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Early retirement… who did it?

Discussion in 'off topic' started by JTC, Sep 10, 2021.

  1. matt j

    matt j pfm Member

    Some depressing numbers here, folk retiring on way more than I currently earn doesn't bode well. I think a trip to Switzerland may be on the cards for me.
     
    AnilS, CTank and mandryka like this.
  2. SteveG

    SteveG pfm Member

    In some respects that might well mean your lifestyle is better adapted to being in retirement though.
     
    paulfromcamden likes this.
  3. Bob McC

    Bob McC Living the life of Riley

    So did I 60.
    As I approach 70 this year I am a different animal.
    Not ill.
    Just old, slow and wearing out.
     
    AnilS and mandryka like this.
  4. SteveG

    SteveG pfm Member

    I feel like that now and I'm 53 (and hence the plan to retire at 55)!
     
    AnilS likes this.
  5. Bob McC

    Bob McC Living the life of Riley

    How is £17K of taxable income virtually tax free?
     
  6. SteveG

    SteveG pfm Member

    If I just lived off by taking out of savings then it would be effectively tax free, plus comparatively speaking (and from a personal perspective!) even structured as pension income the tax burden would be tiny compared to pre-retirement.
     
  7. clivem2

    clivem2 pfm Member

    There are very few people buying annuities nowadays…mostly those who have a guaranteed advantageous rate. Yes this is taxable as salary would be. There should a 25% tax free though…the same is the case with drawdown.

    One option with drawdown is to use up the tax free part first plus taxable to use up you income tax allowance. The leaves more invested to hopefully grow better. Sorry, it’s a brief answer. I can add more later if I need to.
     
  8. Bob McC

    Bob McC Living the life of Riley

    No, no it’s quite alright thanks.
    I have no need of the info.
    I am enjoying an index linked final salary pension.
     
  9. clivem2

    clivem2 pfm Member

    That’s certainly much simpler and very predicable in terms of what you receive. Also there’s no need for you to gamble on how long you’ll live.
     
  10. snowflake

    snowflake Former Albino Ape

    It costs 4 grand, so you need to well heeled for that too............I was going to jump (as per the song) off the roof, then when I saw it on the telly its single story.....

    It relentless Matt, were doomed....

    S
     
  11. mandryka

    mandryka pfm Member

    I think there are three four to plan for

    1. Day to day living and luxuries like travel and expensive necessities like a new car or a few dental implants. Most of the discussion has been around that.
    2. Really big items which are likely to crop up. If you needed a new hip, and the NHS was saying wait three years, well . . . £30K for an op and care after - that's a guess.
    3. Nursing care or care in a residential home. In the last few years of life it may be desirable at best, to some degree.
    4. Something to leave the ones you love.
     
  12. Joe Hutch

    Joe Hutch Mate of the bloke

    I’m hoping to go the same way my father did; felt ill one morning, was taken to hospital for observations, died the same day. Up to then, he’d been fit and active.
     
    darrenyeats and Hook like this.
  13. Hook

    Hook Blackbeard's former bo'sun.

    Sign me up please!
     
  14. Bob McC

    Bob McC Living the life of Riley

    Don’t we all.
    Don’t bank on it.
     
  15. Joe Hutch

    Joe Hutch Mate of the bloke

    If it’s any help, he drank lots of whisky right up until the day he died. Unfortunately I can’t stand the stuff.
     
    darrenyeats likes this.
  16. Joe P

    Joe P certified Buffologist / mod

    Stolen from somewhere: I want to die peacefully in my sleep like my grandfather, not screaming and yelling like the passengers in his car.

    But, yeah, highly compressed morbidity is my goal.

    Joe
     
    PhilofCas likes this.
  17. Bob McC

    Bob McC Living the life of Riley

    Give me an idea of ‘lots’ so I can adapt my intake,
     
    al2002 likes this.
  18. Joe Hutch

    Joe Hutch Mate of the bloke

    My father’s father died in his sixties, but his grandfather lived into his late nineties, and may have made 100 had he not fallen out of bed and broken his leg. Infection set in and that was the end of him.
     
  19. Joe Hutch

    Joe Hutch Mate of the bloke

    He and my mother could and often did polish off a bottle between them in an evening. They both also smoked heavily until tobacco duty increases meant they had to choose between the booze and the fags.
     
  20. Bob McC

    Bob McC Living the life of Riley

    My double bourbon three nights a week needs some work then.
     

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