AMA - Retired at 40

[Amaretire40]

As the title says, I’ve decided to retire at 40, so AMA!

🤣
The 1% club is also good to ensure your brain doesn’t turn to mush!

£1.5k (in the more conservative case) on discretionary spending isn’t a lot? The average UK person has £750 according to AI.

I reckon I could win it - that’d top up my dwindling coffers too!

Essential cost are shared, and per other post are pretty modest. I had said at 21 (or possibly earlier) that I would be retired by 40, so there’s a bit of stubbornness but there’s also a fair amount of excitement and self belief that it’s possible (or can be figured out). I’ve explained the sums and also that there’ll be some shuffling around which is perfectly fine.

I’m in a similar position financially but back at uni doing a degree healthcare related, and planning on working into my 60s (part time) I’m not sure at 40 I could fill my days, I needed a challenge and purpose. But well done OP and the markets will hopefully see that be a lovely retirement.

Have you made sure you have enough in your budget for big expenses outside of the day to day? Like needing to replace the roof of your house.

Is he going to carry on building the business that is yet to make money?

Are you currently on gardening leave? Sorry I missed that

Yes: everything that needed to be done to the house was recently done - windows, roof, boiler, etc - and anything unexpected we can tighten belts around.

I'm not clear on the numbers at all. Are you actually suggesting you are going from over £300k pa to around £25k pa?

I'm all for what you are doing but I would want a tighter grip on planned spends and where it is coming from.

Yes, he is. They’ve made pretty good progress and it’s a decent idea - started off theoretical and now has some real-world use.
Yes, I am on gardening leave.

interestingly though @Clonakilla doesn’t even say they have a job let alone a meaningful one!

But no profit despite years of building? Given you earned hugely more than him before he was made redundant - have you been financially supporting him during these desert years?

Sorry I missed are you on gardening leave?

I am sorry you can’t have children, although did you want them?

Good for you.
I am not sure your pot of £400K for a pension is enough (though you can add in the investments). Great equity so well done there.

I am 61 and will retire next year. I have equity of 950k (across a couple of properties) and a pot of £1.5M. Though I still have mortgages. I am still nervous about retiring and giving up income. My plan is to pay myself what I take home now £5.5k per month. I can sell stuff but I see it as feeding assets.

So to have what you built up at your age is fantastic. My only concern is you will start drawing down, limiting the growth of your investments plus you need to allow for inflation erosion. Best of luck.

I never really thought of it as financially supporting tbh - we had enough, and he was doing what he wanted to do, and that’s ok. The house and bills got paid through my wages but also through some of his investments.

For a period of time maybe 10 years ago, yes. But then it transpired that would have been a very difficult path ahead and other opportunities opened up. Now we are both very happy with how life turned out on that front and agree it’s best for us.

Do you have a pre nup?

£3k a month especially in London is very very modest. Are you quite a home body?

Not sure if this is your intention but it comes across that you are trying to pick holes in the OPs enviable situation. Why is that?

No prenup - we’ve been together / married a long time.
And not really - I’m content at home but do enjoy lots of the free / cheap stuff around and there’s plenty of that I’m finding out about.

ETA - for example there are community yoga for £5-6, museums, local tours and book clubs are free or just few £. I find life in london can be very very interesting and affordable.

And spending it on Mumsnet?! Book a holiday!

Like what?

Fair point! Have got stuff booked for the coming months (and plenty of time thereafter!)

What sort of things do you have planned?
Tomorrow for example… do you have plans?

Blimey, dial back the interrogation a little!

AMA! 😆