started in 2010 he/she has gone from an early retirement wannabe to a retirement putter-offer. Has anyone else changed their mind about retiring early, and was it purely for financial reasons?
    • crv1963
    • By crv1963 19th May 19, 4:07 PM
    • 993 Posts
    • 2,259 Thanks
    crv1963
    Sorry for your loss.

    Whilst this is absolutely spot on, some of us will live a long time.
    My FIL died last year at 89 after smoking for 70 of them.
    My MIL is 91, so DH really has no option but to plan for longevity.

    The converse is running out of money which would be pretty miserable.
    Originally posted by lisyloo
    I agree with the concerns about running out of money! We have a mixed bag, some die younger than others, Mum at 80 seems as fit as a fiddle, one grandfather died at 100 the other at 67!

    I think it wise to plan, we're working past my notional retirement age of 55 until 58 unless I can manage to pour everything she earns into Mrs CRV pot.

    A case of working out your number then how to reach it.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
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