Can I retire early?/ Will a Countdown App help?

20 May 2016

I am often approached by clients seeking advice on the possibility of retiring early. There are many factors that bring in the requests for this type of pension and retirement planning, all very personal and many, sadly, for negative reasons. If you are in this position, I am sure you may have your own ideas for considering this.

The issue is you might think you've got enough money to stop work, but have you? The numbers seeking this advice are growing and this might be stimulated by the recent 'Pension Freedoms', now just over a year old. We have detailed more of these options on the Chapters Financial website here: http://www.chaptersfinancial.com/private-clients/pension-retirement-planning

Planning carefully will allow you to see if early retirement is possible. Making a miscalculation at this point in finances could cause significant financial difficulties later in life.

For those who have planned their money, early retirement is sometimes possible, but we are all living longer and the likelihood of being in retirement for 30-35 years from 55 is a real possibility. But there may be gap years that need to be filled before other income, such as at the State Pension with its rising age become available.

If you want to know when your state pension starts then hopefully the following link is helpful:

Chapters Financial is not responsible for the content of external webpages

https://www.gov.uk/state-pension-age

….and if you want to know how long you might live then have a look here: https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/lifeexpectancies/bulletins/lifeexpectancyatbirthandatage65bylocalareasinenglandandwales/2015-11-04

There are some big variances in these stats dependent on where you live in the UK.

We would advocate taking a full look at your long term financial planning and think carefully about getting out of the work race too early.

If you really are not happy, but understand that you need to keep going, at least for a while, set yourself a date when you think you can stop work (having checked your money carefully first please) and buy yourself a countdown App (or calendar) to countdown the days until you stop. It might help manage the process of reaching your financial goals and objectives.

There are a few on the market and we are not expert at these, however have a look here: http://www.timeanddate.com/android/countdown/

If you would like to consider your retirement planning, early or otherwise, then please contact the team at Chapters Financial offices in Woking or Guildford.

No individual advice is provided during the course of this Blog.

Keith Churchouse FPFS
Director
Chartered Financial Planner
CFP Chartered FCSI
ISO22222 Certified

Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899