The Retirement Thread
176 watchers
10 Jul
5:56pm, 10 Jul 2024
27,196 posts
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Sigh
Diogenes wrote: Do any of those of you that retired in your 50s have dependent children, or even adult offspring living at home? I'm thinking that it's probably no, or not many of you. Yes, our daughter is 16 (she'll be 17 in October), has just sat her GCSE's and will get her results in August before starting a BTEC course in September. She came to New York with us at Easter, she's coming to Florida with us this month, and we'll be paying her £20 a week bus fare when she starts college, in addition to the usual feeding her and clothing her etc. However - I do appreciate that we are an exception. |
10 Jul
6:02pm, 10 Jul 2024
69,804 posts
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Velociraptor
Dave W wrote: No kids in the Williams family. Did make it easier. I have no idea how those of you who have kids have managed over the years. Chapeau. Sometimes I wonder myself how we did it. It's possibly significant that two of my daughters don't intend to have children and the other has already set her stall out regarding not working stupid numbers of hours. |
10 Jul
7:19pm, 10 Jul 2024
27,041 posts
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Bazoaxe
I am glad our mortgage was repaid just by following the 25 year term and paying the money diligently every month. We stretched ourselves back the and didn’t need to move again and that was the huge plus as a new mortgage would still be running had we had to move again Repayiang the mortgage coincided with the kids being self sufficient albeit one still at home. That has allowed us to accelerate saving in the last couple of years Odd working day today. Loads of shit going on that make me want out. A new exec with the threat of an axe over us, or a reorg at least of some sorts. But I had a very positive mid year review discussion. |
10 Jul
7:21pm, 10 Jul 2024
7,705 posts
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Winniefree
We did it with children largely because neither of them wanted to go to university, one went straight out to work and the other got married.
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11 Jul
8:01am, 11 Jul 2024
50,436 posts
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HappyG(rrr)
Would be a very interesting spreadsheet to analyse - early retirement age v. number of children (and whether they went to college / uni or to work at 17/18?) 27 year old son, working, not dependent for last 7 years.  G
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11 Jul
8:04am, 11 Jul 2024
27,051 posts
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Bazoaxe
28 yo son went to uni and been self sufficient since 2018 I think. 26yo daughter went to uni and self sufficient from 2021 |
11 Jul
8:15am, 11 Jul 2024
8,645 posts
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um
Sounds a common plan, or life model. We paid off our 25 year mortgage by overpaying, well, by leaving the payments the same in the late 90s and 2000s as the interest rates fell. Paid it off in abut 21 years, then changed the standing order to go into savings. Children (x3) finished with uni and moved on / out, or never came back from uni.* And then retired at 61 (7 years ago). *They're sort of 'self sufficient' now (and for the last 8 years or so) at 34, 31 and 29, until a house move / tree surgery / other 'emergency' requires help When does it reverse and they start looking after me and I need their help?
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11 Jul
8:24am, 11 Jul 2024
50,437 posts
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HappyG(rrr)
Other big variable for me would be change of life circumstances - divorce, major illness etc. Divorce cost me! And then not being a home owner for a while. Stable life, one house etc. saves you money, ime? G
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11 Jul
8:25am, 11 Jul 2024
3,105 posts
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Shades
No children but I insisted when I took out my mortgage to have 20 years term, not the 25 they tried to sell me. So my mortgage would have ended when I was 59 but I paid it off a couple of years early then stopped work at 59.
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11 Jul
8:39am, 11 Jul 2024
8,982 posts
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westmoors
No children. Mortgage was transferred (i.e. no increase in term) when we moved and paid off early due to inheritance. What we were used to paying for mortgage became a regular savings. I'll be 55 in September and putting my feet up at the end of the tax year!
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Jigs Useful Links
FE accepts no responsibility for external links. Or anything, really.- Money Helper
- How Much is Enough to Retire On?
- Retirement Living Standards
- How much will you need to retire?
- Free Govt website for pension advice
- SIPP pensions
- ISAs
- Check your National Insurance contributions
- Check your state pension account
- Martin Lewis on pensions
- Support and advice for those widowed under the age of 50
- Power of Attorney information
- Making the most of your retirement
- 20 tips for a happy retirement
- Married Couple's Allowance
- Aviva guide to retirement planning
- U3A
- U3A Local Sites - map
- Make a Power of Attorney
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