Early retirement at 55
Mark993targa
Posts: 10 Forumite
I am thinking about early retirement at 55 . We have 4 rental properties giving us a income of £2200 per month plus we have savings of £145000 is this enough to live off.
0
Comments
-
depends on your lifestyle0
-
How much are you living on now other than costs that wont apply after you retire?0
-
As long as you have good insurance on your rentals I don't see why no, your income is 10 times my dads and so is your savings and he is doing very well on what he gets.0
-
Are the rental properties owned outright or are there mortgage payments which could go up if interest rates were to rise and would need paying even in periods of unoccupancy?
Have you checked your national insurance history for state pension entitlement?0 -
For some people yes, for others no.
We need to know your total expenses per year and your pension situation to be able to answer more fully. You've not given us a full picture with that info.0 -
You haven't provided enough information for anyone to offer any real advice to you.
How much do you need to live on in retirement? Have you done a budget for your retirement? Lots of work-related costs drop away in retirement, but you also need money to entertain yourself.
What pension entitlement do you have from workplace pensions and from the state pension?
Do you have a view as to what you and your wife/partner's life expectancy is going to be. You need a lot more money if you expect to live to 100 than you do if you expect to live to 60.
Are you happy increasing the rent to your tenants by the rate of inflation? Personally I find this a deplorable practice, as a landlord's costs generally do not increase in line with inflation; only their costs for items such as maintenance actually go up. Their cost of capital is fixed, so landlords that increase their rent in line with inflation are just profiteering. Far to many letting agent push landlords to ask for a rent increase because this increases the amount that the letting agent receives - it's pure self-interest on their part.The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.0 -
Have you any other pension provision, is the £2200 rental income post tax?
Have you considered the impact of a future labour goverment giving strong indications of weighing down heavily on landlords. The possibility of rent caps or a massively punitive tax regime?0 -
Houses are mortgage free.Are the rental properties owned outright or are there mortgage payments which could go up if interest rates were to rise and would need paying even in periods of unoccupancy?
Have you checked your national insurance history for state pension entitlement?0 -
duncanthedog wrote: »As long as you have good insurance on your rentals I don't see why no, your income is 10 times my dads and so is your savings and he is doing very well on what he gets.
Your dad lives on £220 a month?0 -
£2200 is post tax and we do have personal pensions.Have you any other pension provision, is the £2200 rental income post tax?
Have you considered the impact of a future labour goverment giving strong indications of weighing down heavily on landlords. The possibility of rent caps or a massively punitive tax regime?0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.2K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards