Sean decided his pension plan was not helping him at all and came up with a different solution
A man has revealed how he tore up his pension plans after launching a bold bid to retire at 45 on £30,000 a year. Sean Leith is an actuarial consultant working in pensions – so knows a thing or two about the issue. He says he is well on his way to saving £700,000 over the next 15 years.
Sean, 30, is channelling as much of his £3,400 monthly wage as possible into a stocks and shares ISA, focusing on specific ETFs (exchange traded funds). Sean, from Edinburgh, made the decision to cut back his pension contributions and instead pour more money into his ISA – all in a bid to retire early and make the most of life away from the office.
Since 2021, he has put £29,500 into his ISA, a figure that has more than doubled to £67,000 following what Sean described as some “lucky” investments into individual companies. He now aims to ramp up his contributions to between £800 and £1,000 a month.
He hopes this strategy will allow him to retire by 45, or 50 at the very latest, with roughly £700,000 to his name. Sean said: “The plan is to retire at 45, 50 at the latest. Hopefully, the ISA will have enough saved in it.
“I think I will need just around £700,000 in today’s money. That should allow me to have £30,000 a year.”
Sean overhauled his pension plan in July 2026 after realising the tax relief he was receiving no longer matched his retirement ambitions. He currently has £83,000 tucked away in an employer pension scheme. He said: “I used to pay loads into my pension to get tax relief. Then I realised if I want to retire by 45, it was pointless.
“At the peak, I was paying 25% of my salary into my pension, a total of £1,450 monthly with my employer’s contribution.
“I reduced my pension contributions down to 5% as that’s the most my employer will match. That means I can put more money into my ISA.”
Of course, money in ETFs can go down as well as up – so there are no guarantees and people should seek proper financial advice before making significant changes such as this. Yet when he does retire, Sean is hoping to spend time on golf courses and padel courts – if he has other retired friends to play with. Sean said: “The plan is to travel a lot and do lots of sports. It will be nice to do what I want and not have to work.
“My only worry is none of my friends are really doing this. Who will I do that stuff with?”
Sean hopes to leave his job at 45, in 2041, though he may need to hold on until 50 if his investment returns and contributions fall short of the 10% he’s targeting.
He admitted: “The 45 age is ambitious to live the life I want. I could retire much earlier with much less money.
“My current salary is around £62,000. I’m at around £67,000 in my ISA, but I’m definitely going to need to up my contributions.
“I’m aiming to put £500 a month in the ISA, but it’s more variable. To retire at 45, I need to be at £800 to £1,000 a month.”
Sean, who runs the Instagram account @seansmoney2396, began taking his financial future more seriously after being signed off work for six months during lockdown.. He said: “In lockdown, I started really struggling with anxiety. I’d been working in finance for five years but I was spending everything each month.
“I got signed off work for six months, but after three months I was on the statutory minimum. I had no savings so paying bills was impossible.
“I said to myself, this is ridiculous. I was earning £35,000, I shouldn’t be in a situation where I’m off work for two weeks and can’t pay my bills.”
Sean began by putting aside £100 a month, and when he returned to work he was able to save increasingly larger amounts. He said: “When I got back to work I kept doing stuff to get to do extra money.
“It was in a savings account, but I did my research and I realised I could do more with it.” If he successfully manages it, Sean will have accumulated around £700,000 in his ISA within 15 years – allowing him to pack in his job and live comfortably nearly 22 years before he reaches state pension age.
Sean remains sceptical about the state pension, saying: “In terms of the state pension, I don’t care about the age I can access that.
“I don’t think I’ll get it either, as it will be gone or means-tested. If I’m the guy with £700,000 in my ISA at 45, I’ll be ineligible anyway. “.
SEAN’S MONTHLY OUTGOINGS
- Mortgage – £1150
- Council tax – £140
- Gas and electricity – £100
- WiFi – £35
- Phone bill – £10

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