How to retire early?

RoboMac said:
I've heard the above described as the Go-Go years, the Slow-Go years and then the No-Go years
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Go-Go age 60 to 74

Slow-Go age 75 to 84

No-Go age 85+

You have to know your expenditure or expected burn rate and apply CPI to expected income in retirement, on the basis there’s no going back to work once your retirement decision is made.

Complexity is always government interference in moving the State pension age, 2028 is mooted to be a point when they raise retirement age to 67 for access to State pension. Hence, I’m spending nothing and funding avcs for an age 62-63 exit
 
Annieindublin said:
New strategic vision, yawn, new backend IT systems and a new workflow associated with it. Change of reporting lines so I’ll have a new boss.
We are dripping with management consultants so the end company will be very different, I’ve seen this a few times and each period of change is tiring and I’m not interested anymore.

I know, it’s me not them
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None of this sounds realistic. To me it sounds like hyperbole. But i get it, youre disgruntled. As am i.
 
Annieindublin said:
New strategic vision, yawn, new backend IT systems and a new workflow associated with it. Change of reporting lines so I’ll have a new boss.
We are dripping with management consultants so the end company will be very different, I’ve seen this a few times and each period of change is tiring and I’m not interested anymore.

I know, it’s me not them…
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A lot of what you’re saying resonates with my own work situation, I’m on CEO number 4 in about the last 6 years, makes me think of the nursery rhyme about the Duke of York and marching his troops up and the the hill

I like the mental stimulation, working with some smart people but tolerance for a lot of the other stuff very low these days. Much more focused on my own exit strategy now
 
We have about 8 staff focus groups and I think 12 change management consultants… actual staff under 200… the consultant-speak has taken over everything. If I was so inclined I could have attended 3 updates last week, 2 focus workshops and read 6 newsletters.. or rather immersed myself in 6 update newsletters … apparently we don’t read updates.. we immerse ourselves in the process.
In my next life I’ll be a change/transformation consultant. Use AI to generate updates and “advice”: easy peasey.

Unfortunately the cost of these is eye watering so no exit packages on the table.

Sorry off topic.

I am actually obsessing with my spreadsheets of what we need/want and what we have as income. And I’m factoring in that we may have to help with home care costs for my elderly parents.
 
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Snap - in the past.
I went through this process a few years ago in order to clearly identify my actual essential expenditure so that I could be clear on what income I actually needed in order to stop working.
But it's a useful exercise even outside of a retirement planning scenario.
In many of the Money Makeover posts here people don't seem at all clear what their actual/necessary household expenditure is and that's fundamental to most or all other plans.
 
jpmackey said:
I am head of a dept so cannot just go to a 3 day week or take 12 weeks off. I am either all in or all out.
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That frankly sucks and blows at the same. It also sums up why I've no interest in going further up the hierarchy- i value my time far to much to sacrifice it for a few more shekels which i don't particularly need. On the contrary i sacrifice pay for shorter working year because life is too short.

ClubMan said:
In many of the Money Makeover posts here people don't seem at all clear what their actual/necessary household expenditure is and that's fundamental to most or all other plans.
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100%. You can't estimate your required income without a fair idea of your required expenditure.

Although as i mentioned already, lifestyle inflation tends to ensure that expenditure expands to absorb available income, with the result that people start thinking eg that 2 newish cars, the most recent iPhone or whatever are actual requirements rather than luxuries...
 
BIG-notorious said:
That frankly sucks and blows at the same. It also sums up why I've no interest in going further up the hierarchy- i value my time far to much to sacrifice it for a few more shekels which i don't particularly need. On the contrary i sacrifice pay for shorter working year because life is too short.
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Don’t get me wrong, I have a good work-life balance. I’m not doing 60 hour weeks!

I am happy for the extra shekels: the pay difference, the pension increase, and being able to pay more into AVC will allow me to retire fully about 2-3 years sooner than what I did before.
 
BIG-notorious said:
lifestyle inflation tends to ensure that expenditure expands to absorb available income, with the result that people start thinking eg that 2 newish cars, the most recent iPhone or whatever are actual requirements rather than luxuries...
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I think this "lifestyle inflation" is an important point in respect to retirement and especially when thinking about early retirement
And one that I only started to understand myself with the benefit of hindsight and it's not just because cost inflation

Most people when trying to calculate future expenditure think about it through the eyes of current expenditure and there's nothing wrong with that. You have to start somewhere and that's as good a place to start from, you change your car every 3 to 5 years regardless, you take foreign holidays twice a year because you need the downtime from work, you change you phone as soon as the new model comes out, sure why not, it's got a better camera for all those holiday photos that you never look at

When you retire a lot of the reasons why you did something, change and it's not because you cant afford it it's more the reason why are not as relevant as before, you don't change your car as frequently as you've realised your car can easily last 20 years and nobody really cares what you drive, You don't need to go on twice yearly foreign holidays as your not stressed out anymore as your now on a permanent holiday and you can have just as much a fun time at home as you do aboard, you realise that the biggest difference between the phone you have now and the new one is the eye watering price

There is also the other fact that whether you like it or not you are going to change a lot of your opinions and beliefs when you retire
And this should have a positive effect on your required expenditure in so far as you might try to stop wasting money
 
Fortune said:
It seems to me that people would be doing much better if they changed these opinions and beliefs much earlier.
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Indeed and I'm one of those people
In 2006 I bought myself an expensive car €120K, you know the one's normally referred to as a penis extension ;)
Fast forward to 2012 where because I hadn't all my ducks in a row financially when I "retired", I decided to sell it
The long and the short of the sale was nobody at that time wanted these type cars because of the engine size and running costs
So with tears rolling down my face I watched it roll out the driveway while I was holding a cheque for €12.5K
And the real mad thing about it was it only had 24K on the clock

But having said that the proceeds of the sale allowed me to buy two Cervelo R5's and as the say the rest is history :D
 
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