Run the numbers and if you can do it - don't hesitate. So my husband and I had planned our retirement at him 58 and me 54. But his pension changed before retirement meaning to retire on the same planned income he had to work to 60. My state pension, due at 60 was changed by the government to 66 with very little notice, so deferring my retirement for 2 years whilst I tried to make up as much of my loss as possible was a necessity too. We dithered but in the end went for it. How glad we are. We managed 3 years of travel before Covid, my diagnosis with lung cancer after being a life long non smoker, being unable to travel much after Covid whilst looking after my husband's 100 year old mother and helping my son through a very difficult divorce. Finally, this month, we are back to being able to travel more once again. Do it as soon as you can whilst you have your health. You never know what is round the corner.
Thank you so much for sharing your inspirational experience. So glad that you are back out there. Your final two sentences are so true and hard hitting. We need to refer to them every morning to keep going after it day after day. Thanks again🙏
When we retired we found we spent a lot less money on eating out. It wasn’t deliberate but when you have time to shop and cook, making your own food is a lot more enjoyable and we often prefer it to restaurant food now
Few in the UK private sector can retire early only public sector workers have those gold plated pensions. Best of luck for the future the rest of us need to grind a little longer.
We've followed your channel for a while and are hoping to retire early ourselves at around 55. My Dad passed away very suddenly 5 weeks ago, he was only 67 and was very fit and healthy 😔 it's really cemented our decision to retire as soon as we can.
@@on_our_own_terms my hubby’s brother died suddenly aged 57 and he was the very fit younger brother so we made a snap decision and retired at 60 (6 years ago now). We’re living our best life now.
I had always wanted to take early retirement and get a Campervan. I procrastinated for a couple of years worrying about finances. Then I lost 4 family members, 2 inside 6 days then another 2 in the next few months. I realised tomorrow isn’t guaranteed for anyone. Having worked all their lives my relatives never got to live long enough to receive their occupational or retirement pensions or to see out the plans they had in their heads for when they retired. In a few months it will be 10 years since I took early retirement, last year I bought my second Campervan 😊 I would encourage people not to just plan for the future & let today pass them bye, but to live for the day whilst keeping an eye on the future.
Wow - life really does through curve balls at us sometimes doesn’t it! It was such a big decision to make but one that we are not regretting. I think loss makes you reframe your mindset - making memories and having experiences is now our priority ❤️
Great insight from your perspective. I was initially concerned that I may run out of money by retiring early, but creating a realistic budget was key to allaying that fear. Another issue I thought I may have was a lack of social interactions once I had left work. Being a single person, although I am fine with my own company, I worried that I may become lonely. I have tried to make new connections - for example, I started doing parkruns last year and have now gained a new social circle there - and I'm getting fitter as well! 🏃
We rapidly came to the conclusion moneywise - that we could always just get a job again - nothing was irreversible! Even as a couple - one of our fears was social interactions particularly as we also relocated but for now we actually see more of our family than ever (when we are home) and still catch up with friends regularly 😊
Excellent approach, bud, and i applaud you for pushing beyond your comfort zone. Social connections and friends circles are very important, especially in later life.
Hello, fellow teacher here. May I say how well you both look. You look so much younger, happy and radiant with health since retirement. It suits you both very well.
I've always said if I went back into work I would just get a minimum wage job rather than go back into a career. I don't want the stress any more. The other thing is clear the debt! You can't retire early if you have debt and make your money work for you. Finding a sense of purpose was probably the biggest thing for me and that actually has changed in the last 5 years. I accept things are more fluid than they were in the world of work.
I do love your philosophy on life and retirement, life does tend to throw us all curve balls. We are just weighing up our options for retirement, life threw me personally a curve ball or two which definitely made us realise that life is fragile and precious. We have two elderly relatives and as we would like to move and down size we are concerned about the impact on them but at the same time we cannot live our lives for others and do not want to suddenly wake up and it is too late for us if that makes sense. I think this is the biggest problem facing us.
Thanks for sharing this...there are no easy answers we are afraid. However as long as you get a solution that works for your situation- that is the right solution. We found it tough to move away from Jackie's Mum, but we were moving closer to my mum for a reason. In reality, we are still less that 1.5 hours away from Jackie's Mum, which is working out ok so far. What we do find is now that we have more time in retirement, we get more quality time with both Mums which is great. At times it is natural to feel guilty about decisions we make that are best for us- but in reality, there are work arounds to make a best fit for all. Thanks again for sharing, and good luck with the planning. 👍 R
As always you make many excellent points. I retired from teaching at 55 and have just turned 65. I honestly don’t know where those 10 years have gone or how I found time to work. I would encourage anyone who can to go for it.
I am glad I came across this. I have been wavering on early retirement at 55. I finally spoke to a financial advisor a few days ago, and we are going through monthly spending budgets to see what income is required. My wife retired 3 years earlier and I am looking forward to joining her in retirement. She is a great role model, as she volunteers on a couple non profit boards and reconnected with friends and made new ones since retiring.
We tried to live to our monthly budget in the last year before we retired to see if it was do able which certainly helped! I am glad your wife is enjoying her retirement and the time it is has given her. Hope all your plans go well and you get to enjoy your free time together 😊
You two are such a tonic! My husband just retired at 53 and I'm 48. We definitely want to do travel as we haven't been away for years. You both seem so healthy too!
We are launching into early retirement in two weeks! Thank you so much, Richard and Jackie, for all your sharing and heart you put into your videos. They are quite comforting in our run-up to this new adventure. Your personal stories give your retirement plan real drive! I worked so hard as a youth and missed out on so many things that many young people experience and I'm making up for lost time at age 53. Cheers!
Very exciting! I feel like we have counted down the weeks with you 😊 we feel the same going straight from university to work and having children young - we didn’t get much down time so we are making up for it now! X
Great vlog both. I really like how you say you may get a job, but not career. As someone who was full on for 35 years, this was a bit of a lightbulb 💡 moment for me 👍🏻. Keep creating the brilliant content - find it so helpful and always pick up nuggets from your experience 👌🏻
I have watched your channel right from the beginning and enjoyed everyone of them. I, like you, have lost all my siblings before retirement age so I early retired 9 months ago and loving every day. Can’t wait for your trip to the Shetlands and Orkney islands 😀
I am sorry to hear about your significant losses too - it really does make you reflect on what is important to you. glad you are enjoying your retirement- it’s great isn’t it! Just arrived on the Shetlands and it beautiful 🚐⛴️😊
Thanks Richard and Jackie. Love your channel and videos. Our situation is a little different due to our age difference. My husband reached state retirement age last autumn and I early retired from a teaching job at the same time ( aged 51). We also moved houses to a different part of the country, now living in my parents house after my Dad passed away last year. I struggled to find a new purpose to start with, but we soon got involved in volunteering locally and have just bought a camper van, so we couldn’t be happier. We never lived an extravagant life anyway and managed to pay off mortgages and save over the years as we have planned this for at least the last 5-10 years . Life, including early or normal age retirement, is what you make it. As long as we both have our Heath, I hope our joint go-go years will last for a good number of years to come.
Thanks for sharing your story - we absolutely agree on the health front - hope you have lots of good go go years together in your new campervan - Nelson, our van, is probably the biggest positive changes in our lives as it gave us the freedom to get away frequently and cheaply x
Thank you for an excellent and inspiring video! I have just retired at the regular age of 64 (for women in Switzerland). I had the immense privilege to have a very fulfilling work and now I am looking forward to the next adventures.
Many thanks for such kind words and congratulations on your retirement! We definitely see it as the next phase in our life. We too loved what we did in our jobs, but what we have experienced in our first 2 years of retirement has been so special and we are forever grateful for that. Thanks for the comment👍
@@earlyretirementwanderlust Thank you so much for your nice reply. I think the most important is that we can do what is the best and most meaningful for us at any time in our life to enjoy it fully . For me it was humanitarian work as an MD so I travelled extensively in the last decades. What I really appreciate in your videos is your honest, well informed, reflected, structured and very likable way to present your subjects. I have subscribed! Looking forward to more of your adventures!
Very insightful video, thank you. My wife and I are both still working full time, mortgage free, debt free and in our early 60's. Our concern is finding a truly honest, plain speaking financial adviser. My father lost a significant chunk of his life savings from a so called regulated advisor, advising him so I'm reluctant for obvious reasons. Due to that reluctance as much as I'd retire tomorrow, I'll keep working until I can no longer work. Anyway good luck
Hi Tim, as a couple we are really risk adverse- particularly with our money. We are lucky that our son is an investment advisor and talks us through the different levels of risk in investments. We like to keep it really simple and safe. Any financial advisor should be able to talk through the risk levels with openness and transparency. If they can't (or won't), that is a red flag. Likewise, they should be happy to invest at the level their client is comfortable with, and not beyond. Good luck with your plans. Have a great weekend. 👍
No one will look after your money like you will. I don't think you need a Financial Advisor. Educate yourself. The internet is your friend. If you don't understand it, don't invest in it and go for investments that give you a guaranteed return with institutions you know. You may get less return, but you will be save in the knowledge that no one is going to get rich on the back of your hard work.
Great video as always and we have adapted to set the weekly budget in cash. We finish on the campsite in October so we are planning post warden job. We have decided to get a new slightly smaller van than the large motorhome we currently live in. Since giving up work earlier in the year I have struggled with the identity issue. However we are enjoying life as wardens. I went back to the hospice I worked at to do a couple of weeks cover and enjoyed it. However it was also great to know I was only doing two weeks. Thanks Dave
Glad you have enjoyed the wardens job - we are in Scotland at the moment 🚐 it must be a fine balance van wise of something comfortable enough to call home and live in but manoeuvrable enough to go where you want. If you enjoyed the temporary nature of cover work it could be an option occasionally. No hope all keeps going well x
@@earlyretirementwanderlust thanks and I think dipping in and out of some work suits me better. I definitely underestimated the transition from work. Started to read Die with Zero and already hooked! Thanks Dave
My experience is very similar. I also retired from teaching 2 years ago in the U.S. at about the same age. I have a few years less service than you did, so a smaller pension. I'm currently filling in the time until my wife retires working at a local farm and traveling a couple of times a year- oddly enough, often to the UK. Glad everything is working out for you.
Amazing - I hope you are enjoying your UK trips - there are so many wonderful places to visit. Enjoy your free time and it’s hopefully not too long until your wife can join you. We have loved our last 2 years of early retirement 😊
Excellent new feature of rate my shower. I think this should be a staple in all your videos. I too get excited about camp site facilities. At the end of the day that is what you are paying for.
Thanks Richard- glad that you are enjoying the feature. It's obviously a bit tongue in cheek- but I agree that it is really important when considering where to stay. I am planning to do a few more as I am just geeking out on how fun it is to put together. 👍R
I have almost ran out of money 😂 but I have a great low spend life now and lots of stories to tell. I think you’ve done brilliantly because you have been determined to make it work and work it has! 👍
I hate it when the age of death is ever used. The last 10 -20 years you could be living in an old persons home and bed ridden. No going out but have a beating heart. That is not alive. I agree that a person is not what they do for work.
I had a fairly high level job and loved it and my team. I definitely could have retired earlier, and found the decision to make rhe leap the hardest...but less than a year later can hardly imagine working, and haven't really enjoyed the one consultancy project I've done...have other things to do!
I am 53 and took redundancy after 26 years with the same bank. Now looking for that new ‘job’ as can’t quite afford to retire yet. Loving your videos, very informative and certainly giving me wanderlust!😊
Thanks for the comment Nicola- life can really throw some challenges at us! The thing that we realised once we left our teaching jobs was that we could actually apply our skills to a wide range of different jobs- when we were teaching we never really had the confidence to believe that! A whole world of opportunities has since opened up to us in this next phase of life. Good luck with your wanderlust...👍
A great summary of the issues around early retirement. I think you have a very healthy attitude. As an early retiree myself,along with my wife, I think your observations are spot on. I am also keen to have experiences over possessions, and am looking forward to visits toYorkshire and Japan before the end of the year. The new en suite can wait! Life's too short.
Thank you - how exciting planning a trip to Japan - it is somewhere we would like to visit in the future. Even more exciting coming up to Yorkshire!! We have pretty much decided the garden can wait as we are not there a huge amount to use it anyway 🤣 enjoy your trips x
Really enjoying your travel tips advice and content Like you guys we have similar interests. We have been lucky to scale back our work and now about to take more travel holidays but we still work. Love the life you are living because sadly through tragedy we all realize that life's too short, do it today don't leave it till tomorrow.
Wonderful! hope you enjoy your free time as much as we do - we love just having the freedom to do what we want and to catch up with family and friends 😊
My father chose not to retire at his retirement age of 65 because he enjoyed his work so at 70 he slowed down and only worked 4 days a week. My mother who was 12 years younger started to plan their retirement but just two years later my father, a lifelong smoker, was diagnosed with lung cancer and died in just 3 weeks
So sad to hear this. For some people work is really important and part of their identity. I suppose losing close family members so young has just made us reflect on what we value - which is time for both ourselves and others x
I’ve just come across your channel and my first question is whether you have children/ grandchildren commitments? That makes a massive difference to living the dream. I totally get your bold lifestyle choices.
Glad that you have found us Jonny. We have two beautiful grown up children who are working hard in their late 20's (we had our kids young!). We are not yet blessed with Grandchildren, but know that we will need to remain flexible if they arrive. We take a really simple approach to life and know that circumstances change...and we are excited about that. If we are blessed with grandchildren, we will embrace every moment of joy that we can out of every day- just like we do now, but with a different focus. Thanks for the comment👍
@@earlyretirementwanderlust I retired at 62 and haven’t regretted it over the past 2 1/2 years. I would say that one of the truths of early retirement is that we are flexible beings. I’ve retained a minor work role that has worked out incredibly smoothly and we have done some caring for our new granddaughters. It means that retirement has taken a rather different shape than anticipated, but it has been life enriching. I’m happier, lighter and fitter than I can remember. I would be amazed if I haven’t improved my life expectancy with those changes. The other revelation is that we spend significantly less than we had anticipated.
We love this! How blessed to be able to help out looking after your granddaughters❤️ We definitely feel much healthier compared to our working lives and that has to have a knock on effect to the quality of our retirement years. We absolutely agree that spending decreases in retirement. My Dad always used to tell us this but we never believed him! Thanks for the reply. 👍
Nice to see people taking a chance in life. I agree you have to be sensible but life is for living. Make the most of everyday because this is not a dress rehearsal. If you had one trip left in life where would it be?? Thankyou
Great video, love your channel. Would you do another video to elaborate on frugal living day-to-day, I've watched 'Less is more ' and enjoyed the focus on wants and needs and evaluating the want. Have you managed to reduce the cost of needs and essentials?
Thank you 😊We have done a video on a day in the life of early retirement about a year ago but will put our thinking caps on 😊 we have got pretty good at keeping to our budget for essentials and working on a weekly cash system helps with this - travel is our one retirement indulgence but with the van we are quite good at keeping the costs to a minimum 🚐
I much prefer your discussions about retirement rather than your travel vlogs. I suppose you’ve got two kinds of subscribers- many tubers have two channels to solve this particularly the retired nomad travellers.
What are you doing about maintaining your national insurance contributions, your record will be incomplete for a full state pension and if you become ill you won’t be eligible for any support through Employment Support Allowance (which isn’t means tested but your private pension/teacher’s pension will be taken into account, depending on how much it is). We love our camper van and I’m so tempted to join my husband in early retirement so that we can make the most of it.
Hi Clare, we have 3 years left each to contribute and will be to do that using one payments for each year. It is on our radar, and we have budgeted for this in our plans. Many thanks for the comment. 👍
You’re both looking well and happy. Being creative, organised and getting going has it’s pay off’s!! Jackie your hair looks lovely. Looking forward to my husband retiring and get the wheels in motion. Thanks as always for sharing information. One of my enjoyments is creating garden ideas so looking forward to anything you might have to share as and when you start on that.😊 It would be great to also see some van cookery stuff, what’s easy to prepare and if you have go too recipes on the move that work well. Thanks again Angela
Thanks for the comment Angela- it's always nice to hear nice things! We could do with some of your Garden creativity rubbing off as we are really struggling for motivation for this particular project. We just cannot seem to get going on it! We love our cooking and are going to try and feature it a bit more as part of giving ourselves to the camera. On a purely practical note- it's really hard to film! We have newfound respect for all those cookery shows😂 Thanks again for the comment- your comment about Jackie's hair did make her smile as she hasn't had it cut for over a year😂
😂 looks like you’ve just had highlights, must be sun bleach but hey looks great. You guys are creative and organised so I guess the gardens a matter of when you feel like the time and budget are right with the travel.
Hi Richard & Jackie, love your chanel. A great mix of travel, life and inspiring , thought provoking insights to such things as early retirement. I took early retirement at 60 from the NHS ( also loved my role ). My husband lost his eyesight 1 Yr in to early retirement but we too now take every day and enjoy, building in travel as much as we can. The ratio of working years to living years and what we might have left to enjoy is quite startling. When is your book being published Richard ????? 😊
Hi thanks for watching the channel - we are glad that some of what we do resonates with you. Gosh that is a harsh start to your husbands retirement! It is quite stark when you do look at working v retired life and quite an art to get the balance right! Richard says he is not up to a book just yet!
thank you! wonderful content and really good advises! did you say how much pension you have? I am in vienna i guess its everywhere the approximately the same with 51 its about 1500 euro and you are two thats absolute enough . as a couple ... living as single not. thats the difference
At the moment we do not get a pension and are living on our savings - at 55 we will get access to our professional pensions which will not be any where near as much as 1500 euros each - so we will need to be careful until we get our state pensions at 67. But we will have enough to live on and travel with the little bit of freelance writing we do. Sadly, I can see that it would be much trickier as a single person. Thanks for watching x
Agree that life is for living. We made sure we had no mortgage debts or cars. This way you can just about survive! We appreciate not everyone can this …….
Thanks for this Chris, we haven't done a specific video on budget and funding as we believe that it is such a complex and individual thing that would not apply to everyone. Until we get to our pension date at 55, we are living of savings, equity from our house downsize and some newly developing passive income. We have not ruled out having to return to employment if things get tight, but it would be to a job rather than resuming a career. We hope this helps? 👍
Great video as always really looking forward to your trip to Thailand might follow your visit if all goes to plan and your safe, I’ve been watching retirement vlogs but no one ever says what there budget is, I know all about everyone has a different lifestyle but would be interested to actually have a figure, fellow budgie smuggler wearer Pete
Hi Pete- glad that there are other lovers of the budgy smugglers out there😂 In very general terms, we try to live off a week to week budget of £200 in cash to cover all living expenses including food, fuel, campsite costs, etc. Our fixed expenses for our Dales home is about £450 per month. We have a monthly budget of around £2K that includes a contingency for the regular, yet unexpected costs like birthdays, MOT's, etc. We do supplement this with our passive income from writing and UA-cam for any travels that we undertake that are more expensive than living at home. Hope this helps?👍
Thanks for sharing this information does this include your holidays especially Thailand, was budgeting £38/42k per year, even though I’m 60 don’t really want to retire has I enjoy my job, looking forward to your next vlogs keep them coming
Hi Pete- the flights for Thailand and some of the accommodation will be funded by our freelance "pot" of savings- but hopefully the rest will be covered by our normal budget. From what we have researched into the cost of living, we should be pretty close. We thought that we had broken the bank with our Euro 6 week roadtrip- but in reality it came in at about £2700 all in...which was almost within our normal budget parameters.
Your life expectancy comment is general . There are nuances in the data. The Average life expectancy is 79.2 for U.K. males but the HALE ( Healthy Average Life Expectancy ) is lower at 73. Then there’s this: According to the data I have access to from August 2023, the mortality rate for UK males up to the age of 76 is approximately 19.8%. More specifically, the Office for National Statistics (ONS) reported the following UK male mortality statistics: - Mortality rate for ages 0-64: 7.8% - Mortality rate for ages 65-74: 7.7% - Mortality rate for ages 75-84: 24.5% Combining these age-specific mortality rates, we can estimate that the overall mortality rate for UK males up to the age of 76 (which spans the 0-64 and 65-74 age groups) is around 19.8%. To break this down: - 7.8% of UK males die before age 65 - An additional 7.7% die between ages 65-74 - So the total mortality rate up to age 76 is approximately 7.8% + 7.7% = 19.8% The key figure is 75. You might live longer but be relatively incapacitated and will not be abseiling down Everest.
Thanks for this really useful information. Looks like we definitely made the right decision to retire early and maximise our potential Go-Go years together. Thanks for the reassurance👍
Absolutely spot on! We spent the afternoon discussing this point and it is so pertinent. The key for us is to look after our healthy life expectancy (our Go-Go and Slow-Go years) and not just aimlessly try to extend our lives with no quality of life. Thanks as always for the comment👍
what i find funniest from this is presumably they are retiring early to have longer holidays/travelling, but they are teachers! they have longest holidays and if they did supply teaching they could have even longer ones or even teach abroad? seems like they are retiring early just not to have any stress from working, that's valid if you can afford it, i'd rather wait till i have a decent pension built up so i can enjoy retirement without worrying about money or working in sainsburys stacking shelfs to get by.
@@earlyretirementwanderlust Yes I thought it would be, but wanted to ask. The thing is, as teachers working in Council run schools (under the government umbrella) you can atleast draw a pension at 55, currently 12 years earlier than 90% of people...them (as I) not being allowed to draw anything until their pension start date, currently 67. Such people can only retire early if they've saved enough to bridge the gap between them stopping work & their pension start date. This being the biggest issue for the majority. As teachers, you didn't have this issue or atleast not to the same degree & so what applies to you, really only applies to those that have worked under the Government umbrella. Also every NI contribution you've made, will have been topped up by the Government throughout your teaching careers, making a much higher pension drawing....The 90% of others don't get/haven't had any top up whatsoever. All in all, working under the Government Unbrella brings huge benefits, compared to not working under. This ought to be taken into account & mentioned.
@@keepitreal1547that’s why a lot of people save into a SIPP or private pension, and you get government top-up so some benefit too. Yes, not as generous as a civil service pension but still good. Many also use ISAs to bridge the gap. I have a small DC pot I can access at 55.
@@keepitreal1547 I haven’t worked in a public service job in my whole career - I’m 54 now - but all the company pensions Ive picked up along the way allow me to opt to retire and start drawing my pension at 55. My employers contributed to each of these pension schemes as well as the deductions from my own salary. Most of my friends are in the same situation with their pensions as well so I’m not sure that teachers really have as much of an advantage as you might think.
You mentioned outliving your savings & that it's yours & most people's worries...but surely if that's the case, then not enough has been saved/invested? The ideal position is to plan ahead & make sure you have enough to outlast your lives...& anything left will be outlined in your WILLS.
Also we would like ask two questions? Can I ask what microphones you use we are doing research to invest in some for our own channel. Also love your watches too are they smart watches that measures your hikes and cycle trips ? Thanks
After battling with the wind and and my quiet voice we invested in DJI wireless mikes which is a great tiny portable set. It’s made the world of difference when filming outdoors particularly 😊 our watches are the basic Garmin instinct model which have an excellent battery life and record various different activities and link into the Garmin connect and Strava.
@@earlyretirementwanderlust oh thank you this has been really helpful. I didn't want to pay for microphones that were too big on your clothing to be honest these look perfect. I thought the watches were Garmin heard they are a good investment for an all round smart watch 👍
If you work, even part time, then you are not fully retired. So anyone that tells me that are retired but work, I tell them - you are not retired then.
Thanks for this Graham👍 Sadly, it is probably the quality of life between 80 and 87 that is more of an issue, and one that drives us on to do what we do.
I am sorry but calling it early retirement? Really? Selling your house and moving miles away from probably friends and family then scrimping and scraping with money. That is just a change of lifestyle. Especially when you talk about freelance work and budgeting to 200 a week. Nothing wrong with that. I suppose it just bugs me a bit this . . . .early retirement thing. Just call it what it is. . . . The change of lifestyle youtube channel.
How does skiing 2-3 months in the Alps, 1 month exploring the South West, 6 weeks in Europe so far this year AND it is only July not qualify as being retired? They aren't working, they have a Plan B and spend intentionally. Richard comes from Yorkshire and is now nearer his Mum. Totally flummoxed by your comment!
He has a bit of a point, being paid for journalism of varying kinds, tutoring etc is still being gainfully employed. It’s semi retirement- nothing wrong with that I’ve been doing it for 4years but it’s NOT being retired….. that’s when your state pension or saved pension is paid to you when you reach the appropriate age and you don’t have to work……
Thanks for the video but you are semi- retired. Being paid for journalism of varying kinds, tutoring etc is still being gainfully employed. It’s semi retirement- nothing wrong with that I’ve been doing it for 4years but it’s NOT being retired….. that’s when your state pension or saved pension is paid to you when you reach the appropriate age and you don’t have to work……
Run the numbers and if you can do it - don't hesitate. So my husband and I had planned our retirement at him 58 and me 54. But his pension changed before retirement meaning to retire on the same planned income he had to work to 60. My state pension, due at 60 was changed by the government to 66 with very little notice, so deferring my retirement for 2 years whilst I tried to make up as much of my loss as possible was a necessity too. We dithered but in the end went for it. How glad we are. We managed 3 years of travel before Covid, my diagnosis with lung cancer after being a life long non smoker, being unable to travel much after Covid whilst looking after my husband's 100 year old mother and helping my son through a very difficult divorce. Finally, this month, we are back to being able to travel more once again. Do it as soon as you can whilst you have your health. You never know what is round the corner.
Thank you so much for sharing your inspirational experience. So glad that you are back out there. Your final two sentences are so true and hard hitting. We need to refer to them every morning to keep going after it day after day.
Thanks again🙏
When we retired we found we spent a lot less money on eating out. It wasn’t deliberate but when you have time to shop and cook, making your own food is a lot more enjoyable and we often prefer it to restaurant food now
100% agree we really enjoy having the time to cook together and eating out on the odd occasion now feels like a proper treat 😊
Few in the UK private sector can retire early only public sector workers have those gold plated pensions. Best of luck for the future the rest of us need to grind a little longer.
We've followed your channel for a while and are hoping to retire early ourselves at around 55. My Dad passed away very suddenly 5 weeks ago, he was only 67 and was very fit and healthy 😔 it's really cemented our decision to retire as soon as we can.
Oh wow - so sorry for your loss! It is one of our big worries that you never know what is around the corner. Thanks for watching x
@@on_our_own_terms my hubby’s brother died suddenly aged 57 and he was the very fit younger brother so we made a snap decision and retired at 60 (6 years ago now). We’re living our best life now.
I had always wanted to take early retirement
and get a Campervan.
I procrastinated for a couple of years worrying about finances.
Then I lost 4 family members, 2 inside 6 days then another 2 in the next few months.
I realised tomorrow isn’t guaranteed for anyone. Having worked all their lives my relatives never got to live long enough to receive their occupational or retirement pensions or to see out the plans they had in their heads for when they retired.
In a few months it will be 10 years since I took early retirement, last year I bought my second Campervan 😊
I would encourage people not to just plan for the future & let today pass them bye, but to live for the day whilst keeping an eye on the future.
Wow - life really does through curve balls at us sometimes doesn’t it! It was such a big decision to make but one that we are not regretting. I think loss makes you reframe your mindset - making memories and having experiences is now our priority ❤️
Great insight from your perspective. I was initially concerned that I may run out of money by retiring early, but creating a realistic budget was key to allaying that fear. Another issue I thought I may have was a lack of social interactions once I had left work. Being a single person, although I am fine with my own company, I worried that I may become lonely. I have tried to make new connections - for example, I started doing parkruns last year and have now gained a new social circle there - and I'm getting fitter as well! 🏃
We rapidly came to the conclusion moneywise - that we could always just get a job again - nothing was irreversible! Even as a couple - one of our fears was social interactions particularly as we also relocated but for now we actually see more of our family than ever (when we are home) and still catch up with friends regularly 😊
Excellent approach, bud, and i applaud you for pushing beyond your comfort zone. Social connections and friends circles are very important, especially in later life.
Hello, fellow teacher here. May I say how well you both look. You look so much younger, happy and radiant with health since retirement. It suits you both very well.
Ah thank you so much ☺️ we are certainly enjoying ourselves x
I've always said if I went back into work I would just get a minimum wage job rather than go back into a career. I don't want the stress any more.
The other thing is clear the debt! You can't retire early if you have debt and make your money work for you.
Finding a sense of purpose was probably the biggest thing for me and that actually has changed in the last 5 years. I accept things are more fluid than they were in the world of work.
We absolutely agree about the jobs versus career - for us it would be seasonal work so we can still travel in between.
Thanks for such good content. I am planning to retire early at 55 (in the US) in just a few months and can’t imagine being bored!
No we haven’t had a full moment since we retired! And we are now 2 years in 😊 hope all goes well for you and enjoy your new found freedom!
You guy’s and your channel are such a breath of fresh air! Thank you🙏
Thanks Will- we do try!
Many thanks for the lovely feedback- it is really appreciated. 👍
I do love your philosophy on life and retirement, life does tend to throw us all curve balls. We are just weighing up our options for retirement, life threw me personally a curve ball or two which definitely made us realise that life is fragile and precious. We have two elderly relatives and as we would like to move and down size we are concerned about the impact on them but at the same time we cannot live our lives for others and do not want to suddenly wake up and it is too late for us if that makes sense. I think this is the biggest problem facing us.
Thanks for sharing this...there are no easy answers we are afraid. However as long as you get a solution that works for your situation- that is the right solution. We found it tough to move away from Jackie's Mum, but we were moving closer to my mum for a reason. In reality, we are still less that 1.5 hours away from Jackie's Mum, which is working out ok so far. What we do find is now that we have more time in retirement, we get more quality time with both Mums which is great.
At times it is natural to feel guilty about decisions we make that are best for us- but in reality, there are work arounds to make a best fit for all.
Thanks again for sharing, and good luck with the planning. 👍 R
I enjoyed your very honest, balanced perspective instead of just saying “Living The Dream “. Thanks!
As always you make many excellent points. I retired from teaching at 55 and have just turned 65. I honestly don’t know where those 10 years have gone or how I found time to work. I would encourage anyone who can to go for it.
I can imagine it feels like it has gone quick. It is 2 years this week since we finished work and it has flown!!
I am glad I came across this. I have been wavering on early retirement at 55. I finally spoke to a financial advisor a few days ago, and we are going through monthly spending budgets to see what income is required. My wife retired 3 years earlier and I am looking forward to joining her in retirement. She is a great role model, as she volunteers on a couple non profit boards and reconnected with friends and made new ones since retiring.
We tried to live to our monthly budget in the last year before we retired to see if it was do able which certainly helped! I am glad your wife is enjoying her retirement and the time it is has given her. Hope all your plans go well and you get to enjoy your free time together 😊
You two are such a tonic! My husband just retired at 53 and I'm 48. We definitely want to do travel as we haven't been away for years. You both seem so healthy too!
Thank you ☺️ hope you get to go on some awesome trips soon x
We are launching into early retirement in two weeks! Thank you so much, Richard and Jackie, for all your sharing and heart you put into your videos. They are quite comforting in our run-up to this new adventure. Your personal stories give your retirement plan real drive! I worked so hard as a youth and missed out on so many things that many young people experience and I'm making up for lost time at age 53. Cheers!
Very exciting! I feel like we have counted down the weeks with you 😊 we feel the same going straight from university to work and having children young - we didn’t get much down time so we are making up for it now! X
Great vlog both. I really like how you say you may get a job, but not career. As someone who was full on for 35 years, this was a bit of a lightbulb 💡 moment for me 👍🏻. Keep creating the brilliant content - find it so helpful and always pick up nuggets from your experience 👌🏻
Thank you - we are still enjoying creating the videos in what I suppose is our new ‘job’ but it really doesn’t feel like work 😊
I have watched your channel right from the beginning and enjoyed everyone of them. I, like you, have lost all my siblings before retirement age so I early retired 9 months ago and loving every day. Can’t wait for your trip to the Shetlands and Orkney islands 😀
I am sorry to hear about your significant losses too - it really does make you reflect on what is important to you. glad you are enjoying your retirement- it’s great isn’t it! Just arrived on the Shetlands and it beautiful 🚐⛴️😊
You nailed these 5 myths. I have experienced similar questions and comments from my friends and family about my early retirement.
Thanks Richard and Jackie. Love your channel and videos. Our situation is a little different due to our age difference. My husband reached state retirement age last autumn and I early retired from a teaching job at the same time ( aged 51). We also moved houses to a different part of the country, now living in my parents house after my Dad passed away last year. I struggled to find a new purpose to start with, but we soon got involved in volunteering locally and have just bought a camper van, so we couldn’t be happier. We never lived an extravagant life anyway and managed to pay off mortgages and save over the years as we have planned this for at least the last 5-10 years . Life, including early or normal age retirement, is what you make it. As long as we both have our Heath, I hope our joint go-go years will last for a good number of years to come.
Thanks for sharing your story - we absolutely agree on the health front - hope you have lots of good go go years together in your new campervan - Nelson, our van, is probably the biggest positive changes in our lives as it gave us the freedom to get away frequently and cheaply x
Thank you for an excellent and inspiring video! I have just retired at the regular age of 64 (for women in Switzerland). I had the immense privilege to have a very fulfilling work and now I am looking forward to the next adventures.
Many thanks for such kind words and congratulations on your retirement! We definitely see it as the next phase in our life. We too loved what we did in our jobs, but what we have experienced in our first 2 years of retirement has been so special and we are forever grateful for that.
Thanks for the comment👍
@@earlyretirementwanderlust Thank you so much for your nice reply. I think the most important is that we can do what is the best and most meaningful for us at any time in our life to enjoy it fully . For me it was humanitarian work as an MD so I travelled extensively in the last decades.
What I really appreciate in your videos is your honest, well informed, reflected, structured and very likable way to present your subjects. I have subscribed! Looking forward to more of your adventures!
Thank you 😊
Very insightful video, thank you. My wife and I are both still working full time, mortgage free, debt free and in our early 60's. Our concern is finding a truly honest, plain speaking financial adviser. My father lost a significant chunk of his life savings from a so called regulated advisor, advising him so I'm reluctant for obvious reasons. Due to that reluctance as much as I'd retire tomorrow, I'll keep working until I can no longer work. Anyway good luck
Hi Tim, as a couple we are really risk adverse- particularly with our money. We are lucky that our son is an investment advisor and talks us through the different levels of risk in investments. We like to keep it really simple and safe. Any financial advisor should be able to talk through the risk levels with openness and transparency. If they can't (or won't), that is a red flag. Likewise, they should be happy to invest at the level their client is comfortable with, and not beyond.
Good luck with your plans. Have a great weekend. 👍
No one will look after your money like you will. I don't think you need a Financial Advisor. Educate yourself. The internet is your friend. If you don't understand it, don't invest in it and go for investments that give you a guaranteed return with institutions you know. You may get less return, but you will be save in the knowledge that no one is going to get rich on the back of your hard work.
Brilliant insight again guys. Love the honesty, and your way of life.. 😊
Thank you 😊
Great video as always and we have adapted to set the weekly budget in cash. We finish on the campsite in October so we are planning post warden job. We have decided to get a new slightly smaller van than the large motorhome we currently live in. Since giving up work earlier in the year I have struggled with the identity issue. However we are enjoying life as wardens. I went back to the hospice I worked at to do a couple of weeks cover and enjoyed it. However it was also great to know I was only doing two weeks. Thanks Dave
Glad you have enjoyed the wardens job - we are in Scotland at the moment 🚐 it must be a fine balance van wise of something comfortable enough to call home and live in but manoeuvrable enough to go where you want. If you enjoyed the temporary nature of cover work it could be an option occasionally. No hope all keeps going well x
@@earlyretirementwanderlust thanks and I think dipping in and out of some work suits me better. I definitely underestimated the transition from work. Started to read Die with Zero and already hooked! Thanks Dave
My experience is very similar. I also retired from teaching 2 years ago in the U.S. at about the same age. I have a few years less service than you did, so a smaller pension. I'm currently filling in the time until my wife retires working at a local farm and traveling a couple of times a year- oddly enough, often to the UK. Glad everything is working out for you.
Amazing - I hope you are enjoying your UK trips - there are so many wonderful places to visit. Enjoy your free time and it’s hopefully not too long until your wife can join you. We have loved our last 2 years of early retirement 😊
Loved you video, great insight on importance of budgeting, I just put notice for my early retirement, it now due in proximally 10 weeks time😊😃
Wow that will fly by in no time - hope you enjoy it as much as we have 😊
Excellent new feature of rate my shower. I think this should be a staple in all your videos. I too get excited about camp site facilities. At the end of the day that is what you are paying for.
Thanks Richard- glad that you are enjoying the feature. It's obviously a bit tongue in cheek- but I agree that it is really important when considering where to stay. I am planning to do a few more as I am just geeking out on how fun it is to put together. 👍R
I have almost ran out of money 😂 but I have a great low spend life now and lots of stories to tell. I think you’ve done brilliantly because you have been determined to make it work and work it has! 👍
I think like you - we are enjoying making memories while we can 😊
I hate it when the age of death is ever used. The last 10 -20 years you could be living in an old persons home and bed ridden. No going out but have a beating heart. That is not alive. I agree that a person is not what they do for work.
That's why we want to make the most of our 'go-go' years while we have the energy and mobility to get out there 😊
I had a fairly high level job and loved it and my team. I definitely could have retired earlier, and found the decision to make rhe leap the hardest...but less than a year later can hardly imagine working, and haven't really enjoyed the one consultancy project I've done...have other things to do!
Yes 2 years in and we can't imagine going back into teaching - even supply - we don't have time!!
I am 53 and took redundancy after 26 years with the same bank. Now looking for that new ‘job’ as can’t quite afford to retire yet. Loving your videos, very informative and certainly giving me wanderlust!😊
Thanks for the comment Nicola- life can really throw some challenges at us! The thing that we realised once we left our teaching jobs was that we could actually apply our skills to a wide range of different jobs- when we were teaching we never really had the confidence to believe that!
A whole world of opportunities has since opened up to us in this next phase of life.
Good luck with your wanderlust...👍
A great summary of the issues around early retirement. I think you have a very healthy attitude. As an early retiree myself,along with my wife, I think your observations are spot on. I am also keen to have experiences over possessions, and am looking forward to visits toYorkshire and Japan before the end of the year. The new en suite can wait! Life's too short.
Thank you - how exciting planning a trip to Japan - it is somewhere we would like to visit in the future. Even more exciting coming up to Yorkshire!! We have pretty much decided the garden can wait as we are not there a huge amount to use it anyway 🤣 enjoy your trips x
Really enjoying your travel tips advice and content
Like you guys we have similar interests. We have been lucky to scale back our work and now about to take more travel holidays but we still work. Love the life you are living because sadly through tragedy we all realize that life's too short, do it today don't leave it till tomorrow.
Cheers - we have realised from doing our UA-cam channel just how many people are in a similar position on a similar path ☺️
I just enjoy your channel so much!!! You both are very inspiring ❤❤❤
Thank you ☺️
Well done and thanks for sharing . Enjoy . Life is too short. The best things in life are free.
Enjoy each other . Live laugh love ❤️
Thank you - we are definitely finding that there is a lot to do and explore in the great outdoors that is free and fun!
Great content and I am happy to say soon will be joining the semi retirement category ❤
Wonderful! hope you enjoy your free time as much as we do - we love just having the freedom to do what we want and to catch up with family and friends 😊
Another great video. I’ve also really enjoyed your European roadtrip videos. Thanks and keep up the great content!
Thank you - glad you are enjoying the sometimes eclectic mix we put out 😊
great move.YOLO.budget is KING.
Thanks👍
My father chose not to retire at his retirement age of 65 because he enjoyed his work so at 70 he slowed down and only worked 4 days a week. My mother who was 12 years younger started to plan their retirement but just two years later my father, a lifelong smoker, was diagnosed with lung cancer and died in just 3 weeks
So sad to hear this. For some people work is really important and part of their identity. I suppose losing close family members so young has just made us reflect on what we value - which is time for both ourselves and others x
@@earlyretirementwanderlust thank you
Good video, enjoyed it, keep up the great work
Thanks, will do!
Thanks both. Solid information without the hype..
Cheers 😊
I’ve just come across your channel and my first question is whether you have children/ grandchildren commitments? That makes a massive difference to living the dream. I totally get your bold lifestyle choices.
Glad that you have found us Jonny. We have two beautiful grown up children who are working hard in their late 20's (we had our kids young!). We are not yet blessed with Grandchildren, but know that we will need to remain flexible if they arrive. We take a really simple approach to life and know that circumstances change...and we are excited about that. If we are blessed with grandchildren, we will embrace every moment of joy that we can out of every day- just like we do now, but with a different focus.
Thanks for the comment👍
@@earlyretirementwanderlust I retired at 62 and haven’t regretted it over the past 2 1/2 years. I would say that one of the truths of early retirement is that we are flexible beings. I’ve retained a minor work role that has worked out incredibly smoothly and we have done some caring for our new granddaughters. It means that retirement has taken a rather different shape than anticipated, but it has been life enriching. I’m happier, lighter and fitter than I can remember. I would be amazed if I haven’t improved my life expectancy with those changes. The other revelation is that we spend significantly less than we had anticipated.
We love this! How blessed to be able to help out looking after your granddaughters❤️ We definitely feel much healthier compared to our working lives and that has to have a knock on effect to the quality of our retirement years. We absolutely agree that spending decreases in retirement. My Dad always used to tell us this but we never believed him!
Thanks for the reply. 👍
Nice to see people taking a chance in life. I agree you have to be sensible but life is for living. Make the most of everyday because this is not a dress rehearsal. If you had one trip left in life where would it be?? Thankyou
Thank you - we are certainly trying to 🚐 probably Canada and Alaska for us 2 as it’s the combination of scenery and wildlife 😊
Great video, love your channel. Would you do another video to elaborate on frugal living day-to-day, I've watched 'Less is more ' and enjoyed the focus on wants and needs and evaluating the want.
Have you managed to reduce the cost of needs and essentials?
Thank you 😊We have done a video on a day in the life of early retirement about a year ago but will put our thinking caps on 😊 we have got pretty good at keeping to our budget for essentials and working on a weekly cash system helps with this - travel is our one retirement indulgence but with the van we are quite good at keeping the costs to a minimum 🚐
I much prefer your discussions about retirement rather than your travel vlogs. I suppose you’ve got two kinds of subscribers- many tubers have two channels to solve this particularly the retired nomad travellers.
We do try to keep to a rough schedule of Thursday being more about retirement- abit more tricky when we are on the road 😊
I watch both and prefer all the content on one channel.
@@earlyretirementwanderlust aha I’d not noticed that schedule- thanks 👍
What are you doing about maintaining your national insurance contributions, your record will be incomplete for a full state pension and if you become ill you won’t be eligible for any support through Employment Support Allowance (which isn’t means tested but your private pension/teacher’s pension will be taken into account, depending on how much it is).
We love our camper van and I’m so tempted to join my husband in early retirement so that we can make the most of it.
Hi Clare, we have 3 years left each to contribute and will be to do that using one payments for each year. It is on our radar, and we have budgeted for this in our plans.
Many thanks for the comment. 👍
Absolutely brilliant content.
Thank you ☺️
You’re both looking well and happy. Being creative, organised and getting going has it’s pay off’s!! Jackie your hair looks lovely. Looking forward to my husband retiring and get the wheels in motion. Thanks as always for sharing information.
One of my enjoyments is creating garden ideas so looking forward to anything you might have to share as and when you start on that.😊
It would be great to also see some van cookery stuff, what’s easy to prepare and if you have go too recipes on the move that work well.
Thanks again
Angela
Thanks for the comment Angela- it's always nice to hear nice things!
We could do with some of your Garden creativity rubbing off as we are really struggling for motivation for this particular project. We just cannot seem to get going on it!
We love our cooking and are going to try and feature it a bit more as part of giving ourselves to the camera. On a purely practical note- it's really hard to film! We have newfound respect for all those cookery shows😂
Thanks again for the comment- your comment about Jackie's hair did make her smile as she hasn't had it cut for over a year😂
😂 looks like you’ve just had highlights, must be sun bleach but hey looks great. You guys are creative and organised so I guess the gardens a matter of when you feel like the time and budget are right with the travel.
Hi Richard & Jackie, love your chanel. A great mix of travel, life and inspiring , thought provoking insights to such things as early retirement. I took early retirement at 60 from the NHS ( also loved my role ). My husband lost his eyesight 1 Yr in to early retirement but we too now take every day and enjoy, building in travel as much as we can. The ratio of working years to living years and what we might have left to enjoy is quite startling. When is your book being published Richard ????? 😊
Hi thanks for watching the channel - we are glad that some of what we do resonates with you. Gosh that is a harsh start to your husbands retirement! It is quite stark when you do look at working v retired life and quite an art to get the balance right! Richard says he is not up to a book just yet!
thank you! wonderful content and really good advises! did you say how much pension you have? I am in vienna i guess its everywhere the approximately the same with 51 its about 1500 euro and you are two thats absolute enough . as a couple ... living as single not. thats the difference
At the moment we do not get a pension and are living on our savings - at 55 we will get access to our professional pensions which will not be any where near as much as 1500 euros each - so we will need to be careful until we get our state pensions at 67. But we will have enough to live on and travel with the little bit of freelance writing we do. Sadly, I can see that it would be much trickier as a single person. Thanks for watching x
The universe will always provide
🙏
Love this video and great advice.
Many thanks👍
Agree that life is for living.
We made sure we had no mortgage debts or cars.
This way you can just about survive!
We appreciate not everyone can this …….
Yes we know we are very fortunate that we have been able to be able to live this new life and will make the very most we can of it!
Have you done a video about your budget or how you are funding getting from now until pension age?
Thanks for this Chris, we haven't done a specific video on budget and funding as we believe that it is such a complex and individual thing that would not apply to everyone.
Until we get to our pension date at 55, we are living of savings, equity from our house downsize and some newly developing passive income. We have not ruled out having to return to employment if things get tight, but it would be to a job rather than resuming a career.
We hope this helps? 👍
Great video as always really looking forward to your trip to Thailand might follow your visit if all goes to plan and your safe, I’ve been watching retirement vlogs but no one ever says what there budget is, I know all about everyone has a different lifestyle but would be interested to actually have a figure, fellow budgie smuggler wearer Pete
Hi Pete- glad that there are other lovers of the budgy smugglers out there😂
In very general terms, we try to live off a week to week budget of £200 in cash to cover all living expenses including food, fuel, campsite costs, etc. Our fixed expenses for our Dales home is about £450 per month. We have a monthly budget of around £2K that includes a contingency for the regular, yet unexpected costs like birthdays, MOT's, etc.
We do supplement this with our passive income from writing and UA-cam for any travels that we undertake that are more expensive than living at home.
Hope this helps?👍
Thanks for sharing this information does this include your holidays especially Thailand, was budgeting £38/42k per year, even though I’m 60 don’t really want to retire has I enjoy my job, looking forward to your next vlogs keep them coming
Hi Pete- the flights for Thailand and some of the accommodation will be funded by our freelance "pot" of savings- but hopefully the rest will be covered by our normal budget. From what we have researched into the cost of living, we should be pretty close. We thought that we had broken the bank with our Euro 6 week roadtrip- but in reality it came in at about £2700 all in...which was almost within our normal budget parameters.
Thanks for sharing your thoughts/findings.
Pretty much match my own experiences.
I do wish I had as much Go-Go in me as you pair clearly have! 😂
Who knows how long we have in our go go years! We need to make the most of them 😊🚐🥾⛴️⛷️
Your life expectancy comment is general . There are nuances in the data. The Average life expectancy is 79.2 for U.K. males but the HALE ( Healthy Average Life Expectancy ) is lower at 73.
Then there’s this:
According to the data I have access to from August 2023, the mortality rate for UK males up to the age of 76 is approximately 19.8%.
More specifically, the Office for National Statistics (ONS) reported the following UK male mortality statistics:
- Mortality rate for ages 0-64: 7.8%
- Mortality rate for ages 65-74: 7.7%
- Mortality rate for ages 75-84: 24.5%
Combining these age-specific mortality rates, we can estimate that the overall mortality rate for UK males up to the age of 76 (which spans the 0-64 and 65-74 age groups) is around 19.8%.
To break this down:
- 7.8% of UK males die before age 65
- An additional 7.7% die between ages 65-74
- So the total mortality rate up to age 76 is approximately 7.8% + 7.7% = 19.8%
The key figure is 75. You might live longer but be relatively incapacitated and will not be abseiling down Everest.
Thanks for this really useful information. Looks like we definitely made the right decision to retire early and maximise our potential Go-Go years together. Thanks for the reassurance👍
interesting figures are available from the WHO: life expectancy but also the healthy life expectancy.
Absolutely spot on! We spent the afternoon discussing this point and it is so pertinent. The key for us is to look after our healthy life expectancy (our Go-Go and Slow-Go years) and not just aimlessly try to extend our lives with no quality of life.
Thanks as always for the comment👍
what i find funniest from this is presumably they are retiring early to have longer holidays/travelling, but they are teachers! they have longest holidays and if they did supply teaching they could have even longer ones or even teach abroad? seems like they are retiring early just not to have any stress from working, that's valid if you can afford it, i'd rather wait till i have a decent pension built up so i can enjoy retirement without worrying about money or working in sainsburys stacking shelfs to get by.
Am I correct in that you've both been drawing a teachers pension since your retirements at 51yrs old?
No the earliest we can access the pension is 55 and there is quite a big penalty for doing so compared to if we kept going until 67
@@earlyretirementwanderlust
Yes I thought it would be, but wanted to ask.
The thing is, as teachers working in Council run schools (under the government umbrella) you can atleast draw a pension at 55, currently 12 years earlier than 90% of people...them (as I) not being allowed to draw anything until their pension start date, currently 67.
Such people can only retire early if they've saved enough to bridge the gap between them stopping work & their pension start date. This being the biggest issue for the majority.
As teachers, you didn't have this issue or atleast not to the same degree & so what applies to you, really only applies to those that have worked under the Government umbrella.
Also every NI contribution you've made, will have been topped up by the Government throughout your teaching careers, making a much higher pension drawing....The 90% of others don't get/haven't had any top up whatsoever.
All in all, working under the Government Unbrella brings huge benefits, compared to not working under.
This ought to be taken into account & mentioned.
@@keepitreal1547that’s why a lot of people save into a SIPP or private pension, and you get government top-up so some benefit too. Yes, not as generous as a civil service pension but still good. Many also use ISAs to bridge the gap. I have a small DC pot I can access at 55.
@@earlyretirementwanderlust the TPS pays the full pension at aged 60, it’s the state pension that doesn’t pay out until 66/67.
@@keepitreal1547 I haven’t worked in a public service job in my whole career - I’m 54 now - but all the company pensions Ive picked up along the way allow me to opt to retire and start drawing my pension at 55. My employers contributed to each of these pension schemes as well as the deductions from my own salary. Most of my friends are in the same situation with their pensions as well so I’m not sure that teachers really have as much of an advantage as you might think.
You mentioned outliving your savings & that it's yours & most people's worries...but surely if that's the case, then not enough has been saved/invested?
The ideal position is to plan ahead & make sure you have enough to outlast your lives...& anything left will be outlined in your WILLS.
Also we would like ask two questions?
Can I ask what microphones you use we are doing research to invest in some for our own channel.
Also love your watches too are they smart watches that measures your hikes and cycle trips ? Thanks
After battling with the wind and and my quiet voice we invested in DJI wireless mikes which is a great tiny portable set. It’s made the world of difference when filming outdoors particularly 😊 our watches are the basic Garmin instinct model which have an excellent battery life and record various different activities and link into the Garmin connect and Strava.
@@earlyretirementwanderlust oh thank you this has been really helpful. I didn't want to pay for microphones that were too big on your clothing to be honest these look perfect. I thought the watches were Garmin heard they are a good investment for an all round smart watch 👍
Does early retirement mean happy life with happy wife?
It does for us 😊
If you work, even part time, then you are not fully retired. So anyone that tells me that are retired but work, I tell them - you are not retired then.
You assume we all hate working
Nope. We loved our jobs and we know that others do too.👍
If a male reaches the age of 67 his life expectancy is more like 86 not 80. 80 is the average at birth.
Thanks for this Graham👍 Sadly, it is probably the quality of life between 80 and 87 that is more of an issue, and one that drives us on to do what we do.
I am sorry but calling it early retirement?
Really?
Selling your house and moving miles away from probably friends and family then scrimping and scraping with money.
That is just a change of lifestyle.
Especially when you talk about freelance work and budgeting to 200 a week.
Nothing wrong with that.
I suppose it just bugs me a bit this . . . .early retirement thing.
Just call it what it is. . . . The change of lifestyle youtube channel.
How does skiing 2-3 months in the Alps, 1 month exploring the South West, 6 weeks in Europe so far this year AND it is only July not qualify as being retired? They aren't working, they have a Plan B and spend intentionally. Richard comes from Yorkshire and is now nearer his Mum. Totally flummoxed by your comment!
He has a bit of a point, being paid for journalism of varying kinds, tutoring etc is still being gainfully employed. It’s semi retirement- nothing wrong with that I’ve been doing it for 4years but it’s NOT being retired….. that’s when your state pension or saved pension is paid to you when you reach the appropriate age and you don’t have to work……
Thanks for the video but you are semi- retired. Being paid for journalism of varying kinds, tutoring etc is still being gainfully employed. It’s semi retirement- nothing wrong with that I’ve been doing it for 4years but it’s NOT being retired….. that’s when your state pension or saved pension is paid to you when you reach the appropriate age and you don’t have to work……