Hi from England

[Evergreen]

Hello everyone,

I posted this note on the 'how many years before retirement' thread and have reposted below.

I live in the suburbs of London. You all seem to be living in the US. I guess the principle is the same on both sides of the pond. I started full time work at age 17, did lots of part time jobs in my teens. I will be 50 years old in 8 months time. I have a company pension that I could use from age 50 but it would be reduced because I would be taking it so early. I have invested in various bonds and things and could live the same quality of life as I do now if I left full time employment at 50. I'll probably leave at 52. I have no kids but I am married and my wife does not earn very much, I own my property. I cannot wait to retire or at least give up the full time daily grind in London. I have people around me who cannot believe that I would leave work at 52 they tell me that I should stick at it until 60. I would feel slightly embarrassed at retiring early but I shouldn't as I will have worked hard for 35 years. I just worry about declining health in the future which is why I want to get out at 52 and enjoy myself for my remaining years. As everyone says 'you only live once' I feel that I have done my time at the coal face and deserve some 'me' time before it is too late.

Thanks

Peter.

[tightasadrum]

Hey Peter,
I understand your desire to stop the grind after 35 years no matter what your age. And don't worry about your coworkers. They'll get over it, and you'll be enjoying yourself.

[omni550]

Welcome, Peter.

Yes, we're mostly in the US...but have a few folks scattered all over the globe. Makes for great conversation.

Look forward to hearing more from you in the future.

omni

[BigNick]

Peter,

1. There are several Brits on here, although some of those live outside the UK. I live in France, but currently go to London once a month. The retirement concerns of the US and non-US residents are similar, except that you and I probably don't have to worry too much about major health care costs, even if you top up your NHS cover with BUPA or something else to take care of elective stuff more flexibly.

2. I will be 52 in November and I currently make a 6-figure salary (in sterling equivalent). I've asked for voluntary redundancy and will be walking away from that 6-figure salary at the end of June.

3. Like you, we've worked out that we will be able to spend what we currently spend at that point, because the difference between what we make between us now and what we will make then is either going to savings for retirement - meaning, we can stop saving now and do the retirement bit! - or to the kids' college expense, and those are about to end.

4. I will be taking my pension on my 52nd birthday. It will be reduced by 34% compared to waiting until 60, but I calculated that the age at which "the total amount I will/would have received overall is higher", is 72. I've promised myself not to be upset when I get to 72 and think, darn, I could have have more money if I'd know I'd get here - and in any case, I don't think I'll need more money then. (I'm going to wait until November because the actuarial reduction is per part or complete calendar year, and the payback period for waiting 5 months is only 8 years, rather than 20 for each full year.)

5. I've thought what other people might say, for about a minute. My wife is on board and totally supportive, and nobody else's opinion matters. I'm finding that everyone else falls into two camps: openly curious, aka privately envious, and nice about it; or openly incredulous, aka privately jealous, and clearly not very happy about it.

Here's something which find myself in agreement with (note: contains some short words of Anglo-Saxon origin): xkcd #137

[Alan]

Welcome to the site Peter. I look forward to hearing about your progress into retirement. Is your wife going to ER at the same time? Do you plan on staying in the London area?

I came to the USA with my job on a 2 year assigment in 1987, bringing my wife and 2 small children, all of us expecting to have a 2 or 3 year adventure, but ending up settling here.

We ER'ed 2 years ago at age 55. I also took an early, reduced, pension and top it up from our retirement savings. We still have lots of relatives and friends in the UK, and since ER have been able to spend lots of time visiting.

[obgyn65]

Welcome to the board, Peter.

[Ed_The_Gypsy]

Hi, Peter,

Welcome to the forum.

When you consider checking out at 52, have you looked at what you will have coming in and what you will be spending?

One of the things--maybe the best thing--that I learned on this forum was to plan. Be sure you can afford pulling the plug.

Having said that, think about what you want to do and what you can afford. As much as it may appeal, please do not quit until you are quite certain that you can make it without a paycheck. You are two years off, so you have a head start.

That is a pretty pan-national guideline.

Please tell us more about yourself and your intentions.

[Finance Dave]

Hi Evergreen, welcome. I work with many folks from the UK and have been there three times on business myself (Daventry, Darlington, and Kent).

Enjoy the forum!

[Alan]

Quote:

Originally Posted by Finance Dave Hi Evergreen, welcome. I work with many folks from the UK and have been there three times on business myself (Daventry, Darlington, and Kent). Enjoy the forum!

There's not many folks, that I've known, go to England and visit Darlington. Was your business anything to do with the railways by chance? (It's famous as the location of the world's first passenger railway, and I have a first cousin who works at the main railway depot there, servicing the Transpennine Express).

[nun]

Quote:

Originally Posted by Alan There's not many folks, that I've known, go to England and visit Darlington. Was your business anything to do with the railways by chance? (It's famous as the location of the world's first passenger railway, and I have a first cousin who works at the main railway depot there, servicing the Transpennine Express).

Darlington was a big train town maybe 150 years ago. Like Alan I have strong connections to the area around Darlington, and it's definitely not high on the UK's "best places to visit".

I came to the US form the Uk in 1987 right out of college and have been here for 25 years. I'm 50 and planning ER and a move back to the UK.

Back to the OP. You will find mostly Americans on here so a lot of the practical financial planning discussions won't be applicable to your situation. However, the financial philosophy, psychology and day to day life stuff isn't specific to any country. I think we'd all encourage you to do some serious budgeting and plan what you'll do after retirement and maybe ease into it by doing part time work.

You have a serious ER advantage over most people on here as you have the NHS and don't need to budget for healthcare. I'll probably be moving from the US to the UK when I ER so that I can use the NHS and save the $5k/year I'll have to pay for health insurance in the US.

[Nemo2]

Born in London, (before all this 'UK' stuff), during WWII, left for Australia when the first opportunity presented itself, age 17, (52 years ago).......first came to Canada 47 years ago next month.....(back to Oz, stayed 3 weeks, decided I preferred Canada; so hopped on a Greek ocean liner to Athens thence Canada).

If I never set foot in 'The UK' again it'll be too soon.

[Tree-dweller]

Quote:

Originally Posted by BigNick;1169043 Here's something which find myself in agreement with (note: contains some short words of Anglo-Saxon origin): [URL="http://xkcd.com/137/" xkcd #137[/URL]

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