Retire early (living off savings)

[baliongo]

My parents had very little and my mother managed to save any money she could working part time as a dinner lady and my father went without most of his life to make sure my mother and i did not have to.So it was instilled into me to save what i could if there was any money left over each month.

While i have done this i always made sure my family never went without and had plenty of treats be it holidays/gadgets etc and i can see the "live for today and stuff tomorrow" attitude appeals to some but the years fall away so quick that while i don`t worry about the future it sure is thought about..

A good friend of mine lives by the "live for today and stuff tomorrow" and has done for as long as i have known him,he is now 66 yrs old and he and his wife live on state pensions with no other incomes from private pensions,he has no savings but gets by.He has earned good money over the years but it fell through his hands quickly spending without a thought for the future and he had told me a few times he has no regrets..

[baliongo]

FocusRS3 said:

Says it all plus at least he has had the experiences whilst he was young and alive !

Balancing act I think . Personally I've been as sensible as possible so if all goes tits up we can survive for a good while until we sell up .,

Bloody stressful just thinking about it constantly!

Have decided once I'm out the city there is no going back .

Delivering cars for a main agent or any outdoor jobs is what's next for me .

Done with this corporate BS

I am fortunate my trade does give plenty of scope to work but as i said many time i hate it....i am back at work tomorrow and if i can make it till the end of march i will have banked enough to have spring/summer off again without touching savings/wifes wages...but i can feel the blood boiling thinking about it and i do not have to be at work until 10am tomorrow,if you see me in London i will be the one with the frown lines and steam coming out of my ears

[baliongo]

RadP said:

Sorry if I'm restating what others have said - haven't had time to read the whole thread (or the other threads!)

You should go back and read it as its a cracker...

I went to work today and it was a good day (new plantroom in kensington town hall) and i will probably be there till mid spring which would give me whats left of spring and all of the summer off again....5 years in a row working just 6mths of the year for those who have not read the whole thread

Pat on the back guys for all your comments,great stuff..

[baliongo]

Quick recap for those just joining in..


The figure of £15k per yr to live on is doable for me but i have set £21k as tops but id like it to be somewhere between the two figures if possible....My 6 mths on 6 mths off gives me approx £20k to top up the kitty so each 6 mths gives me roughly 3 years of top up money (on top of my wifes £14k).
My original idea was not to invest my £120k but dwindle it down £7k per year topping up my wifes £14k part time wage.Ok the savings would be gone by the time my pensions kick in but the other £50k and £36k i have would be my fall back amounts.

Thanks

[baliongo]

red_slr said:

Are you going to invest the 120k now ?

Yes but not sure how just yet.....but as the retire plan has been put back i have time to delve deeper,6 mths on and 6 mths off could be possible for some time if i want speaking to my current boss (friend) as the company he works for can keep me ticking over at my convenience....

[baliongo]

Ecosseven said:

As I get older time is definitely more important than money and I can see myself getting out of the rat race in my late 50's and hopefully getting a low stress, low paid job for the last few years before full retirement. Of course all this could change next year as nobody knows what the future holds!

It would be great to have a crystal ball and see what is a round the corner wouldn`t it.......i have been chatting with the welder working with me on the town hall boiler house project i am currently looking after and he mentioned he has a few btl`s and owns his welding company with around 8 employees working for him on various contracts.He has a 4 bed detached home in the Birmingham area and stays in digs monday night thru to thursday night driving home on friday afternoon and seems a very stressed fellow looking after the business with his current wife`s help (she is 49 yrs old)

At 65 yrs old he will be getting his pension soon and i asked why he still carries on especially as he seems stressed and his answer was "drink and women" having had a couple of failed marriages and starting over costed him dearly over the last few years and he drinks heavily every night as he has for many many years...His back and knees are shot and his bright red face shows years of abuse and so i also asked was he happy and he said nope,have not been for years.

[baliongo]

Robbo 27 said:

As usual, I have taken the view that what happened in my own family was representative of the nation.

My father hated work and wanted to retire before he was 65 but couldnt financially, basically because he was a gambler. He died 2 weeks before aged 65.

I havent gambled in my life and have invested and saved. I will try and live my retirement through my fathers eyes.

That is sad....i bet he would be proud of you

I was lucky to be there when my father passed and he said some things i wont repeat here but he wanted me to do things different to him as he worked 2 years passed retirement age,he lived on to 81 yrs old losing his wife (my mother) 15 or so years previous.

Edited by baliongo on Sunday 21st January 09:17

[baliongo]

This thread really has a bit of everything....

After 4 weeks of working on my latest contract (new CHP boiler system at Kensington Town Hall) i am enjoying the work even though i managed to twist my ankle lifting 3 metre lengths of 6" steel pipe yesterday keeping me at home today.

The contract runs until late April when there is a short break before another phase starts,i have agreed to do this phase banking every penny i am being paid as my wife`s earnings are paying the daily bills so another £10k should go into the retirement fund and with the prospect of the next phase a probability (for me) i have the option of my usual 6 mths off after April or more work if i wish.

thanks for all your comments guys

[baliongo]

200Plus Club said:

You are obviously a pipefitter if you are chucking 6" pipe around, very physically demanding and wearing and proof the one size fits all retirement age for state and other pensions isn't right. Some of the guys I know in their early 60s who are still having to work are now suffering with worn out knees, back and neck issues and physically cannot do what's needed after 40yrs humping heavy duty pipe around.
Get out as soon as you are able is a great plan!

Yes matey i do large install work and many parts of my body are suffering,as said before i am 50 yrs old and at times i feel far older,i am still reasonably strong but back and knee issues have plagued me for a few years.

I am 6ft 3" and my height has played a part i am sure...

And i do hope to get out before i have to...

[baliongo]

I have realised there are a few things i want to buy before i pack it all in for good,being able to save all i earn means i can treat myself and the wife without impacting on our retirement fund...

[baliongo]

anonymous said:

[redacted]

I currently have the spring/summer months off work and have done for the last 6 years and i can live very cheaply during those months enjoying spending much of the day in my garden looking after my ponds/lawns etc also cycling and dog walking...as soon as i go back to work during the autumn/winter my spending rises significantly with rail fares/petrol/drinks/snacks/lunch etc...fortunately my earnings during those 6 months working are decent and once the expenses are covered the rest is savings..

Edited by baliongo on Thursday 8th February 07:06