What age do you plan to semi-retire?

[slogger]

Happy days, I dream of that I'm mid 50s and contracting part time, I retired fully and then bottled it when my pension pot took a hit in the early Covid days and got lured back. Pot now recovered. A late addition to the family means I can't really travel full on until I'm in my 60s. Plenty hobbies but there's a lot of time to fill ......

I'm tempted to just say sod it - just do it. plenty of people travel with children - albeit at a slower pace - which is probably good.

[rootsnall]

I'm tempted to just say sod it - just do it. plenty of people travel with children - albeit at a slower pace - which is probably good.

We had a window to do that a few years ago but let it slip away Kids at various key stages of school and 2 sets of doddery parents mean it's even harder now.

[ChimpMaster]

Happy days, I dream of that I'm mid 50s and contracting part time, I retired fully and then bottled it when my pension pot took a hit in the early Covid days and got lured back. Pot now recovered. A late addition to the family means I can't really travel full on until I'm in my 60s. Plenty hobbies but there's a lot of time to fill ......

Kids are a key factor, probably THE key factor, in determining when you will be able to kick back and semi-retire.

Without kids the numbers become a lot easier to deal with. With kids - and especially if they are at very different ages - the game changes massively, and each additional kid will add a few years work onto your life. Even with enough cashflow from investments/pension etc, you can't go off on a jolly while you have kids to bring up.

In my position I could probably semi-retire very soon (before 50 anyway) with a reasonable lifestyle, but the kids won't be off to Uni until I am close to 60. This means I can't exactly go off on an adventure around the world, but I do plan to take time out to travel and do things as and when I can, with the wife taking care of the kids while I do so.

Without kids and without huge financial commitments like a big mortgage, I reckon a single person could live a simple but good life on £2k a month. A married couple without kids probably needs £3k/month for a good life. A family with say 2 kids might need £5k (bearing in mind one annual holiday might cost you £5k!). If you've worked hard, been frugal and planned well for 30+ years, then I would be disappointed to have less than £10k/month coming in at the end of it - through whatever various means like property, pension, PLC dividends etc.

[Lockhouse]

If you've worked hard, been frugal, planned well for 30+ years and not got divorced...

FTFY

[rootsnall]

This means I can't exactly go off on an adventure around the world, but I do plan to take time out to travel and do things as and when I can, with the wife taking care of the kids while I do so.

If you've worked hard, been frugal and planned well for 30+ years, then I would be disappointed to have less than £10k/month coming in at the end of it - through whatever various means like property, pension, PLC dividends etc.

I'm hinting to my Mrs to go on a trip with her mate post lockdown, and then I will take up the 3 for 1 offer for me, starting with an Ashes trip.

£10k/month I think half that is plenty with no mortgage.

[NowPermOutsideUK]

One of the best threads in months. An interesting twist to the question

Suppose you had the 10k a month income as chip master states or whatever number you need would you still continue billing and working or not?

Put differently at what point do you continue to work when you have enough? When you enjoy it? Seriously I don’t know anyone who enjoys work which is why I asked

[Lance]

One of the best threads in months. An interesting twist to the question

Suppose you had the 10k a month income as chip master states or whatever number you need would you still continue billing and working or not?

Put differently at what point do you continue to work when you have enough? When you enjoy it? Seriously I don’t know anyone who enjoys work which is why I asked

All I know is loving on £10k a month is more than I’ve ever had. So would suit me just fine.
But then again I don’t take £10k a month because tax...
I’m not sure that after years paying as little tax as possible I would suddenly volunteer to pay higher rate for my pension...

[LondonManc]

FTFY

That's some criteria there. Most of us have failed at least one of those.

[rootsnall]

Put differently at what point do you continue to work when you have enough? When you enjoy it? Seriously I don’t know anyone who enjoys work which is why I asked

I have kept myself semi motivated in recent years by aiming for 55 as the D Day to quit for good. I've hit it in Covid times but have a cushy part time remote contract that will allow me to bumble along putting £40K a year into my SIPP. First time things get tricky I'm done

[ladymuck]

That's some criteria there. Most of us have failed at least one of those.

The only one I've not done is get divorced but that's only because I have never married