When do you stop working / making money ?

[Whorty]

At 47 I (me and the dear little lady) have assets of around 950k. No mortgage or debt. Plan is to get to 55 and give up this work lark and start living off the dosh. Probably have 1.1million by then, so buy a house in France for 200-250k then spend the remainder of the cash, drawing down 25k per year. At 67 our pensions kick in and currently forecast pension income (including state) of about 28k. Should have a nice comfortable retirement

By 85, if we live that old, the savings will be pretty much gone, but we'd have had 30 years of stress free living. Don't actually expect to get to that age so can't see I'll be that bothered by then anyway.

That's our grand plan ... assuming these damn Brexit negotiations don't scupper our France dream and we have to end up living on this dreary grey island with the rest of the Brexit voting xenophobes

We have no kids to leave anything to, and I'm damned if I'm leaving my well earned to distant relatives - i want it all gone by the time I pop my clogs. Whatever is left goes to the local cats home

[northernladyuk]

I think you've got it the wrong way around. I am hoping that I will give up work when I've had enough and then I'll look at the money and see what lifestyle I've got. I don't do this to slog on when I'm old and broken chasing a figure, most of which will probably just go to the kids cause I worked myself in to an early grave.

Get back to work. Those sailors won't nosh themselves.

[vwdan]

As time goes on, I'm slowly giving up on the idea of anything resembling a long retirement. I've definitely missed the boat on the idea of retiring in my 50's or early 60's unless something HUGE happens. Beyond that, I'm a little too scared of giving up too much now just in case I cop it - know too many who went too young. Father In Law got all of 5 years retirement before a neurological condition rocked up to spoil his day - didn't die for a few more years, but it wasn't great.

I'm certainly not a huge fan of traditional pensions right now.

Right now I think I'd rather have fun, give my little one whatever he needs, with a view to a later migration away from IT to [something]. If I could build a portfolio of property by then, that could work.

[WTFH]

It's not about the money. I don't have a goal of having x in a bank account, or in savings.
Work to pay off debts, and work to be able to enjoy life today as well as looking to the future. But you can't live in the future, you have to live in the present. If you spend all your time and energy trying to earn as much money now, you'll find that your friends and family drift away.
Family and health trump money every time.

[Fred Bloggs]

Interesting thread. Contracting has mostly been very good to me. In the time I've been contracting I've -

paid of our mortgage (wasn't a big mortgage anyway) on a decent size four bed detached
paid cash for a two bed apartment
paid cash for a decent sized one bed apartment
got GBP 300k in a SIPP
had loads of expensive exotic holidays including a GBP 20k one in Australia
had new cars every couple of years + new cars for grown up kids
paid 2 x 4 year degree tuition fees and living costs so kids have no debt

etc...... None of which would have been possible doing what I do as a staff guy.

Down side -

18 months bench time that burnt the war chest to zero.

Now -

Staff bloke again working overseas taking home GBP 10k a month tax free, all living costs paid for, in role I consider to be more like a paid vacation. State retirement age is six years away and I get 2 x deferred final salary pensions about GBP 25k per year in five years time.

When will I pack it in? Probably when working no longer feels like a paid vacation actually.

[woohoo]

So when do you guys stop working/making money? Whats the sweet spot , a point where "OK I'm happy with that x monthly/ xx in bank"? Anyone reached it in life?

Not entirely after figures, but like car , house and food paid - is it enough for anyone? Or you'd constantly add to that list?

Just wonder if I'll ever stop, or die in the process

This time next year rodders.

[NotAllThere]

Hope you told them the invest it. Should be a nice little pot when you get it

Yes it will be. My grandmother died just a couple of years ago - and it turned out she was a rich old lady. Every little helps!

[PurpleGorilla]

Interesting thread. Contracting has mostly been very good to me. In the time I've been contracting I've -

paid of our mortgage (wasn't a big mortgage anyway) on a decent size four bed detached
paid cash for a two bed apartment
paid cash for a decent sized one bed apartment
got GBP 300k in a SIPP
had loads of expensive exotic holidays including a GBP 20k one in Australia
had new cars every couple of years + new cars for grown up kids
paid 2 x 4 year degree tuition fees and living costs so kids have no debt

etc...... None of which would have been possible doing what I do as a staff guy.

Down side -

18 months bench time that burnt the war chest to zero.

Now -

Staff bloke again working overseas taking home GBP 10k a month tax free, all living costs paid for, in role I consider to be more like a paid vacation. State retirement age is six years away and I get 2 x deferred final salary pensions about GBP 25k per year in five years time.

When will I pack it in? Probably when working no longer feels like a paid vacation actually.

Wow.

Where overseas?

[SueEllen]

Wow.

Where overseas?

Are you going?

[PurpleGorilla]

Are you going?

Would you miss me?