Early-retirement wannabe
Options
Comments
-
Marine_life wrote: »Not me. I've been poor and I've been well off and well off is many times better.
Agreed 100%. It gives you choices including the ability to live within your means and to save for the future. Not all make this choice!The people I envy are those that have a very clearly defined purpose and ambition
Agreed. I very much used to be one of these people, and probably still am compared to many people, but it's been a rough 2016 so far and it's knocked some of the stuffing out of me.
Sort of agreed. Envy yes, but far too many of the potterers seem to expect someone else to pick up the tab.indeed I even envy those who have no purpose but are happy to potter away their days.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.0 -
Especially if you 'forget' to tell them where you've goneex-pat_scot wrote: »It might be a mixed message you give to your youngest child if you sell up and move as soon as they are off to uni.
. A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
Mortgage Balance = £0
"Do what others won't early in life so you can do what others can't later in life"0 -
theoldgreychap wrote: »Love this thread and have been a watcher for a while now. One aspect of early retirement I am interested in is the point at which others choose to downsize en route to early retirement. We are in a comfortable house in greater London with a mortgage which requires my ongoing employment to pay.
We have 2 children, the youngest plans to go to University in 4 years time at which point both my wife and I will be approx 56. The house will be far too big for us by the time we are 80, and yet is a great family house for us now - so there is a 'tipping point' somewhere!
We (probably) want to provide a family home for the young adults whilst still at University - but for how long? We are toying with the options of downsizing locally vs moving away from the London area. Either would allow us to own a nice home mortgage free (we have significant equity) and launch our retirement plans.
The moment we downsize after age 56 we should be able to retire which is a big incentive to move sooner. On the other hand we want the children to have somewhere they can call home to which they can return for a period - so would really value thoughts and experiences of others...
I've got a couple of thoughts on this.
I always assumed we would downsize...indeed we have done but to a bigger house! How so? Well my idea was always to move to a smaller house but we ended up moving to a bigger house in a lower cost area. My idea of downsizing was clearly not the same as Mrs ML as she is convinced we downsized (in financial terms yes but not what I had in mind).
I think as children get older they associate much less with a particular location, particularly once they go to uni where they will have get a lot of new friends. If life at home is good they will still come back wherever you are (and as you will be retired you will have a lot more time to go and see them!)
So I would look more closely at your own position - i.e. do you feel attached to where you live (friends, activities etc.?)Money won't buy you happiness....but I have never been in a situation where more money made things worse!0 -
Thanks for all the comments - interesting.
ML we are considering a similar option - moving away from the London area would be more of a 'rightsizing' for something of similar size but in a nice but cheaper area - my wife is a northern girl at heart with many friends north of Watford so this sort of move is a viable option.
Our network of friends is spread far and wide around the UK and although we have some good friends nearby we have essentially poured much of our energy into working so hard that moving away will not be the wrench it would for many.
One advantage of this is the potential liberation of capital without touching other savings, investments or pensions to help pay university fees for our two children - which would at least be some compensation for them in exchange for us moving away.
My own experience was parents moving from my home area (whilst I was at university) to a completely unknown area - which left me without a base in my 'home' area - re-inforcing our current reticence to move too quickly whilst children are at university
We also have a much-treasured holiday home in the UK which I suspect would become the family focal point during rare holidays as the young adults establish their careers.
As for the financial side of things we are both fortunate to be on track for a very comfortable retirement by the standards of many. I have a job which pays very well but with incredible pressures - and I relate very well to your comments about such jobs being something of a 'drug'.
Mrs Grey Chap firmly believes I will struggle to fill my time once I retire but I am not so sure..
However the context is that to pay off the mortgage on our current home I will either have to work myself to a husk in my 60's and/or use TFLS's from 2 rather large DB schemes (plus most of our investments) to pay off the mortgage which - whilst viable- I would rather not do because the TFLSs represent comparatively poor commutation value. I suspect it would also feel as though I am sacrificing myself on the altar of work to retain an expensive house for the increasingly rare times my children return to spend time with us.
We are rather looking forward to the potential of being mortgage free with a very good retirement income. We have definite plans to travel extensively in early years of retirement (health permitting) and doing so by turning left on the plane, staying in lovely hotels is certainly attractive!
So I guess the real balance is between maintaining the current family home for a period after the children start University vs selling up and running full-tilt into retirement!0 -
theoldgreychap wrote: »Thanks for all the comments - interesting.
ML we are considering a similar option - moving away from the London area would be more of a 'rightsizing' for something of similar size but in a nice but cheaper area - my wife is a northern girl at heart with many friends north of Watford so this sort of move is a viable option.
Our network of friends is spread far and wide around the UK and although we have some good friends nearby we have essentially poured much of our energy into working so hard that moving away will not be the wrench it would for many.
One advantage of this is the potential liberation of capital without touching other savings, investments or pensions to help pay university fees for our two children - which would at least be some compensation for them in exchange for us moving away.
My own experience was parents moving from my home area (whilst I was at university) to a completely unknown area - which left me without a base in my 'home' area - re-inforcing our current reticence to move too quickly whilst children are at university
We also have a much-treasured holiday home in the UK which I suspect would become the family focal point during rare holidays as the young adults establish their careers.
As for the financial side of things we are both fortunate to be on track for a very comfortable retirement by the standards of many. I have a job which pays very well but with incredible pressures - and I relate very well to your comments about such jobs being something of a 'drug'.
Mrs Grey Chap firmly believes I will struggle to fill my time once I retire but I am not so sure..
However the context is that to pay off the mortgage on our current home I will either have to work myself to a husk in my 60's and/or use TFLS's from 2 rather large DB schemes (plus most of our investments) to pay off the mortgage which - whilst viable- I would rather not do because the TFLSs represent comparatively poor commutation value. I suspect it would also feel as though I am sacrificing myself on the altar of work to retain an expensive house for the increasingly rare times my children return to spend time with us.
We are rather looking forward to the potential of being mortgage free with a very good retirement income. We have definite plans to travel extensively in early years of retirement (health permitting) and doing so by turning left on the plane, staying in lovely hotels is certainly attractive!
So I guess the real balance is between maintaining the current family home for a period after the children start University vs selling up and running full-tilt into retirement
We all have a choice, but do remember, Sod's law
I think but don't know what the future holds. BUT health is the unknown factor.There will be no Brexit dividend for Britain.0 -
Hello everyone,
Hope your plans are going well.
Just back from the Basque country. What a place. Everyone should visit San Sebastian and Bayonne at least once!
So many places to see so little time! But I'm working on it!
Great thing about not working anymore is the choice of times to go away.
Honestly Ryanair and other companies are on speed dial for us now! A bargain pops up and we take it!
I know my post has nothing to do with actuarial computations and spreadsheets, but I just want to say how great it is two years on. Not fed up with the travelling, enjoying the lazy days.
And just LOVE Sunday nights now. Remember them? For those who worked Mon-Fri? Yup.0 -
Great thing about not working anymore is the choice of times to go away.
Honestly Ryanair and other companies are on speed dial for us now! A bargain pops up and we take it!
I know my post has nothing to do with actuarial computations and spreadsheets, but I just want to say how great it is two years on. Not fed up with the travelling, enjoying the lazy days.
And just LOVE Sunday nights now. Remember them? For those who worked Mon-Fri? Yup.
THIS is why. It's exactly what my parents have said ever since they stopped, age 54. (actually they LOVE Monday mornings, rather than Sunday nights, but the sentiment is there).
My Sunday nights are presently spent on a train heading down to London for a busy week, away from the family.
I don't think I will necessarily want to spend my whole time browsing for last minute deals - I think I will firstly want a good 6-12 months of actually spending time at home, without trying to cram everything into a condensed 44 hr window at the weekend.0 -
theoldgreychap wrote: »
I have a job which pays very well but with incredible pressures - and I relate very well to your comments about such jobs being something of a 'drug'.
Ditto - but for me it's more that the effect of the job is like the effect that drugs have on my health - long term use is harmful!0 -
Mrs Grey Chap firmly believes I will struggle to fill my time once I retire but I am not so sure..
She is right , you are wrong. My predictions (and observations of others lol)0
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards