Thank you! I think the post was fuelled by anxiety regarding my return to work after my last (intended!) maternity leave and a letter from the HSE pension people with RETIREMENT AGE 67 highlighted! I am back to work and enjoying it now. Will report back at 52!I'm having a rise in blood pressure reading the original post. You and your spouse are only 35 (a child in my terms, no offence!). Put off all thoughts of early retirement until you are least 52 years 2 months old. We can't predict what will happen next week never mind what happens next year. You're earning well and onto a winner. Keep it that way and then having reached 52 years 2 months you can review your situation.
What's the story with 52 years 2 months? Is this random or related to something specific?I'm having a rise in blood pressure reading the original post. You and your spouse are only 35 (a child in my terms, no offence!). Put off all thoughts of early retirement until you are least 52 years 2 months old. We can't predict what will happen next week never mind what happens next year. You're earning well and onto a winner. Keep it that way and then having reached 52 years 2 months you can review your situation.
OP, of course you can retire early. But only if you stop borrowing money and curb your lifestyle. Once you do that, retiring early will be easy on your consultants salary.
It's about choices. Spending your inheritance on an extension won't help you retire early. Paying down debt and investing will.
you are falling into the classic lifestyle/consumer trap. Great income but not accumulating wealth. With your current salary you are about breaking even or dipping into saving. When you get your increase try invest the increase otherwise you will find it very easy to spend it on stuff you probably don't really need.
It's not quite as black and white as that though, is it? There's an argument to be made for "life is for living", or at least having a balance between a good standard of living and planning for the future. Maybe more a philisophical argument, and here's probably not the place for it. But based on a doubling of salary, seems to me like the OP & family will be able to have their cake and eat it, so to speak.
Their salary doubling would challenge the assertion that their lifestyle will probably always consume their salary. The extra money can be used to invest, they are already looking at curbing spending, so seems like they can strike a good balance, and not necessarily have to sacrifice to much on the lifestyle. If the salary was not doubling, for sure more drastic change to lifestyle/spending would be needed to fund early retirement.Yes, but the OP wants to be able to retire early so she can't have her cake an eat it. If their lifestyle consumes their salary now it will probably always consume their salary. The only way to retire early is to invest and curb the spending.
What's the story with 52 years 2 months? Is this random or related to something specific?
Brilliant, it's of great help!Wait until you're 52 - At that stage you can think more clearly.
The additional 2 months - Just to ensure you thought more clearly
Only another Dubliner would question this.
I hope this is of help.
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