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    • Mrs Z
    • By Mrs Z 8th Jan 19, 2:03 PM
    • 896Posts
    • 961Thanks
    Mrs Z
    Plotting for an early retirement - anyone want to join me?
    • #1
    • 8th Jan 19, 2:03 PM
    Plotting for an early retirement - anyone want to join me? 8th Jan 19 at 2:03 PM
    Hello to all fellow forum members,
    I've been reading the Early Retirement Wannabe thread but as it is rather long, I thought I start a new one instead.
    So yes, like the title, I've been plotting an early retirement for some time. In fact it was all going swimmingly and my plan was to throw in the towel in 2023 (at the age of 55). But then the Brexit happened which has changed everything. In two months time, my work will be relocating to another EU country as a consequence.
    I've decided to stay on the job for the time being, just 1 more year as the relocation package is rather generous and it's unlikely that I'd found another job in the UK with corresponding level of salary/benefits etc. This could mean that the early retirement might well become a reality in 2020. That is scary!
    If that were to be - there will be 11 years gap before I start getting the work pension from the age of 63 and my plan was based on 8 years. There are options of course to get around this; to get a part-time job, maybe start some kind of business myself, etc but let's see what happens!
    Anyways, that's my introduction, more to follow as the journey progresses. In the meantime - please join the ride if you are thinking/dreaming/planning of early retirement or have already retired and can contribute with any tips/experience etc.
    It is going to be tough to stand it out....even til 2020!


    This Forum tip was included in MoneySavingExpert.com's weekly email!
    Last edited by MSE Tine; 15-01-2019 at 12:09 PM.
Page 4
    • MallyGirl
    • By MallyGirl 12th Jan 19, 5:17 PM
    • 3,480 Posts
    • 8,752 Thanks
    MallyGirl
    I was thinking of training to be a garden designer. I've done my garden myself and chip in ideas for others gardens, so it would be a hobby that brought in some money but didn't tie me down to having to be somewhere at x time every week.
    Originally posted by bugslet
    When I worked part time (when DD was a toddler) I decided I needed to keep the brain cells working and also I needed to spend time talking to adults apart from hubby. I was a homeworker at the time. I studied horticulture (with the RHS) and then did a BTEC in garden design. We even put together a college team and did a garden at Chelsea. I did start a little design business but it was difficult to juggle with my job and DD so it ended up spoiling my hobby. I still have it as an option for the future though.
    Go for it!
    • crv1963
    • By crv1963 12th Jan 19, 5:22 PM
    • 717 Posts
    • 1,661 Thanks
    crv1963
    I have got to admit - having been adamant that I wanted to stop work, actually doing 2 days per week is great. It is enough to keep the wolf from the door and stop me from being bored. I am actually enjoying my work again but without any of the responsibilities and moving from 5:2 to 2:5 work day ratio leaves lots of time for leisure activities and, for the moment, we aren't having to dip into our retirement savings which leaves more for later
    Originally posted by Techno
    This is where I'm coming unstuck! I do enjoy what I do but the corporate rubbish and ever changing rules and targets seem designed to frustrate and irritate.

    I am still full time (and a bit more) but think maybe a part time nearer home maybe an answer when I come to take my pension could be a way to ease into retirement. Quite a few "retire and return" 2 or 3 days a week in my line of work, I always wondered why but now I'm of an age to do it I can see the attraction.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • Lomcevak
    • By Lomcevak 12th Jan 19, 5:41 PM
    • 797 Posts
    • 4,643 Thanks
    Lomcevak
    Interesting thread, i'm 44 in a high-pay, high-stress job, and starting to come to the realization that retirement could be much closer than I'd thought, so will watch with interest.

    Mrs L has a good DB pension (she's a university professor) and I've been fairly aimlessly shoveling money into pensions for a while now, while the mortgage will be gone in a little over 12 months. After finally paying attention, crunching the numbers, and adding everything up I was stunned to find that house + pensions currently total a bit over £1.2M and liquid assets add close to £100k more, which is far better than I thought it was. We're adding about £80k per year to that at present, so I need to start to look ahead and work out where the exit is.
    MFiT-T5#6, £50k to zero: £4,467/£49,907 (8.95%), 2019 MFW#8 £14,812.09/£30,000 (49.37%)
    £50k-in-’19#6 £20,557.90/£50,000 (41.12%)
    • Fatbritabroad
    • By Fatbritabroad 12th Jan 19, 8:21 PM
    • 525 Posts
    • 325 Thanks
    Fatbritabroad
    Thank you for your honesty! Like I mentioned previously, gardening is one of my passions and whilst I happily spend hours tending mine, I have often thought that I would not want to do it for living at £10ph. Whilst I don't exactly love my current job, there are plus sides in that I have many wonderful colleagues and the pay is good. I keep reminding myself that every month that I stay equals a month of early retirement in the bank.
    It's the decisions made by higher management that are the pain. It seems that every change is something that makes our life more difficult on the ground level or adds another step or an obstacle for getting the job done. Year after year we need to produce more with less. And then there is the usual c**p with SLAs and KPIs that frankly speaking somebody drafted in their wisdom in such a way that they are pretty impossible to measure.
    Originally posted by Mrs Z
    This is why I like being in sales. You still get the bull sh*t but if you ignore it provided you hit your numbers it's amazing how much of the boll*x magically disappears.

    The rewards are higher in senior management but as it stands I get paid about 20% more than my boss and don't habe one tenth of the crap to deal with that he does
    • Rodz1300
    • By Rodz1300 12th Jan 19, 10:02 PM
    • 7 Posts
    • 4 Thanks
    Rodz1300
    Me too
    I will also be following this one with interest,
    Also 55 in 2023. No DB but high earner with good DC employer contributions and making AVC,s. Small mortgage and a portfolio of small cap shares held in SIPP. Pension annual allowance is getting just about fully used (depending on bonus) and coincidentally just managing to keep hold of full child benefit after giving up company car for allowance this year. (ironically one of the drivers to make me plan my tax more closely)
    For no apparent or obvious reason I have been enjoying going to work less and less over the last couple of years and whilst probably not ready to fully retire at 55 I will be doing what i can to make sure i have some viable options come 2023. OH is half time working management accountant with DC pension. I may want to match her 2.5 days a week when 55 but likely a couple more years full time as we have 2 kids in school still.
    looking forward to reading everyone's plans and tips
    • mark88man
    • By mark88man 12th Jan 19, 10:26 PM
    • 3,793 Posts
    • 8,692 Thanks
    mark88man
    On a countdown here - feeling a bit behind the curve at 55 - wuth a good DB pension and a growing DC. 8 years on mortgage but should be able to OP later, got a little derailed by family reasons. Realistically its going to be 60 so same sort of timescale, if a little delayed.

    On the other hand at hte moment work is going really well, and I am enjoying it more than for a long while, although I do concur its harder as you age.

    so good luck Mrs Z and everyone - I shall mainly be quiet (unusually) but will hot up as I get past various unwanted items off my plate and start paying better money into pension and other savings.
    Things happen for a reason. Often the reason is we are stupid & make bad decisions.
    Weight/Health - Fluctuating - better than I was worse than I should be
    End 18: CC:8K@0% - Car Loan:11K@2.8% - Mort:133K@2.1% = £152K
    Decrease in Total Debt 2016:£13.4K 2017:£8.3K 2018:£20K

    • hugheskevi
    • By hugheskevi 12th Jan 19, 10:28 PM
    • 2,162 Posts
    • 2,782 Thanks
    hugheskevi
    I'm interested in why people choose to retire early, I'm the opposite and want to work for as long as my mind and body allow, I love the work, the people and what it allows me to do - travel , adventure, impact etc. Spending money on me and my family is fun too.
    For me it is about variety.

    I'd say I like my job, but nonetheless plan to retire around age 45 (currently 41) possibly with a spell of part-time working in the run-up to retirement.

    Unlike for many, working keeps me very healthy as I cycle a 16 mile round-trip to work each day and take all my own food into work to ensure I follow an excellent diet. In winter months I use the on-site gym too, and run more outdoors in summer.

    I couldn't ever envisage my work being the only focus though. I spend a lot of time running, and set up my own consultancy for a bit of variety and challenge a year or two ago. Along with a couple of holidays each year that is most of my time accounted for.

    I also like to travel a lot, but proper travel, not just a couple of weeks away every now and again. In the past I've spent a year traveling on three different occasions, and look forward to doing that again in the future after retiring.

    I work full-time now, and after retiring am very likely to work a couple of days each week voluntarily. That will be doing things I enjoy, giving a bit of structure whilst leaving lots of free time.

    I also look forward to moving away from the city to a far more rural setting, having pets, and taking up some old hobbies from the past that I don't have the time for at the moment.
    • Vespaboy
    • By Vespaboy 13th Jan 19, 4:17 PM
    • 6 Posts
    • 11 Thanks
    Vespaboy
    I will follow this thread
    for me hoping to go at 60 ( if I can last that long )
    • JoeEngland
    • By JoeEngland 13th Jan 19, 5:10 PM
    • 238 Posts
    • 463 Thanks
    JoeEngland
    I'm interested in why people choose to retire early, I'm the opposite and want to work for as long as my mind and body allow, I love the work, the people and what it allows me to do - travel , adventure, impact etc. Spending money on me and my family is fun too.

    As you say you may get a part-time job or start a business, so is this actually about retirement or just looking for a better job ?
    Originally posted by dont_use_vistaprint
    For me, getting PT work would just be for financial reasons to reduce drawdown on savings and pensions for a while. I don't want to work at all. To me work has only ever been a necessity and a means to an end. What I want now is time to live my life instead of work my life.
    • smutput
    • By smutput 13th Jan 19, 6:03 PM
    • 3 Posts
    • 30 Thanks
    smutput
    I don't want to work at all. To me work has only ever been a necessity and a means to an end. What I want now is time to live my life instead of work my life.
    Originally posted by JoeEngland
    That's me in a nutshell. 55 in 2020 and can't wait to pack in work and have time to do things I enjoy. My other half and I enjoyed the start of 2019 because now we can say "we're retiring next year".
    • vulcanrtb
    • By vulcanrtb 13th Jan 19, 6:48 PM
    • 25 Posts
    • 58 Thanks
    vulcanrtb
    Hi all, I'll join in, hoping to also retire at 55 which is the end of 2020. So I can also say "I'm retiring next year", but with one proviso, see how the markets go :P
    • MallyGirl
    • By MallyGirl 13th Jan 19, 6:59 PM
    • 3,480 Posts
    • 8,752 Thanks
    MallyGirl
    For me, getting PT work would just be for financial reasons to reduce drawdown on savings and pensions for a while. I don't want to work at all. To me work has only ever been a necessity and a means to an end. What I want now is time to live my life instead of work my life.
    Originally posted by JoeEngland
    Me too - I definitely 'work to live' not 'live to work'. I'd retire tomorrow if I had enough stashed already. Sadly I don't yet.
    • mark88man
    • By mark88man 13th Jan 19, 7:18 PM
    • 3,793 Posts
    • 8,692 Thanks
    mark88man
    Me too - I definitely 'work to live' not 'live to work'. I'd retire tomorrow if I had enough stashed already. Sadly I don't yet.
    Originally posted by MallyGirl
    do you really know what enough is? I think for me enough may well prove to be less than I might think considering what now is like - but no mortgage, kids independent, one car, and time to fulfil my inner MSE may make enough less than I might think
    Things happen for a reason. Often the reason is we are stupid & make bad decisions.
    Weight/Health - Fluctuating - better than I was worse than I should be
    End 18: CC:8K@0% - Car Loan:11K@2.8% - Mort:133K@2.1% = £152K
    Decrease in Total Debt 2016:£13.4K 2017:£8.3K 2018:£20K

    • dont_use_vistaprint
    • By dont_use_vistaprint 13th Jan 19, 7:39 PM
    • 398 Posts
    • 118 Thanks
    dont_use_vistaprint
    Would love to retire sooner but i don't see my finances stacking up to enable me to do that, mortgage is currently over another 27 years i think which i'm hoping to try and reduce and would love to have it cleared by 55 but we will see from there.
    Kev
    Originally posted by kev2009
    I used to think like that about the mortgage, but then I realised while I'm making good money and can pay a high mortgage why not live in the best house I can afford, so Iv'e bought 2 high-end new & almost-new builds last 10 years , enjoying great area and living spaces, not having to do any DIY whatsoever and seeing my winter bills halve, and about to upgrade again, and I'm quite a bit older than you! The fact that it looks like 25-30 years of debt doesn't worry me, if and when it becomes unafforadable I will downsize to a 2bed bungalow or small town house and should have a lot of equity as the types of houses I am looking at increase in value more than the cheaper ones.

    do you really know what enough is? I think for me enough may well prove to be less than I might think considering what now is like - but no mortgage, kids independent, one car, and time to fulfil my inner MSE may make enough less than I might think
    Originally posted by mark88man
    Nice philosophy. When I finally do, Ill be like that, a day a week in charity shop and out walking doing photography and growing veggies to stay fit, probably wont even run a car. Kids have already promised me a luxury care home when I'm totally done, in return for all Iv'e done for them
    Last edited by dont_use_vistaprint; 13-01-2019 at 7:43 PM.
    "It is not the critic who counts..." - Theodore Roosevelt
    • MallyGirl
    • By MallyGirl 13th Jan 19, 8:40 PM
    • 3,480 Posts
    • 8,752 Thanks
    MallyGirl
    do you really know what enough is? I think for me enough may well prove to be less than I might think considering what now is like - but no mortgage, kids independent, one car, and time to fulfil my inner MSE may make enough less than I might think
    Originally posted by mark88man
    I have a budget spreadsheet that changes as we age so I have some idea what 'enough' is. We still have £160k left to pay on the mortgage and DD will be at uni till 2025 or 2026 when we will be 58/59 which are the big costs for a bit. I don't know when we will drop from 2 cars to 1 - will depend on how we choose to spend our time as I want to go to the gym and ride horses, neither of which are of interest to DH, but would need transport. We also want some more 'big travel' at the start while we still can.
    • Workerbee999
    • By Workerbee999 13th Jan 19, 8:52 PM
    • 46 Posts
    • 40 Thanks
    Workerbee999
    I find that having an early retirement goal really sharpens the mind where unnecessary purchases are concerned. We have started evaluating things - such as replacement cars - in “time” rather than financial cost. Is it worth working another x months or years to have whatever it is that has caught our eye..... we are not being frugal by any means, if it ticks the box for enjoyment and we think it is worth it then we go ahead, but it does make us think more objectively about it compared to when we were younger with all the time in the world....
    • Anonymous101
    • By Anonymous101 14th Jan 19, 9:23 AM
    • 1,238 Posts
    • 810 Thanks
    Anonymous101
    Interesting thread, i'm 44 in a high-pay, high-stress job, and starting to come to the realization that retirement could be much closer than I'd thought, so will watch with interest.

    Mrs L has a good DB pension (she's a university professor) and I've been fairly aimlessly shoveling money into pensions for a while now, while the mortgage will be gone in a little over 12 months. After finally paying attention, crunching the numbers, and adding everything up I was stunned to find that house + pensions currently total a bit over £1.2M and liquid assets add close to £100k more, which is far better than I thought it was. We're adding about £80k per year to that at present, so I need to start to look ahead and work out where the exit is.
    Originally posted by Lomcevak
    You're in a very strong position. I'd imagine that within a couple of years you'd be able to retire or choose something less stressful if you desired.
    Having a good understanding of your annual costs and therefore amount of income required once retired is key.
    • Anonymous101
    • By Anonymous101 14th Jan 19, 9:24 AM
    • 1,238 Posts
    • 810 Thanks
    Anonymous101
    I find that having an early retirement goal really sharpens the mind where unnecessary purchases are concerned. We have started evaluating things - such as replacement cars - in “time” rather than financial cost. Is it worth working another x months or years to have whatever it is that has caught our eye..... we are not being frugal by any means, if it ticks the box for enjoyment and we think it is worth it then we go ahead, but it does make us think more objectively about it compared to when we were younger with all the time in the world....
    Originally posted by Workerbee999
    I totally agree. Since I've started to think about early retirement I've tended to think about most purchases in terms of "how long do I need to work to pay for this?"
    • JoeCrystal
    • By JoeCrystal 14th Jan 19, 3:32 PM
    • 1,567 Posts
    • 1,033 Thanks
    JoeCrystal
    This thread has been a good read I am indeed planning to retire earlier than the SPA whenever it is allowable to access your pension. So that is 55 atm or in 2041. Of course, it almost certainly is higher than 55 in the 2040s. My goal is going to be 12k in today's money which should be more than enough to cover my living costs once I paid off the mortgage, stop investing & paying into a pension. I should be able to get £8500 state pension in 2054, so it is a matter of saving enough to cover the 13 years gap hopefully. Ideally, it would be nice to have an annuity, but I recognise that it is vastly likely to be drawdown pension instead.
    • caldejud
    • By caldejud 14th Jan 19, 4:21 PM
    • 22 Posts
    • 9 Thanks
    caldejud
    Happy New Year to all

    I know many on here use Retireeasy and I received an email from them on Friday to say they are raising funds on Crowdcube - I can't see any listing on Crowdcube yet but it may be worth keeping tabs on their development.

    Let's hope by the end of the year and preferably by 29th March the dreaded Brexit debacle has been sorted..somehow I think not!!!
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