Reply to: Live to work or work to live?

[TraceRacing]

I've been contracting 20 years, during which time I have owned two cars (Audi A6, 250K miles, BMW 3 series, 220K miles not out). Total capital outlay has been sub-£30K. BMW is still a joy to drive. So there are alternatives to driving Vauxhalls without breaking the bank.

But anyway. I'm mid-fifties, and in my darker moments I see myself working until a vital organ gives out, whereupon I'll have an extravagant facepalm moment and hand the money over to the youngsters.

But...a friend who was in the same game as me retired about four years back and reckons she can live pretty well. She goes on foreign holidays, always seems to have money in her pocket. So I am encouraged by that. It just takes courage to retire, and I'm a scaredy cat.

And therein lies the truth... I've been umming and aaahing for about a year about taking early retirement. I can afford to live in reasonable comfort until my DB pension kicks in at 65 and state pension at 67... if i'm broke at 75 and still going then it's a problem for the state...

For some obtuse reason I think I'll continue until March next year when my stamp is fully paid... my years contracted out means I'm behind the curve... but at least I'm not paying NI without adding to my state pension.

[VillageContractor]

I’ve just started contracting so if I can carry on for another 15 yrs then I’ll only be working to keep myself busy

[radish2008]

I've been contracting 20 years, during which time I have owned two cars (Audi A6, 250K miles, BMW 3 series, 220K miles not out). Total capital outlay has been sub-£30K. BMW is still a joy to drive. So there are alternatives to driving Vauxhalls without breaking the bank.

But anyway. I'm mid-fifties, and in my darker moments I see myself working until a vital organ gives out, whereupon I'll have an extravagant facepalm moment and hand the money over to the youngsters.

I'm going to be you in 10 years. I'm going for the car.

[MattZani]

You can be very active in your 60s and even 70s, though possibly only if you were active in your 30s and kept it up!

yeah keep telling yourself that

[I just need to test it]

I've been contracting 20 years, during which time I have owned two cars (Audi A6, 250K miles, BMW 3 series, 220K miles not out). Total capital outlay has been sub-£30K. BMW is still a joy to drive. So there are alternatives to driving Vauxhalls without breaking the bank.

But anyway. I'm mid-fifties, and in my darker moments I see myself working until a vital organ gives out, whereupon I'll have an extravagant facepalm moment and hand the money over to the youngsters.

But...a friend who was in the same game as me retired about four years back and reckons she can live pretty well. She goes on foreign holidays, always seems to have money in her pocket. So I am encouraged by that. It just takes courage to retire, and I'm a scaredy cat.

[doconline]

Hmm it was rather tongue in cheek!!

And the missus may have something to say about the dolly bird.

But the point I was trying to make is there is no point getting into debt for something you simply do not need - save the money and retire early and spend it on stuff you can spend the time to enjoy.

Same for holidays - I could spend ten grand being waited on hand and foot for 2 weeks with the kids being looked after by someone else or I can spend 2 grand and have a cracking holiday spending time with the kids - and that time with the kids is golden as they grow up so fast. (although the missus insists we go to Florida every other year which does cost ten grand but we still get to spend time with the kids)

It's just my point of view though - other points of view are perfectly valid.

This is the point I was making earlier. Everyone is different, but I don't see the point in getting in to debt for expensive toys / spending every penny you get. Live well now, but do it sensibly so you can live well for the rest of your life without busting a gut.

I'm sure everyone has stories of people who go to extremes, when I first started contracting my flat mate at the time spent every penny he got, including the VAT, and just paid the VAT out of that months invoice when it was due. Came unstuck when the dot com bubble burst though.

[glebe digital]

and all the money I am saving goes into the pot so when I get to 53 I can retire, buy a sportscar and shag some twenty something dolly bird.

what's not to like?

The erectile dysfunction you'll have by then?

Then be not coy, but use your time, And, while ye may, go marry.....

[original PM]

So you're saving for a cliché.

I wouldn't wait till I was 53 to ditch the astra, buy the sportscar and nail the dolly bird. Why would it be more fun at 53 than it would now?

Hmm it was rather tongue in cheek!!

And the missus may have something to say about the dolly bird.

But the point I was trying to make is there is no point getting into debt for something you simply do not need - save the money and retire early and spend it on stuff you can spend the time to enjoy.

Same for holidays - I could spend ten grand being waited on hand and foot for 2 weeks with the kids being looked after by someone else or I can spend 2 grand and have a cracking holiday spending time with the kids - and that time with the kids is golden as they grow up so fast. (although the missus insists we go to Florida every other year which does cost ten grand but we still get to spend time with the kids)

It's just my point of view though - other points of view are perfectly valid.

[HugeWhale]

Yeah.....

but then all I do is wear out the M56 twice a day - whilst I could pay a lot of money for a car to sit in traffic jams - what is the point.

diesel astra - £30 per year road tax, cheap to insure, could get 55 mpg - get nearer 45 - but that is without trying, 170 horses under the bonnet (oooh yeah!), it's a perfectly nice place to be and is reliable.

and all the money I am saving goes into the pot so when I get to 53 I can retire, buy a sportscar and shag some twenty something dolly bird.

what's not to like?

So you're saving for a cliché.

I wouldn't wait till I was 53 to ditch the astra, buy the sportscar and nail the dolly bird. Why would it be more fun at 53 than it would now?

[original PM]

I've heard of cars for 10k but I thought only the homeless bought them, to live in.

Yeah.....

but then all I do is wear out the M56 twice a day - whilst I could pay a lot of money for a car to sit in traffic jams - what is the point.

diesel astra - £30 per year road tax, cheap to insure, could get 55 mpg - get nearer 45 - but that is without trying, 170 horses under the bonnet (oooh yeah!), it's a perfectly nice place to be and is reliable.

and all the money I am saving goes into the pot so when I get to 53 I can retire, buy a sportscar and shag some twenty something dolly bird.

what's not to like?

[d000hg]

Yeah here we get to the big "problem": if you work like a dog so you can retire early yeah you're going to have money and time when you're old but no energy/will to do cool stuff (just a silly example...go to surf in mexico or hike here, bike there kind of stuff). On the other hand you can do these things when you're young and have enough money/time (because you're a contractor) but then you'll have to work later on...

Tough choice

You can be very active in your 60s and even 70s, though possibly only if you were active in your 30s and kept it up!

[Lockhouse]

How much is your pension pot?

Just out of interest how long have you been contracting, what do you do, what approx. rates ? I can't seem to save a chunk like that (although have paid off around 60k in debts) but am a long way off. I want to pack in the contracting but could do another 10 years if I could get the same rate I'm on and the hopefully will have a chunk to invest.

Just trying to get an idea of if you've been on £1500 a day for the last 30 years.

Contracting 30 years, 25 in IB. Reasonable pension pot plus will downsize at 75 if still alive or when money runs out.

Started from scratch twice though otherwise I'd have been done by now. Women eh?

[radish2008]

No mortgage, nice house, 55, years old, working hard for the next year to make my last pension payment. I'll probably do another couple of years at a slower pace to replace the car, buy a boat etc before I finally call it a day. Could downsize and stop tomorrow if i had to but I like my toys too much and want to collect the set before I quit.

Just out of interest how long have you been contracting, what do you do, what approx. rates ? I can't seem to save a chunk like that (although have paid off around 60k in debts) but am a long way off. I want to pack in the contracting but could do another 10 years if I could get the same rate I'm on and the hopefully will have a chunk to invest.

Just trying to get an idea of if you've been on £1500 a day for the last 30 years.

[woohoo]

No mortgage, nice house, 55, years old, working hard for the next year to make my last pension payment. I'll probably do another couple of years at a slower pace to replace the car, buy a boat etc before I finally call it a day. Could downsize and stop tomorrow if i had to but I like my toys too much and want to collect the set before I quit.

How much is your pension pot?

[Lockhouse]

No mortgage, nice house, 55, years old, working hard for the next year to make my last pension payment. I'll probably do another couple of years at a slower pace to replace the car, buy a boat etc before I finally call it a day. Could downsize and stop tomorrow if i had to but I like my toys too much and want to collect the set before I quit.