Mon. Dec 4th, 2023

Andrew Barclay, 24 and from Glasgow, would like to stop working at 45 and enjoy a retirement that involves four week-long holidays a year. He earns £40,000 a year working as an air traffic controller for the Royal Air Force.

“From the age of 42 I can claim a lump sum of £90,000 plus a yearly income of £18,500, which will rise with inflation, via my military pension,” he said.

Mr Barclay owns a rental property but plans to sell it and buy a new buy-to-let costing £60,000, which will be mortgage-free. This will leave him with £20,000. The income from the property should be around £600 a month, a yield of 12pc, which is achievable by converting properties so that they have more bedrooms.

Mr Barclay also invests and has shares in the oil firms BP, Premier Oil and Royal Dutch Shell, the cruise line Carnival and the airline Tui, plus some silver. The portfolio is worth £5,000, but some astute trades, buying when markets crashed and taking profits when they rose, made him a tidy return of 19pc in 2020.

His monthly spending on bills, food and military rental accommodation is £800 a month, leaving him with spare cash to fund his ambitious retirement plan.

He said: “I’d like to buy my own home by the time I am 30, although I’ll rent it out for a while first. I’d also like to have bought a second investment property by then. My aim is to overpay and be mortgage-free and either retired or semi-retired by 45 so I can go skiing regularly and visit friends in America and Dubai.”

By senior