Hi everybody,
Long time lurker who’s greatly benefited from the content on this wonderful site.
Thank you to all of you for everything you have shared over the years.
A bit about me, I turned 50 in March, British and live in the UK, DW ‘retired’ 10yrs ago when our daughter was born, have a son who leaves University next year for the world of work after some travelling.
I have a board role at a UK FTSE 250 company, I enjoy what I do but each year I enjoy getting up at 5.15 and the travelling less ! Lost my father at 64 which focuses the mind, reminds me we aren’t here forever and I need to do my best to to ensure we enjoy the fruits of our labour !
Ive had various goals which Ive met and the latest thinking is I will FIRE in 2yrs at 52 but wonder if I need to wait that long, I would love your views ?
Our net worth looks something like this :
--------------------------------------------
£3.85m invested (56% equities)
£200k coin collection (don’t plan to sell but could easily liquidate)
£165k cash
£1.2m house equity (mortgage all but paid off, no plans to downsize for the foreseeable)
-----------
£5m 415k
Of the £3.85m invested 1m 40k is non taxable and the rest is in retirement savings which will be taxable beyond our UK pensions “Lifetime allowance” of £1.5m, its quite complicated but with some smart planning I shouldn’t have to pay tax until until our 70s.
Will receive a joint UK pension of £8k net of tax per annum from age 67.
We will receive an Inheritance of around £150k at some point in the future.
My plan was to continue to invest our ISA (non taxable) maximum allowance of 40k per annum and keep my bonuses next year and the year after to add to the cash sum which we will then use for living costs through to 55. I can access the 1m 40k now (the £2.8m retirement fund only from 55) but ideally don’t want to start draw down from the £3.85 investments until 55.
In terms of cost of living ideally would like to spend £130k per annum up to 55 and then 150k per annum from 55. Significant room to reduce that if needed. Im probably over estimating what we will spend in FIRE but would rather do that to give us headroom.
Ive also read some great articles on this forum about make the most of your “go go years” up to circa 75yrs and Ive seen that in my mother who was very active up to that point, slowed down considerably up to 80yrs and now at 82yrs is happy but spends very little, so im mindful of that.
Apologies for the length of the introduction and I hope it makes sense.
Once again a big thank you for this site and all those who contribute to it ,,
Best
Long time lurker who’s greatly benefited from the content on this wonderful site.
Thank you to all of you for everything you have shared over the years.
A bit about me, I turned 50 in March, British and live in the UK, DW ‘retired’ 10yrs ago when our daughter was born, have a son who leaves University next year for the world of work after some travelling.
I have a board role at a UK FTSE 250 company, I enjoy what I do but each year I enjoy getting up at 5.15 and the travelling less ! Lost my father at 64 which focuses the mind, reminds me we aren’t here forever and I need to do my best to to ensure we enjoy the fruits of our labour !
Ive had various goals which Ive met and the latest thinking is I will FIRE in 2yrs at 52 but wonder if I need to wait that long, I would love your views ?
Our net worth looks something like this :
--------------------------------------------
£3.85m invested (56% equities)
£200k coin collection (don’t plan to sell but could easily liquidate)
£165k cash
£1.2m house equity (mortgage all but paid off, no plans to downsize for the foreseeable)
-----------
£5m 415k
Of the £3.85m invested 1m 40k is non taxable and the rest is in retirement savings which will be taxable beyond our UK pensions “Lifetime allowance” of £1.5m, its quite complicated but with some smart planning I shouldn’t have to pay tax until until our 70s.
Will receive a joint UK pension of £8k net of tax per annum from age 67.
We will receive an Inheritance of around £150k at some point in the future.
My plan was to continue to invest our ISA (non taxable) maximum allowance of 40k per annum and keep my bonuses next year and the year after to add to the cash sum which we will then use for living costs through to 55. I can access the 1m 40k now (the £2.8m retirement fund only from 55) but ideally don’t want to start draw down from the £3.85 investments until 55.
In terms of cost of living ideally would like to spend £130k per annum up to 55 and then 150k per annum from 55. Significant room to reduce that if needed. Im probably over estimating what we will spend in FIRE but would rather do that to give us headroom.
Ive also read some great articles on this forum about make the most of your “go go years” up to circa 75yrs and Ive seen that in my mother who was very active up to that point, slowed down considerably up to 80yrs and now at 82yrs is happy but spends very little, so im mindful of that.
Apologies for the length of the introduction and I hope it makes sense.
Once again a big thank you for this site and all those who contribute to it ,,
Best
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