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  • FIRST POST
    • Mrs Z
    • By Mrs Z 8th Jan 19, 1:03 PM
    • 903Posts
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    Mrs Z
    Plotting for an early retirement - anyone want to join me?
    • #1
    • 8th Jan 19, 1:03 PM
    Plotting for an early retirement - anyone want to join me? 8th Jan 19 at 1:03 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 11:09 AM.
Page 1
    • MushyPeas
    • By MushyPeas 8th Jan 19, 1:05 PM
    • 3,091 Posts
    • 7,891 Thanks
    MushyPeas
    • #2
    • 8th Jan 19, 1:05 PM
    • #2
    • 8th Jan 19, 1:05 PM
    Will be interesting to follow, good luck!
    Previous debt: 14K Debt free: Sept '03 MFW#42 Mortgage OP savings 4271.18/12000 2019 Started dating OH Mar '12, married Oct '12, Walnut born Dec ' 12 SPC 12: 99 38.05/500 Make money Jan: 412.34/310 Feb: 88.79/280 May: 215.52/310 June: 18.98/300
  • archived user
    • #3
    • 8th Jan 19, 1:12 PM
    • #3
    • 8th Jan 19, 1:12 PM
    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
    • By atush 8th Jan 19, 1:35 PM
    • 17,881 Posts
    • 11,365 Thanks
    atush
    • #4
    • 8th Jan 19, 1:35 PM
    • #4
    • 8th Jan 19, 1:35 PM
    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
    • By cfw1994 8th Jan 19, 3:47 PM
    • 385 Posts
    • 338 Thanks
    cfw1994
    • #5
    • 8th Jan 19, 3:47 PM
    • #5
    • 8th Jan 19, 3:47 PM
    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
    • MallyGirl
    • By MallyGirl 8th Jan 19, 3:56 PM
    • 3,910 Posts
    • 9,359 Thanks
    MallyGirl
    • #6
    • 8th Jan 19, 3:56 PM
    • #6
    • 8th Jan 19, 3:56 PM
    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
    • By crv1963 8th Jan 19, 4:19 PM
    • 992 Posts
    • 2,255 Thanks
    crv1963
    • #7
    • 8th Jan 19, 4:19 PM
    • #7
    • 8th Jan 19, 4:19 PM
    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
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • Bravepants
    • By Bravepants 8th Jan 19, 4:21 PM
    • 637 Posts
    • 873 Thanks
    Bravepants
    • #8
    • 8th Jan 19, 4:21 PM
    • #8
    • 8th Jan 19, 4:21 PM
    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
    • By Thrugelmir 8th Jan 19, 5:17 PM
    • 64,568 Posts
    • 57,057 Thanks
    Thrugelmir
    • #9
    • 8th Jan 19, 5:17 PM
    • #9
    • 8th Jan 19, 5:17 PM
    But then the Brexit happened which has changed everything.
    Originally posted by Mrs Z
    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.
    Last edited by Thrugelmir; 08-01-2019 at 5:20 PM.
    If the financial system has a defect, it is that it reflects and magnifies what we human beings are like. Money amplifies our tendency to overreact, to swing from exuberance when things are going well to deep depression when they go wrong. Booms and busts are products, at root, of our emotional volatility.
    ― Niall Ferguson
    • Happier Me
    • By Happier Me 8th Jan 19, 5:36 PM
    • 524 Posts
    • 1,169 Thanks
    Happier Me
    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
    • By OldBeanz 9th Jan 19, 7:36 AM
    • 843 Posts
    • 656 Thanks
    OldBeanz
    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
    • Mrs Z
    • By Mrs Z 9th Jan 19, 12:08 PM
    • 903 Posts
    • 991 Thanks
    Mrs Z
    Thank you all for joining and contributing!
    The plan is to keep our UK home, as after all, we only bought it 5 years ago and it was, and still is, very much our dream home. I'm not entertaining the thought of renting it out at present - i'm far too emotionally attached to it, but of course it is an option.
    There is OH in the picture as well. OH is self employed, works mainly from home. Client base is in UK and in many ways OH is more excited about me working abroad than I am!
    It should be possible for me to work from home 2 days per week, but we'll see. We could, in theory, at least take turns of me flying home and OH coming to visit but unfortunately we have an elderly pet in the household which is on medication so requires a bit more than basic pet sitting but that's not a show stopper as such.
    The sensible me sees the positive side of the situation - chance to experience a new culture, opportunity etc. In my mind, I've decided to give it a year - in essence really to buy time more than anything. I doubt that I'll be able to contribute much, if anything, to the 'early retirement' savings pot but at least I'm deferring the consumption of it by 1 year. After 1 year it really is a decision time as it will not make economic sense to keep 2 bases. I suppose there is also the (very remote) possibility that I might actually love it in the new country and after a year, decide to relocate there permanently (unlikely). But who knows, especially what effect Brexit will have on things. Gosh, my head is spinning.
    In the next 2 months or so, I'll need to find a rental place in the new country. In fact we are planning for a flat share (at my age!!!) with a colleague who's in the same boat. Watch this space!
    • barnstar2077
    • By barnstar2077 9th Jan 19, 4:42 PM
    • 190 Posts
    • 329 Thanks
    barnstar2077
    Mrs Z, which country will you be moving to?

    I also have a plan to retire early, but at just shy of 42 I have a long way to go. I am hoping that Trump and Brexit are going to allow me to fill up my SIPP on the cheap for a while, fingers crossed!
    • DairyQueen
    • By DairyQueen 9th Jan 19, 5:37 PM
    • 879 Posts
    • 1,617 Thanks
    DairyQueen
    Brexit is making me feel very nervous at the moment, particularly how this will be impact retirement savings and future job security.
    Originally posted by Happier Me
    It won't.

    Why (1)? Because any half decent DC/DIY pension will be globally invested and diversified across all major asset classes. The UK's contribution to global markets is only 7%. This may look like a huge event from the current, domestic perspective but, in the overall scheme, it's a teeny blip on the investment horizon. It's even a blip on the UK investment horizon.

    Why (2)? The sky will not fall down with respect to employment in the UK short of a cataclysmic event (and I'm talking WW III not Brexit). 'Job security' hasn't existed in its 20th century format for decades. Jobs for life no longer exist (except for, possibly, in a few public sector organisations and particular professions like medicine).

    Calm your nerves. In 5 years you will be wondering what all the fuss was about. I am a generation ahead of you and have lived through far too may media-hyped (supposed) impending cataclysms (which never actually occurred) to adopt a very sanguine attitude to Brexit.
    • Mnd
    • By Mnd 9th Jan 19, 5:42 PM
    • 1,365 Posts
    • 2,092 Thanks
    Mnd
    Hi, this is already interesting and I will keep reading.
    Our situation is a bit different in as much as I stopped working 18 months ago at 63, my wife is 58 and due to contracting out needs 3 more years to get to full SPA entitlement (after this financial year ).

    The plan therefore is to get to a point where if she wants to, she can stop working in September 2021.
    We have no mortgage, I receive my works pension of 7200 and exactly 1 years time I become a OAP. with a quoted pension of 185 per week.

    So over the next 32 months we need to build our bridge to allow all this to happen.

    Our target total savings (Inc pensions etc) is 125k..

    Any thoughts? Thanks for reading
    • bluenose1
    • By bluenose1 9th Jan 19, 8:34 PM
    • 2,167 Posts
    • 3,561 Thanks
    bluenose1
    Following with interest.
    I am 52 and plan to retire at 55/56/57 depending on whether I still enjoy my job and more importantly still have one.
    Not at all confident about a post Brexit UK economy and the impact of the UK going alone. Know too many people in large organisations where relocation of their work to the EU is on the cards.
    Oh well, it is what it is and I intend to save as much as possible into my pension.
    Money SPENDING Expert

    • bompey
    • By bompey 9th Jan 19, 9:33 PM
    • 14 Posts
    • 23 Thanks
    bompey
    Im following this
    Well Ill be following this for sure. I became aware of this site 2 years ago when I got fed up with work and started reading Marine Lifes thread. I was 48 then and now things are clearer my goal is to work until 55 then stop. Our son is currently in the 6th form and this means they will have finished uni which seems a good time. Our finances are strong and I may stop sooner but 55 is my plan for now.
    It will be interesting to see how we all do.
    • Triumph13
    • By Triumph13 10th Jan 19, 7:39 AM
    • 1,473 Posts
    • 2,015 Thanks
    Triumph13
    Retiring at 52 with a DB pension starting at 63? Exactly what I did a couple of months ago! Loving it so far, I will watch your progress with interest. I love the fact that you seem to be treating the relocation as an adventure.
    • SuiDreams
    • By SuiDreams 10th Jan 19, 9:03 AM
    • 2,360 Posts
    • 10,475 Thanks
    SuiDreams
    I'm 43, would like to retire at 55 and start reducing working hrs from age of 50. Have a DC pension at work and the pay up to 10% matching contributions, I have also started to increase AVC's. My 10% contributions are paid via salary sacrifice, but the company does not allow you to do this with AVC's. Started a S&S's ISA a couple of years ago, but balance is still quite low, going forward I will no longer be increasing Cash Savings, but putting any additional cash into the ISA instead. I have a few things ongoing at the moment which unfortunately may mean my retirement plans get delayed.
    • ex-pat scot
    • By ex-pat scot 10th Jan 19, 10:12 AM
    • 327 Posts
    • 455 Thanks
    ex-pat scot
    Also following with interest. I'm within touching distance of 50, and have a very complicated spreadsheet that lets me retire at age 56.5255. (I suspect it will undoubtedly be wrong!)


    It's great to see the stories of others in similar situations, and those a little ahead on the journey.
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