I quite like this in between period although I certainly have no desire to start drinking at 10am! 🍸 I am however on my 3rd coffee!! ☕☕☕ It is a time when I have no idea what day it is and I eat cold roast potatoes for breakfast (doesn't everyone?)
I rather like this time to think and reflect uninterrupted on my life. What do I want to do now and in the future? What plans shall I make? And every single time I think about it I always come back to the question "When can I afford to retire?"
A few years ago I had a solid plan. I would retire at 55 in 2021, sell my house and travel with my long term partner who was going to do the same. We would spend 6 months of the year in Australia and the other 6 months travelling/exploring Europe and the UK in our campervan. Then when we were done we would buy a smallholding and become eccentric grandparents to our blended family. Obviously that plan died a death when the relationship unexpectedly ended.
Then the global pandemic hit and the plan for the last 2 years for the whole world has been survival. And it looks like next year is going to be more of the same. So I've spent the last few days thinking and planning and working stuff out and researching. I want to survive AND thrive!
I did my annual binge watch of The Good Life. I've spoken before about the influence this series had on me in my childhood! Info HERE for non Brits! It is of it's time (1975) and being more knowledgeable now about growing vegetables etc I can see the flaws in it. But it's themes of self sufficiency, frugality and make do and mend still resonate strongly with me. And it has inspired me.
So, doing what I do best, I got a pen and paper and went through my 2021 bank statements, credit card statements and salary slips. I made (many!) lists of expenses, necessities and luxuries. I investigated pension ages and pension amounts. And after a few days of much adding up, I think I've got a solid retirement plan again.
A plan that doesn't rely on anyone else. Just me! I'm quite proud of that 😊
Well done on the plan, I am queen of spread sheets, so I know what I spend where, its so easy for money to slip through your fingers. We always paid into pensions when working, and made a plan 10 years before our retirement date, I was able to retire early as well.
ReplyDeleteThanks! The mistake I made (twice!) was aligning my retirement plans to my ex husband and then to my ex partner. Being a stay at home mum combined with teaching part time for many years always meant it was 'our' retirement plan as my pension was rubbish. But I think I've finally got a plan that works for just me :-)
DeleteIt's a good idea to have a plan and be self reliant as you never know what's round the corner.
ReplyDeleteI need to do a 2022 list of ideas - not resolutions! -they never work
Totally agree we never know what's round the corner and yep, resolutions don't work!
DeleteCongratulations, the plan which does not depend upon anyone else is always the strongest.
ReplyDeleteThanks! Finally accepted that the one person I can always depend on is myself. Cheesy but true and learned the hard way!!
DeleteWell done on formulating your plan just for you. I've got a few ideas for next year, but they're all floating around in my head at the moment!
ReplyDeleteThanks! My plans have been floating around for a wee while now so I'm happy I've managed to untangle them and finally come up with something doable
DeleteCongratulations on coming up with a 'doable' plan! Ours was to retire at 55, but that got pushed back to 57 after realising that our original plan needed tweaking. We took the leap earlier this year and without a plan to keep us on track it would never have happened.
ReplyDeleteThanks! I've always been a planner, I'm just learning to plan for myself now! How brilliant you were able to tweak your plan and make it happen :-)
DeleteOur retirement has become easier now my pension has finally kicked in, 7 years later than planned but hey ho.
ReplyDeleteHaving a decent pension is the key to being able to retire. I've always known that would be the hardest part for me so I'm especially chuffed to have worked out a solution :-)
DeleteCongratulations. Hope your plans come to fruition sooner rather than later. I had to wait until I was 65!
ReplyDeleteThanks! It looks like it will be when I reach 60 if I got my numbers right!!
DeleteYou did well with your plans. I do hope that you can retire when you want to. I retired early but did not get retirement income until I was 65. Hubby and I planed as well as we were able for our retirement.
ReplyDeleteGod bless.
Thanks! I think I've worked it all out so I can retire when I want to at 60
DeleteSounds like you have a plan! I was also strongly influenced by The Good Life and made an unspoken vow to myself that I'd find a way to work from home and be my own boss and since 1985 when I was coming up to age 30 that's what I've done. I would have probably earned more with a 'proper' job but with childcare costs etc maybe not. Either way I'm very pleased with the way it has worked out. I get my state pension in a few weeks.
ReplyDeleteI wish I had been brave enough to just go ahead and do the same in my 30s but my ex husband was very conventional and unsupportive. I'm so pleased it's worked out for you :-)
DeleteYou're right, the spouse or partner needs to be onboard too and thankfully my husband also wanted to work from home and be his own boss. We've lived a thrifty life and that has massively helped too
DeleteYep, your partner needs to be on the same wavelength. My ex husband (despite being an accountant!) loved to spend money, hated anything handmade/home grown and enjoyed the finer things in life. He still does but at least he has the salary to fund it. However, I have no mortgage and he still does...
DeleteSomeone on youtube the other day was saying that one important thing to do do before you retire is to change all your light bulbs in your house to LEDs to cut back your power bill in retirement. A good reminder I thought. When I retired, I decided that the garden had to pay for itself. I can grow food but also, I sell some fruit and propagated plants for extra income. Some of that money goes into an envelope for garden expenses like fertilizer or garden chairs, and the rest goes into my travel account. Good luck on your plans.
ReplyDeleteOooo, good tip!! Got some LEDs already but I'll work on changing over more :-)
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