I am currently 44 years old and I am aiming to retire when I am 55. Here's my progress:-
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| Feb-21 | Feb-22 | Feb-23
Pension | £246,000.00 | £264,590.00 | £280,112.00
Investment Trusts (ISA) | £18,000.00 | £28,086.00 | £26,197.00
Savings | £15,000.00 | £3,000 | £3,350
Total | £279,000.00 | £295,676.00 | £309,659.00
| | |
Difference from last period | | £16,676.00 | £13,983.00
Percentage difference from last period | | 5.98% | 4.73%
| | |
| | |
House | | |
House Price Valuation | £300,000.00 | £315,000.00 | £350,000.00
Outstanding Mortgage at October 2019 | £119,000.00 | £108,000.00 | £102,232.00
House Equity | £181,000.00 | £207,000.00 | £247,768.00
| | |
| | |
Pension Contributions over the last year | | | £25,678.20
IT Contributions over the last year | | | £5,250.00
Total | | | £30,928.20
| | |
Age | 42 | 43 | 44
Target Age for Retirement 55 | | |
I hope my excel formulas are right!
I am going to take the house out of the equation and I've got to say its not been a great year. It would have been even worse if I had done this exercise in November or December. Although my funds (pension, investment trust and savings) have gone up by nearly £14K, I have paid in around £30,928.20 into my pot, meaning that I've lost around £16,945.20.
I am a high risk investor and I suppose I've got to be able to take the rough with the smooth, so hopefully this will just be a bump in the road.
So what have I been thinking about:-
I have been wondering a lot about whether a Vanguard FTSE Global All Cap fund would be better for me but looking at the FT site its only showing a 3.5% increase. I am maybe considering moving my investment trust (things like BG China, Edinburgh Worldwide, JPMorgan UK Smaller,Scottish Mortgage, Templeton Emerging Market and Worldwide Healthcare) into the vanguard fund, as I am beginning to think I may not be the best stock picker. My pension funds were selected by a professional pension chap.
In the last year I have really been putting money into the pension fund many for high rate tax relief. I am going to have to start thinking about lifetime ISA limits and increasing funds in the ISA to bridge the 55 to 57 gap. I think my plan is to continue for the next year firing as much money into the pension as possible.
I've also been thinking about downsizing the house. I live alone in a town house. The house is too big for me and the neighbours are a bit loud. I am very lucky to be in a position were my interest rate is still fixed for another 4 years at 2.49%. I think my plan is to probably move towards the end of the mortgage period fix. I would like to get a detached property and maybe take out 30 to 40K.
At this point I really can't see me being able to retire in 11 years. Hopefully next year is a lot better. I'll be honest I'm feeling a bit down after writing this out. Hopefully people can give me some words of encouragement.
Thanks guys
Newguy