early retirement?
Discussion
When is it possible to retire?
I'm 45 now, mortgage has been paid off for a couple of years, don't owe anything to anyone apart from a few hundred quid on the credit card, that gets paid off each month. We have about £100k in various bank accounts, plus £20k in our everyday accounts (which is going down, slowly, my wife doesn't understand the "not spend any money" thing!). We have 4 children, current ages are 9 to 12 years old.
Pension - don't know much about that, I know I set myself out of the state second pension for several years, however I have been back in for just over 5 years, I think. I have had a personal pension since I was about 18, although I lost a couple of years when I didn't do anything about it and didn't pay any money in. Now I am on a 3% / 11.5% payment (3% from me, 11.5% from the employer) which will go up to 12.5% when I turn 46. Before that I was on a higher wage, I think the amount was 6% / 6% which was a little bit higher.
My wife works on low pay - she works with children and to be honest she would work for no money, she does like doing what she does with them (she has 3 degree level qualifications, I think - a couple of marketing / direct marketing, and has recently got a degree level qualification for child care!) She doesn't want to retire yet!
I had a stroke 2 years ago, and now work is quite hard for me. I can't remember what I used to do very well, and have had to change my role a little - I used to be an IT architect covering all areas of the business in terms of SOA / platform areas, now I am doing BI work for them. I don't think I am the best in the world at the BI work!
So, where do I go from here? Ideally, I'd really like to work on the roads! I know, it is a drop in terms of cash, but I really like the idea of working as a HATO traffic officer, but I know the competition for these roles is quite high. I don't think I am providing good value for my current employer, either I need to get good at doing the role or I leave, which is making me wonder about retirement!
I know I am a little young, but my dad retired at around 56 / 57, and he had a good 20 years before he died - the last thing I would want is retiring later and not having many years to enjoy it?
I'm 45 now, mortgage has been paid off for a couple of years, don't owe anything to anyone apart from a few hundred quid on the credit card, that gets paid off each month. We have about £100k in various bank accounts, plus £20k in our everyday accounts (which is going down, slowly, my wife doesn't understand the "not spend any money" thing!). We have 4 children, current ages are 9 to 12 years old.
Pension - don't know much about that, I know I set myself out of the state second pension for several years, however I have been back in for just over 5 years, I think. I have had a personal pension since I was about 18, although I lost a couple of years when I didn't do anything about it and didn't pay any money in. Now I am on a 3% / 11.5% payment (3% from me, 11.5% from the employer) which will go up to 12.5% when I turn 46. Before that I was on a higher wage, I think the amount was 6% / 6% which was a little bit higher.
My wife works on low pay - she works with children and to be honest she would work for no money, she does like doing what she does with them (she has 3 degree level qualifications, I think - a couple of marketing / direct marketing, and has recently got a degree level qualification for child care!) She doesn't want to retire yet!
I had a stroke 2 years ago, and now work is quite hard for me. I can't remember what I used to do very well, and have had to change my role a little - I used to be an IT architect covering all areas of the business in terms of SOA / platform areas, now I am doing BI work for them. I don't think I am the best in the world at the BI work!
So, where do I go from here? Ideally, I'd really like to work on the roads! I know, it is a drop in terms of cash, but I really like the idea of working as a HATO traffic officer, but I know the competition for these roles is quite high. I don't think I am providing good value for my current employer, either I need to get good at doing the role or I leave, which is making me wonder about retirement!
I know I am a little young, but my dad retired at around 56 / 57, and he had a good 20 years before he died - the last thing I would want is retiring later and not having many years to enjoy it?
aclivity said:
I had a stroke 2 years ago, and now work is quite hard for me. I can't remember what I used to do very well, and have had to change my role a little
this is what is worrying me most at the moment - that said, at least I was paying off the mortgage early and I have kept my mobility, I know others who have had a lot worse after a stroke. In my mind, though, it is harder to do things in work, mainly because I can't remember what I used to do!My boss has recently decided to retire, I guess my worry is that I will take time to get to know whoever replaces him, and it is difficult to say "I've had a stroke" as people just seem to think I am perhaps a bit slower than I am? That's the worst part really. in the psychologist tests, they found that my brain is still at a high level, but I can't get my words out / communicate very well any more.
jeff m2 said:
Try to find out what is available to you if you are classified as disabled and enter that into your plan.
Don't be proud, take what is on the table. I think you would at least qualify for a car, possibly not with the correct number of cylinders, but that reduces monthly outgoings quite substantially.
Stay active.
I don't think I am disabled ... just a bit less abled than I used to be!Don't be proud, take what is on the table. I think you would at least qualify for a car, possibly not with the correct number of cylinders, but that reduces monthly outgoings quite substantially.
Stay active.
Gassing Station | Finance | Top of Page | What's New | My Stuff