Plotting for an early retirement - anyone want to join me?
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I'll read this thread with interest.
I'm 37, OH is 32 and we are looking to retire / decide do something different in another 10-12 years. Hopefully well before I'm 50.
We read and listen to a lot of blogs and podcasts on F.I.R.E. (Financially Independent Retire Early) and are pretty well bought into the principles which had delivered for these people.0 -
Well we have recently stopped work (me age 57 and my wife is 52 this month). I had a horrible 2 hour commute each way and couldn't face another winter and my wife's contract ended. We have been planning for this for a long time and although one or both may work again, it would be on very different terms i.e. local and part time! Have had enough of the business bull and writing/presenting papers.
My daughter is through education and I've helped her with her house, so she is not a financial issue any more. The conditions we had were not having to downsize unless we wanted and to have the same level of income as we had when we worked (i.e. after putting money away each month).
The hardest things for us are a) calling myself 'retired' and b) taking money out instead of saving it as we plan to live off savings until I take my pension at 60 (I have a DB scheme, a SIPP and a small DC scheme). We will see how we adjust but so far, so good!1 -
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.
:T Huge congratulations! Any tips you can share with us? I'm sure the achievement was not down to plain luck!
Few years ago we bought a holiday home abroad and people's reactions always puzzled me. Whenever it came up in a conversation - they would say 'oh you are so lucky to have a holiday home in x'. The thing is, it was not down to luck. We worked, saved and took a gamble to remortgage our residential property to make the purchase. It was't that we woke up one morning as owners of a holiday home! Winning the lottery is luck - but even for that you have to buy a ticket!
Anyways... I'm thrilled to see so many people joining this thread!
It's definitely going to be an adventure, good or bad - we do not not know until afterwards! What's 1 year out of your life? I ask myself. 'You have the rest of your life to be retired afterwards'. That's what I try and think when the relocation blues kicks in.
One member asked which country I would be relocating to. I have deliberately not revealed details about the destination nor the business sector in case any colleagues are reading ...
We have now fixed a date to mid-Feb to go and view rental properties with a colleague .... so I need to start looking for flights now. OMG - it IS happening.0 -
dwsjarcmcd wrote: »
The hardest things for us are a) calling myself 'retired' and b) taking money out instead of saving it as we plan to live off savings until I take my pension at 60 (I have a DB scheme, a SIPP and a small DC scheme). We will see how we adjust but so far, so good!
I have a friend who retired before SPA, he doesn't like the idea of being "a pensioner" so tells everyone he's either "a gentleman of leisure" or "a man who lunches"!CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!1 -
dwsjarcmcd wrote: »Well we have recently stopped work (me age 57 and my wife is 52 this month). I had a horrible 2 hour commute each way and couldn't face another winter and my wife's contract ended. We have been planning for this for a long time and although one or both may work again, it would be on very different terms i.e. local and part time! Have had enough of the business bull and writing/presenting papers.
The conditions we had were not having to downsize unless we wanted and to have the same level of income as we had when we worked (i.e. after putting money away each month).
The hardest things for us are a) calling myself 'retired' and b) taking money out instead of saving it as we plan to live off savings until I take my pension at 60 (I have a DB scheme, a SIPP and a small DC scheme). We will see how we adjust but so far, so good!
:T Sounds as though you are in a very comfortable place now, financially and otherwise. Well done - and what a lovely problem to have ie. what to call yourself. Work-free?
Such a long commute is a killer, life really is too short.0 -
I have a friend who retired before SPA, he doesn't like the idea of being "a pensioner" so tells everyone he's either "a gentleman of leisure" or "a man who lunches"!
I still struggle with this too. I’m still not convinced whether I’m unemployed or retired
Great thread and good luck OP!0 -
:T Sounds as though you are in a very comfortable place now, financially and otherwise. Well done - and what a lovely problem to have ie. what to call yourself. Work-free?
Such a long commute is a killer, life really is too short.
Life is too short to spend on motorways going at 5 mph. I tell people that 'I'm having a break but I don't know how long for!'0 -
I call myself a homemaker!No.79 save £12k in 2020. Total end May £11610
Annual target £240000 -
Very interested in following this thread :beer:
A few years back, faced with redundancy or relocation, I very seriously considered a move to either Switzerland or Japan to work at one of the other company offices. Unfortunately due to ill health of parents it didn't happen. I won't say I regret it, but I suspect it would have been an exciting adventure for the family. I travel a lot with work anyway so get to see a fair bit of the world, but I've never lived abroad for an extended period of time.
I'm currently 43, our mortgage will be paid off in 24 months (we have a spreadsheet tracking over-payments and we should be able to pay the maximum permitted to achieve this goal) and I most definitely plan on retiring before I am 67. Potentially at 60, but earlier if possible. I have a reasonable pension pot so far, but when I move in the "60% tax bracket" in the near future I will be throwing a lot more at my pension to top it up further and reduce tax payments, which should coincide nicely with the mortgage being gone. We also have investments in good old Vanguard (looking a little worse for wear after the last few months, but lots of time to recover).
Not sure if I should take up golf now to occupy myself during my years of leisure or look for another hobby :cool:"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 Einstein0 -
Will definitely be following with interest good luck!0
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