I plan to retire early (around age 45). Living in Europe. My question relates to what order I should be saving / investing in now and what order to use that money when I get to my early retirement age.
- Pay into a pension (employer matched) will in total will save 15% of my salary.
- Save an additional 40 - 50% of my salary each month into a (?*) account
- Draw-down from the (?*) account from age 45 - 55
- Draw-down from pension from 55 onward.
I am 30 years old currently. I can afford the savings percentages referenced above. Another thing worth noting is that my mortgage has 14 years left on the term. Although, I could afford to pay it off early, if I dig into my 40-50% savings to put towards that instead.
*what is best here? Stocks and shares ISA? Cash ISA? Investing independently in stock market?
I know this could be complex, but would really appreciate some guidance. I would like to note that once I retire, I will have no mortgage and will have a very low cost of living, so don't need a lot of money. 40 - 50% of my current salary will cover it.