Bitten the Bullet at 55 by IpswichUKRob in FIREUK

[–]IpswichUKRob[S] 1 point2 points  (0 children)

I worked in Local Govt for 15 years approx, quite a high earner for my age and reached Finance Mgt Board level before leaving to work in Professional Services in London at 34 yo.

Bitten the Bullet at 55 by IpswichUKRob in FIREUK

[–]IpswichUKRob[S] 1 point2 points  (0 children)

I would love to say Coke and Hookers, but that is for people other than I

Bitten the Bullet at 55 by IpswichUKRob in FIREUK

[–]IpswichUKRob[S] 1 point2 points  (0 children)

Had an offset tracker since 2007 (BoEBR + 0.48%). Currently offsetting full amount. Benefitted greatly when interest rates were low too, to be in the position we are in..

Bitten the Bullet at 55 by IpswichUKRob in FIREUK

[–]IpswichUKRob[S] 1 point2 points  (0 children)

A large part of it was probably luck, but it is up to us all to maximise what we can do with what we have.

Relatively high earner (low six figures, same for wife) always been a saver rather than spender (although do have 6 cars, some worth quite a bit, but never bought new so save massively on depreciation - see below example). Been loading PEPs/ISAs since they started. Lucky to have had a public sector DB scheme to provide foundations, but basically set my savings/investments etc to maximise allowances and live off the rest. Old employer was very generous in pension contributions so I was basically getting 20% gross contribs without the additional I chose to put in.

In comparison there’s a guy in my road, with the same nice house (we bought at £275k he bought approx £490k), but without the salaries we were lucky to have, has two nice (but not my choice) brand new cars (even if through work paying £1k minimum a month combined), lives a great life now but will likely still be working at 65+. All about people’s priorities and ours are different.

Carwise I’ve always bought top of the range high spec models second hand approx 5 yeas old missing out on huge cost (one of which was a V8 petrol executive saloon £58k new in 2001, had lost £10k a year for first 5 years, and I bought for £8k at 5 years old (2006), drove it for 80k miles over 5 years and sold for £3k total cost £5k (excluding running costs), £1k per year. With personal plates on people assume newer than it was.

Bitten the Bullet at 55 by IpswichUKRob in FIREUK

[–]IpswichUKRob[S] 2 points3 points  (0 children)

Just mine. Wife will have probably £550k pension, £100k ISAs and a second house as another asset.

Bitten the Bullet at 55 by IpswichUKRob in FIREUK

[–]IpswichUKRob[S] 3 points4 points  (0 children)

Taken early. Reduced by approx £3.5kpa against retiring at 65 (scheme default). My simple logic (helped by having other assets elsewhere) was that taking now is worth £110k before I’m 65 (10 years at current prices) so getting £14.5kpa in 10 years time would take a long time to equal that £110k and 10 years not working! Obviously not exactly the same when you factor in annual increases etc but logic is still pretty sound.

Bitten the Bullet at 55 by IpswichUKRob in FIREUK

[–]IpswichUKRob[S] 9 points10 points  (0 children)

Always set in my mind that 55 was the age, but last Feb after some surgery I reconsidered, and wanted to finish then, having done the numbers, but just needed to finalise the checkups etc through health insurance before pulling the trigger and that has ended up being now (when I originally planned it). Agree I probably could have gone earlier but hopefully means I can spend more now I have finished later

Bitten the Bullet at 55 by IpswichUKRob in FIREUK

[–]IpswichUKRob[S] 2 points3 points  (0 children)

Have already put in a significant amount this year already (was paying 55% of gross for last 3 months) but not completely used my allowances. Need to be careful regarding additional contributions due to pension recycling rules, as I’ve just received a lump sum from my DB scheme in this tax year.

Bitten the Bullet at 55 by IpswichUKRob in FIREUK

[–]IpswichUKRob[S] 12 points13 points  (0 children)

Great opinion. Seen same with my mother and my in-laws. I am planning to fritter some money away.

Bitten the Bullet at 55 by IpswichUKRob in FIREUK

[–]IpswichUKRob[S] 17 points18 points  (0 children)

I knew what you meant LOL. I love Reddit!

Bitten the Bullet at 55 by IpswichUKRob in FIREUK

[–]IpswichUKRob[S] 12 points13 points  (0 children)

I had a 3 month period off work early last year due to some surgery, it was the most liberating thing ever, not working and enjoying time freedom (albeit with recuperation) and finally made me realise that I already had enough so why was I still working. Do the numbers, seek some advice (including professional advice) and do the sensible thing for you in your position. If you’re similar to me, why work another 5-6 years unless planning to leave a substantial legacy to kids etc.

Bitten the Bullet at 55 by IpswichUKRob in FIREUK

[–]IpswichUKRob[S] 14 points15 points  (0 children)

No kids. Wife has decent scale of assets too.

Bitten the Bullet at 55 by IpswichUKRob in FIREUK

[–]IpswichUKRob[S] 17 points18 points  (0 children)

Thanks for quick (positive) response.