When and how did you afford to retire?

Discussion in 'Motorhome Chat' started by Rita and Andrew, Sep 11, 2016.

  1. Rita and Andrew

    Rita and Andrew Funster

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    We're in Caterbury Aire just now after an amazing 2 weeks in France. We're travelling back up to Scotland today and start back at work on Tuesday. Met lots of lovely people on sites who were over for a month or longer and they didn't look much older than us ( we're 54 and 53). I would love to know how and when people managed to give up work and travel more? It's a pipe dream for us at the moment :(
     
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  2. DP_JAY

    DP_JAY Funster Life Member

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    A pipe dream for me too, & I'm 63.
     
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  3. Cal54

    Cal54 Funster Life Member

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    I was 56 when I had the opportunity of vol redundancy and be eligible to draw my superannuation - no brainer. For me the financial crisis was a major bonus as local government had to slash its staffing numbers.
     
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  4. Rita and Andrew

    Rita and Andrew Funster

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    Is superannuation a final salary pension @Cal54? We have an appointment on Monday in Glasgow to talk to a financial adviser about our pensions as we don't have a clue.
     
  5. scotjimland

    scotjimland Funster Life Member

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    In 2006 I gave up working, I was 57 .. Jan was 41 .. we sold up and went full time, traveling Europe and UK for over 3 years in a 36ft RV

    That had been the plan for many years .. I wanted to do this earlier but plans changed... Chaz was born in 2000, so we waited until she was a bit older before setting off.. Our son Paul also came with us, he was 16 .

    We lived on our savings and doing occasion part time work until receiving my private pension at 60, now topped up with state pension.. we now live in lovely quiet village in Suffolk.

    It can be done.. you may not be rich but better doing while you can.. but have an exit plan, few live forever in a motorhome. Like us, you may get tired of it, or have to give up for health reasons.. Three years was enough for us.. many do it a lot longer.

    Only last week I learned my cousin, younger than me , while on holiday in Spain had dropped down dead while crossing the street .

    .. no illness.. heart attack, bang, wallop.. dead.. gone.. age 63 :(

    Life is too short.. make a plan and do it..
     
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  6. Cal54

    Cal54 Funster Life Member

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    @Rita and Andrew , yes it was a final salary pension although the government had been trying for a few years to change the T & C. The biggest decision was how much to take as a lump sum and how much for a monthly pension. Easy decision for me - take as much as possible as a lump sum as long as I had enough left as a monthly pension to meet everyday needs. That way I got to spend when I was healthy enough to enjoy and it meant there was less for the taxman to attack and less for the local authority to take in care fees when the time comes. I won't draw my state pension for another 4 years and that will then be a bonus as I have managed without it!!
     
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  7. Shuismo

    Shuismo Funster

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    One way to do it is to rent out your home, but don,t be tempted to sell as your home becomes your security and available for you to go back to.
    The way property prices increase you may find you cannot afford to buy another house once you want to stop traveling, the same thing seems to have happened to some people who bought in Spain, they can,t sell their Spanish property and can,t afford to move back home.
    Keep your home.
     
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  8. funflair

    funflair Funster Life Member

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    Started a business 25 years ago, worked hard struggled for money, scrimped and saved and got out of the habit of spending money.

    Then 5 years ago business had done well, money in the bank, lost a few friends and thought "life's too short for work" so let somebody take over the business and they can make a living out of it like we have.

    Bought a motorhome and started our new life, we still don't waste money on little things, but we do on big ones.

    Martin
     
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  9. Popeye

    Popeye Funster

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    I decided at 52 that I needed to do something to allow me to circumnavigate the world in an ocean going sailing Yacht. I set out my plans, I taught many unscrupulous people the art of conning others by selling PPI on loans and mortgages, stashed the income and then finally I robbed a local post-office for the big bucks. Purchased several rental properties and hey-ho there we go....... Griff........lemon-squeazy

    ps, spoke with my financial advisor last month and he assured me that I am set for life.....

    ......providing I die before Christmas........
     
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  10. rb62

    rb62 Funster

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    We both retired at 58 six and a half years ago now,we had planned to retire at 55 but the economy was in such a state we didn't want to risk it!
    We both took our private pensions at 55 while we were still working based on the calculation that annuity rates were going down and we wouldn't get back what we were paying in per month.So for three years,we were drawing a wage,recieving a pension and not paying into a pension. (y)
    It also heped having a wife who has kept a tight rein on all expenditure,if we couldn't afford it we didn't have it! she also kept all the financial records and investments for years and worked out that we could cover the expenses until we were able to draw our state pensions,roll on Thurs 29th....except they pay you a month in arrears!
     
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  11. Taran_Las

    Taran_Las Funster

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    Flowers or donations? :LOL:
     
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  12. Popeye

    Popeye Funster

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    Donations of course, but then you knew that.
     
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  13. Manxcat

    Manxcat Funster

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    In June I had a scare. Had a seizure in the middle of the road while on a Sunday morning walk. While in hospital I decided to reappraise my plans. I have handed in my notice and will officially retire in November, in reality I will not go back to work as I am now in a Liverpool hospital recovering from major surgery.

    Cant wait to longish trips and getting the garden up to standard. We are lucky in that our savings should be good enough to provide an income in the region 25-35kpa.
     
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  14. tonyidle

    tonyidle Funster

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    Retired at 50. The company were offering a good exit package (downsizing) and I have Civil Service pension terms.
     
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  15. Feltwell

    Feltwell Funster

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    Retirement's a way off for me, but one of the problems I find is knowing what the hell I'll need to live on in retirement - in order to do the future planning now. I'd love to retire at 55 but really can't see that happening.

    As I am now - with mortgage, 3 school-age kids, quite heavy commuting expenses etc - it makes it very difficult to judge what I'll need at retirement and how much my expenses will actually drop. We live a fairly modest life, don't smoke or drink, but do spend a fair bit on our (old) house and feeding 5 people! If come retirement the kids have gone then we'd be able to downsize to something that is cheaper to run, although we'd still want an older house.

    I've got a couple of final salary pensions but they're from relatively brief periods of employment in an early part of my career, and of course they work on the final salary when you left that job - and I didn't earn much at the time. Aged 44 I'm paying a decent amount of voluntary pension contributions - in total I've got 22% of my salary (with my employer's contribution) going into my pension each month - and the projections still look dire!

    In terms of a % of what was your working salary, what are you lot managing on? Can you really suddenly manage on 50% or less of what you earnt before?

    I realize that tax plays a big part and that the "take home" from the pension will be a bigger percentage.
     
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  16. emmitdb

    emmitdb Funster

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    Mr Macawber was right all along.

    (Sorry if I got the actual words wrong.)
    "Annual income twenty pounds, annual expenditure nineteen pounds nineteen shillings and six pence, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."

    PS Look at my Signature
     
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  17. Baileysbus

    Baileysbus Funster

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    Lost my brother in law when we were both aged 52. He was at an evening do and just collapsed and that was it :(. Still miss him now 9 years on! I decided as have many here that life's too short so was in the fortunate position at work to bid in for and get, early retirement at work. A deal I couldn't refuse as it was a great offer and meant I could draw enhanced pension (y). Since then I set up my own wee business and have a part time job running a small charity ....... what's not to like. Now the wrong side of 60 and enjoying the new freedom in our MH (y)
     
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  18. Bailey58

    Bailey58 Funster Life Member

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    Self employed and worked hard all our lives without making any money apart from putting cash into private pensions from our very late 30's. We retired at 56 when we sold the business which gave us enough to invest and live off the income. When we get beyond motorhoming the sale of the van will give us another lump sum to continue travelling in other directions.
     
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  19. Leftlegger

    Leftlegger Funster

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    Up until 20 years ago I didn,t have much of a pension until my employer offered permanent employment as opposed to agency work.Instead of a wage increase we all agreed on salery sacrifice where a percentage of wages was paid into the pension scheme.I put in 20% of my wages the firm 10% and my pension pot built up quite rapidly.I could afford to live of my taxed income working overtime and being on-call.I worked on 4 years till i was 69 so building up my government pension .
    10 years paying into a scheme with one employer left them in 1984 gave me a nice lump sum and a small pension.with the option of not having to get an annuity now i was able to draw out 25% tax free from my pot pay off the mortgage and upgrade my motorhome.Now recieving much the same in pensions as when i was working but also no mortgage to pay ☺
     
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  20. SMB

    SMB Funster

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    Public sector final salary pension, retired on my 50th birthday which was the earliest I could finish. Missed out on a full pension but got three years of my life back in exchange. I had planned it for a while as my job was really frustrating me but losing family and friends was the main reason, it reminded me that life is too short. I manage fine, sold my flat and full-time but my circumstances helped (single, no kids, no debt). Best thing I ever did, four years on the road and loving it, met some lovely people and seen some spectacular places. I will carry on like this until I feel I have had enough which will be manyyears into the future hopefully!
     
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