Retire early (living off savings)
Discussion
I retired at 50.this may help.
I had a small business in the West Midlands that made enough money to pay off my mortgage , by 40.I bought nine motorbikes and did 10 years of cheap motorsport with my two sons.life was pretty good .My wife , who was working part time decided that she preferred the company of her tennis chums to motorsport.she stopped accompanying us and one weekend I went to see her playing, without invite , and saw her cuddling her tennis partner.
This coincided with the Gordon Brown 2007/8 recession. I decided that I could not afford a divorce , but that I would not fund her affair. I sold the business, and we bought another house down south (it seems he was not that important).
Eight years later we are still married. My top tip is that divorce is very very very expensive.
My wife still works part time. Women are lovely but fickle.
I spend about £1200 A month ( 2 cars ,2 motorbikes,2 dinghys ,rates+ bills).
I have told both my son's that grand children are not important to me and that they should live their own life.
I have enough money - about £15000 /year to love my life.
You are not here for very long.nobody will remember you in two generations.live a good life and leave everything to your children
I had a small business in the West Midlands that made enough money to pay off my mortgage , by 40.I bought nine motorbikes and did 10 years of cheap motorsport with my two sons.life was pretty good .My wife , who was working part time decided that she preferred the company of her tennis chums to motorsport.she stopped accompanying us and one weekend I went to see her playing, without invite , and saw her cuddling her tennis partner.
This coincided with the Gordon Brown 2007/8 recession. I decided that I could not afford a divorce , but that I would not fund her affair. I sold the business, and we bought another house down south (it seems he was not that important).
Eight years later we are still married. My top tip is that divorce is very very very expensive.
My wife still works part time. Women are lovely but fickle.
I spend about £1200 A month ( 2 cars ,2 motorbikes,2 dinghys ,rates+ bills).
I have told both my son's that grand children are not important to me and that they should live their own life.
I have enough money - about £15000 /year to love my life.
You are not here for very long.nobody will remember you in two generations.live a good life and leave everything to your children
If you can patch things up and move on and be happy then great.
My slightly different take would be happiness (and health) are the two most important factors.
I divorced in 2000 when for us financially for us thing we're very good, 5 bed detached house (current value £1.25m) new cars, BTLs kids in private school etc. But my wife was up to no good, we weren't happy and split, I gave her half of everything, no solicitors involved, started again and have never been happier.
Money isn't everything.
My slightly different take would be happiness (and health) are the two most important factors.
I divorced in 2000 when for us financially for us thing we're very good, 5 bed detached house (current value £1.25m) new cars, BTLs kids in private school etc. But my wife was up to no good, we weren't happy and split, I gave her half of everything, no solicitors involved, started again and have never been happier.
Money isn't everything.
Twotyred said:
...I have enough money - about £15000 /year to love my life....
Figures like this make me think that I really could retire early. Not now - but certainly in my mid-50s - but I would need to change my lifestyle significantly. However, I would need to do that whenever I retire anyway - I'm in the bracket where I earn enough to be comfortable and buy toys, but there is no way I will have the same kind of income at retirement. So why not do it earlier.A few posts have mentioned part time work, and that doesn't sound so bad to me. There are things I'd rather do than my day job, and if they supplemented the pension (or in the early years supplemented living off savings) then they don't sound so bad. Having spent ~30 years in software roles, I daresay I could even earn some pocket money writing apps for phones etc. if I put my mind to it and that would certainly be preferable to my current job.
This thread is making me think I should start giving serious thought about how I could transition into (at least) semi-retirement in the next couple of years!
davek_964 said:
Twotyred said:
...I have enough money - about £15000 /year to love my life....
Figures like this make me think that I really could retire early. Not now - but certainly in my mid-50s - but I would need to change my lifestyle significantly. However, I would need to do that whenever I retire anyway - I'm in the bracket where I earn enough to be comfortable and buy toys, but there is no way I will have the same kind of income at retirement. So why not do it earlier.A few posts have mentioned part time work, and that doesn't sound so bad to me. There are things I'd rather do than my day job, and if they supplemented the pension (or in the early years supplemented living off savings) then they don't sound so bad. Having spent ~30 years in software roles, I daresay I could even earn some pocket money writing apps for phones etc. if I put my mind to it and that would certainly be preferable to my current job.
This thread is making me think I should start giving serious thought about how I could transition into (at least) semi-retirement in the next couple of years!
Everything else is the problem!
red_slr said:
Once you don't have a mortgage or dependants the basics of living really are not that expensive. For most people in a small ish house their standing costs, fuel, food, utils, basic car you are looking about £1000-£1200 a month in the UK on the budget end of the scale.
Everything else is the problem!
I'm already in that position. Haven't had a mortgage for about 10 years, and have no kids.Everything else is the problem!
I might fail on the "basic car" bit though......
28 here, reading this thread with great interest as I haven't worked for almost one year now. Theoretically I do not need to go back to work as I have a house, car and all expenses covered with savings remaining intact throughout my time off work.
Having said that, my days are lonely, my brain is in decline and I am restricted to evening activities so had a job interview last week and hoping to get back on the tread-mill soon with a renewed vigour
Having said that, my days are lonely, my brain is in decline and I am restricted to evening activities so had a job interview last week and hoping to get back on the tread-mill soon with a renewed vigour
red_slr said:
davek_964 said:
Twotyred said:
...I have enough money - about £15000 /year to love my life....
Figures like this make me think that I really could retire early. Not now - but certainly in my mid-50s - but I would need to change my lifestyle significantly. However, I would need to do that whenever I retire anyway - I'm in the bracket where I earn enough to be comfortable and buy toys, but there is no way I will have the same kind of income at retirement. So why not do it earlier.A few posts have mentioned part time work, and that doesn't sound so bad to me. There are things I'd rather do than my day job, and if they supplemented the pension (or in the early years supplemented living off savings) then they don't sound so bad. Having spent ~30 years in software roles, I daresay I could even earn some pocket money writing apps for phones etc. if I put my mind to it and that would certainly be preferable to my current job.
This thread is making me think I should start giving serious thought about how I could transition into (at least) semi-retirement in the next couple of years!
Everything else is the problem!
PositronicRay said:
red_slr said:
davek_964 said:
Twotyred said:
...I have enough money - about £15000 /year to love my life....
For most people in a small ish house their standing costs, fuel, food, utils, basic car you are looking about £1000-£1200 a month in the UK on the budget end of the scale. mccrackenj said:
PositronicRay said:
red_slr said:
davek_964 said:
Twotyred said:
...I have enough money - about £15000 /year to love my life....
For most people in a small ish house their standing costs, fuel, food, utils, basic car you are looking about £1000-£1200 a month in the UK on the budget end of the scale. My idea of a niceish life is of no relevance to anybody else. Add up your outgoings then work a plan to that amount.
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
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
I have half a plan to leave this miserable, cold, wet hole and move to Costa Rica.
I’m I’ll, and will not get better.
CR disbanded their armed orcas and put the money into health and education (to the extent that it is so good Nd cheap that many patients are sent there from the USA)
My concerns would be what to do with all my cold weather clothing I have here, as my 9nly concerns will be keeping cool, and depending where it was in CR, how wet I met get in the rainforest areas.
Property is also currently cheap there.
My kids are learning Spanish and I’m sure I could pick it up fairly easily.
I’m not sure how I would address what people try to tell me (oh, you will miss the seasons here’; er, no, no I won’t!)
Having said that, I would miss my wife’s family, and also don’t know how I would feel not visiting my parents cemetery plot.
I’m I’ll, and will not get better.
CR disbanded their armed orcas and put the money into health and education (to the extent that it is so good Nd cheap that many patients are sent there from the USA)
My concerns would be what to do with all my cold weather clothing I have here, as my 9nly concerns will be keeping cool, and depending where it was in CR, how wet I met get in the rainforest areas.
Property is also currently cheap there.
My kids are learning Spanish and I’m sure I could pick it up fairly easily.
I’m not sure how I would address what people try to tell me (oh, you will miss the seasons here’; er, no, no I won’t!)
Having said that, I would miss my wife’s family, and also don’t know how I would feel not visiting my parents cemetery plot.
rtz62 said:
I have half a plan to leave this miserable, cold, wet hole and move to Costa Rica.
I’m I’ll, and will not get better.
CR disbanded their armed orcas and put the money into health and education (to the extent that it is so good Nd cheap that many patients are sent there from the USA)
My concerns would be what to do with all my cold weather clothing I have here, as my 9nly concerns will be keeping cool, and depending where it was in CR, how wet I met get in the rainforest areas.
Property is also currently cheap there.
My kids are learning Spanish and I’m sure I could pick it up fairly easily.
I’m not sure how I would address what people try to tell me (oh, you will miss the seasons here’; er, no, no I won’t!)
Having said that, I would miss my wife’s family, and also don’t know how I would feel not visiting my parents cemetery plot.
Interesting, how many armed orcas had to be disbanded to fund the health care program?I’m I’ll, and will not get better.
CR disbanded their armed orcas and put the money into health and education (to the extent that it is so good Nd cheap that many patients are sent there from the USA)
My concerns would be what to do with all my cold weather clothing I have here, as my 9nly concerns will be keeping cool, and depending where it was in CR, how wet I met get in the rainforest areas.
Property is also currently cheap there.
My kids are learning Spanish and I’m sure I could pick it up fairly easily.
I’m not sure how I would address what people try to tell me (oh, you will miss the seasons here’; er, no, no I won’t!)
Having said that, I would miss my wife’s family, and also don’t know how I would feel not visiting my parents cemetery plot.
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....Gassing Station | The Lounge | Top of Page | What's New | My Stuff