guff
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Post by guff on Jul 13, 2016 13:21:33 GMT
d) many people overlook cost savings that will come about post retirement e.g. commuting, lunches/coffee etc
... and NI and pension contributions. I retired early last August but worked for three days a week for the last few years, so my gross income went up from 60% to 66%. In addition to the pay rise, I had already sorted out what to do for four days a week and planned what to do with the addition three days. I'd thoroughly recommend a tapered end to ones working life rather than the more usual "what do I do now?" cliff face.
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stevio
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Post by stevio on Jul 13, 2016 13:59:25 GMT
Whilst working flat out, non-stop - thinking of all you people retired already makes me sad..... However, I am feeling like a spring chicken reading this thread - is everyone on this forum needing a zimmer frame  It does make me feel lucky to get into P2P at a 'younger' age than appears most - with the current roughly 12% interest rates (9.6% after tax) and the rule of 72 that makes 7.5yrs to double your return - for me that's my entire calculation done, double my money will suit me nicely! (maybe another 7.5yr after that to double and effectively quadruple current investments and I would be over the moon) My job allows me to work whatever hours I want and long into older years for a livable return even on part time hours, so personally I will just tone down the 'working like a maniac' to 'working like a normal person' and then so forth. That way I don't need a spreadsheet to guestimate when to retire and just ease into it (hopefully!). |
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j
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Penguins are very misunderstood!
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Post by j on Jul 13, 2016 17:12:38 GMT
It does make me feel lucky to get into P2P at a 'younger' age than appears most - with the current roughly 12% interest rates (9.6% after tax) and the rule of 72 that makes 7.5yrs to double your return - for me that's my entire calculation done, double my money will suit me nicely! (maybe another 7.5yr after that to double and effectively quadruple current investments and I would be over the moon) Not bursting your bubble but you're assuming you will always be able to get 12% & no losses (the latter will take an extreme amount of skill & luck to achieve, the former is a case of how long will 12% rates last?)
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stevio
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Post by stevio on Jul 13, 2016 17:25:32 GMT
It does make me feel lucky to get into P2P at a 'younger' age than appears most - with the current roughly 12% interest rates (9.6% after tax) and the rule of 72 that makes 7.5yrs to double your return - for me that's my entire calculation done, double my money will suit me nicely! (maybe another 7.5yr after that to double and effectively quadruple current investments and I would be over the moon) Not bursting your bubble but you're assuming you will always be able to get 12% & no losses (the latter will take an extreme amount of skill & luck to achieve, the former is a case of how long will 12% rates last?) I know! Its not a theory, its not something calculated that I should add in this factor and that factor (and still be none the wiser) - just saying, if that happens, I would be more than enough for me! I'm happy that it's as far as I need to go - because there are so many known and unknown factors, that its not worth going down to the nitty gritty, as a calculated mathematically prediction is as useful as the next Prime Minister
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adrianc
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Post by adrianc on Jul 13, 2016 17:38:36 GMT
the former is a case of how long will 12% rates last?) Or, from the other direction, how long will they better current accounts...?
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j
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Penguins are very misunderstood!
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Post by j on Jul 13, 2016 18:03:03 GMT
the former is a case of how long will 12% rates last?) Or, from the other direction, how long will they better current accounts...? The way interest rates have been & the at times clear direction they'll be taking, you can bet that p2p will still beat them hands down for a long time, even if that 12% is halved in double quick time
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guff
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Post by guff on Jul 13, 2016 21:35:20 GMT
However, I am feeling like a spring chicken reading this thread - is everyone on this forum needing a zimmer frame Not yet. I got a Lotus Elan for my 50th birthday and had kite-surfing lessons for my 60th.
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adrianc
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Post by adrianc on Jul 14, 2016 7:11:27 GMT
I got a Lotus Elan for my 50th birthday Nice. Original or M100?
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guff
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Post by guff on Jul 14, 2016 13:53:25 GMT
I got a Lotus Elan for my 50th birthday Nice. Original or M100? A 1995 Bugatti! On the day of my 60th birthday, I borrowed a friend's Elan and drove up Pikes Peak with the US Lotus Owners Group.  Got a few bits that need powder coating. You don't know anyone...
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adrianc
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Post by adrianc on Jul 14, 2016 13:54:20 GMT
<grin> I've always had a bit of a soft-spot for them Odd you should ask...
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Post by uncletone on Jul 14, 2016 21:38:58 GMT
Very nice! When I calculated with Excel that I could just afford to retire at the age of 58, I stupidly traded in my lovely (breathed upon) Toyota MR2 and old 3.5 litre V8 Range Rover for a Toyota Yaris.
The Yaris is still with us 12 years later without problem, and is now the transportation of choice for the Child Bride, and reliably does the three miles a week to and from the local swimming facility. I have happily combined the memories of the MR2 and Range Rover into an Audi A6 Avant (breathed upon again - whatever you drive, get the engine remapped) which dramatically outperforms the predecessors on all points.
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adrianc
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Post by adrianc on Jul 14, 2016 22:29:31 GMT
(whatever you drive, get the engine remapped) Hmm. That might be a problem. I don't actually own any motorised conveyance with an ECU to remap.
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guff
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Post by guff on Jul 17, 2016 19:33:44 GMT
(whatever you drive, get the engine remapped) Hmm. That might be a problem. I don't actually own any motorised conveyance with an ECU to remap. Indeed uncletone. Go on then adrianc, what have you got? We are lucky enough to have a lot of engineers and a few very clever buggers in our ranks, including one with a PhD in tribology who cracked the ALDL coding (unique to the Elan) alowing us to develop diagnostic programs then decided he to reverse engineer the ECU to breath on it and really spin the turbo. The ECU is late 80s vintage so limited to engine functions so quite interesting to play with. I've produced USB interfaces and diagnosed stuck thermostats worldwide. Current development is a bluetooth interface and suitable App... In the interest of allaying fears that we are drifting off topic, these analytical skills were of course invaluable in developing a good early retirement planning tool. <blush>
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registerme
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Post by registerme on Jul 17, 2016 21:19:24 GMT
For those of us without cars, what does that mean?
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guff
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Post by guff on Jul 18, 2016 9:18:17 GMT
For those of us without cars, what does that mean? It means you'd find it difficult to live in the village I live in.
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