Early-retirement wannabe
Comments
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Sorry to hear about your sibling, crv
taking the lesson to heart means a lot, though.
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!0 -
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:j. It's going well so far!Yes I'm bugslet, I lost my original log in details and old e-mail address.0 -
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:j. It's going well so far!
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. 0 -
yup, is it that obvious;)?JoeEngland wrote: »Congrats. Are you another ITer?0 -
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!".
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.0 -
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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 fees0 -
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?0
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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.
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!0 -
Just got back from 2 weeks in Afitos, Greece. Now on the "back to work tomorrow" downer.
On the plus side no more than 10 months to go if my current fixed term contract isn't renewed either by my employer or by me.
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