Oh no another boring retirement/pension question ??

[Dwh8611]

Ok, i know another boring retirement/pension question

Basically I can’t wait to retire and would love to retire early 55-60? Have always had busy physically active jobs which will only get harder as I get older. I am 45 now and overpaid mortgage to be mortgage free a few years back and am now comfortable with some savings tucked away. I currently save 10% in a defined contribution pension (including 2% company contribution)-lol
What should I be doing now to retire early? Just pay as much as can into pension over next 10-15 years? Pay a lump sum in now to work for me over next 10-15 years? Something else or is early retirement just unrealistic? Any advice appreciated.

[klan8456]

Spend less

[hairy v]

Have a read of "Early Retirement Extreme" by Jacob Lund Fisker

[GT03ROB]

klan8456 said:

Spend less

Or earn more or both.

If married....don't get divorced, if not married don't.

[bitchstewie]

At the very least look at a S&S ISA to make the most of tax wrappers if you don't already have one.

[edc]

Work out what income you need to retire at the date you want. Calculate the projections on your current savings and pensions.

[martinbiz]

A lot depends on the income you need Vs the income you want, I could have retired 5 or 6 years ago at 59 and we would have got by ok but not be able to maintain the same lifestyle we had. The reality is, that for obvious reasons you are likely to spend more on lifestyle and leisure than you did while working, Er indoors is still working PT, but 9 years younger than me. I now do 2/3 days a week, not because I have to, but want to and it works great. State pension kicks in next year for me, so another 12k a year, so for tax reasons I will probably pack up for good then.

Has to be your choice OP, bearing in mind you still have a fair way to go and a lot can change in a few years

[Dwh8611]

martinbiz said:

A lot depends on the income you need Vs the income you want, I could have retired 5 or 6 years ago at 59 and we would have got by ok but not be able to maintain the same lifestyle we had. The reality is, that for obvious reasons you are likely to spend more on lifestyle and leisure than you did while working, Er indoors is still working PT, but 9 years younger than me. I now do 2/3 days a week, not because I have to, but want to and it works great. State pension kicks in next year for me, so another 12k a year, so for tax reasons I will probably pack up for good then.

Has to be your choice OP, bearing in mind you still have a fair way to go and a lot can change in a few years

Yes agree with this a lot can change in this time I have to decide what lifestyle I want and the money I need between retiring early and the age the state pension kicks in.
I do like the idea of retiring early and my wife working a bit longer though.

[B9]

Dwh8611 said:

Ok, i know another boring retirement/pension question

Basically I can’t wait to retire and would love to retire early 55-60? Have always had busy physically active jobs which will only get harder as I get older. I am 45 now and overpaid mortgage to be mortgage free a few years back and am now comfortable with some savings tucked away. I currently save 10% in a defined contribution pension (including 2% company contribution)-lol
What should I be doing now to retire early? Just pay as much as can into pension over next 10-15 years? Pay a lump sum in now to work for me over next 10-15 years? Something else or is early retirement just unrealistic? Any advice appreciated.

I'm pretty sure they need to contribute 3% by law?

[Dwh8611]

Yes you are right now my mistake my company only paid the minimum they could get away with which I think increased 1% a year over last couple of years so now 3%.

[LeoSayer]

The best starting place is working out what income you will need in retirement.

This site can help:
https://www.retirementlivingstandards.org.uk/

[Dwh8611]

LeoSayer said:

The best starting place is working out what income you will need in retirement.

This site can help:
https://www.retirementlivingstandards.org.uk/

Thanks for this, quite informative.

[Dwh8611]

anonymous said:

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