I've got it in my head that I'd like to pack in work and retire 5 years early and I'd like your input to either help me go for it, or to hold on a while longer. Just recently several friends and associates around my age have not managed to reach retirement age, and I'd like to cut loose while I still have a chance, then mosey around in the MH on an extended holiday (I'll need to sell that to er indoors yet
Am I right in thinking that my future state pension entitlement is determined by how many years I've been paying my National Insurance, and that to leave early and not continue to pay in would reduce the value? If so, is it possible to continue to pay in monthly despite not working?
I've done my calculations as to my normal monthly outgoings are likely to be, Gas, Lecky, Water, Council Tax , TV, Food, Car, MH, tax, insurance, fuel, servicing etc. etc. so I've a good idea how much I will spend of my existing personal pension from a previous employment, and then an idea of how much to use of my savings. We have recently overhauled the house, doors, windows, kitchen, carpets, and have no intention of selling, letting or moving.
Please let me know what I'm not considering, pitfalls, other concerns. What have I missed?