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  • FIRST POST
    • Marine_life
    • By Marine_life 5th Nov 10, 10:46 AM
    • 915Posts
    • 1,699Thanks
    Marine_life
    Early-retirement wannabe
    • #1
    • 5th Nov 10, 10:46 AM
    Early-retirement wannabe 5th Nov 10 at 10:46 AM
    I would like to create a topic (don't see it at the moment - other than the NUMBER thread).

    Who is aiming for early retirement (or who has retired early already)?
    When did you begin planning and what drove the decision?
    What is the strategy for getting there?
    How much of a relative decline in income are you prepared to take / did you take?
    What are your main concerns?
    For those already in early retirement - how is it progressing? What have been the good and bad surprises (financial and otherwise)?

    I will post my strategy but wanted to get some thoughts
Page 247
    • MallyGirl
    • By MallyGirl 6th Nov 18, 8:57 PM
    • 3,046 Posts
    • 8,072 Thanks
    MallyGirl
    What a strange response. Not sure what you are getting at here, sounds like a weird dig for some reason.

    I was just trying to share how our attitudes have changed since retiring. We are dog lovers and had assumed we would get another (smaller) dog to replace our current one when she died. One that could easily jump in the back of our classic car. However, since retiring we have realised two things. First, we like touring around in the car more than we anticipated. It's something we both enjoy, so we will probably do more than we had originally planned. Second, we felt that even a small dog would be limiting in terms of booking accommodation and flexibility of travel. So we have decided having a dog would restrict our flexibility. Can't see why you think that is odd, I was just sharing that attitudes can change once you retire.

    We do still have a cat and we always will do. But they are easier to leave than dogs. Unless of course you propose we take the cat with us....? (my parents did actually have a friend who took his Siamese out with him to visit people....)
    Originally posted by OldMusicGuy
    We have 2 high maintenance dogs - Alaskan Malamutes - and a cat. We spend quite a lot on kennels right now. My gut feeling at the moment is that we won't get another dog when we lose them. One is 8.5 and one is 5.5 - being big dogs they may make 12 or 13. The cat is very independent and is happy being at home when we go away - we have someone who comes in and checks on her every day. I suspect we will always have cats - they are definitely easier.
    We plan to travel, particularly in the early years of retirement.
    We have walked dogs for Cinnamon Trust (DD volunteering for DofE) and have links with a couple of rescues so I think we will be able to get our doggie fix.
    • Anonymous101
    • By Anonymous101 7th Nov 18, 10:12 AM
    • 1,158 Posts
    • 583 Thanks
    Anonymous101
    We have 2 high maintenance dogs - Alaskan Malamutes - and a cat. We spend quite a lot on kennels right now. My gut feeling at the moment is that we won't get another dog when we lose them. One is 8.5 and one is 5.5 - being big dogs they may make 12 or 13. The cat is very independent and is happy being at home when we go away - we have someone who comes in and checks on her every day. I suspect we will always have cats - they are definitely easier.
    We plan to travel, particularly in the early years of retirement.
    We have walked dogs for Cinnamon Trust (DD volunteering for DofE) and have links with a couple of rescues so I think we will be able to get our doggie fix.
    Originally posted by MallyGirl
    I grew up with several dogs in the family home. I didn't realise until I had one of my own just how big of an investment of time and money they are. We have a Border Terrier and haven't once regretted having a dog of our own but I would think very very carefully before we had another. Particularly in the first few years of retirement.
    • bugslet
    • By bugslet 7th Nov 18, 11:15 AM
    • 6,421 Posts
    • 30,393 Thanks
    bugslet
    Dandytf, it may be better to repost your questions. Not all of the pension experts read through this thread, so you may get a better response from a thread of your own.
    • Dandytf
    • By Dandytf 7th Nov 18, 5:49 PM
    • 1,631 Posts
    • 447 Thanks
    Dandytf
    Dandytf, it may be better to repost your questions. Not all of the pension experts read through this thread, so you may get a better response from a thread of your own.
    Originally posted by bugslet
    I'm I not eligible for early retirement as I thought this was correct thread.
    If you could please explainn why I am required rto start a new thread.
    I had answetions from @marinf_Life earlier post
    Thanks

    Edited -new thread posted -Retire in. Years -possible.
    Last edited by Dandytf; 07-11-2018 at 6:05 PM.
    sc dmp 2012 13k Jan 2018 8840 paid. 60% approx.
    Mid 2018 Help2save 50 uk pounds per month
    Mid 2018-Virgin Money E-saver V11 -250+50 uk pounds per month
    • Mnd
    • By Mnd 7th Nov 18, 6:19 PM
    • 795 Posts
    • 978 Thanks
    Mnd
    I think it was suggested that yiu start your own thread just to get it noticed and not lost in this one.
    • JoeEngland
    • By JoeEngland 7th Nov 18, 8:46 PM
    • 164 Posts
    • 220 Thanks
    JoeEngland
    Ahem, apart from me, my staff keep telling me it's the best place they've ever worked at. I'm basically a human Labrador, complete with propensity to eat anything!



    I have a few female friends that complain about their husbands sitting at home doing nothing in terms of finding interests. It's quite sad for both parties. One of the husbands is 72 and works because he doesn't know what else to do with himself.
    Originally posted by bugslet
    I think this is really sad, to spend so much of your life as a worker drone and to not have things you want to do when retired. You sometimes see it with people who win the lottery but carry on working even in a menial job. It makes me wonder if a lot of people simply lack imagination.
    • Moby
    • By Moby 8th Nov 18, 7:22 AM
    • 3,478 Posts
    • 4,420 Thanks
    Moby
    What a strange response. Not sure what you are getting at here, sounds like a weird dig for some reason.

    I was just trying to share how our attitudes have changed since retiring. We are dog lovers and had assumed we would get another (smaller) dog to replace our current one when she died. One that could easily jump in the back of our classic car. However, since retiring we have realised two things. First, we like touring around in the car more than we anticipated. It's something we both enjoy, so we will probably do more than we had originally planned. Second, we felt that even a small dog would be limiting in terms of booking accommodation and flexibility of travel. So we have decided having a dog would restrict our flexibility. Can't see why you think that is odd, I was just sharing that attitudes can change once you retire.

    We do still have a cat and we always will do. But they are easier to leave than dogs. Unless of course you propose we take the cat with us....? (my parents did actually have a friend who took his Siamese out with him to visit people....)
    Originally posted by OldMusicGuy
    We have a 17 year old dachshund who is the last remaining member of a family of dachshunds, (mother and two sons) we rescued from Battersea. The mother lived until she was 20 and the other son died a few months ago aged 18. Needless to say we simply haven't been able to travel for the last couple of years due to our caring responsibilities. You simply couldn't enjoy a holiday while leaving a geriatric blind dachshund with someone else. We also now have a 12 month chocolate poodle, who is smarter than most people I know, also from Battersea.
    We love travelling so when the last of the family passes, we have a dog walking friend who'll care for the poodle while we're away. It'll be a reciprocal arrangement.
    Incidentally dog fostering for holiday makers is a nice little earner locally. We know a few retired couples doing it who charge about £30 - 40 a night.
    Last edited by Moby; 08-11-2018 at 7:28 AM.
    • bugslet
    • By bugslet 8th Nov 18, 9:55 AM
    • 6,421 Posts
    • 30,393 Thanks
    bugslet
    I'm I not eligible for early retirement as I thought this was correct thread.
    If you could please explainn why I am required rto start a new thread.
    I had answetions from @marinf_Life earlier post
    Thanks

    Edited -new thread posted -Retire in. Years -possible.
    Originally posted by Dandytf
    You aren't required to start a new thread. Do or do not, I was merely noting that this thread sometimes moves on and you may get more responses with a thread of your own.

    Sometimes people are just trying to be helpful.

    We have a 17 year old dachshund who is the last remaining member of a family of dachshunds, (mother and two sons) we rescued from Battersea. The mother lived until she was 20 and the other son died a few months ago aged 18. Needless to say we simply haven't been able to travel for the last couple of years due to our caring responsibilities. You simply couldn't enjoy a holiday while leaving a geriatric blind dachshund with someone else. We also now have a 12 month chocolate poodle, who is smarter than most people I know, also from Battersea.
    We love travelling so when the last of the family passes, we have a dog walking friend who'll care for the poodle while we're away. It'll be a reciprocal arrangement.
    Incidentally dog fostering for holiday makers is a nice little earner locally. We know a few retired couples doing it who charge about £30 - 40 a night.
    Originally posted by Moby
    I think poodles are great dogs and certainly smart - aren't they in the top ten intelligent breeds.

    A retired friend of mine works from time to time as a house sitter, though for an agency. It's flexible enough for her, she won't do more than one week usually, or more than a 50 mile radius and she really enjoys it.
    • Mr Costcutter
    • By Mr Costcutter 8th Nov 18, 2:35 PM
    • 320 Posts
    • 846 Thanks
    Mr Costcutter



    I think poodles are great dogs and certainly smart - aren't they in the top ten intelligent breeds.
    Originally posted by bugslet
    Yes, smart, extremely loyal, and they don't moult
    • thriftytracey
    • By thriftytracey 9th Nov 18, 11:50 AM
    • 110 Posts
    • 101 Thanks
    thriftytracey
    You aren't required to start a new thread. Do or do not, I was merely noting that this thread sometimes moves on and you may get more responses with a thread of your own.

    Sometimes people are just trying to be helpful.



    I think poodles are great dogs and certainly smart - aren't they in the top ten intelligent breeds.

    A retired friend of mine works from time to time as a house sitter, though for an agency. It's flexible enough for her, she won't do more than one week usually, or more than a 50 mile radius and she really enjoys it.
    Originally posted by bugslet


    I looked into this to supplement future retirement but you only get £10 a day or something. I wonder what the agency charges? I guess you could start up a business yourself presumably only need to get Criminal Record checks and various insurances.
    • bugslet
    • By bugslet 9th Nov 18, 1:01 PM
    • 6,421 Posts
    • 30,393 Thanks
    bugslet
    I forget what my friend gets thrifty, but I know it isn't much. She doesn't really need the extra pin money that it brings in, but she does enjoy visiting new places and she saves a bit on utilities by not being there.

    it's not something you could make a living out of. She does have a few clients that come to her direct.
    • thriftytracey
    • By thriftytracey 9th Nov 18, 5:03 PM
    • 110 Posts
    • 101 Thanks
    thriftytracey
    I forget what my friend gets thrifty, but I know it isn't much. She doesn't really need the extra pin money that it brings in, but she does enjoy visiting new places and she saves a bit on utilities by not being there.

    it's not something you could make a living out of. She does have a few clients that come to her direct.
    Originally posted by bugslet


    I guess you get to stay in some lovely locations/houses. However we have 2 dogs and I don't suppose they would like that! Even if we were looking after their dogs ....


    Dogs are definitely a big commitment as posted earlier. But they give you so much pleasure I could not be without them.


    It would help if this country was more dog friendly, like France is. Most of the chateaux we visited allowed dogs in their gardens and in the chateaux if they were carried (obviously not something to you could do with an Alsatian), but ours are small and smallish respectively. Many shops allow them and all bars and restaurants we visited also allow them. Churches too, if they are carried.


    Any day trip/visit in the UK involves the question "what about the dogs". e.g. I fancied visiting Black Country Museum - dogs not allowed. You can't leave them in the car for more than an hour - it is not fair on them.


    Rant over
    • crv1963
    • By crv1963 9th Nov 18, 5:27 PM
    • 537 Posts
    • 1,161 Thanks
    crv1963

    Dogs are definitely a big commitment as posted earlier. But they give you so much pleasure I could not be without them.


    It would help if this country was more dog friendly, like France is. Most of the chateaux we visited allowed dogs in their gardens and in the chateaux if they were carried (obviously not something to you could do with an Alsatian), but ours are small and smallish respectively. Many shops allow them and all bars and restaurants we visited also allow them. Churches too, if they are carried.


    Any day trip/visit in the UK involves the question "what about the dogs". e.g. I fancied visiting Black Country Museum - dogs not allowed. You can't leave them in the car for more than an hour - it is not fair on them.


    Rant over
    Originally posted by thriftytracey
    We had a week in the Lakes with our Lab, in February. It poured down every day so we spent the week walking the hills looking at, climbing to and crossing waterfalls. We went to pubs/ cafes that let dogs in for coffee and meals.

    It can be hard finding dog friendly places in some parts of the country, we've found rural and coastal areas seem much more geared up for dogs and dog owners than cities and museums.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • bugslet
    • By bugslet 9th Nov 18, 6:22 PM
    • 6,421 Posts
    • 30,393 Thanks
    bugslet
    I guess you get to stay in some lovely locations/houses. However we have 2 dogs and I don't suppose they would like that! Even if we were looking after their dogs ....


    Dogs are definitely a big commitment as posted earlier. But they give you so much pleasure I could not be without them.


    It would help if this country was more dog friendly, like France is. Most of the chateaux we visited allowed dogs in their gardens and in the chateaux if they were carried (obviously not something to you could do with an Alsatian), but ours are small and smallish respectively. Many shops allow them and all bars and restaurants we visited also allow them. Churches too, if they are carried.


    Any day trip/visit in the UK involves the question "what about the dogs". e.g. I fancied visiting Black Country Museum - dogs not allowed. You can't leave them in the car for more than an hour - it is not fair on them.


    Rant over
    Originally posted by thriftytracey
    I have visions of me carrying a giant Schnauzer round. I'm not winning!

    They are a bind, but like you, love 'em, so the pros outweigh the cons.
    Last edited by bugslet; 09-11-2018 at 9:46 PM.
    • MallyGirl
    • By MallyGirl 9th Nov 18, 9:38 PM
    • 3,046 Posts
    • 8,072 Thanks
    MallyGirl
    We had a week in the Lakes with our Lab, in February. It poured down every day so we spent the week walking the hills looking at, climbing to and crossing waterfalls. We went to pubs/ cafes that let dogs in for coffee and meals.

    It can be hard finding dog friendly places in some parts of the country, we've found rural and coastal areas seem much more geared up for dogs and dog owners than cities and museums.
    Originally posted by crv1963
    The Lakes are pretty good with dogs. Sadly one of our big roughty toughty (should this be ruffty tuffty) dogs is scared of other dogs and the other one is protective of her so it doesn't make for a relaxing time. We now don't take them to anywhere that there might be stress.

    I could not carry either of my dogs more than a few yards,
    • crv1963
    • By crv1963 10th Nov 18, 10:25 AM
    • 537 Posts
    • 1,161 Thanks
    crv1963
    The Lakes are pretty good with dogs. Sadly one of our big roughty toughty (should this be ruffty tuffty) dogs is scared of other dogs and the other one is protective of her so it doesn't make for a relaxing time. We now don't take them to anywhere that there might be stress.

    I could not carry either of my dogs more than a few yards,
    Originally posted by MallyGirl
    Our Lab is scared of other dogs and the Border Collie is "reactive" as in one moment she's friendly the next she's having a go at other dogs, totally unpredictable so we have to seek isolated places to go in unseasonable times so you have my sympathy.

    I could probably lift the dogs but couldn't carry them anywhere!

    Interestingly when I was training her to the sheep she was fine with the sheep but we had to stand separately to the rest of the class as she was over protective of "her" sheep. She guards our hens and breaks into their run and sits with them, if another dog visits it's a nightmare as she wont let them near the run!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • bugslet
    • By bugslet 10th Nov 18, 12:38 PM
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    bugslet
    My Giant Schnauzer loves all dogs, she's pretty good with the little ones, over boisterous sometimes with dogs more her size.
    • Cosycat
    • By Cosycat 11th Nov 18, 10:58 AM
    • 5 Posts
    • 15 Thanks
    Cosycat
    What an interesting thread. Knowing what to do with ones time seems like a key, but often overlooked element.

    Who is aiming for early retirement (or who has retired early already)? Me! Iím 38 and aiming to retire at 60.
    When did you begin planning and what drove the decision?
    Serious planning started this year. Prior to that we had spent time moving around for work, paying off student loans, getting on the housing ladder, and filling the emergency savings pot. This all took a little longer than expected as we had a few years of serious health issues, through no fault of our own. It is the health issues that mean we need to have the option of retiring earlier should we need to.
    What is the strategy for getting there?
    Paying AVCs to husbands DB pension. He is likely to reach max lifetime allowance in early 50s at which point that money will switch to my pension fund/ISAs. His pension will also give me a widows pension of 1/3 should he die before me.
    Paying £600 per month to my employer pension (salary sacrifice, gets me max contributions from them)
    Saving to ISAs and LISAs for both of us, at the moment £300 per month whilst building up emergency pot. Plan to increase this soon.
    Overpaying mortgage to be mortgage free by 55, aiming for mortgage neutral with ISAs by 50. In Greater London so mortgage is this is a big challenge.
    The pensions will give us a very healthy income aged 67. We may take my pension earlier (likely drawdown), but the actuarial reduction means it is not worth it for husbands DB pension. So the ISAs will need to plug the gap 60-67, this is now the focus.
    How much of a relative decline in income are you prepared to take / did you take?
    We are targeting 75% of current income in retirement. Definitely achievable at 67, will take serious saving and a dollop of luck to make it at 60. Our actual lifestyle works out at about 45% of income a year, so that is the baseline, but we would like to travel more and have a buffer.
    What are your main concerns?
    Stock market performance, changes to pension rules. Iím working on the basis that the state pension will be means tested by the time I retire. Hopefully not though. Also job loss or redundancy and ageism in the workplace could cause an issue.
    For those already in early retirement - how is it progressing? What have been the good and bad surprises (financial and otherwise)?
    Canít answer this one yet! The thread has been really useful to get me thinking about what I might want to do with my time though.
    • thriftytracey
    • By thriftytracey 11th Nov 18, 12:28 PM
    • 110 Posts
    • 101 Thanks
    thriftytracey
    Originally Posted by Cosycat
    What an interesting thread. Knowing what to do with ones time seems like a key, but often overlooked element.

    Who is aiming for early retirement (or who has retired early already)? Me! Iím 38 and aiming to retire at 60.


    I am 58 and aiming to retire May 2018 aged 59 (employee share vesting anniversary).

    When did you begin planning and what drove the decision?
    Serious planning started this year. Prior to that we had spent time moving around for work, paying off student loans, getting on the housing ladder, and filling the emergency savings pot. This all took a little longer than expected as we had a few years of serious health issues, through no fault of our own. It is the health issues that mean we need to have the option of retiring earlier should we need to.


    I only seriously started planning when I hit 50. We had concentrated up to then on paying off our mortgage. We had also been hit by the recession when my partner was made redundant, did some contracting for a while which dried up and since then self-employed in various roles but earning a lot less. He has been semi retired for a few years but now retired 63. He has Type 1 diabetes which is a concern health wise, not so much now but later years. So you have done very well as you are only 38.

    What is the strategy for getting there?
    Paying AVCs to husbands DB pension. He is likely to reach max lifetime allowance in early 50s at which point that money will switch to my pension fund/ISAs. His pension will also give me a widows pension of 1/3 should he die before me.
    Paying £600 per month to my employer pension (salary sacrifice, gets me max contributions from them)
    Saving to ISAs and LISAs for both of us, at the moment £300 per month whilst building up emergency pot. Plan to increase this soon.
    Overpaying mortgage to be mortgage free by 55, aiming for mortgage neutral with ISAs by 50. In Greater London so mortgage is this is a big challenge.
    The pensions will give us a very healthy income aged 67. We may take my pension earlier (likely drawdown), but the actuarial reduction means it is not worth it for husbands DB pension. So the ISAs will need to plug the gap 60-67, this is now the focus.


    You may want to look at/post your strategy on the Retirement and Annuity Thread. There is lots of information from IFA's and other financial gurus.


    You are also lucky that your plans will come to fruition well past the Brexit/Trump challenges.

    How much of a relative decline in income are you prepared to take / did you take?
    We are targeting 75% of current income in retirement. Definitely achievable at 67, will take serious saving and a dollop of luck to make it at 60. Our actual lifestyle works out at about 45% of income a year, so that is the baseline, but we would like to travel more and have a buffer.


    Everyone has different priorities and expectations in retirement. I have been living on my proposed "retirement income" on my current salary for some years to see if it is possible and as I am making large payments into my employer DC plan via salary sacrifice I don't have so much disposable income. I believe it is possible. I don't want to go on expensive holidays - we have had some decent holidays when were younger and that was enough. Hobbies and interests are free or very cheap and I would rather have the time than the extra income.


    One thing I have noticed is when you reach your 50's you do tend to get much more tired and get more aches and pains. I have had a couple of operations (prolapsed disk and shoulder operation). My memory is not so good and there is no doubt about it - brain function isn't as quick as it used to be. I also intensely dislike the corporate culture and politics and find it quite stressful. There is no way I could work until 66 and I want to enjoy life while I still have relatively decent health.

    What are your main concerns?
    Stock market performance, changes to pension rules. Iím working on the basis that the state pension will be means tested by the time I retire. Hopefully not though. Also job loss or redundancy and ageism in the workplace could cause an issue.



    For those already in early retirement - how is it progressing? What have been the good and bad surprises (financial and otherwise)?
    Canít answer this one yet! The thread has been really useful to get me thinking about what I might want to do with my time though.
    • kidmugsy
    • By kidmugsy 11th Nov 18, 1:08 PM
    • 12,070 Posts
    • 8,518 Thanks
    kidmugsy
    So the ISAs will need to plug the gap 60-67, this is now the focus.
    Originally posted by Cosycat
    DC pensions for you would probably be a tax-efficient way to plug that gap. Even getting just 20% tax rebate on the way in is pretty good if you're going to withdraw the personal allowance tax-free.

    It might be pretty reasonable to use ISAs now in the expectation of later moving the money into DC pensions because, for example, (i) the tax rebate has gone up, or (ii) you've passed 55 (or 57 or 58) so that the pension money isn't inaccessible.

    How much more could you save if you altered your mortgage-free target to age 60 when the LISA money will become available?
    Free the dunston one next time too.
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