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Old 18 Aug 19, 12:22 PM  
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#28
sam_b
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All of my focus is on planning for my stopping work in 6 years time (at 55). I think that there is a big difference between retirement - drawing a pension - and stopping work.
I know that I won’t be able to access my pensions for a long time ( 65 for my company pensions and 67 currently for state pension). So my focus is on amassing enough money to live on in the interim. To that end I have paid off the mortgage, we are doing all of the big house improvements we need (new boiler, new bathrooms, new kitchen, new windows, new fascias etc all in last few years). The rest of my money goes into isas and investments.

We know that we have to plan for at least 10 years without income, and we have worked out how much we need per annum (inc holidays etc) and as soon as we hit the amount that will allow us to live those years - we will stop. (A kind of draw down plan). My main concern is riding out the inevitable economic crash that is coming and capitalising on it as much as possible.

Financial planning is complex, and so personal and it takes a lot of time - but it’s so important. Balancing between jam today and jam tomorrow is the hardest thing.

Edited at 12:24 PM.
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