When I originally set out on my Early Retirement Extreme plans my aim was to reach full retirement by 52, with enough saved by then to draw down on while I wait for my teacher's pension to kick in at age 60 (I hope!).
All of that was based on having a super low-outgoings lifestyle, which I'm not in the mood for any more and so I'm pushing my ERE date back somewhat....
I estimate I'd need around $10K a year for draw down, along with my passive-ish income, rather than workaday income. So that's the new goal... save enough to be able to draw down on that until I'm 60 in around 9 years time.... plus the following
- £10K buffer, you always got to have a buffer
- £10K towards my next car, my only real major expense in the medium term.
- £X amount towards my mortgage until that is paid of in 4.5 years.
So that means I NEED the following....
We start off VERY high because I've still gor a mortgage and some other debts to pay off, the mortgage is done by 2029.
And working on £10K a year saved...
I've got around £15K already in savings and working on adding £10K a year to that I cross over my needs sometime in 2029.
So that's 5 years for now, so I'm on for full retirement at around 55... which doesn't sound too bad...!
Especially since I recently decided I actually quite like working still, I mean it is a pain in the ass, but it does give you something back too!
This doesn't include BTC etc...
I don't count crypto in this unless it's in stables, if I were to count it then I'd only include 20% of it as that's how much I'm prepared DEFINITELY and HAPPILY to sell in next five years.
That doesn't mean I won't sell more if the prices go MENTAL, and if they do I could maybe hit my crossing zone much earlier.
But we shall see how that goes.
For now, in my brain-thing, I've got another 5 years of work ahead of me before I can proper chill..
And even then, I may well just keep on keeping on working as an option.
And TBH when they work is part-time and you're looking at five years, it doesn't feel that hard!
No violins required, that is for sure!
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I simply love your plan! You have everything figured out! I'm 45yo, and I don't see myself have the physical habilites to work till I'm 67... I don't play on the EuroMillkions Lottery, so I have to draw a cleaver plan, like yours, to alleviate my path!
Congratulations :)
Just keep on stackin and you'll get there more or less!
The good thing about being a teacher is you can always work part-time or pick up private tutoring. While being in a room full of brats isn't my idea of how to spend the golden years of a career, a few select kids could be enjoyable.
Having summers off and winter holidays, working from 9-3ish is practically retirement anyways compared to jobs in the private sector (no offense). Just be lazy, stop doing extra-curricular you don't enjoy, use student teachers for everything possible, mentally check out and collect a paycheck. There's unions to protect you. When it comes to writing report cards, who cares, bare minimum.
Why limit oneself to a mediocre retirement with a 10k buffer when you can have an extra 10k per year?
I cld go back to tutoring not teaching for sure it's just not something I fancy RN! But yes it is a possibility!
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I think you should include your passive income from HIVE.
I hope the plans work out man! Retiring in 5 years sounds perfect. I've already started to think about early retirement but I have no idea when that will happen lol.
A successful person is also one who keeps a plan in this way and after retirement life goes into trouble but if some things are set in this way then a person does not have to face any trouble.