Realistic to FIRE soon?
Throwaway account.
50M, single, earning about £135K per year. I have worked in big tech for more than 15 years, so I have had a high income consistently. I have always saved a significant part of my income (probably more than 50%) and little lifestyle creep.
Pension:
- SIPP/work pension: £680K
- In a global index tracker and 10% bonds, low fee, around 0.15% per year all included
- Contributing the maximum per year (£60K, £5K per month). No unused past allowance. Employer contribution is around 11%, including employer NI saved from salary sacrifice
- Also have a defined benefit pension (raising with inflation) worth about £1,000 per month, from age 57
- Already qualify for probably 85% of the state pension age 67
ISA:
- £350K
- in global index tracker and 20% bonds. Low fee, around 0.13% all included
- Contributing the maximum per year (£20K), although I have kept in cash for now for the ISA opened in April this year
GIA/other investments (including a small portion of P2P loans and BTC): £156K
Cash (savings and Premium Bonds): £45K
Property: worth about £400K, mortgage paid
Car: owned, paid
No debt.
In term of living expenses:
- Minimum needed for bills/food/insurance/basic car maintenance etc.: £1,200 per month
- Would like to have £60K per year of RE income, so that I can do more expensive hobbies and travel in good condition. Also need money for a new car, house repairs etc.
- May also consider a private medical insurance
Should I stop working soon, or is it worth doing a few more years to get more "headspace"?
Ideally, I would move to part time (4 or 3 days per week) but not really possible in my job/offered by my employer. I can't really see myself doing another job/retraining.
Any optimisation I should do when it comes to preparing for RE?
Thanks!
Posted May 4, 2025, 4:50 PM UTC