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If you are planningto retire early , how will you do it?

(7 Posts)
WalkingInaWhippetWonderland Tue 16-Dec-14 10:49:13

We are hoping to retire mid fifties, in 10 years .
Our plans are-
Pay off the mortgage in the next two years
Keep the rental property (no mortgage) for income
Personal pensions x 2
Work pensions x2
Savings- once mortgage is gone, that payment will be added to what we save now, which is a third of our wages atm.
We also have life/illness insurance and wills.
State pension for what it's worth will kick in later.
We could downsize eventually to release money, but really don't want to though we may change our minds when we are really old or if we have to start living frugally!
Deliberately missed out inheritance-don't want to base around that or think about it tbh.

Please add your own plans/comments. Have we missed anything?

annielostit Tue 16-Dec-14 11:05:21

We have 2 work pensions paid already,
oh has present job pension to add + lump sum and 3 others from years ago.
2 yrs left on mortgage - plan to save payment like you.
We are 47 & 52. Dh only plans to be employed for 6 yrs max.
As with you haven't included inheritance.

TalkinPeace Tue 16-Dec-14 17:09:40

no retirement ever happening in this house.
I'd get bored anyway.

WalkingInaWhippetWonderland Tue 16-Dec-14 18:24:55

Thanks annielostit -Do you mind me asking
a. if you overpaid your mortgage at all?
b, will you retire at the same time?

lovingmatleave Tue 16-Dec-14 20:50:04

I would say that really it all depends on what you plan to do with what will be loonnggg retirement and to make sure you have enough monthly income to fund whatever it is you will be doing (what will you be doing? ), and also a decent lump sum to fund bigger things like house repairs etc.

I would make sure my savings were mixed - some cash, some stocks for longer term picked to provide dividend income and growth.

If you don;t already, the read the Investors Chronicle.It has a section "Your Money" where people send in their financial details and get an expert to review them. Most people ask if they have enough to retire early etc. I haven't really taken much notice of them though as although just a few years younger I am in no position to retire early! I will have a teenager mid 50s and can't access work pension (crap anyway) till 60.

annielostit Tue 16-Dec-14 21:42:55

Thanks annielostit -Do you mind me asking
a. if you overpaid your mortgage at all?
b, will you retire at the same time?

We over pay by £250 a month - plus done about £15000 in capitol repayments. The loan was for 15yrs due to our age, 2nd marriage etc.
I'm at home already, kind hubby! so we'll be together as soon as.

VadaSultanfuss Wed 17-Dec-14 13:56:08

I'm 31 and my DH is 46, I'd like to retire from my current job in my mid 50s (I can take my work pension from 50).
I have 10 years already in the final salary pension so far. I have recently started paying the max 15% into my AVCs. We are overpaying the mortgage and hopefully will be paid in 10 years, which will leave me another 14 years or so to invest. I may get a rental property once I'm mortgage free.

I don't intend to do nothing upon retirement, I'd like to get a small easy part time job that I can jack in if I feel like it.

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