Plotting for an early retirement - anyone want to join me?

Mrs_Z · 8 January 2019 at 3:03PM

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! :eek:
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!

[purplesignup][/purplesignup]

MushyPeas · 8 January 2019 at 3:05PM

Will be interesting to follow, good luck!

System · 8 January 2019 at 3:12PM

Not at all sure I can contribute many interesting tips to help you out, but will follow your progress with interest and hope you make the right choices.
I am currently 61 and already drawing a work pension from a job I left back in 2012...made redundant, but had worked for them for several years. Now only work very part time, and obviously got another 4 1/2 years till I can draw my SP. OH is younger than me by quite a few years and dreams of early retirement so that I won't be too old when he finally gives up work. Not sure how it will all work out though. We are currently in between paying off a few debts and boosting our savings and trying to OP the mortgage...its all good fun.

Good luck though and I will follow your journey.

atush · 8 January 2019 at 3:35PM

Relocation can be difficult- your thread will be intteresting to read. when do you move? Will you keep your UK home and rent it out?

cfw1994 · 8 January 2019 at 5:47PM

Interesting times, eh.

I'm curious what line of work you are in that has made that firm decision to relocate...& is it to somewhere you know you will enjoy, or are you viewing it as just that stop-gap?

Also: are there other people involved (partner/offspring/parents, for example - I know you call yourself MrsZ, but I make no assumptions!) that make things....more challenging!?

Good luck, I suspect if you are 'forced' to duck out early, you will either find alternative employment, or more likely, never regret it :beer:

MallyGirl · 8 January 2019 at 5:56PM

I seem to be pretty much the same age as you but it has been hard enough to get OH to consider retiring at 60 - I suspect 55 would be a step too far. He is 2 weeks younger than me so that makes some things simpler.
DD is aiming for a 5 (or 6) year uni course starting in 2020 so I don't think we will be able to have any more serious conversations about end dates until she is firmly ensconced there.
For now we are loading up the pensions to the max with some also going in S&S ISAs. All DC pots, apart from a tiny FS scheme for me, so we can take from 55 if we wanted to.
I am going for my first job interview in 20 years this week (scary) after finally responding to a LinkedIn approach. I suspect this will tell me whether I am in my final job or whether I want to take one last change of scene.

crv1963 · 8 January 2019 at 6:19PM

Hi MrsZ

I'll come along for the journey too- we've embarked on a similar journey without the move abroad so I shall watch with interest!

Good Luck

Bravepants · 8 January 2019 at 6:21PM

I'm also 55 in 2023! I have a DB work pension, one portion I can take from age 60, the other I can take from 55 actuarially reduced. I'm paying extra into the second portion to boost this. I have a SIPP I'm in the process of moving to a cash account as I have enough in there to carry me from 55 to 60, taking into account tax allowance etc. I'm also stashing into a S&S ISA. Currently boosting cash fund for emergencies and to compensate for downturn in the futre rather than drawdown from ISA.

Nominally 4.5 years to go for me!

Thrugelmir · 8 January 2019 at 7:17PM

Mrs_Z wrote: »

But then the Brexit happened which has changed everything.

That's life. My life time job disappeared when the Company I worked for was acquired by an American outfit in 2000. Jobs for life disappeared a very long time ago. The one certainty in life is uncertainty.

Enjoy life every day for what it is.

Happier_Me · 8 January 2019 at 7:36PM

I'll join you for this journey, it will be interesting to see how you get on.

I'm younger at 43 (husband is 42) and our aim is to retire at 55, so we have a way to go yet. Our original plan was to have a joint income of £30k net from the age of 55...and we've pretty much got this in the bag from the age of 60, but I'm think I need to increase the 'contingency' so now aiming for £35k.

Our current retirement income is made up mainly of 2 X state pensions (8 more years to pay in to get the maximum), 1 good DB scheme worth £12.5k from 60 and still growing and a company DC plus a few other bits.

We have 12/13 years to go and although I feel like we're on track, we do have gaps in our retirement savings that we're working to address. Brexit is making me feel very nervous at the moment, particularly how this will be impact retirement savings and future job security.

OldBeanz · 9 January 2019 at 9:36AM

As someone who was hugged (not squeezed) by the older and younger generations who retired a few years ago in my early 60's and who enjoyed the original retiring early thread, I hope this shows more the benefits of going early and doing other things.
I now work 2 days a week while waiting for my son to go off to Uni but am now doing a job which I would have done all my life - if the pay was not less than I was earning 30 years ago.
Go now, you can afford it, the world's your oyster - should be the watchwords

Plotting for an early retirement - anyone want to join me?

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