If We Could Go Back: 5 Retirement Tips for Our Younger Selves

Ever wish you could go back in time and share some wisdom with your younger self? In this video, we reflect on our early retirement journey and the five key lessons we wish we had known earlier. From financial planning to lifestyle choices, these insights could have made a huge difference in how we approached our retirement years.

Whether you're just starting your career or already thinking about early retirement, these tips are invaluable for making informed decisions that will set you up for an attainable and fulfilling retirement. Learn from our experiences and avoid the mistakes we made along the way.

Join us as we share the advice we’d give our younger selves and help you plan a better path to retirement!

We are Richard and Jackie and we live in the UK. We retired from teaching at the age of 51 in the summer of 2022. Our plans for early requirement include relocating to the Yorkshire Dales, developing our forever home and travelling the UK, Europe and eventually the world in our VW campervan Nelson.

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Many thanks,

Richard & Jackie

Timeline:
00:00 5 Things we would tell our younger selves to prepare for early retirement
01:20 Tip 1. Increase your mortgage payments to prepare for early retirement
02:18 Tip 2. Swap your car less often to prepare for early retirement
03:44 Tip 3. Buy less stuff to prepare for early retirement
05:10 Tip 4. The importance of pensions to prepare for early retirement
06:47 Tip 5. Don't wish your life away to prepare for early retirement
08:35 Our final thoughts on what we would tell our younger selves to prepare for early retirement

[alecquail]

Being mortgage free and debt free gives you options. I was able to retire at 54 because I’d paid off my mortgage and had worked hard to pay off credit cards and bank loans etc. Since retiring I live a fairly modest life - it’s surprising how little you can live on when you turn your back on consumerism - but I’m so much happier than being on the daily work treadmill😊

[clareboylan]

My top tip. Would be not wishing your life away and enjoying what you have right now . 😊

[se]

I think you captured it well here, mine would be:

1) "Be you" - Just be yourself and stop trying to fit in, once you are comfortable with who you are/aren't you'll be a whole heap happier.

2) Don't buy/do stuff to "keep up" with others....builds on item 1, once you accept yourself you'll stop buying that new car to compete with your peer group, or doing that thing you didn't really want to do but wanted to 'fit in'.

3) Invest your time/resources into Skills, Experiences and Assets....things that will bring benefit and compound in later life. Many amazing experiences/skills can be obtained for low/zero cost (e.g military reserve service, volunteering).

4) Understand basic finance: difference between good/bad debt, leverage and tax efficient savings. You will never 'beat the market', learn how it works and how to prosper from it.

5) Stop worrying, if you follow items 1-4 you'll likely be on a decent path.

[tjr]

I went at 56 after 38 years. Thankfully company I worked at had a DB scheme.

Paid mortgage off 7 years early. Gave up drinking & smoking early 40s . Here I am 59 years young and out of the corporate mind numbing nonsense. Covid opened my eyes to the corporate psychopaths I worked with. If you can, retire, this isn’t a rehearsal.

Thanks

[rebeccagreen]

I am so glad I started making overpayments to my mortgage. Cleared it in 15 years instead of 25😊

[carolcraig]

Great video & sound advice! To my younger self: stop spending so darn much money on excess stuff! It’s just clutter that you’ll declutter years later.

[duncangibson]

As a 45yr old with a kids of 11, 4 and 6m I can relate to the whole piece. Enjoy them whilst you're all young but retirement is ideally max 15yrs away for me. Splitting my focus between living for today and having enough cash to fund early retirement & uni fees is a challenge. Thanks for your insights. Nice video as always.

[julesopals]

Hi Richard and Jackie, I am 54, not yet fully retired but have been able to change jobs, take on something less challenging and stressful. All your tips resonate with me, I suppose we are the generation that was encouraged to support economic growth by using credit (including mortgages) and I too fell for it - hard ! Cars swapped, house moves and all the stuff! With age and a new generation of wisdom I’ve been privileged to take a step back and start the budgeting in earnest. My husband and I move to ‘austerity’ measures when required and it’s amazing how little we can live on. And be very happy! 😊 Thank you for sharing your experience, you are encouraging and provide reassurance. I am sure you’ll enjoy that teachers pension when it arrives.

[minervabird]

It is a good video. We got an offset mortgage and paid it off in seven years…bought a fixer upper and did a lot of work ourselves, and we now have our place on 1/2 acre with gardens we love to work on.. And then saved, put money in pensions, and had a financial advisor, only had one car, which we bought used and kept for 8-9 years. Holidays were in a used caravan that belonged to my husband’s parents. This was esp. important as I had American student loans, and had to get those paid off on top of it all, but we did it. I retired at 57, husband is 60 and will retire soon. No kids helped too, I’m sure, but we did it. One other thing I learned…a new dress will not solve your problems!

[TerryMacSweeney]

I would also add, invest in your health - stay fit, flexible and healthy as much as you can so that you can hopefully have a long active and enjoyable retirement!

[GregBrim]

Great video! 2 from me (and both are in line with what you have said).
1) You will never regret spending more time gaining experiences (either with or without your kids) and
2) We have always "paid ourselves first" and by doing so will both, at 55, be transitioning to self funded retirement over the next few months.
Thanks for the videos - loving all of them!

[VWvanlife]

It was lovely to meet you both today. I was enjoying my tea cake and brew after my park run, I couldn’t believe when you both walked past me . Can I just say how lovely you both are. Keep the posts coming as we are loving them. Andrea x

[mikelyford]

As someone in their early fifties and contemplating / actively planning for early retirement, I find your videos to be very relatable and informative. Probably because you both come across as very real and relatable. Keep ‘em coming!
I agree 100% with your observations - some great advice. Making those little increases to mortgage and pension payments can make little difference to your daily lifestyle, but compound to make a big difference over the years and your ability to retire sooner.
It’s a difficult balance to live now & plan for the future, whilst also evading very clever marketing and the social pressure to keep up!
I’ll be using your advice to influence my 2 (adult) kids. Thank you.

[fratusd]

I am in my forties I have been contributing to my retirement account since I was 22.. every year I got to raise I upped it a little bit... I have not carried a car payment in 10 years.. we also refinanced our home from30 your mortgage to a 15.. we definitely shop to a budget.. we try not to eat out more than once a month.. we did take a whole year off last year to travel with our family.. and I still feel I will not be able to retire before the age of 55.. I don't understand how people do it younger than that it's so hard to save enough money..

[debbiealston]

Great video! As an early retiree (married to a normal aged retiree), I’d tell my younger self that you are doing the right things financially ( paying into a pension from day one, overpayments on the mortgage, being careful with money and thinking carefully about purchases). However I would say do let your foot off the gas a bit at times and enjoy the moment as well. I did spend about 10 years studying and working part time in addition to the full time jobs I had and that did take its toll, at the time, on my down time and relaxing time with friends and family. I would also tell my younger self to invest and maintain your home, as small problems build and become more expensive later! Thankfully we both enjoy great health and now retired we are able to enjoy life at a slower pace and with more together experiences. Finally I”d say to myself don’t dismiss the camper van dream, as aged 52 you will buy one and love it!

[mminc]

We are 60 and payed off mortgage at 48 by paying off lumps when we could -; never had a new car - ran two second hand cars which we always bought for cash ( saved) .
We enjoyed life and had lots of hobbies between us and our two children ;we had foreign holidays and always had a tent or caravan for loads of weekends away. Have always bought second hand furniture ( which is cheaper and better quality than new, usually). I’m a charity shop fanatic and find great bargains and enjoy the search- I think my money management skills arose from my mother who had the mantra- “ never a lender or a borrower be !” I don’t follow this to the letter but I’ve never forgotten it as a general life rule. If I could advise my younger self, I likely say “ stop worrying “ . I’ve worried about things too much and none of those worries ever happened 😅

[DunkfaeOotnAbootWiUs]

I just watched this and found myself nodding at everything you've said 😊

[fionaclark]

Great tips as always. I have tried to build up a capsule wardrobe of good quality clothes and shoes that will last decades. No trends just well made, classic items that will endure.

[louisesymonds]

This is the video I wish I could have watched 30 years ago! Being a self employed sole trader, I’ve never had a pension, although I did open a SIPP last year. The best advice is to start early. I was very lucky to buy a home young and always overpaid that mortgage. Another thing I wish I’d done was to find my partner from an early age and stick with him! So many bad financial decisions because of bad choices. Great you’re teaching your family good financial habits so they may also have a chance at F.I.R.E. too! Enjoy every moment of your family holiday. X

[LynnButler]

Totally agree with all your points thank you we feel the same ❤