Retire early (living off savings)
Discussion
Robbo 27 said:
Apologies, a point clumsily made have I done.
This man's attempt at retiring early were scuppered due to fate, my suggestion being that if you make plans to retire early allow for contingencies.
I agree you need to allow for contingencies. However, I'm not convinced that accidentally admitting your own fraudulent behaviour counts as 'fate'.This man's attempt at retiring early were scuppered due to fate, my suggestion being that if you make plans to retire early allow for contingencies.
Robbo 27 said:
johnwilliams77 said:
Probably not but is there any need for the pedantry?
New name for PH, Pedantic Heads.It hasn't been specifically mentioned on this thread but I did assume that the retirement planning methods being discussed didn't include committing fraud.
garyhun said:
Robbo 27 said:
Friend of mine was 59 years old, downsized from a large house and bought a 2 bedroom flat in Lancashire and a Hymermobile, some high spec coach built motor home. His plan was to use his final salary pension and enjoy life, work a couple more years whilst he gets his plans sorted out. Then do 6 months in Europe and 6 months back at the flat. He thought he would earn cash doing casual work like grape picking and just take it easy.
He was the CEO of a training organisation, basically an engineering college.
One monday morning his Chairman came in to see him unannounced, sat down in front of him, really serious.
"Right then, ****, I know exactly all that you have been up to, come clean now and we can move on".
Mmmm...... not really seeing the relevance that this thread!He was the CEO of a training organisation, basically an engineering college.
One monday morning his Chairman came in to see him unannounced, sat down in front of him, really serious.
"Right then, ****, I know exactly all that you have been up to, come clean now and we can move on".
- ** said " I dont know how you have found out, a couple of deals to save on VAT, private work at the house, bought the wife's car through the company, few meals out, nothing really, I can pay it all back"
After an argument with my bank a few years ago I sold my house and 30 years left of the mortgage and moved to New Zealand.
I bought a bare block for as cheap as I could and have been slowly building it up with one eye on retirement. I'm off grid and collect my own water for example.
I planned to do something similar to what the OP did but only lasted five months before I took up a contract in town again. I was all set to have a good five years off work comfortably to see how I liked it but stupid cars have me working again. It's tragically funny really. When I work I have no time and when I have time I have no money!
Those five months were pretty sweet though and the farm is humming now so it wasn't wasted. I'll try again next year I guess. After a trip to the states to buy a classic snotter and take a tour of the bible belt.
I bought a bare block for as cheap as I could and have been slowly building it up with one eye on retirement. I'm off grid and collect my own water for example.
I planned to do something similar to what the OP did but only lasted five months before I took up a contract in town again. I was all set to have a good five years off work comfortably to see how I liked it but stupid cars have me working again. It's tragically funny really. When I work I have no time and when I have time I have no money!
Those five months were pretty sweet though and the farm is humming now so it wasn't wasted. I'll try again next year I guess. After a trip to the states to buy a classic snotter and take a tour of the bible belt.
CoolHands said:
Got live up north though 
You know, it's pretty good up here.I was born in the North West, but have lived in Oxford, London, Wolverhampton, Nottingham, Leicester, Liverpool and Manchester.
These days, I live in Southport and work in Liverpool.
Houses are cheap and the general cost of living is low. The natives are friendly, the beer is better, the roads are quieter and you have North Wales, the Lakes and North Yorkshire on your doorstep. If you are a city type, then Manchester and Liverpool are far better places than they were 20 years ago.
Some of the former industrial towns in Lancashire and Merseyside are worse than ever, but they are easily avoided.
The worst thing about the North is the weather, but if you live on the coast, then it's an awful lot better than somewhere like Manchester.
I would love to retire to a quiet corner of the Lakes or North Yorkshire, but a recent divorce has kicked that into the long grass.
Could I have a view on a potential plan from those a little more savvy please?
I wrote earlier about clearing down my current account at the end of each month. Now, in an ideal world, I'd pop any excess into a nice instant access savings account, returning a safe 5% or so. This balances my desire for risk free returns with my desire for returns.
Clearly, this isn't possible. Therefore, I looked into another Vanguard fund - one linked to a target retirement year, which moves down the risk profile over time. Since I already have my rainy day savings, returning next to nada but there if needed, what's the view on this as a plan for sensibly placing any money left over at the end of the month? What else could I look at?
It may also be worth noting that as I have a Vanguard S&S ISA, and I'm not a powerfully built director, I can do this under the ISA wrapper with associated tax benefits as I'm not yet able to do a lump sum/monthly payment that would get me close to maxxing the ISA.
TIA.
I wrote earlier about clearing down my current account at the end of each month. Now, in an ideal world, I'd pop any excess into a nice instant access savings account, returning a safe 5% or so. This balances my desire for risk free returns with my desire for returns.
Clearly, this isn't possible. Therefore, I looked into another Vanguard fund - one linked to a target retirement year, which moves down the risk profile over time. Since I already have my rainy day savings, returning next to nada but there if needed, what's the view on this as a plan for sensibly placing any money left over at the end of the month? What else could I look at?
It may also be worth noting that as I have a Vanguard S&S ISA, and I'm not a powerfully built director, I can do this under the ISA wrapper with associated tax benefits as I'm not yet able to do a lump sum/monthly payment that would get me close to maxxing the ISA.
TIA.
Pat H said:
You know, it's pretty good up here.
I was born in the North West, but have lived in Oxford, London, Wolverhampton, Nottingham, Leicester, Liverpool and Manchester.
These days, I live in Southport and work in Liverpool.
Houses are cheap and the general cost of living is low. The natives are friendly, the beer is better, the roads are quieter and you have North Wales, the Lakes and North Yorkshire on your doorstep. If you are a city type, then Manchester and Liverpool are far better places than they were 20 years ago.
Some of the former industrial towns in Lancashire and Merseyside are worse than ever, but they are easily avoided.
The worst thing about the North is the weather, but if you live on the coast, then it's an awful lot better than somewhere like Manchester.
I would love to retire to a quiet corner of the Lakes or North Yorkshire, but a recent divorce has kicked that into the long grass.
Go east for dry weather, you're the wrong side of the Pennines I was born in the North West, but have lived in Oxford, London, Wolverhampton, Nottingham, Leicester, Liverpool and Manchester.
These days, I live in Southport and work in Liverpool.
Houses are cheap and the general cost of living is low. The natives are friendly, the beer is better, the roads are quieter and you have North Wales, the Lakes and North Yorkshire on your doorstep. If you are a city type, then Manchester and Liverpool are far better places than they were 20 years ago.
Some of the former industrial towns in Lancashire and Merseyside are worse than ever, but they are easily avoided.
The worst thing about the North is the weather, but if you live on the coast, then it's an awful lot better than somewhere like Manchester.
I would love to retire to a quiet corner of the Lakes or North Yorkshire, but a recent divorce has kicked that into the long grass.
Smitters said:
Clearly, this isn't possible. Therefore, I looked into another Vanguard fund - one linked to a target retirement year, which moves down the risk profile over time. Since I already have my rainy day savings, returning next to nada but there if needed, what's the view on this as a plan for sensibly placing any money left over at the end of the month? What else could I look at?
.
Put it in LS rather than target retirement, and do your own moves down through bond/equity ratios - that way if your circumstances change you can change the investment directly rather than mucking about with changing the target retirement rate to change the bond/equity ratio..
Also, especially if you're retiring early, you may want to stay with a decent fraction of equities to keep you going through a hopefully long retirement rather than hunkering down with almost everything in bonds.
rovermorris999 said:
Pat H said:
You know, it's pretty good up here.
I was born in the North West, but have lived in Oxford, London, Wolverhampton, Nottingham, Leicester, Liverpool and Manchester.
These days, I live in Southport and work in Liverpool.
Houses are cheap and the general cost of living is low. The natives are friendly, the beer is better, the roads are quieter and you have North Wales, the Lakes and North Yorkshire on your doorstep. If you are a city type, then Manchester and Liverpool are far better places than they were 20 years ago.
Some of the former industrial towns in Lancashire and Merseyside are worse than ever, but they are easily avoided.
The worst thing about the North is the weather, but if you live on the coast, then it's an awful lot better than somewhere like Manchester.
I would love to retire to a quiet corner of the Lakes or North Yorkshire, but a recent divorce has kicked that into the long grass.
Go east for dry weather, you're the wrong side of the Pennines I was born in the North West, but have lived in Oxford, London, Wolverhampton, Nottingham, Leicester, Liverpool and Manchester.
These days, I live in Southport and work in Liverpool.
Houses are cheap and the general cost of living is low. The natives are friendly, the beer is better, the roads are quieter and you have North Wales, the Lakes and North Yorkshire on your doorstep. If you are a city type, then Manchester and Liverpool are far better places than they were 20 years ago.
Some of the former industrial towns in Lancashire and Merseyside are worse than ever, but they are easily avoided.
The worst thing about the North is the weather, but if you live on the coast, then it's an awful lot better than somewhere like Manchester.
I would love to retire to a quiet corner of the Lakes or North Yorkshire, but a recent divorce has kicked that into the long grass.
Robertj21a said:
rovermorris999 said:
Not where I am
I've often thought that Norfolk or Suffolk would have the best combination of weather to suit me, but not right on the coast where any strong easterly winds could make winters rather uncomfortable.And there's no proper hills.
And the coast is always cold.
(spent nearly 20 years in Norfolk in a variety of places and wouldn't move back for anything.,,,,)
garyhun said:
Grimsby? Nice fish 
A bit further south, edge of the Wolds. The cold persistent north-easterlies seem to be pretty much a thing of the past, very dry here too in the rain shadow of the Pennines and the Wolds. Upsides: great roads, not much traffic, cheap property in fact most things cheap, Cadwell and Blyton, low population, nice pubs, good grammar schools, Waitrose even deliver. Downsides: too quiet for some especially if you like 'edgy' urban stuff, it takes an hour to get anywhere big(ish) from where I am (although for me this is an upside), less choice of work although there's a big uptick in skilled employment in the North of the area due to the renewables stuff. One odd thing though workwise. If you are in a profession like dentistry, vet etc you can earn more here than in London with plenty of choice of jobs, at least according to my dentist mate. The reason is there is lots of competition in London and the south-east from the poorer countries in the EU but they don't want to live in an unfashionable place like here so it's hard to fill the posts here.I'm retired (since my 40's, twenty years ago) but my wife's work can take her anywhere in the UK or Europe so we are lucky that we can live anywhere with reasonable transport links.
It's not for everyone though and I hope it stays like that.
Edited by rovermorris999 on Tuesday 6th February 06:45
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
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
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!
Get out as soon as you are able is a great plan!
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