Interested to know people's plans for next 1-2 years

[jamesbrown]

My plan for the next 1-2 years is:

1. Build client network
2. Get more contracts
3. ?
4. Profit

[ChimpMaster]

Got OK from IFA yesterday who validated my calculations. Will be retiring next year. Company to close in Jan then will umbrella until house sold.

Congrats - do give more details!

What age (approx) if you don't mind me asking?
What approx retirement income do you think you need each month?
How will that income be generated in retirement?


I'm wondering what to do with the rest of my life when my contracting life ends in Dec. Retirement is still a few years away but there seems to be very little chance of me working in IT any more.

[ladymuck]

Got OK from IFA yesterday who validated my calculations. Will be retiring next year. Company to close in Jan then will umbrella until house sold.

[Lockhouse]

Got OK from IFA yesterday who validated my calculations. Will be retiring next year. Company to close in Jan then will umbrella until house sold.

[GregRickshaw]

Using Umbrella

I have decided to go into Umbrella whether inside or out, for the day job.

Would go perm but don't think I would fit into the modern world, of 1 to 1, objectives, office politics, team building .... blah blah , and money aside I do like the variety contracting brings.

Keeping LTD ticking over with UpWork and ad-hoc freelance.

Life since going into Umbrella ain't as bad as I thought it would be... not had to travel or stay over anywhere yet though.

[edison]

After 7 years contracting, I'm aiming to go back to perm by early next year and then work for about 6-7 years till I start to wind down from full time work as my kids reach 18.

I'm then planning to switch more to a portfolio career and do a bit of IT consulting work but primarily work in executive coaching then. The wife and I are thinking of living abroad 3-4 months a year during our winter and I would carry on working during the rest of the year. I enjoy work so I'm hoping I can carry on like this to my late 60s or even beyond. A friend of mine has started working with a coach who is in his early 80s and still enjoys working.

[courtg9000]

I stopped "traditional 3 month+ contracts" a while back.
My "contracts" now tend to be 15 days max with about 1-5 days 3-6 months after I have delivered my reports. Max of 4 days site and rest WFH for the first bit. Only done 2 of these this year and quite small jobs at that. These are pretty well outside IR35 and are sold as a product.

Brokerage and advertising is very quiet now. Magazine readership currently down 30%
My private investments are ticking over.
A little bit of advisory here or there is trickling around.
I could write off the rest of this year and spend my time perfecting my xbox skills seeing as I can no longer sail or play golf.

I am considering revamping how I deliver businesses for sale and have the start of a prototype in WordPress.
Looking to 2021 I find my crystal ball lacking but I may make a private investment or two. Not sure what will happen with the other stuff.

I tried full retirement in 2018. I was forced into this by SWMBO and the medics after a severe bout of myocarditis. It didnt work and the medics still say I shouldn't be working but I was so bored I had to go back to work.

I can fully retire if I need to and my life expectancy is under 65 as it is so its no biggie. The biggest problem is what to do with my time. I cannot stand day time telly!

[Lockhouse]

I've just been renewed until the end of January. Then, I was planning to retire but COVID has changed that.

The "not commuting" has certainly extended my working life and as long as I can WFH I'll probably keep going for another couple of years. If I can get outside from Feb, great, otherwise I'll MVL, sort my affairs and go inside for a bit until I'm done.

I've reached the conclusion that contracting as it was is over in this country for the majority. Might as well go and work somewhere with a nicer climate and better food if you're young enough.

Yes it's unfair, yes it'll reduce the tax take and the GDP and the expert pool, but given the way the country has been run for the past thirty years, it's small beer.

[Old Greg]

My plan is:

- Invoice loads
- Build up warchest
- Pay off mortgage
- Sort out pension

[WTFH]

Retirement in < 2 years for me. With the stock market and gains I've made from property and gold, I'm pretty much financially setup for life.

Not planning to live long?