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Thread: Early retirement

  1. #1
    Master
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    Question Early retirement

    Well I’m getting to a certain age - 2 years to my official retirement age (pension age that was, for our company pension scheme that was closed to new contributions last year). And getting more and more dissolusoned with the promises of ‘jam tomorrow’ and less than inflation pay rises and deminishing paltry ‘bonuses’.

    Expected to work harder, produce more, with increased responsibility - with no (monatory) benefits.

    Continual changes in structure and introduction of methods and practices that were around in 1986 (kanban / JIT) and pretending they are ‘new’ (Agile / Squads).

    I’m sick of it.

    Wife and I have seen a small place in Portugal- 2 bed ‘farm’ with own water well and solar heated water tank.

    Why sweat it for another two years closer to the grave?

    what do you think. Have any of you jumped early??

    Martyn.

  2. #2
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    Sounds like a great idea Martyn, my only question would be are you able to keep a property in the Uk as well?

  3. #3
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    Quote Originally Posted by Pretzel View Post
    Sounds like a great idea Martyn, my only question would be are you able to keep a property in the Uk as well?
    Plan to sell main property in UK to release equity and buy place in Portugal. Either that or Wiltshire- but UK seems so cold and damp!

  4. #4
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    I jumped at 61.

    I have a villa in Spain and we spend 24 lovely weeks every year here. I also flit around Europe (nice easy short flights) and it is a good life.

    Does it beat working - what do you think ?

    The only downside to early retirement is the shock of not working and contributing to society and that does take a bit of getting used too. However I now take the view that work is for fools and horses.

    Just do it.

  5. #5
    Master Skyman's Avatar
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    I lasted until 49, then jumped. Now you have had the thought, you need to act on it.

  6. #6
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    Quote Originally Posted by MartynJC (UK) View Post
    Well I’m getting to a certain age - 2 years to my official retirement age (pension age that was, for our company pension scheme that was closed to new contributions last year). And getting more and more dissolusoned with the promises of ‘jam tomorrow’ and less than inflation pay rises and deminishing paltry ‘bonuses’.

    Expected to work harder, produce more, with increased responsibility - with no (monatory) benefits.

    Continual changes in structure and introduction of methods and practices that were around in 1986 (kanban / JIT) and pretending they are ‘new’ (Agile / Squads).

    I’m sick of it.

    Wife and I have seen a small place in Portugal- 2 bed ‘farm’ with own water well and solar heated water tank.

    Why sweat it for another two years closer to the grave?

    what do you think. Have any of you jumped early??

    Martyn.
    I will give you my 2 cents, please bare in mind they are not worth a lot.

    I am nowhere close to that age, we however bought a place on south Portugal few years ago and I love my time there, the quality of life is superb and price is reasonable.

    Close to our place there is quite a few retired folks and we speak a lot when there.. they seem to have a great quality of life but, mainly, their kids / grand kids seem to enjoy it as well...

    I am sure it's not to everyone but it is worth exploring.

  7. #7
    Master
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    I jumped at 59 job, stress made decision for me. From where I sit you have two decisions
    1) Early retirement or not
    2 Place in Portugal

    Separate the two and do one at a time.

    Good luck with your choices

  8. #8
    Master Skyman's Avatar
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    Quote Originally Posted by higham5 View Post
    I jumped at 59 job, stress made decision for me. From where I sit you have two decisions
    1) Early retirement or not
    2 Place in Portugal

    Separate the two and do one at a time.

    Good luck with your choices
    Exactly.

  9. #9
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    I think we both work for the same company :0

    If you can afford to do it. Do it!

  10. #10
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    I'm 40, I don't intend working past 50.

    If you can afford to not work, why bother?

    Life is too short.

  11. #11
    Master
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    Quote Originally Posted by higham5 View Post
    I jumped at 59 job, stress made decision for me. From where I sit you have two decisions
    1) Early retirement or not
    2 Place in Portugal

    Separate the two and do one at a time.

    Good luck with your choices

    Thanks!

    What about the reverse?

    Not so impossible as we have a flexible agreed mortgage on our current property which would allow purchase of place in Portugal first beforehand.

    We are moving offices (again) mid 2019 and I was thinking of hanging on until then. But thinking about it I can’t keep my motivation going that long.

    Do keep the comments coming and experiences of amyone else that jumped. I am 57 this year btw and was planning to leave at 58 but thinking earlier than that if I could wangle a redundancy package I’d be out straight away!

    Martyn.

  12. #12
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    Quote Originally Posted by demonloop View Post
    I'm 40, I don't intend working past 50.

    If you can afford to not work, why bother?

    Life is too short.
    You won’t be able to draw on any pension plans until 55, but perhaps you have other investment? Good luck with whatever you do!

  13. #13
    Master murkeywaters's Avatar
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    Quote Originally Posted by demonloop View Post
    I'm 40, I don't intend working past 50.

    If you can afford to not work, why bother?

    Life is too short.
    Very true, my Dad retired at 51 and never had another job, others and myself included said for him to get a part time job to keep busy, but he always said that he spent too many years working for others and now he was going to enjoy it and I'm glad he did as he recently passed at nearly 74.

    Some other dear friends I worked with years ago worked very hard and lots of hours to save for retirement only for the dreaded big C to hit while in work and not see the retirement date.

    In the end it's only human made currency but life is worth much more.

  14. #14
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    I am in a similar situation. I would quite probably quit now as work is about to change and that could be a natural trigger point, but I want to help my grown up kids a little bit more.

    Go for it if you can.

  15. #15
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    I retired last year at 53 .
    best thing I have ever done .
    small apartment in Spain that we use as much as possible .
    no pension until next year at 55 as I cashed my company pensions in early and took reduced lump sum as never know what’s round the corner .
    we have 2 rental properties and some investments and we get by on that .
    life is too short .

  16. #16
    Do it. Do it now.

  17. #17
    Stepped off the train at 56 after 33 years on 12 hour shifts in the oil industry
    Best thing ever!
    Still do 15 hrs a week consultancy work
    Luck to have had a FS pension and not seen any change to lifestyle took a small downsize in property to a slightly nicer location
    Once you get the idea it’s hard to stop focusing on it.
    Good luck

  18. #18
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    Have you ever spent a lot of time living abroad?

    Personally I would want to keep a property in the U.K. even if it's smaller - just in case - no idea why, peace of mind I think.

    I would also try and work out how say another 1 or 2 years of work could increase your lifestyle long term. For example a couple of years extra pension saving would give xyz a year extra, plus if you could save xyz a year on top, how would all that make a difference to your income for the rest of your lives? If it could mean say 5k a year extra or more, worth considering, if practically nothing then you've nothing to lose.

  19. #19
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    55 for me right now. Plan is to try and work 3 days a week by 57/58 and then be done at 60.

    There's a real skill shortage in my industry now, so most employers are offering this kind of flexibility as they can't afford to completely loose people.

  20. #20
    Quote Originally Posted by MartynJC (UK) View Post
    You won’t be able to draw on any pension plans until 55!
    Genuine question, but how can you know this to be the case?

    Cheers

    Foggy

  21. #21
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    Once you do decide, make sure you have at least 3 hobbies lined up, I retired at 42 so 10 years for me, my 5 hobbies keep me busy.


    Sent from my iPhone using Tapatalk

  22. #22
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    Quote Originally Posted by Foggy View Post
    Genuine question, but how can you know this to be the case?

    Cheers

    Foggy
    Hi - pension law. Do check with with your provider though.

  23. #23
    Grand Master Chris_in_the_UK's Avatar
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    Scheme specific - I bailed at 50 1/2 to a full pension.

    Quote Originally Posted by MartynJC (UK) View Post
    Hi - pension law. Do check with with your provider though.
    When you look long into an abyss, the abyss looks long into you.........

  24. #24
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    Im 58 now.

    I drive trains for a living.

    Im retiring in 2 years time...............cant wait!!

    Way more to life than work...if you can afford to retire, for me its a no brainer!

    (as to "afford it"! we are all different, whats enough for me, is no way near enough for others!!...its a personal thing!)

  25. #25
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    Quote Originally Posted by Chris_in_the_UK View Post
    Scheme specific - I bailed at 50 1/2 to a full pension.
    https://www.pensionwise.gov.uk/en/yo...sion-before-55

  26. #26
    Master blackal's Avatar
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    Quote Originally Posted by MartynJC (UK) View Post
    Plan to sell main property in UK to release equity and buy place in Portugal. Either that or Wiltshire- but UK seems so cold and damp!

    Stay hitched to the UK property market, otherwise you could end up like many in later life - wanting back to UK for health reasons, and unable to sell the place in continental Europe.

    Many now live in small apartments in crap areas - as it is all they can afford in UK.

    Rent your UK house out, and use that money to rent in Portugal. If after a year, you see somewhere better to live - just move.

    If you do have to return to UK - you come back to your old house/neighbourhood.

  27. #27
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    Quote Originally Posted by Devonian View Post

    Personally I would want to keep a property in the U.K. even if it's smaller - just in case - no idea why, peace of mind I think.
    I guess medical / health reasons for sure!!!!!!!

  28. #28
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    Looking at the responses, most by a considerable margin say go for it. MartynJC (Portugal)

  29. #29
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    Quote Originally Posted by blackal View Post

    Rent your UK house out, and use that money to rent in Portugal. If after a year, you see somewhere better to live - just move.
    We have friends who do this in Spain who cant afford to buy. Amazing what they can rent in comparison to the house they rent out in UK, living like kings in comparison!!!

  30. #30
    I’ve been self employed for nearly 18 yrs now. Would love to retire at 50in a few years time

  31. #31
    Grand Master
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    Quote Originally Posted by leechaz View Post
    I retired last year at 53 .
    best thing I have ever done .
    small apartment in Spain that we use as much as possible .
    no pension until next year at 55 as I cashed my company pensions in early and took reduced lump sum as never know what’s round the corner .
    we have 2 rental properties and some investments and we get by on that .
    life is too short .
    Glad to hear it's going so well.

  32. #32
    Grand Master Chris_in_the_UK's Avatar
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    Well i really did retire in January 2013 - I am not imagining this.

    When you look long into an abyss, the abyss looks long into you.........

  33. #33
    Quote Originally Posted by Chris_in_the_UK View Post
    Scheme specific - I bailed at 50 1/2 to a full pension.
    Agreed, Chris, that's per my understanding. I can take my NHS pension at a reduced rate at any age from 50.

    Cheers

    Foggy

  34. #34
    Master thieuster's Avatar
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    Do it! When you can afford it, just start doing things YOU want to do. For me: spannering on classics, still teaching for two mornings/week (according to my wife: "You must be the only teacher who's totally relaxed in front of a class!" And she's right!).

    I enjoy doing things my way; firing up one of the cars on 6AM and go out for an almighty long trip with endless at a pub for coffee and an lunch later on the day. But I can also enjoy a trip down south, collecting Jaguar parts at Barrett's Dutch branch.

    Being retired also includes cleaning the house, doing the dishes and the laundry. I don't mind because I am the person who has time to spend. There's one thing though you need to be careful about: do not try to manage your family members' lives! Not even with the best intentions.

    Menno

  35. #35
    Master
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    Quote Originally Posted by Chris_in_the_UK View Post
    Well i really did retire in January 2013 - I am not imagining this.
    I didn’t say you were- just highlighting that for the vast majority the minimum age is 55 unless they retire through i’ll health when it can be earlier.

  36. #36
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    Quote Originally Posted by Foggy View Post
    Agreed, Chris, that's per my understanding. I can take my NHS pension at a reduced rate at any age from 50.

    Cheers

    Foggy
    Interesting- can’t see anywhere in the scheme documentation that is possible (other than through ill health) unless you are a member of the 1995 section where some members may be able to retire before age 55. Members of any other schemes need to be 55.
    https://www.nhsbsa.nhs.uk/member-hub

  37. #37
    Grand Master 100thmonkey's Avatar
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    I went at 45, its boring as all my mates were still busy so I went back into work
    "When You Go Home, Tell Them Of Us And Say,
    For Their Tomorrow, We Gave Our Today"

  38. #38
    Quote Originally Posted by Chris_in_the_UK View Post
    Scheme specific - I bailed at 50 1/2 to a full pension.
    I think footballers can draw at 40 but for most of the working population especially with a private scheme you can’t withdraw until 55 and have to stop contributing at 75.


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  39. #39
    Master
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    Quote Originally Posted by MB2 View Post
    I think footballers can draw at 40 but for most of the working population especially with a private scheme you can’t withdraw until 55 and have to stop contributing at 75.


    Sent from my iPhone using TZ-UK mobile app
    It’s 35 for footballers if the joined the PFA scheme before April 2006 otherwise it is 55

  40. #40
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    I worked in Portugal for around 2 years and loved every bit of my time spent there! If you have the sufficient means i would do it!!


    Sent from my iPhone using Tapatalk

  41. #41
    Master Tifa's Avatar
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    Find a job you love, and you'll never work another day.
    I'm semi retired....I just work 'TWAT' weeks now.
    It's great.

  42. #42
    Master
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    I retired in July 2015 at the age of 56 and looking at the OP, it was for similar work related circumstances to those outlined. I started thinking about when I would go about 2 years before, running calculations, as to how much would be needed to still have a decent lifestyle. My backstop date was a year later, but by April 2015, I thought enough.

    Had to take a large reduction in my pension by drawing it early, but the amount, in conjunction with other income is still fine to do what we want to do.

    Those I worked with either thought it was a great idea - generally my direct reports, or others of the same level. A few who were senior to me thought it was a strange thing to do - I just felt a bit sorry for them, that they couldn’t really envisage anything other than to either carry on climbing the greasy pole, or wait for a pay off!

    My wife retired a year later.

    No regrets and I finally realised I was definitely retired about 12 months later, when a former colleague asked if I was interested in a short term assignment. I saw the £signs, but still thought, thanks, but no thanks.

  43. #43
    Journeyman
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    SIPP at >55 for me on a sensible % drawdown until DB company pensions pay at 65 then State Pension from 67.

    All I have to do is live long enough to enjoy the spoils, which given the news on the mortality rate of my childhood hero's at this age is sobering.

  44. #44
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    Nothing much to add, just to say don't burn bridges by selling UK property, re being bored , there are many useful things volunteers can do. Cheers, John B4

  45. #45
    At 53, my pension provision will allow me to retire comfortably at 79.

    Just as well that I enjoy my job so much...

  46. #46
    Master
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    Quote Originally Posted by Tifa View Post
    Find a job you love, and you'll never work another day.
    I'm semi retired....I just work 'TWAT' weeks now.
    It's great.
    I always enjoy(ed) my employment until now - and promised myself that if I ever stopped enjoying it I would stop (that type of work).

    The time has come to leave the stupid SLT (Senior Leadership Team) and their acronyms and self-inflated importance of disruptive technology - stupid term - which breaks critical systems and blind ignorance of important basic requirements.

    Now I may not want to be a lumberjack (monty python) but I’d quite like to be a forest ranger or work for national trust (voluntary) or similar. If in Portugal I would guess there would be conservation schemes.

  47. #47
    Master wildheart's Avatar
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    My retirement plans were blown out of the water by an expensive divorce. Coming up 60 in 3 months never thought I'd be working at that age. Seeing Bristow & Wilkins pop off this week has sent alarm bells ringing. Can't really see me packing up until 66 unless I find few nuggets. My old man retired at 53 died at 88. I wanted to beat his retirement........... no chance! If you can afford it do it!

  48. #48
    I’m nearly 50 and I’m incredibly lucky that if I wanted to I could at a stretch retire tomorrow if I wished.

    I have enough savings and investments to get me through to 55 if the family was to live very modestly for the next 5 years.

    My already well funded final salary pension (due to kick in at 60 without reduction) can be taken at 55 with a 15% reduction.

    When I was 35, I used to wonder what type of person could afford to retire at 50, thinking you had to be incredibly successful and very rich.

    But it’s more about luck. When I was 35 I had virtually no pension or savings, and did have a mega-mortgage.

    My luck turned out to be turning into a plodder at at work who got to a senior engineer position (with minimal management responsibilities!) in a blue chip company. The company offered 1/35th final salary for 15% salary deduction, which I piled into for many years.

    All my colleagues in my early days went after the money and went contract - goading me with all the filthy lucre they were making.

    Best decision was to stay a staffy.

  49. #49
    Just out of interest, to those of you who have retired early, I take it your mortgage free? How much income per year would you say you need to live comfortably if it were just you and the wife and no mortgage? I’m way off some of you guys being only 34 but I’m hoping at 55 I can own two properties outright. One being my main family home and another being a buy to let that I’m hoping to get this year on a 20 year mortgage. Hoping this could be my pension. I was even thinking about buying a place abroad now and renting it out to cover the mortgage so that in 20 years if I cashed in the Uk property for say £500k+, if I paid myself £40k a year that would take me up to 67.5. Any thoughts?

  50. #50
    Master -Ally-'s Avatar
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    Not a day over 50, so just another 22 years then. Grim!

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