What age do you plan to semi-retire?

[Old Greg]

Agree. The idea that you can coast in academia today is fantasy. It’s only spouted by people that have zero direct or indirect experience of it. Consultancy/contracting is cake in comparison. You can coast through a Ph.D. to some degree (if you’re in a quantitative subject and extremely bright), perhaps even a postdoc, but any level of seniority is now mired in endless teaching, admin, solicitation of funding, curriculum changes, reviews and petty office politics that makes a regular office look a Swiss finishing school (and that’s before any research). Expect 70+ hours a week, more during term time.

You can probably coast in a non research teaching position, but nobody wants to do that.

[eek]

You can probably coast in a non research teaching position, but nobody wants to do that.

you probably can't as they will just load you with work.

[Lance]

You can probably coast in a non research teaching position, but nobody wants to do that.

nah.. you'll get more teaching duties whilst the researchers focus on their really important 'research'.
Part of the problem is that research is important for the institutions reputation, despite the fact that their money comes from individuals paying for tuition.

There is no need for research into media studies.

[Lockhouse]

I'm late 50's. Next month I'm quitting contracting after over 30 years and going perm for 12 months or so to get my affairs in order. Then I'll go down to 3 days a week for a bit (if I can) then quit. I've sworn to my wife I'll be done before 60. We're mortgage free in a large house so can comfortably downsize, move West and still get a nice four bed with a bit of land. That released equity will keep us going until the pension is more cash than we will need - hopefully in around 7 years or so.

We can't move just yet as my Father-in-Law is in a dementia clinic around the corner so I might as well keep going rather than sell up right now, especially with COVID. WFH has helped me continue working as the commute was literally killing me. I had a bike accident last year whilst commuting and suffered a brain injury (fully recovered now) which didn't help.

I never thought I'd still be working at my age but it's kept me young at heart. The perm offer is excellent btw and is full time WFH even after COVID.

I have so much I want to do - I love old cars, boats, messing about with mechanical stuff generally and have a huge list of "things" on my bucket list that won't take more money than I have. It helps that I prefer Europe rather than long haul.

My reflections looking back on this are;
Put money in your pension as early as you can. Five years of 40k in your 20's or 30's will see you well sorted twenty years later.
Landlording is a headache - think carefully.
It's good to be materialistic when you're young - it helps drive you but leave it behind as you get older or you'll end up bitter.
At some stage you may wake up and realise you have run out of time.
You don't need a gazillion quid to retire if you're fulfilled and happy with life.
Retiring is much easier if you have a hobby or something to look forward to. Otherwise I would seriously consider keeping working until you do have.

YMMV.

[GJABS]

Put money in your pension as early as you can. Five years of 40k in your 20's or 30's will see you well sorted twenty years later.

Should see you well sorted. As long as you don't make the mistake I did, and put it into "popular" shares, and the FTSE100. I first started investing in that thing in 1998, and remember it hovered around 6400. What was it earlier today? 6400.
It will be 6400 on my dying day, knowing my luck, that number keeps on coming back and coming back

[rootsnall]

Should see you well sorted. As long as you don't make the mistake I did, and put it into "popular" shares, and the FTSE100. I first started investing in that thing in 1998, and remember it hovered around 6400. What was it earlier today? 6400.
It will be 6400 on my dying day, knowing my luck, that number keeps on coming back and coming back

Yes but you've collected 22 years x the dividends paid, so you should be up 80% at a guess !?

[GJABS]

Yes but you've collected 22 years x the dividends paid, so you should be up 80% at a guess !?

Divis on their own barely cover inflation unfortunately.

[IVR247]

I am 50 ish now and have a mortgage and a child at a private school. I plan to have no mortgage by the age of 60 and the child no longer at school. I currently AirBnB an outbuilding and live in a four bedroom house.

The plan is to move into the outbuilding and rent out the main house - should get around £4k a month in rent for that. Then spend the UK winter in Australia and back to the UK in the summer.

Time will be taken up with maintenance tasks in the house and the garden. Also indulge in a hobby of doing up old boats and selling for a profit, which I do now, but do not have much time for it.

[ladymuck]

I have just discovered that one can become a Magistrate with no legal qualifications at all.

You get training and legal counsel during the cases you're hearing. You have to commit to 26 half day sessions a year and you'll be reimbursed expenses and loss of earnings. If employed, your employer has to let you attend court but doesn't have to pay you.

Takes up to 10 months to go through the selection process.

Just chucking it out there as it may be something of interest to the semi retired looking for an interesting diversion.

[nomadd]

Divis on their own barely cover inflation unfortunately.

Moral of story: Have a globally diversified portfolio. No reason not to with today's technology.

Only 10% of my holdings are in UK-based funds - and even then, only in companies that make the vast majority of their profits overseas.

Best never to bet too much of your money on a tiny, dysfunctional, disintegrating and mismanaged economy like the UK. Didn't PSC legislation (now IR35) - first announced nearly 21 years ago - teach you anything?