Hey guys, I did it. I just retired!

[General Dryness]

And now his watch is ended.

 

All the best fella, enjoy.

[Lario]

Congrats mate. Make sure you get yourself a decent hobby or a part time job otherwise you'll go batty.

 

I aim to retire at 55 so I've 17 more years to go. Feels like I'll never get there.

 

I had a similar plan, and I've only 15 years to go.

 

I've a Defined Contribution pension, and the fund I'm invested in has averaged 10.6% over the last 5 years.

If that keeps returning at that rate, my fund will be worth €1.1m by the time I'm 55.

But, because of the beauty of compound interest, the fund growth goes mental from there. So much so that, if I hold on until retirement age of 68, the fund could be worth near on €4.5m!

Age  Investment   Interest          Fund Total

55     $18,500.86    $101,885.21    $1,129,987.72

56     $19,055.89    $113,951.57    $1,262,995.17

57     $19,627.57    $127,280.90    $1,409,903.63

58     $20,216.39    $142,001.18    $1,572,121.21

59     $20,822.88    $158,253.27    $1,751,197.36

60     $21,447.57    $176,192.11    $1,948,837.04

61     $22,091.00    $195,988.25    $2,166,916.30

62     $22,753.73    $217,829.32    $2,407,499.34

63     $23,436.34    $241,921.75    $2,672,857.43

64     $24,139.43    $268,492.71    $2,965,489.58

65     $24,863.61    $297,792.14    $3,288,145.33

66     $25,609.52    $330,095.01    $3,643,849.86

67     $26,377.81    $365,703.88    $4,035,931.54

68     $27,169.14    $404,951.61    $4,468,052.29

 

 

So I really can't see myself retiring at 55 anymore! Fucking work!

 

Fair play CaramaC. Livin' the dream!

 

Edit: Fucking formatting!

[Dr Nowt]

Suspect the milk of human kindness in this thread may be about to curdle, Lario.

 

Brace yourself mate.

[Lario]

Suspect the milk of human kindness in this thread may be about to curdle, Lario.

 

Brace yourself mate.

 

Ah jaysus, twasn't meant to be showy.

 

Been investing in the pension since I was 25, and lost me hole during the downturn.

 

I'm doing it for the kids like. I've never had anything, and don't need for anything. This is all gonna be passed down so they won't need for anything.

 

As Dave Ramsay says, I'm changing my family tree.

[Dr Nowt]

Ah jaysus, twasn't meant to be showy.

 

Been investing in the pension since I was 25, and lost me hole during the downturn.

 

I'm doing it for the kids like. I've never had anything, and don't need for anything. This is all gonna be passed down so they won't need for anything.

Sorry if that came across as knocking you mate, not at all. Good on you, don't doubt you've put in a ton of graft and deserve every penny.

 

Back to your original post; golden handcuffs sometimes that sort of financial decision.

[Caramac]

Thanks for all the good wishes guys.

[Evelyn Tentions]

I had a similar plan, and I've only 15 years to go.

 

I've a Defined Contribution pension, and the fund I'm invested in has averaged 10.6% over the last 5 years.

If that keeps returning at that rate, my fund will be worth €1.1m by the time I'm 55.

But, because of the beauty of compound interest, the fund growth goes mental from there. So much so that, if I hold on until retirement age of 68, the fund could be worth near on €4.5m!

Age  Investment   Interest          Fund Total

55     $18,500.86    $101,885.21    $1,129,987.72

56     $19,055.89    $113,951.57    $1,262,995.17

57     $19,627.57    $127,280.90    $1,409,903.63

58     $20,216.39    $142,001.18    $1,572,121.21

59     $20,822.88    $158,253.27    $1,751,197.36

60     $21,447.57    $176,192.11    $1,948,837.04

61     $22,091.00    $195,988.25    $2,166,916.30

62     $22,753.73    $217,829.32    $2,407,499.34

63     $23,436.34    $241,921.75    $2,672,857.43

64     $24,139.43    $268,492.71    $2,965,489.58

65     $24,863.61    $297,792.14    $3,288,145.33

66     $25,609.52    $330,095.01    $3,643,849.86

67     $26,377.81    $365,703.88    $4,035,931.54

68     $27,169.14    $404,951.61    $4,468,052.29

 

 

So I really can't see myself retiring at 55 anymore! Fucking work!

 

Fair play CaramaC. Livin' the dream!

 

Edit: Fucking formatting!

By the time you hit 68 , that will just about buy a pint and a packet of crisps.

I've been retired a couple of years now, I don't know how I found the time to go to work.

[Priory Doctor]

Thanks for all the good wishes guys.

You have made the right decision.

Two of my work colleagues (around my age) were diagnosed with cancer and died within days of each other. 

Shortly after, my Kopite Season Ticket holding elder brother ( the original Priory Doctor) died suddenly after never having had any illness.

He worked for 52 years,then died a year into his retirement.

Made me aware of how shit fate can be,and I was lucky enough to be able to retire early the year after.

Have a long,happy and healthy retirement Caramac

[Caramac]

You have made the right decision.

Two of my work colleagues (around my age) were diagnosed with cancer and died within days of each other. 

Shortly after, my Kopite Season Ticket holding elder brother ( the original Priory Doctor) died suddenly after never having had any illness.

He worked for 52 years,then died a year into his retirement.

Made me aware of how shit fate can be,and I was lucky enough to be able to retire early the year after.

Have a long,happy and healthy retirement Caramac

 

 

Thankyou, I think i've made the right decision.

 

So sorry to hear of your elder brother.

 

As you say you never know whats around the corner, a few years back a former work colleague of mine retired after forty years of service, he never really got to enjoy his retirement much as he died eight months later.

[neko]

[AngryOfTuebrook]

Thanks for all the good wishes guys.

Bugger off, you shirker.

[Caramac]

Bugger off, you shirker.

 

 

Be quiet, I'm busy ...

 

[Champ]

So after 30 years with the same company l just took early retirement from my job (QA)  

After paying into a final salary pension plan for all those years and reaching the point where my mortgage is paid up I decided the time was right.

My work involved working a 3 shift system and a 40 mile a day commute, so ......

 

FUCK,YAYYYYYYYYYYYYYYYYYYYYY!

 

 

Fixed that for you.

 

The idea of reaching retirement age used to freak me out...now it sounds amazing. And may I wish you the retirement my dad has enjoyed for the past 20 years; good health and a good standard of living to do the things you want to do

[Rico1304]

Ah jaysus, twasn't meant to be showy.

 

Been investing in the pension since I was 25, and lost me hole during the downturn.

 

I'm doing it for the kids like. I've never had anything, and don't need for anything. This is all gonna be passed down so they won't need for anything.

 

As Dave Ramsay says, I'm changing my family tree.

Our fund is fucked, the company no longer want to prop it up so are making massive changes. It was average salary (changed from final) and now the max available has been capped. The more you earn over that cap the more it impacts. I know blokes who've been paying in 30 yrs who'll lose over £40k a year. New CEO and Chairman have obviously been brought in to do everyone over.

[Lario]

Our fund is fucked, the company no longer want to prop it up so are making massive changes. It was average salary (changed from final) and now the max available has been capped. The more you earn over that cap the more it impacts. I know blokes who've been paying in 30 yrs who'll lose over £40k a year. New CEO and Chairman have obviously been brought in to do everyone over.

 

Fuck me, that ain't good.

 

And you can bet the pension of the CEO and Chairman are perfectly safe.

 

For anyone with kids that are "living now" instead of investing in their future, give them a look at this example from Mr. Ramsay again. The earlier they start, the better it is . http://www.daveramsey.com/blog/how-teens-can-become-millionaires/

 

Example:

 

Ben and Arthur were friends who grew up together. They both knew that they needed to start thinking about the future. At age 19, Ben decided to invest $2,000 every year for eight years. He picked investment funds that averaged a 12% interest rate. Then, at age 26, Ben stopped putting money into his investments. So he put a total of $16,000 into his investment funds.

Now Arthur didn’t start investing until age 27. Just like Ben, he put $2,000 into his investment funds every year until he turned 65. He got the same 12% interest rate as Ben, but he invested 23 more years than Ben did. So Arthur invested a total of $78,000 over 39 years.

When both Ben and Arthur turned 65, they decided to compare their investment accounts. Who do you think had more? Ben, with his total of $16,000 invested over eight years, or Arthur, who invested $78,000 over 39 years?

 

 

[Mook]

Who the fuck has got £2,000 a year to invest when they're 19?

 

Basically if you're not well off, you might as well enjoy life while you're here because you'll be dead by the time you're meant to retire.

 

I'll be fucked if I'm going to spend my life worrying about money or investments funds (I am putting a little bit away for my Son though).

[Lario]

Who the fuck has got £2,000 a year to invest when they're 19?

 

Basically if you're not well off, you might as well enjoy life while you're here because you'll be dead by the time you're meant to retire.

 

I'll be fucked if I'm going to spend my life worrying about money or investments funds (I am putting a little bit away for my Son though).

 

Tis only an example fella.

 

As for your "well off" statement.

I'm far from well off.

I earn €45k per year. My missus earns less. We pay approx. 52% in taxes. We have an €1900 per month mortgage. I drive a 2001 Astra diesel.

 

But I'm committed to putting 15% of my salary into a pension fund so I'll not be a burden to my kids on retirement.

The fund won't be used to buy a pension. It'll be put into an ARF (Approved Retirement Fund) where it grows tax free, but you're charged on withdrawal. Even if you don't withdraw, they still tax you on 5% of the fund value, so that's what I'll withdraw and live on every year. Hopefully that'll mean that the fund continues to grow at 5% every year. When I finally die, the fund will be left to the kids, and their income will be supplemented by the 5% every year. They'll also be allowed to withdraw a lump sum to buy a family home for cash. That'll free up a mortgage payment for them, which can be used to invest in their pension. Hopefully the cycle will continue onto their kids, and their kids....

 

If people want to live in the now, that's their choice. But I'm sacrificing the fuck out of myself so my kids will never have to know what a loan is, never have to worry if there's enough cash in the bank to pay Sky, meet a bank manager and grovel for an overdraft.

 

Everyone makes their own choices. That's mine.

 

Sorry for derailing the thread. CaramaC is retired!! Woohoo!!!

[Caramac]

Fixed that for you.

 

The idea of reaching retirement age used to freak me out...now it sounds amazing. And may I wish you the retirement my dad has enjoyed for the past 20 years; good health and a good standard of living to do the things you want to do

 

 

My last couple of days at work felt a bit surreal so yeah...

 

Glad to hear your dad is getting the most from his retirement and thanks for the kind thoughts. My dad is doing well from his retirement also, he retired at 55 and he's now 85, still driving and in decent nick.

 

However just over 3 years ago my mum who will be 82 this July was diagnosed with Alzheimer's and has been in a nursing home for just over a year and that is beyond terrible to see. l'll get to see her a lot more now and be around to spend more time with my dad.

[Nunavut Patrick]

Congratulations CaramaC.

 

The one thing you can never buy is time. But you can manage it or choose to spend it wisely and seems you have done that.

 

Now get yourself a decent dog and a pair of wellies and soend your afternoons and your local complaining about young people these days.

[Bobby Hundreds]

When I get to retirement if I can't afford to retire I'm just going to turn to crime. Sell crack in well to do areas. South Oxfordshire maybe.

[Champ]

My last couple of days at work felt a bit surreal so yeah...

 

Glad to hear your dad is getting the most from his retirement and thanks for the kind thoughts. My dad is doing well from his retirement also, he retired at 55 and he's now 85, still driving and in decent nick.

 

However just over 3 years ago my mum who will be 82 this July was diagnosed with Alzheimer's and has been in a nursing home for just over a year and that is beyond terrible to see. l'll get to see her a lot more now and be around to spend more time with my dad.

Oh, I'm so sorry to hear that...for your mum, your dad, you and the rest of your family. It truly is the most appalling disease and something I dread for my folks or anyone for that matter.

 

As others have alluded to, none of us know what's round the corner. Make sure you take time to live life for yourself too

[Caramac]

Oh, I'm so sorry to hear that...for your mum, your dad, you and the rest of your family. It truly is the most appalling disease and something I dread for my folks or anyone for that matter.

 

As others have alluded to, none of us know what's round the corner. Make sure you take time to live life for yourself too

 

 

Yes, for sure I'II make the most of it.

[Caramac]

Congratulations CaramaC.

 

The one thing you can never buy is time. But you can manage it or choose to spend it wisely and seems you have done that.

 

Now get yourself a decent dog and a pair of wellies and soend your afternoons and your local complaining about young people these days.

 

 

Cheers buddy, much appreciated.

[Nunavut Patrick]

Oh, I'm so sorry to hear that...for your mum, your dad, you and the rest of your family. It truly is the most appalling disease and something I dread for my folks or anyone for that matter.

As others have alluded to, none of us know what's round the corner. Make sure you take time to live life for yourself too

I know what's around the corner.

 

People at bus stops.

[Nunavut Patrick]

Cheers buddy, much appreciated.

Hahaha..."buddy"....

 

You got a bit of Canadian in you?