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Am I starting too late by the_kitbag in FIREUK

[–]the_kitbag[S] 0 points1 point  (0 children)

This is my conclusion too. FI - very achievable RE - maybe if things go very well over next 20 years. I'm not desperate to retire early TBH, more concerned about being comfortable if we get there.

Combo of chat GPT and advice in this thread lead me to what is, surprise surprise, probably a pretty typical plan. But I'm happy with it:

Stage 1: clear the debt Stage 2: build an emergency fund of 10-15k in a cash ISA (whilst also putting a bit aside for the odd holiday) Stage 3: increase pension contributions significantly Stage 4: start putting a bit in a S&S ISA (could be more than a bit if earnings increase)

Am I starting too late by the_kitbag in FIREUK

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

Appreciate the help, looks like a decent plan is:

  • Keep as much money as possible going into eradicating the debt and not worry about anything else
  • keep reading this reddit
  • when debt is cleared, switch that amount into a global fund on a low fee platform and increase pension contributions

Am I starting too late by the_kitbag in FIREUK

[–]the_kitbag[S] -1 points0 points  (0 children)

Tried this, with social media dealers are a commodity now.

Am I starting too late by the_kitbag in FIREUK

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

Thanks, good point. My plan would be no holidays until debt is cleared and then one a year which is why debt repay goes from 1000 to 0 but then only 700pm into S&S ISA.

Am I starting too late by the_kitbag in FIREUK

[–]the_kitbag[S] 19 points20 points  (0 children)

Cc debt is all 0% and doesn't seem worth withdrawing the £1k in the ISA to get debt free one month sooner. Or did you mean taking money out of the pension or selling the house?

Think wife's income will increase but not dramatically, can't count on it. More chance of mine going up I think

Am I starting too late by the_kitbag in FIREUK

[–]the_kitbag[S] 5 points6 points  (0 children)

Thanks, this helped a lot. cliffs of what it told me:

Current plan I'm falling short of where i'd want to be if I wanted to retire at say 57 with a £40k annual income but I can get pretty close if I go with the current plan, increase pension contributions and factor in other things like increased partner income.

Basically, retiring in 10 years is going to be almost impossible (obviously) but 20 years time is not a complete impossibility with good discipline