When and how did you afford to retire? (2 Viewers)

[Langtoftlad]

If you wait until you have enough money - you'll never retire.
If you wait for the 'right' time - it will never come.

Getting off the rat race wheel takes some bottle (or a life threatening scare).
Very easy to come up with excuses why you can't do it now, much harder to take the leap into the unknown.

If you have a family, they have to buy into the lifestyle change too.
You also have to have a plan - boredom, lack of purpose will kill you as fast as too much work stress.

 

[crabman]

sold out my business at the age of 50 did a few small things have a private pension which I have not taken yet, some good cash on the side being a rent man for MP's who like to get up to all sorts now's where's my whip I have an afternoon appointment
now 65 yrs. old the state pension kicks in and i don't have to live on my savings anymore, I suppose I will have to take my private pension soon, and another thing I cant whip as hard as I used to they scream harder but hell I am out of puff ,

 

[DBK]

You also have to have a plan - boredom, lack of purpose will kill you as fast as too much work stress.

I think that is sage advice!

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[WillH]

Had a health scare at 50 so retired at 51 using a pension I started when I was only 20. Adjusted our investments allowing my wife to retire 3 years later. My income is the same now as when I was working. That was 12 years ago, never looked back.

 

[Cat53]

Husband had bad car crash at 43 and was medically retired at 44.

 

[EuroTrotters]

I think it depends what you want from retirement and how much you can live with your partner, if you have one.

We will retire early, even if it means on a low/lower than forecasted income.

You can live quite comfortably on much less than people may think. Those that can't do it out of the box, so-to-speak.

I have clients who are incredibly wealthy. For example, one who lives in a 14 bedroom Real Cheshire Mansion, with just his wife. Has holiday homes all over Europe, a Yacht moored in the South-of-France a collection of Rolls Royces dating back to the day he bought his first one in 1985 (he buys a new one every three years) stored in his bespoke dehumidified garages.

This client goes to work in traffic every day at 7am, returns at 7pm. Happy? Content?. He says it is just the way he is wired. His wife jokes; "wired to his secretary".

Other clients who only have a couple of million £ in the bank and a few more in assets who say they "cannot afford to retire just yet".

With good health, £12,000 a year income? £20k? for a couple.

Our council tax is £2,300 a year. I could stay on a campsites and Aires for around £5,000.

Opinions welcome?

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[crabman]

take over a certain amount of you income in pensions including state pension and you could be taxed a lot of cash,

 

[iandsm]

Whilst I would not disclose my own personal financial arrangements I was just sitting reading through this in a nice French Aire having had a delightful lunch in the sunshine looking st gorgeous scenery and I thought. My God, aren't we all lucky. Very lucky indeed.

 

[buttons]

Age 54 is no time to start thinking about a pension and retirement, long term planning is the best option unless of course you are very lucky.

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[Teuchter]

I retired ar 60 on a decent private sector pension + my Navy pension and though I have had several offers to go back to work part time to "just sort out these problems for me Tom, you're just the man to do it, won't take you long"

However I resisted and stayed retired!! now at 73 I don't get any offers of employment nor do I need or want them!

 

[magicsurfbus]

Left teaching at 54 in 2013, qualified for a reduced early retirement pension at 55, mortgage had been paid off by 2008, but we've managed in the same small house since 1988 so the mortgage never got silly.

Whilst we both have pensions we haven't technically retired, as I have three jobs and my wife has two, but we are able to travel abroad in the MH pretty much when we choose and arrange our jobs around that. We are now looking at making those trips longer and upgrading to a more comfortable MH. The house remains the same

I'm quite happy to keep working until either state pension age (66), ill health or insanity, whichever comes first.

 

[Scattycat]

Decided I'd had enough at the age of 53.
Retired to France where we live on what was more or less our disposeable income when we were working, but hey, we have a good life and love it here

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[Neil S]

I finished up last December at 55 , lost a few close friends all in there 50s and decided time to enjoy life and spend what we have .
My two Step daughters 37 &42 will have the house when we're both gone but I've told them that all are cash savings and investments will be probably be spent .
Transferred the title deeds of the house to the oldest and should I go first my nearest and dearest will move in with the youngest daughter .
We have enough money to last us into our 80s without touching my private or state pensions so we're more or less sorted .
Life is for living and we intend to travel as much as possible

 

[Chris]

I am giving up in 6 years maximum.

After that I will be a rent boy for the English rugby team.

#busy

 

[Mi58ck]

47 days to go for me

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[injebreck99]

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..

Same as my younger sister, same age as your cousin, no real illnesses, then started talking gibberish, hospital for tests, wallop, dead in 2 weeks, massive brain tumour, loads a money in the bank for "a rainy day", never made it, live for today we say.!

 

[Deleted member 29692]

I am giving up in 6 years maximum.

After that I will be a rent boy for the English rugby team.

#busy

Non starter mate. The England rugby team get to **** Welshmen over pretty regularly without having to pay for it

 

[Spidey]

We are waiting for our youngest to finish school in 3 years time we will be 56. I may retire before that though. You know you have had enough when you just dont want to be in job any more. I have a couple of very small private pensions and hubby a bigger one. We plan to sell the house move to a cheaper area and live on the proceeds.

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[TheBig1]

long story cut short, a major accident caused by a drunk driver and I was on the scrap heap early. We may not be as rich as many others but live for today. Have owned motorhomes since my 20s and indeed used them to help pay my way by doing them up and selling on. Now living off my capital and legacies left by family members who did not live long enough to enjoy all the money they squirrelled away for retirement. Who knows what tomorrow holds, all I know is that I have enjoyed early retirement despite my disabilities and will continue to do so as long as I can

 

[Candapack]

Just a word of warning for those waiting for their kids to stop being a financial drain.
It never happens.

 

[Spidey]

Just a word of warning for those waiting for their kids to stop being a financial drain.
It never happens.

Totally agree! My daughter is in her 5 year of a 6 year course at uni to become a vet. She will be very poorly paid when she qualifies :-(. So planning on helping her with house buying etc when we down size. Also she doesnt want to leave uni as she likes being kept

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[mjltigger]

Reading this thread is pretty depressing TBH. Just turned 41 so aware that if things keep on as they are I will be working well into my late 60s.. What we need is some proper boom and bust to get our pension value up..

 

[Adrian1]

I was lucky worked hard got through 2 divorces meet present wife 23years ago and saved dont smoke or drink but was lucky with investments sold my retail shops in cornwall 13weeks ago she has a small pension took the hit to take it early and both packed up.Of to france and spain today till mid late oct taking in moto gp and taking are motorbike trying to live the dream ,do we miss work NO .I have seen more of cornwall in 13weeks than in the last 5 years, work does get in the way of living if you can leave do it and yes it does take planning do it You are only here once.

 

[ukdw]

Retired last week at 52. Now on our first Motorhome trip with no end date. Heading for Cornwall via the New Forest. Funding with savings for a few years until pensions start to kick in at 55.

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[Derbyshire wanderer]

What we need is some proper boom and bust to get our pension value up..

That's why inflation was a good thing for all if managed carefully.
Trouble is that it became the most important thing for the government to eradicate which in my view has caused many of the current issue especially silly house prices as buy to let became so attractive for investment.
Stakeholder type pensions cannot grow without inflation unless someone can reinvent the wheel.

 

[MC 55 FUN]

Cashed in my private pension 2 years ago at 55, drew an ex employers pension early, paid off the mortgage & relocated from expensive West Sussex to good value South Wales.

SWMBO works just a 3 day week giving us lot's of free time.

Never been happier.

 

[Cliffdale]

I retired from teaching at 52 years of age. I just had enough of impossible targets and bureaucratic red tape governed by OFSTED!
Since then, I just dont have enough time in the day, i'm busier than ever!

First motor home is due at the latest by mid October!

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[glenn2926]

30 years in the Fire Service. Retired April 2015 and bought a motorhome. Still working two jobs but when I want to. Had trips to Northumberland, Scotland and France this year. France, Spain and Portugal straight after new year. Retirement is fantastic.

 

[PeteH]

If you wait until you have enough money - you'll never retire.
If you wait for the 'right' time - it will never come.

Getting off the rat race wheel takes some bottle (or a life threatening scare).
Very easy to come up with excuses why you can't do it now, much harder to take the leap into the unknown.

If you have a family, they have to buy into the lifestyle change too.
You also have to have a plan - boredom, lack of purpose will kill you as fast as too much work stress.

ABSOLUTELY!!!!!!!.

In my case a 40yr Old Buddy, got stung by a bee and died of Anafalactic shock in the high street. THAT concentrates the mind!. Add the fact that My dad retired at 65 and never made 66 (stroke). Had my mind made up for me when the Co I worked for, asked me to relocate to Wales!!. Took them almost 2 years to say "OK you can have your Pension early!" (57) Now bugger off!, and stop being a Pest!.

Returned to "Gods Country". Self Built a house, Bought an R-V (first of 2). And did a bit of HGV work on Agency to fill the gaps. Now fully retired, since age 66, We have toured the USA for over 5 years and now have a small Euro-box which we love, and the Wife calls the "Dolls House". I do not regret jumping ship early.

Pete

Pete

 

[Melvin]

Payed off the mortgage ASAP by carrying on paying the higher payments that we had on 15 per cent interest rates in the 70's,any wind falls ie free shares from privatisation times ,legacies etc all went to pay it off .Never ever borrowed ,so didn't pay interest rates,if we couldn't afford it we went without.
Always saved for a rainy day,it's hear now so we're enjoying it .

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