How far off am I.
Posted: August 11th, 2021, 9:56 pm
Looking for when I can retire (sooner the better I keep telling my partner).
I'm currently 48 and partner 46.
We're quite frugal and the household annual spend for both of us is £27k living "normally". This includes residential mortgage but not the buy to let mortgages.
We did create a luxury/FAT fire budget just for fun and this worked out to £42k a year but realistically we'd never spend all that.
Current assets to nearest thousand:
£68,000 - Cash
£10,000 - Trading stocks account
£72,000 - ISA
£151,000 - Partners pension
£263,000 - My pension
£734,000 - Equity in buy to let property (£740,000 mortgage against £1,474,000 total value). Post buy to let mortgages, expenses and tax income I'd estimate at £23,000 per annum. I've not put rents up for a while so this could potentially be increased.
£132,000 - Equity in residential property (£177,000 mortgage against £309,000 total value).
I also have some share options due next year. The price of these may vary but currently estimated to provide £80,000 pre-tax if price remains stable (and I stay in work until then)
Key problem is we've just hit a good saving patch. We can currently save approx £89k per annum. My thoughts are to jack it in once the share options can be cashed in and retire early but my partners thoughts are to carry on saving the £89k for as long as we can until one of our jobs becomes redundant or we've 100% had enough.
I'm thinking buying one more buy to let property with the share option cash would plug the shortfall in income and we could then retire living of that income and only dipping in to the ISA pre-55/57 retirement and then the pensions at 55/57 if need be.
Any advice appreciated.
I'm currently 48 and partner 46.
We're quite frugal and the household annual spend for both of us is £27k living "normally". This includes residential mortgage but not the buy to let mortgages.
We did create a luxury/FAT fire budget just for fun and this worked out to £42k a year but realistically we'd never spend all that.
Current assets to nearest thousand:
£68,000 - Cash
£10,000 - Trading stocks account
£72,000 - ISA
£151,000 - Partners pension
£263,000 - My pension
£734,000 - Equity in buy to let property (£740,000 mortgage against £1,474,000 total value). Post buy to let mortgages, expenses and tax income I'd estimate at £23,000 per annum. I've not put rents up for a while so this could potentially be increased.
£132,000 - Equity in residential property (£177,000 mortgage against £309,000 total value).
I also have some share options due next year. The price of these may vary but currently estimated to provide £80,000 pre-tax if price remains stable (and I stay in work until then)
Key problem is we've just hit a good saving patch. We can currently save approx £89k per annum. My thoughts are to jack it in once the share options can be cashed in and retire early but my partners thoughts are to carry on saving the £89k for as long as we can until one of our jobs becomes redundant or we've 100% had enough.
I'm thinking buying one more buy to let property with the share option cash would plug the shortfall in income and we could then retire living of that income and only dipping in to the ISA pre-55/57 retirement and then the pensions at 55/57 if need be.
Any advice appreciated.