What is your Net Worth?

[KDave]

2 minutes ago, 649tom said:

Thanks I feel better now. We've worked very hard to get where we are. Both my partner and I came from poor families and have never had a penny of debt luckily. One day we'll be worth £1M lol

That's better 

I think it is possible to reach such targets, my aim at the moment is to combine early repayments and accumulating enough savings/investments that by early 40's to have the ability to pay off the mortgage and put away enough into the SIPP to ensure I can retire at 57 the latest. Like you it doesn't leave me with much to play with but will hopefully pay off. 

[Goldhooked]

9 minutes ago, KDave said:

to ensure I can retire at 57 the latest.

My target for the last few years was to retire at 55.  It’s only recently I realised the goal posts for drawing my pension had moved to 57 😭

And I would imagine by the time some of us reach 57 the goal posts would have moved again 🤷‍♂️

[KDave]

21 minutes ago, Goldhooked said:

My target for the last few years was to retire at 55.  It’s only recently I realised the goal posts for drawing my pension had moved to 57 😭

And I would imagine by the time some of us reach 57 the goal posts would have moved again 🤷‍♂️

I agree it is more likely to be 60 for the SIPP, "to bring it in line with the LISA", can see it being said at a budget in the future.

[vand]

How early you get to retire (reach financial independence) is largely an inverse function of your savings rate.

https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

It's the same principle as "it takes x% increase to get back to break even following a y% drawdown" but in reverse.

Save 15% or less and you can pretty much "look forward" to retirement in line with state pension age. That's why so much conventional financial advise shoots around this figure. But things get interesting as you start to dramatically increase your savings rate past 50% - you can become financially independent 15-20 years, and 10yrs or less if you can save 2/3rds of your income. 

It's probably not going to happen for those on a median salary, but I also think its within reach of more people if they really want it and are prepared to put in the necessary work to have decent career earnings and self discipline not to splurge it all.

[Pipers]

A while ago i had a few bad years with health and i had to sell some assets.  A couple of the guys on here gave me some very good advise and tips. Mr Money Mustache was one of the web sites i was also steered towards me and the wife being minimalists. I save about £8000 a year being a minimalist which is invested,  My life is far better now too, i have lots more time with my family etc.  I suggest others look into it.  Remember if something breaks you can get another one within 2 days anyway! 

edit,  I have a new business that suits me, iearn less, i drive an old car etc but my life is better.