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– Start by reading JL Collins’ “The Simple Path To Wealth’ (and/or read his blog), listen to the ‘MadFientist’ podcast (and other ‘FIRE’ podcasts), read ‘Mr Money Mustache’s’ blog, etc.. Just Google ‘FIRE’ and start browsing.
Someone mentioned a couple of FIRE people a while back on here and I watched a podcast or two. It was a really weird circular thing of FIRE people interviewing each other in podcasts all offering a (paid for) service advising people on how to achieve FIRE which is ironic as they obviously hadn't. They just all seemed to set themselves up as FIRE advisors, but hadn't actually retired. All very strange, pay me to advise you on how to achieve something I've failed to achieve myself.
Someone mentioned a couple of FIRE people a while back on here and I watched a podcast or two. It was a really weird circular thing of FIRE people interviewing each other in podcasts all offering a (paid for) service advising people on how to achieve FIRE which is ironic as they obviously hadn’t. They just all seemed to set themselves up as FIRE advisors, but hadn’t actually retired. All very strange, pay me to advise you on how to achieve something I’ve failed to achieve myself.
Hard to disagree with any of that. JL Collins also organises this weird FIRE 'retreat' in an exotic corner of the world each year (well, probably not this year...) for FIRE-aspirants where they can hear from various 'famous' FIRE bloggers, and attendance is not cheap. It's all a bit weird and culty but it is a contradiction from the basic message that you can easily ignore. The principles of index investing and living frugally are sound.
and attendance is not cheap
I guy I met through the local CF box claims to be FIRE, he is currently advertising on FB for his latest money management course, only £4k for a few 1 hour video lectures and a couple of 1-2-1 sessions.
From his FB feed I get the impression he probable is FIRE but just really bored, doesn't seem to have any hobbies other than advising on investing.
He wrote a book (not read it): https://www.amazon.co.uk/Money-Shot-Slightly-Personal-Investing-ebook/dp/B07D471F4L
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Someone mentioned a couple of FIRE people a while back on here and I watched a podcast or two. It was a really weird circular thing of FIRE people interviewing each other in podcasts all offering a (paid for) service advising people on how to achieve FIRE which is ironic as they obviously hadn’t. They just all seemed to set themselves up as FIRE advisors, but hadn’t actually retired. All very strange, pay me to advise you on how to achieve something I’ve failed to achieve myself.
I agree with some of that - there's a groundswell/momentum building in the achieving financial independence and retiring early sector - and like anything that's a hot topic, people will piggy-back onto that and try to market themselves/monetise it.
I've read up a lot about FIRE, and just dispose of the obvious nonsense, marketing pap, or anything paid-for. JL Collins is very down-to-Earth and there's a lot of sense in his book and blog - but it's not like he says anything that hasn't been said before by so many authors and pundits:
1. Avoid debt
2. Spend less than you earn
3. Invest the surplus
...and over time, you'll become financially independent.
I've lost count of the number of times and places you can read that simple advice.
So far as Podcasts go, I got annoyed with the vast majority of them, but the MadFientist one is a Yank who lives in the UK (half the time), and isn't anything like as annoying/irritating as most USA-centric stuff is. In fact, I find his podcasts pretty thought-provoking. And so far as I'm aware, he doesn't have any paid-for stuff he's pushing.
I find it useful to listen/read/research from all over the place - as much as I can. I then discount most of it/the things that don't work for me, and either carry out the stuff that I find works for me, or look further into it.
Well, the first of my mates has gone. Half Cypriot he bought a house five years ago for holidays and visits and last night flew out for good. I’ve now realised he did what many advocate on here - shuffled money away to pensions and savings not really doing anything flash with it, and at 55 now will be about £26k a year pensions and drawn downs which over there is more than enough for a decent, quite life.
I must admit as I got up for work this morning it caused me to struggle a bit, I’ve still got at least 10 years to go.
1. Avoid debt
2. Spend less than you earn
3. Invest the surplus…and over time, you’ll become financially independent.
This is the essential summary of Reset, which focuses on your measure of financial independence quoting FIRE etc as references but simplified. The simplistic understanding of not having to work to pay debt caused by material or other desires comes as a bit of a light bulb moment for most, as does the mental relief of knowing your working toward an ambition rather than to back pay that debt.
No reason why you can’t take a different job, loads of openings for Amazon warehouse workers at the moment….
With arthritis in my hands and feet, damaged back leading to siatica and a minced head from stress the pool of jobs i could do is rather small. No standing or walking all shift, no manual labour, nothing stressful
I am millimetres away from going off long term sick because of the pain in my feet
Whilst I don't want to come across as minimising any health issues that you have TJ
this
stress the pool of jobs i could do is rather small. No standing or walking all shift, no manual labour, nothing stressful
I am millimetres away from going off long term sick because of the pain in my feet
doesn't really match with this
A 3 month walk – Edinburgh to Cape Wrath, a 3 month cycle – North sea to black sea. 6 months trekking in south america, 6 months road trip round the antipodies. I’ll be doing these things and others) in the years between 60 and 67 while you carry on working.
For me I will have to start really thinking about what I need to do in the long term. Having just been diagnosed with MS it's unlikely that I'll be able to work 'till I'm 67, not that I wanted to. Pensions and saving are fine but mortgage will be here until I'm 60 unless I make inroads there too. Which in fairness is certainly possible.
As you say - you don't know.
At work i am on my feet for 12 hours. Walking I can use highly supportive rigid soled boots and only for 6 hours a day. I have bought some rigid soled shoes to try at work but its not helped. Yesterday having been on my feet for the best part of 24 out of 36 hours I was in real significant pain.
Also its progressive - so the more I walk and stand the more damage. thus if i want not to be crippled when I retire then I need to retire ASAP
the walk is in doubt because of the increase in pain over the last few months I am really pissed off about that.
globalti
Free Member
I retired in July after 32 years as an active member of the company and I’m regretting it bitterly as I’m bored while waiting for our house to be built. Just thinking about the job and my colleagues brings down the black gloom of depression.
Genuinely sorry to hear that, and hope things improve for you.
Sorry to pry, but I'd be interested to know whether any of this was in your feelings pre-retirement?
Were you, for example, one of those people who were going to do everything and couldn't wait, but find that the reality is different? Or someone who loved their work and didn't really want to leave? (To cite two extremes.)
I'm interested in browsing the Mr Money Mustache site. I'm 49, would love to stop at 60. Our nest egg is sitting in NSI part ISA, part income bonds. When they drop to 0.1% in December, is it worth moving the Income Bonds sum to a Vanguard Lifestyle account, probably medium risk?
I'm already maxed on my pension contributions via HL with work contributing to that, so it feels the right way to go, and in 10 years stands a chance of decent growth at least beyond standard savings accounts.
Personally I'm invested in 100% equities, which is probably what they call 'high risk'. I want maximum growth long term and am prepared to suffer the ups and downs of stock markets eg back in January or whenever the last big dip was I 'lost' a six figure sum in a couple of weeks, however, it then bounced back and is now back above where it was. If I was in low / medium risk investments I'd have not suffered the dip but I'd also be getting bugger all growth, which means a poorer retirement - so I figure max risk for max gain. Given I don't intend to buy an annuity I don't have a fixed timescale when I'll cash in the pension, I'll just draw it down over decades (if I live that long), so the ups and downs might cause the odd cash flow squeeze, but the overall gains are worth it.
I am slightly more risk-averse than @footflaps and think something like Vanguard Lifestrategy 60 would be a sensible choice with your time horizon, Kryton57 (this does not consistute financial advice etc. 😉 ).
Set up a DD to buy some every month in a Halifax stocks and shares ISA (currently the lowest platform fee and dealing costs possible, at £12.50 year/£1.50 a deal for a regular investment), and don't look at it again until 2030.
I am slightly more risk-averse than @footflaps and think something like Vanguard Lifestrategy 60 would be a sensible choice with your time horizon, Kryton57 (this does not consistute financial advice etc. 😉 ).
That was exactly my thought. As I've maxed my ISA allowance I just need a "general" account with a Lifestrategy 60 to dump my commissions into for the foreseeable but could be used for Emergency's I suspect to only guarantees the £84k though, not that I have that much to put any anyway but could reach it within the 10 years.
I retired 10 years ago next week and am still loving it. Nice having time for a cuppa in the morning, sitting down for breakfast and a decent cup of coffee. Also going riding when roads, trails, cafe's are quiet,tend to do less at the weekend now. I have also managed a couple of long breaks, Summer 2018 was two months up to the Arctic Circle and back in our 'van for example.
What I did find out is you still need to have a bit of discipline as easy to stay up late and get up late. Also if you currently have a day off work you will fill the day with 10 jobs that need doing. You know if you don't do it now it will be ages before you can do it again. When you are retired you will do one or two and leave the rest for another day and the list of jobs will last a week maybe more.
You still will not have time to learn a foreign language or to play an instrument and your messy garage / shed will still require sorting a decade from now.
Blackhound has almost word for word described my view of how my anticipated retirement goes. Slow, restful Coffee in the morning, XO rum at night and the rest in between
Personally I’m invested in 100% equities, which is probably what they call ‘high risk’. I want maximum growth long term and am prepared to suffer the ups and downs of stock markets eg back in January or whenever the last big dip was I ‘lost’ a six figure sum in a couple of weeks, however, it then bounced back and is now back above where it was. If I was in low / medium risk investments I’d have not suffered the dip but I’d also be getting bugger all growth, which means a poorer retirement – so I figure max risk for max gain. Given I don’t intend to buy an annuity I don’t have a fixed timescale when I’ll cash in the pension, I’ll just draw it down over decades (if I live that long), so the ups and downs might cause the odd cash flow squeeze, but the overall gains are worth it.
Almost exactly the same for me although I suspect I am closer to retirement (age wise) than you. 56 next week. Almost totally in equities as well and although I have moved a small amount to bonds watching equities rise and my "safe" investments are almost static is hard to bear.
I think for me I just want a break from working that doesnt have an end date, ie 2 weeks before being back at work. I get a bit stressed with work and even during holidays I find it difficult to switch off. I have worked for 40 yrs without a period of unemployment I really want to stop and have real time without counting down until I am back in again. There are so many things tht I wanted to do such as the Bob Graham Round and other hill adventures (which I was more than capable of right up until a few years ago) but depressingly those times have passed as despite my determination its difficult to get running fit again.
I suspect after a month or two I will want to maybe work again, who knows
I am almost totally in equities & I am only 1-2 years from full retirement. I am viewing the retirement investments as a long term investment (hopefully) so don't see the need for too many "safe" products. Also, my view is that it doesn't matter how the capital growth is achieved, so I am looking for a good (within reason) growth over a 20/30 year period.
I am looking forward to retirement now & have officially classed myself as semi-retired as I don't work Fridays!
A great thread, really great.
If you have your health, you are rich. If you have time to do the things you love and you are healthy you are truly lucky
I’m already maxed on my pension contributions via HL with work contributing to that, so it feels the right way to go, and in 10 years stands a chance of decent growth at least beyond standard savings accounts.
if you're already putting £40k/year into a pension, or hit the £1.1mm overall pot, you're probably sorted for later life - you can do the same under your partners name if he/she is earning taxed income, which would double that amount. That aside, LISAs (if you're not too old) are a pretty good vehicle once you've maxxed out the pension, as you get a 25% bonus when you withdraw them.
If you have your health,
This is the bit that counts and no amount of jiggery-pokery with various assets and plans and investments will make much difference.
Enjoy yourselves; it's always later than you think...
Just flicking back through this thread, and suddenly remembered a chat I had with an occupational psychiatrist who used to do retirement seminars at a firmer employers. The seminars were for staff and their partners.
In the sessions he got people to write down the jobs they were putting off for when they retired - they rarely needed more than 2-3 months, and then people had nothing else planned, so he got them to think beyond that timescale.
But also he got them to write down the jobs/skills/knowledge they had around the house that their partner couldn't do, and vice versa. Because at some point in the retirement, the other one would no longer be there and they would need to learn to manage for themselves.
This has been a really timely thread for me and very informative. The wife who hasn’t worked for the last 10 years has said she’d be happy for me to retire. At the moment though I’m in a job that I enjoy and it’s well paid plus WFH during Covid has made it even easier. So not quite ready to hang up my shingle. Fortunately I made a decision a long time ago to invest in Personal Pensions, funnily enough driven by the fact that at the bank I started working for a lot of the time served guys were counting the days until they could retire but worried about how much money they had invested as the pension wasn’t quite enough for their planned lifestyle.
What brought things home for me was when my father passed away 3 years ago, he was financially well off and had planned to do loads of travelling when he retired but ill health in the form of vascular dementia got in the way. As my grandmother also suffered from this I’m concerned that it might also get me in the end and it’s not a nice thought. So in some ways he left it too late to enjoy retirement and I don’t want to do the same.
Like a lot of others on here I know I won’t get bored, I’ll find something to do. So the plan now is to take things 6 months at a time and decide when I should pack it in. It’s feels a bit like planning for an extended holiday as me and the wife are looking at doing some long distance travelling for the first year, but Covid has stopped that. One thing I will definitely do is spend more time skiing and go to the alps for the full season rather than just a week. So I’ll be back on here asking for recommendations about where to stay in the French alps for a 3 month stint. Also would like to spend the Summer cycling so sounds like I’m talking myself into moving there for a year :).
Interestingly not many on here seem to be looking at downsizing or moving to another part of the country/abroad. That’s something I’m toying with but not yet decided on, don’t need the money particularly but a 4 bed house with a very large garden will get too much for us in 10 years. So can’t work out whether to move when I retire or put it off. The latter seems like a lost opportunity. For me this is likely to be one of the tougher decisions to make.
One thing I don’t intend doing is taking up golf which a few of my mates have done - seems to be a way of whiling away the time rather than something that I would find a challenge and therefore enjoy. So I’m glad I bought myself an eBike this year as this has meant I can go for longer rides and also tackle stuff that even when I was 30 I couldn’t get up. So looking at getting a campervan and bumming around for a while visiting places I always wanted to go to and having some extended cycling trips.
This has been a really timely thread for me and very informative.
I don't know what it says about me or this place but this has been far and away my most successful thread. Huge thanks to everyone who has contributed so far, you've really helped me make my mind up.
I'm 49, but went down to a 4 day week at the start of the year. I have Wednesdays off and go riding with a local group, normally 100-130k with a cafe stop. I always intend to spend the afternoon ticking off DIY jobs but just sit on the sofa drinking tea recovering as I've buried myself on the mornings ride!
Interestingly not many on here seem to be looking at downsizing or moving to another part of the country/abroad.
We did this very thing in preparation for retirement. We went from a big 5 bed detached house to a tiny terraced 3 bed in a seaside town. The capital from the sale will fund a large portion of our retirement which is hopefully soon. We are just practising living on £20-25k a year to make sure it is viable which is what we are looking at until I can draw my pension.
We relocated after I first retired but it took both my parents passing away to make it feasible. Not from a financial standpoint, a care one.
We plan to downsize from the current house in a few years, something with no stairs for a start, though I doubt we'll relocate again.
Interestingly not many on here seem to be looking at downsizing or moving to another part of the country/abroad.
I am. My quiet Coffee AM / XO in the PM is based on being in a detached place in a quiet area of the world. I'd really like that to be in a warm place and with a pool. I do have the added complication that Mrs K understandably doesn't want to move to an environment which of a culturally acceptable ratio to her.
Perversely we may end up upsizing - MrsP's dad was an architect and they designed and built the house that her mum still lives in. There's an expectation that it will be kept in the family and we're about the only ones in a position to take it on. I'd want to do a fair bit of work on it to make it more suitable for us, but that's stuff like replacing the full height glazing on two walls so not exactly post-retirement DIY.
you’ve really helped me make my mind up.
Go on then! Whatcha gonna do?
Perversely we may end up upsizing – MrsP’s dad was an architect and they designed and built the house that her mum still lives in. There’s an expectation that it will be kept in the family
I reckon that for many, one of the drivers in downsizing is to reduce costs and maybe liberate some capital. The latter may not apply to you if there is an inheritance.
I think a lot of people toy with the idea of living abroad. For me it would be the south of Spain or possibly France and I know a lot of people do it but in reality I dont think Mrs Surfer would really want such a big change so as a compromise we have agreed to spend extended periods away when we retire. The costs to rent for 1 month plus look very attractive.
Go on then! Whatcha gonna do?
Retire.
Although I have applied for one job, which I would take if I got it as it is absolutely a dream job. I think at my age I'm unlikely to get it though.
ink a lot of people toy with the idea of living abroad.
Yes, that was us, but with Brexit+Covid it seems a lot less do-able now, so like you we will probably look to splitting the year between UK and forrin.
Retire.
Good luck! 🙂
MY desire to retire abroad, but at the moment it's not on Mrs Weeksys agenda. That may change in time i hope.
In simple terms, i don't want or need crazy hot, but i'd like to ride in dry conditions for most of the year, i don't want to get 5 months of slop and cold. As much of that is a desire for motorbikes as well as for pedals.
Interestingly not many on here seem to be looking at downsizing or moving to another part of the country/abroad. That’s something I’m toying with but not yet decided on, don’t need the money particularly but a 4 bed house with a very large garden will get too much for us in 10 years. So can’t work out whether to move when I retire or put it off. The latter seems like a lost opportunity. For me this is likely to be one of the tougher decisions to make.
we're toying with this idea, kids dont live here any more, 3 to 4 bed house to ourselves, i think the only thing stopping us is that we love the garden too much!
built my own gazebo, we look out onto fields, our garden-time is probably the most important aspect of our life. BBQ's, pizza oven, glass of wine, watch the sun set over the fields. theres a lot to be said for that and i wouldnt want to detract from any of the years that we spend over here before retiring abroad (hopefully greece in 4 years time, ill be 60).
also theres the thought that just moving will maybe chop 5k or so into what money we do have.
we could realistically pay off our mortgage 4 years early if we move (34k over 4 years left on it) but gut feeling is we don't want the upheaval, moving will be to go abroad.
interesting thread.
If you have your health,
This is the bit that counts and no amount of jiggery-pokery with various assets and plans and investments will make much difference.
Enjoy yourselves; it’s always later than you think…
Although this is very true, if you do get ambushed by ill health or mobility issues it’s good to be able to spend money making things more comfortable and ultimately enjoying a better quality of life, without worrying over the cost. We have recently been through this process with the inlaws, as their mobility deteriorated it made things a lot easier. It also made us look at downsizing in advance and ‘decluttering’ while we are still fit and healthy.
Interestingly not many on here seem to be looking at downsizing or moving to another part of the country/abroad.
This is the only way I could do it - the equity release from the house providing enough to cover my expenses until retirement date. We're hoping to be far more self-sufficient (we're allowed chickens and bees at our new house) as well as growing our own food. I've just signed up for a dry stone walling course - can't get to the gym, so it'll be a good substitute! I also plan my cycling, walking and running according to the weather forecast.
I’m 49, but went down to a 4 day week at the start of the year. I have Wednesdays off and go riding with a local group, normally 100-130k with a cafe stop. I always intend to spend the afternoon ticking off DIY jobs but just sit on the sofa drinking tea recovering as I’ve buried myself on the mornings ride!
Pretty much how my day off works out 🤣
No desire to move abroad really, unless maybe the kids were abroad. 51 now, youngest 14. In 10 years time we'll probably have lost all the parents, any inheritance that wasn't spent on their care will be through, kids will have moved out, I guess at that point we pick a location for a 3 bed detached bungalow with a garage/bike shed. Quite possibly in the village where we are now, though MrC may want to be nearer the sea.
@sadexpunk I remember your Gazebo pictures (I spend too much time on here)
@sadexpunk I remember your Gazebo pictures (I spend too much time on here)
aye, 4 years ago now! and its given us soooo much pleasure. best thing ive ever created (including the kids) 😀
When I retire I will spend as much time as I can exploring European cities. Just wandering. Getting off the beaten track to discover interesting nooks and crannies. Losing myself in the city lapping up its feel atmosphere culture. Having a coffee , sitting in a park, reading a book in the sunshine, watching people, strolling with no purpose or timeframe. Taking in the sounds and smells and totally relaxing. Unfortunately this is still 17 years away.
This one is for tyke, we started doing extended periods of skiing about 5 years ago and it has been such a game changer that we have factored in the costs of skiing for 8-10 weeks of the year until 70 !
We have done 2 seasons of 8-10 weeks so far with the other seasons being 4 weeks then cheeky long weekends. In the longer periods we came back to the UK in Feb to avoid the school holidays, this saved a large amount of money and my other half is incredibly intolerant of queues and crowds so saved lots of ranting.
Accommodation - I found it on home and away of all places. Our landlady didn't quite believe we wanted it for the extended time but she soon got used to us and now she asks us when we want it for the next year and for how long. We get a great price, look after it well and it works amazingly well for both parties. It's a 3 bed chalet with a garage so the car is happy and guests are welcome.
We buy our seasons lift passes before 10th Dec and they cost about 500 euros. We leave our skis/boots with our ski instructor so when we drive out we can shop before heading up the mountain.
If you want any more info then just message
A couple of pages back I talked about the option of taking a package and contracting to get to where I needed to be financially. Since then I managed to negotiate a 6 month extension which bumps my payoff into the next tax year which is a massive bonus. Anyway, all looking good and senior management buy-in to my extension proposal as its a win-win situation. Then HR step in with 'computer says no, you go now or stay and carry on as normal'. In the end I agreed to stay but was gutted for a couple of days last week.