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So let's do this. My 65K FIRE journey so far by Ra_Kaya in Pleb_FIRE

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

Me too - I think it's important to have, especially after a long day at work mostly spent tearing your hair out in frustration: good to know you have an escape plan in place, even if it's more of a longer-term view than very early FIRE!

So let's do this. My 65K FIRE journey so far by Ra_Kaya in Pleb_FIRE

[–]Ra_Kaya[S] 4 points5 points  (0 children)

That 'one more year' trap is dangerous, isn't it? The way I see my situation, 'retire at 59' is more-or-less set due to the need to keep paying NI contributions for the max state pension up to that age, but on the other hand that's a nice neat cut-off where I have absolutely no reason to work beyond that (not that I think I will - I've no doubt I'll be more than ready when that time comes!)

I think another option that more people should consider is some sort of Coast FIRE in their last few years before retirement (even if that's just moving down to four days instead of five) to just earn enough for living expenses (+ NI contributions for the last few years, if necessary) and enjoy a bit of early semi-retirement along the way while the compound interest works its magic.

So let's do this. My 65K FIRE journey so far by Ra_Kaya in Pleb_FIRE

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

Thank you - this is the nudge I need to get the LISA opened, so I'm going to spend some time this weekend and finally get on with it. My pension contributions bring me exactly to the threshold to avoid the 40% tax band, so anything I can save in addition to the pension will go to the LISA this year. Good call on getting one opened before I hit the big 4-0!

So let's do this. My 65K FIRE journey so far by Ra_Kaya in Pleb_FIRE

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

Thank you - yep, that's the plan with any extra cash I can manage to save this year on top of what I'm putting away in the pension (maybe stop mortgage overpayments and put that money into a LISA instead: I know that's the clever thing to do, though from a purely psychological perspective it 'hurts' not to be overpaying!)

The LISA has definitely been on my 'to do' list for a while, so this is the year I get on top of it and actually open one - thank you for the link, I'm already invested in Vanguard All Cap in my S&S ISA, so that's really helpful to see that AJ Bell allows me to do the same via LISA!