anyone do it ?

Not really but I am planning to quit the rat race this year, having made rough calculations about active years left to me and our needs v potential retirement income. We could work longer and have a bit more to spend but why? I’m sure I can survive happily on what we’ll have. I’m 55.

I don't think in needs to be quite so black and white Tony. There's lots of ways to make a few quid that don't involve the usual 9 - 5. Yep, everything's always uncertain and a little up in the air and you have no one to really fall back on but if you're able to cut your cloth accordingly, then it can work well.

i can see a future of bread and jam, and holidays at jaywick..........

ton I am not a financial advisor ... but

Firstly get £50k of that lump sum into premium bonds now as it is zero risk. £50k for both of you if you can

Also, your plan is almost exactly ours. We paid off our mortgage and are downsizing our entire lifestyle to retire early. Difference is I am prepared to invest and in the long term it has been 10000% the right decision. I understand the reticence though

Dave, i think the worry is, when you have never had anything, the thought of giving it away (to invest) is a scary thing to do.

Tony, we arrived here with quite literally FA. All the money we had was spent buying the place. 15 years later and we're still here.

Philosophical thread this could turn into. It’s a very personal thing, one mans meagre is another’s extravagance. First you need to define meagre.

define meagre.

as in, i will have even less of a pot to piss in.

Wage slave. Idea sounds nice, in practice, for me, the stuff I think or do spend money on, my head over-rules my heart.

Seriously wondering about HTF I am going to keep working until retirement but really should have though about that more earlier in life

After everything that's been going on recently and a bit of a health scare a few years back my partner and I have started to rethink our view about retiring, rather than asking can we afford to retire, we are now ask can we afford not to retire.

Doing the sums at the moment and working out what do we actually need as an income to live a simple life and be happy. As part of this we worked out what we hadn't spent on holidays, my contribution was three weeks bike backing and a saving of less than £100. Who would have thought austerity could be so much fun.

ton wrote: ↑Wed Jan 27, 2021 3:39 pm

define meagre.

as in, i will have even less of a pot to piss in.

How big is the pot though. Questions like - do you own your house, is it cheap to heat, do you have paid for toy box, are you okay eating cheap if needs be

ton wrote: ↑Wed Jan 27, 2021 3:10 pm Dave, i think the worry is, when you have never had anything, the thought of giving it away (to invest) is a scary thing to do.

I get that which is why I like premium bonds for the nervous invester as there is zero risk, roughly 1% interest and the possibility of a million quid

Dave Barter wrote: ↑Wed Jan 27, 2021 4:08 pm

ton wrote: ↑Wed Jan 27, 2021 3:10 pm Dave, i think the worry is, when you have never had anything, the thought of giving it away (to invest) is a scary thing to do.

I get that which is why I like premium bonds for the nervous invester as there is zero risk, roughly 1% interest and the possibility of a million quid

Premium Bonds are great, Jane's got £20K (money from when she sold her chalet) and it's surprising how often she wins £20, which we wisely reinvests in wine

Speak to Kevin (Blackhound) or Jack P.
Both retired early to concentrate on other things.

Depends how meagre you mean?
£100 per week each meagre?
(after bills)

Theres always a compromise somewhere, but as someone wise once said money only has a value when you spend it*



*that was you

An interesting discussion and one that's very relevant to me. I always planned (well hoped anyway) to retire at 55 but I'll be 57 in March and still working. Our whole pension system has changed massively at work (along with a lot of other folks post financial crash) and it's now "normal" to go on until at least 67. I'm going to go at 60 come what may I think. I've done some calculations and I think we'll be fine but it will be a big drop in disposable income. The dream is to have unlimited time to do the things I want to do, the nightmare would be to have the time but not be able to afford to do the things I want.

Jurassic wrote: ↑Wed Jan 27, 2021 4:28 pmThe dream is to have unlimited time to do the things I want to do, the nightmare would be to have the time but not be able to afford to do the things I want.

Instead of going Big Bang, see if you can reduce the days you work from 5 to 4, 4 to 3 etc to ease the transition.
Sure there’s the odd shift for Asda/B&Q if you need to top things up

the thing is, the things that i like to do, dont cost that much.
when we are away cycle touring, our biggest cost is getting there.
once retired we could cycle to the place we like, and reduce the cost somewhat.

Matt, i still stand by that mate. spend it, dont save it.

Chew wrote: ↑Wed Jan 27, 2021 4:34 pm
Sure there’s the odd shift for Asda/B&Q if you need to top things up

Haha, yeah but I think I'd rather carry on doing what I'm doing now than that. A few days in the LBS would be a nice option though.

Not exactly a meagre existence for us Tony. My wife still works (not full time) bit since retiring I've had a variety of "non-career" jobs and I have a bit of a pension. While my wife still enjoys work, she'll carry on. We've cut expenditure to match our new income but I was able to pay off the mortgage when I retired. It's likely we'll downsize our house/lifestyle in the next 5 years or so.

Just to clarify Colin

You’re planning on downsizing not long after I’ve paid off the mortgage am are looking to move closer to hills



(It’ll be too far to an airport)

Like others my departure from the 9-5 thing will likely involve retirement. I can leave at 55 without permission but the pension pot will take a big hit. Then depends on what I can do to make a few spare quid until the mortgage is paid off when I turn 60. My folks were never huge earners but thanks to living a reasonably meagre (but still very good) life, seem to be rolling in dosh! And that's despite my Dads pension largely being wiped out when Equitable life went TU.

I've gotten used to a pretty spendy lifestyle (on bikes, skis and beer) so it will take some adaption but in recent years I've moved away from the whole upgrade trap and the bikes I have will see me out. Dunno really - I'm giving it some serious thought as work is doing my nut in but having already spent a good few years working for charities the security of working for the public sector is very good....

43 minutes.

Rail will be an option soon too.

From having high paid high, pressure, long day and many nights away jobs up until 10 years ago, I've stepped back from the pressure jobs and therefore had pay cut after pay cut. This helps focus your mind and realise who much money that you've wasted in the past and actually how much you need to live on.
Our mortgage was paid off last year and not having kids has really helped too.

We have plans to retire early within the next 3.5 years when I'll be 56.
I was on 7.5 months of furlough last year and loved every minute of it, I wish it was full time furlough I'd never get bored.
I know now that I only go to work now for the money at the end of each month.
So if I can retire earlier that 56 I will do.

I'm now counting the days until freedom.

If it was just me, I'd buy a woodland area and live out of a tiny house in there living fully off grid.
In fact I would buy two and travel too.

Working for money just to pay the bills is sh!te and a waste of around a third of your life.

These discussions always centre around money and, to be fair. that is probably the major consideration.

But, IMO it is also a lifestyle thing; living without the routine of work can be mentally quite stressful, filling the time between each living-the-dream, erm, dream can be quite boring unless you can adapt to the pace of life.
And, having said that, when you have so much free time it can be surprising how frustrating it can be to find the time to do all the things you want to do as other things fall into your diary because you have more time (if you see what I mean)!