Retirement-Your Experience

Congratultions

 

Congratulations Freddie.

I’m still trying to workout just how much money I need to retire!??
There’s nothing more I’d like than to hang up my hat! If anyone has the answer to my question then please let me know! I long to sit in the garden, bake, look after my babies (hens) & have a nice time having a few days out here & there & a few holidays without work getting in the way.

 

Dont we all

 

Pete that’s not helpful!!!

 

A lot of it is how you value £££ as opposed to your freedom and well being @Beckie76 . You are competent and resourceful and unless you are being choked by an horrendous mortgage...
Could you work from home ?
Certainly, there won't be enough for lavish holidays but, every day's a holiday when the W letter isn't in the day. The joy of no longer having to is awesome...
Jenny

 

Look at what you spend now per year then add some more on to that

I've got a bit of string if you need it

 

For me, it was quite a long slog paying into my pension. I count myself as fortunate as I have a final salary pension. Even so, at the start I was paying in around 6% of my pay, building up to 12% currently. AFAIC, the best thing you can do is get rid of any debt as soon as you can (within reason) whilst saving for retirement. It’s not easy, and a life balance needs to be struck, but I see saving for retirement and getting rid of debt as an absolute must to give you freedom/options later on. Unfortunately, we made a bad (house) move, which resulted in having to move again. This meant having to take out another mortgage, which although not large, put a spanner in the works. But for this, I’d have retired a few years ago.
As for how much you need? I couldn’t possibly advise. I think it’s important to keep a track of your finances, and try to have some kind of plan. I think as you get older, time becomes more important, but of course no one wants live like a hermit. I’ve reached the point where my pension (company and state) isn’t much less than my salary, so the time had come.

2 days to go

 

I don’t have a mortgage on my residence, we moved here when I was 26, the mortgage was ruddy horrendous but I worked every hour there was to pay it off by the time I was thirty (almost wore my fingers to the bone in doing so!) I do have some mortgages on my buy to let’s but they more than pay for themselves (the interest rate being so low helps) I don’t have any other debt...materialistic stuff means nothing to me, I’m a very frugal type of gal! We don’t have sky, I have an old mobile phone, I drive an 07 plate car, I shop mainly in Aldi & haven’t had a holiday for 5 years! I don’t have or want designer gear, I guess you could say I’m very focused on retiring! My biggest expense is my cat , he’s meds/food & cat litter are costing me £100 per week ....I love him & he’s worth every single penny! . Oh & plants is my other downfall...a gal needs plants!
I just wish I could buy a book/get some advice that said to retire & do this at 44 you need xyz! That book/google search doesn’t really exist, I’ve read blogs/books/searched the internet but I’m non the wiser! My great Uncle says I will just know when it’s right...but that’s not a lot of help either x

 

I’d like a piece of that string you’ve got please @Jiffy xx

 

2 days @Freddy...whatever you do don’t work too hard!

 

@shiney thanks for your reply, you have certainly given me lots to think about . Whilst the interest rate is low my rentals do cover my expenses & themselves but if/when the interest rates flies up then it could be a different story.....I guess I have to plod on long enough to pay back the mortgages on those rentals....keeping the dream of retirement at the top of my list! ....all good tings come to those who wait?? , it certainly feels rather like a minefield to workout how much you ‘need’ & how long in years you need to support yourself for! On that note I’d better get off to work

 

Yaaay one more day to go @Freddy ..Enjoy your last day.

 

It strikes me that you’re in a great position @Beckie76 , although you don’t say if you’re paying into a pension? Anyway, if it were me, I’d be looking to get those mortgages paid off which would give you a good income for life. And, if it suited, sell one for a good lump sum. You don’t say how many properties you have, what income you receive from each, or how much mortgage you have outstanding, nor would I expect you to, but you have some very good options, I reckon

1 day left

 

The last day generally consists of getting formalities out of the way and saying goodbye to everyone. So, should be done by 12:00