Early-retirement wannabe

Penny_Bridge · 2 July 2015 at 10:25AM

ML - Nice to hear from you again, have been following your journey and enjoy your updates.

Eagertolearn - All the best, you've obviously made the right decision. I wish you and your wife a long and happy retirement.

atush · 2 July 2015 at 12:01PM

Eager, if you are both of poor health (well have life limiting conditions even if health now) have you considered transferring one of your DB pensions?

Or will the spousal pensions still be enough?

kidmugsy · 2 July 2015 at 12:53PM

eagertolearn wrote: »

- I have a DB pension which kicks in immediately and is not reduced
- I get 18 months salary as a redundancy package

I had no idea that such offers still happened. Golly.

gfplux · 2 July 2015 at 1:28PM

Just adding and repeating the positives of retiring or should it be called "having the balls to jump or letting yourself be pushed"
I am now entering the 18th year of my early retirement.
Loved every minute (well almost)
Have I missed working.....NO
Have I missed the stomach churning moments of "business".......NO
have I been bored in 17 years.......NEVER
Have I missed the intellectual challenges......NO
have I missed the status.......FOR THE FIRST COUPLE OF YEARS
the list is long but I AM TOO BUSY to go on.

Come on in, the water looks deep but it is WONDERFUL

Stirfry · 2 July 2015 at 1:44PM

I have read through this thread with great interest. here is my current position. I will be taking early retirement this August after practising for the last 25 years, (I only work 2 days per week). I will be 58 years of age and have taken a reduced DB pension.

My OH is not ready to give up work yet. We have two properties, no mortgage, our main home and our forever retirement home which we use at weekends (practising retirement last 4 yrs). Marine Life does this sound familiar? Next year we will sell our main home and it has recently been valued at 450k. This money has to last us for the next 10yrs.

How did we get there

We were serial movers, at one time we took out a Mortgage at 15% and when the rates reduced we kept the repayments the same. When we repaid the Mortgage on our existing property we remortgaged and bought a small cottage in our favourite retirement village back in 2000. I also saved share option monies through work which helped with the purchase. We then repaid the mortgage on that within 3 yrs. We were thinking of moving to France and went to view a Farmhouse whilst we were there we combined a ski holiday and ended up remortgaging on our main property again to buy a Ski apartment. Paid that mortgage within three years. At that time we owned three properties outwright and were responsible for the upkeep. We then sold the Ski apartment and Cottage for our current holiday home by the mud.

OH wants to just spend the money in the next 10 years until it runs out as in his opinion we will nearly be dead then. I need to consider carefully how to invest the money when the time comes so that we dont just draw on the capital. I have the next year to make plans but I am determined the move will happen as we have already put it back 1 year to give my other half time to adjust to moving 1 hrs drive away.

Sorry if my story was long winded and I will continue to watch this thread with interest.

atush · 2 July 2015 at 1:55PM

Why does your OH expect to die in 10 years?

chris_m · 2 July 2015 at 3:57PM

Stirfry wrote: »

I will be taking early retirement this August after practising for the last 25 years,

Is that because you have finally got it right, or because you've given up on trying to get it right?

Stirfry · 2 July 2015 at 5:03PM

My OH thinks he will be too old to do anything. For example he still likes skiing but with a hip replacement on the horizon some time in the future, he does not think he will be skiing when he's 70. In any case if state pensions kick in when we reach 66 along with our very small private pensions we will have some income to fall back on.:o

Stirfry · 2 July 2015 at 5:15PM

to chris_m
I believe that I have got my work/life balance right and in the end working two days a week has become rather inconvienient. I have worked for the same company for 28yrs and during that time it has become more difficult to take orders, my OH says I am unemployable. I will have to see if he will give me a job doing his VAT returns.

chris_m · 2 July 2015 at 5:52PM

Stirfry wrote: »

I have worked for the same company for 28yrs and during that time it has become more difficult to take orders,

Hehe, I know just what you mean - I'm retiring myself in a few months after 29 years at one company. I enjoy the work, but not all the bull**** that managers seem to think is important enough to take time away from doing the real work. Circumstances are enabling me to wave bye-bye a few years earlier than I had thought, so I'm off.

Early-retirement wannabe

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