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  • FIRST POST
    • Marine_life
    • By Marine_life 5th Nov 10, 9:46 AM
    • 1,007Posts
    • 1,989Thanks
    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 278
    • hugheskevi
    • By hugheskevi 29th Jul 19, 11:23 AM
    • 2,322 Posts
    • 3,098 Thanks
    hugheskevi
    dogs, geese and snakes
    well that escalated quickly.
    Just a little ball python and a boa constrictor.

    Much as I would have liked a Burmese python, there would be a serious problem 30 years down the line when I would be approaching age 80 and the Burmese would be about 14-16 foot long.

    Whilst not one of the more common things to watch out for as you get older, it did strike me as quite important in this case
    • Clive Woody
    • By Clive Woody 29th Jul 19, 12:38 PM
    • 4,795 Posts
    • 5,377 Thanks
    Clive Woody
    Just a little ball python and a boa constrictor.

    Much as I would have liked a Burmese python, there would be a serious problem 30 years down the line when I would be approaching age 80 and the Burmese would be about 14-16 foot long.

    Whilst not one of the more common things to watch out for as you get older, it did strike me as quite important in this case
    Originally posted by hugheskevi
    Be warned boa constrictors can get pretty big...and strong. Ball pythons are great pets, they can be a bit fussy eaters but aren't going to get massive.

    We have an adult corn snake, he's about 6 foot long, but quite slender (compared to a Boa or a python). At most he gives us a gentle hug. He's great with kids (not eaten any of then yet).

    Snakes make great pets, they don't need walking, feed them every 7 - 10 days and clean out their vivarium and they're as happy as Larry.
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
    • thriftytracey
    • By thriftytracey 29th Jul 19, 3:33 PM
    • 150 Posts
    • 221 Thanks
    thriftytracey
    Somehow "pets" and "snakes" don't go together ...
    • bugslett
    • By bugslett 29th Jul 19, 4:08 PM
    • 348 Posts
    • 1,300 Thanks
    bugslett

    Snakes make great pets, they don't need walking, feed them every 7 - 10 days and clean out their vivarium and they're as happy as Larry.
    Originally posted by Clive Woody
    Somehow "pets" and "snakes" don't go together ...
    Originally posted by thriftytracey
    That was my thought Tracey.

    They are low maintenance, but I like a pet that interacts a bit more and that I can walk (excluding this weekend).
    Yes I'm bugslet, I lost my original log in details and old e-mail address.
    • JoeEngland
    • By JoeEngland 29th Jul 19, 4:51 PM
    • 337 Posts
    • 738 Thanks
    JoeEngland
    Just a little ball python and a boa constrictor.

    Much as I would have liked a Burmese python, there would be a serious problem 30 years down the line when I would be approaching age 80 and the Burmese would be about 14-16 foot long.

    Whilst not one of the more common things to watch out for as you get older, it did strike me as quite important in this case
    Originally posted by hugheskevi
    Indeed. There's enough things that can kill you in old age without increasing your mortality risk with a Python that size in the house!
    • thriftytracey
    • By thriftytracey 29th Jul 19, 8:00 PM
    • 150 Posts
    • 221 Thanks
    thriftytracey
    They don't have much of a cuddleability factor like cats and dogs!
    • thriftytracey
    • By thriftytracey 29th Jul 19, 8:02 PM
    • 150 Posts
    • 221 Thanks
    thriftytracey
    Our doggies sleep on our bed. Mmmm, imagine waking up next to a python ...

    Shriek!
    • gadgetmind
    • By gadgetmind 22nd Aug 19, 10:52 AM
    • 10,951 Posts
    • 8,949 Thanks
    gadgetmind
    Here is a half-hearted attempt at an update on our half-hearted retirement.

    We're both more or less 56 and both more or less retired for over a year. I'm still doing two days a week as unpaid "sweat equity" at a startup. As this company now employs 40 people and has a turn over of £20M plus, this is starting to demand more from me than I regard as being compatible with retirement, so let's see where this goes!

    We're living off pensions (100% DC) and other investments, which is providing more than we need even at a sub 4% withdrawal rate. The markets have been kind, and Brexit has destroyed sterling, so we have more pounds than we started with, but I'm not letting that make me complacent. We're moving unwrapped investments into ISAs year-by-year and should be more or less done with this by the time state pensions kick in. Relatives may also at some point pay us back the money we loaned to facilitate their various property transactions, but there's no rush.

    The longest holiday we've taken since retiring is five days. We've replaced six of our nine outside doors. We're now members of National Trust, RHS, V&A and Natural History Museum. I've taken up cabinet making, butchery and charcuterie. On the other hand, I have finished exactly zero of the projects that I said I'd complete in my first year of retirement, but I have started a whole load more!

    Daughter has just got engaged.

    That's about it.
    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.
    • Anonymous101
    • By Anonymous101 22nd Aug 19, 11:33 AM
    • 1,394 Posts
    • 1,118 Thanks
    Anonymous101

    We're both more or less 56 and both more or less retired for over a year. I'm still doing two days a week as unpaid "sweat equity" at a startup. As this company now employs 40 people and has a turn over of £20M plus, this is starting to demand more from me than I regard as being compatible with retirement, so let's see where this goes!
    Originally posted by gadgetmind


    When you initially said "Sweat equity" in a start up. I was thinking about 3-4 people turning over a couple of hundred grand. 40 people turning over £20m+ is a bit more than that for me. I was wondering how much of your agreement is based on good will and potential growth and of course how you'd feel about your increasing involvement?


    If you're enjoying it I'm not suggesting for a moment you stop. The opposite really, you've "retired" and managed to find a project which you've been able to throw yourself into. I think many people should try to do that much earlier in life.
    • bugslett
    • By bugslett 22nd Aug 19, 11:35 AM
    • 348 Posts
    • 1,300 Thanks
    bugslett
    I think they should be paying you now!


    I always have multiple projects on the go and add to them, intelligence myself it's an example of a bright enquiring mind
    Yes I'm bugslet, I lost my original log in details and old e-mail address.
    • gadgetmind
    • By gadgetmind 22nd Aug 19, 1:59 PM
    • 10,951 Posts
    • 8,949 Thanks
    gadgetmind
    I was wondering how much of your agreement is based on good will and potential growth and of course how you'd feel about your increasing involvement?
    Originally posted by Anonymous101
    Lots of good will as I've known many of the team for decades. As for potential growth, the sky's the limit, but we'll have to expand the software team a fair bit as until recently it was just me!

    The opposite really, you've "retired" and managed to find a project which you've been able to throw yourself into. I think many people should try to do that much earlier in life.
    Originally posted by Anonymous101
    I've been doing it all of my life TBH but this is a totally different sector.

    I think they should be paying you now!
    Originally posted by bugslett
    Anything we could afford right now would be an insult.
    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.
    • mgdavid
    • By mgdavid 22nd Aug 19, 6:14 PM
    • 6,253 Posts
    • 5,708 Thanks
    mgdavid
    I think they should be paying you now!
    ....
    Originally posted by bugslett

    so do I; would it make more sense to take some equity as payment?
    The questions that get the best answers are the questions that give most detail....
    • atush
    • By atush 22nd Aug 19, 8:24 PM
    • 17,869 Posts
    • 11,357 Thanks
    atush
    They should install an electric car charge point, and pay the fee for you to charge the Tesla?
    • bearshare
    • By bearshare 23rd Aug 19, 6:43 AM
    • 66 Posts
    • 51 Thanks
    bearshare
    so do I; would it make more sense to take some equity as payment?
    Originally posted by mgdavid
    Look up the expression "sweat equity".

    C
    • gadgetmind
    • By gadgetmind 23rd Aug 19, 2:26 PM
    • 10,951 Posts
    • 8,949 Thanks
    gadgetmind
    They should install an electric car charge point, and pay the fee for you to charge the Tesla?
    Originally posted by atush
    Yeah, that could be worth around £2 a day, very worthwhile.

    Assuming all goes to plan, we are creating something valuable, and I'm happy to slog away and see what exit plan emerges.
    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.
    • markbsac
    • By markbsac 23rd Aug 19, 3:37 PM
    • 82 Posts
    • 30 Thanks
    markbsac
    im 56.5 plan on retiring at 60 been trying to plan from 55 but i have options that i am still not sure about, i have no debts house paid for as a previous post my dilemma is keep my pension in DB or transfer it to a drawdown..i have a decent DB and a small navy pension. i have been advised to do both keep the DB and transfer to a drawdown so its now working out the best option for me..and thats the difficult thing.
    • gadgetmind
    • By gadgetmind 25th Aug 19, 8:59 AM
    • 10,951 Posts
    • 8,949 Thanks
    gadgetmind
    It's really down to what the reduction is for taking DB early or what else you might have in place to bridge you to scheme retirement age on the DB pension.

    Keeping the DB is generally *much* lower risk, but health is also a factor.
    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.
    • Clive Woody
    • By Clive Woody 25th Aug 19, 9:30 PM
    • 4,795 Posts
    • 5,377 Thanks
    Clive Woody
    We're now members of National Trust.......
    Originally posted by gadgetmind
    We paid for life time family membership for NT in our 30s, this has been one of our best "investments".....well at least one of our favourites. We've had some great days out over the years at NT properties.

    My wife has a tracker to see how much we have saved compared to paying annual membership every year.
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
    • Slinky
    • By Slinky 26th Aug 19, 7:45 PM
    • 6,222 Posts
    • 29,395 Thanks
    Slinky
    Just noticed that NT offer 25% discounted membership rates to over 60s who have been a member for 5 of the previous 10 years, but you have to ask for it. Doesn't apply to us yet, but it's not far off.
    • JoeEngland
    • By JoeEngland 26th Aug 19, 8:24 PM
    • 337 Posts
    • 738 Thanks
    JoeEngland
    Just noticed that NT offer 25% discounted membership rates to over 60s who have been a member for 5 of the previous 10 years, but you have to ask for it. Doesn't apply to us yet, but it's not far off.
    Originally posted by Slinky
    For those who aren't members a coup!e of money saving tips: I think membership of National Trust for Scotland is marginally cheaper and allows you into NT properties, and if paying as you go at the properties ask for a standard ticket otherwise they usually charge you the gift aid price by default and that's higher. I'd also suggest taking a picnic rather than buying their food which IMHO is overpriced.
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