Retire by 40, 45, 50

shuyin1

This lock down has really got me thinking why slave away till 66/68 to retire. The plan is to squirrel away at the current rate until a good chunk is built up where part time job/hobby + passive income can sustain day to day expenses. Obviously have to live a modest lifestyle.

If you could retire early, how old and where? Early 40's and SE Asia for me, nice weather and lots of motorbikes to choose from.

McCrack

Be careful the under carriage doesn't accidentally drop out of one

bilbot79

50 would be lovely. Wouldn't need to go too mad. Just maybe a wee place in the Canaries for winter would do

Tea drinker

shuyin1 wrote: »

This lock down has really got me thinking why slave away till 66/68 to retire. The plan is to squirrel away at the current rate until a good chunk is built up where part time job/hobby + passive income can sustain day to day expenses. Obviously have to live a modest lifestyle.

If you could retire early, how old and where? Early 40's and SE Asia for me, nice weather and lots of motorbikes to choose from.

What is important to you in retirement may change a lot between now and then. And if you retire at 40 - 50 I imagine it will change a lot as time progresses there too. Have to say I do agree it's a noble goal and I do intend to retire early but tbh I doubt I could do it before 60.

Fuascailteoir

One last big job and be all set... what could go wrong

anewme

Retiring at 50 is not a realistic option for the majority. Unless you are in the very top earning bracket.

I'm now considering if I could retire at 60; not sure if that is realistic either. Life is expensive and at that stage, every year counts.

Will work toward keeping fit and well, enjoying life as it is and retiring at 65 with enough to enjoy the rest of my days.

Stacksofwacks

That's fine if you have no mortgage to pay or dependents to support, then you've no choice.

Leg End Reject

I'd love to retire at 55, it's not realistic though unless I win the lotto. After a very abrupt adjustment I've really enjoyed the lockdown apart from missing family and friends.

I expect another recession, pay cuts and taxes will force me to work until my mid to late 60s.

The rat race really has us from cradle to grave. Franklin was right with taxes and death being the only certainties of life.

Strumms

Thing is until you decide to retire, you still have expenses..

Accommodation...Rent/mortgage (in many cases)

Household bills... heat/light/food/insurance/

Entertaining... drinks/cinema/sky/football


Transport... running a car / public transport

Sundries... gym membership/music lessons... whatever

I’d rather work a little longer, enabling a more healthy work / life balance along the way. My days of slaving and doing ‘extra’ for employers who couldn’t give two fûcks about you, your family, health and wellbeing are finished.

The last year or two if it was feasible to cruise part time that would be a dream..

_Brian

Few years shy of 50 myself. I changed to a lower paid job with huge flexibility and a great boss.

About half my previous salary where I worked in a MN like a slave 24/7/365 rotating 12.5hr shifts and 1.5hr commute each way, did that for 13 years.

I only go into the office once every two/three weeks and set my own schedule to meet clients.. After this I’ll be making a case to drop my desk in the office altogether and 100% work from home.

There’s no pension but I’ll have a small pension from previous role and state contributory when the time comes.

Until then it’s easy going for me. Been home during this crisis on 100% wages for about 5% workload.

Take holidays when I need them flexible hours no KPIs to meet no annual reviews bullshiit or anything. Any bad weather or warnings i stay off the road and do paperwork at home

It’s as close to retirement as I’ll need for a while.

Herself is thinking of early retirement from HSE after current fiasco is over. She could to locum work or contract work for pocket money.

We have a modest mortgage still but that covers two houses and selling one would easily cover it. But we will keep them on as gifts for our kids.

Stacksofwacks

_Brian wrote: »

Few years shy of 50 myself. I changed to a lower paid job with huge flexibility and a great boss.

About half my previous salary where I worked in a MN like a slave 24/7/365 rotating 12.5hr shifts and 1.5hr commute each way, did that for 13 years.

I only go into the office once every two/three weeks and set my own schedule to meet clients.. After this I’ll be making a case to drop my desk in the office altogether and 100% work from home.

There’s no pension but I’ll have a small pension from previous role and state contributory when the time comes.

Until then it’s easy going for me. Been home during this crisis on 100% wages for about 5% workload.

Take holidays when I need them flexible hours no KPIs to meet no annual reviews bullshiit or anything. Any bad weather or warnings i stay off the road and do paperwork at home

It’s as close to retirement as I’ll need for a while.

Herself is thinking of early retirement from HSE after current fiasco is over. She could to locum work or contract work for pocket money.

We have a modest mortgage still but that covers two houses and selling one would easily cover it. But we will keep them on as gifts for our kids.

Its your life but this mentality I can't understand. You raised your kids well I'm sure but you owe them nothing. Let them take out their own mortgages and see how much it costs.

biko

Not sure if want to retire at 50. Seems like an awful lot of living left to do and nothing to do every day.

anewme

biko wrote: »

Not sure if want to retire at 50. Seems like an awful lot of living left to do and nothing to do every day.

Hit the big 50 this year.

Would not be interested in retiring, even if I could afford to.

Stacksofwacks

Stacksofwacks wrote: »

Its your life but this mentality I can't understand. You raised your kids well I'm sure but you owe them nothing. Let them take out their own mortgages and see how much it costs.

Or give them a leg up and enable them have a better life without having a mortgage.

Couldn’t understand your mentality, any parent wants to make their children’s lives as good as they can and give them every advantage they can.

_Brian

biko wrote: »

Not sure if want to retire at 50. Seems like an awful lot of living left to do and nothing to do every day.

There’s a whole life of stuff to do that’s not work related.

_Brian

Stacksofwacks wrote: »

Its your life but this mentality I can't understand. You raised your kids well I'm sure but you owe them nothing. Let them take out their own mortgages and see how much it costs.

It’s what we want.
My eldest is 17, been in paid employment since 15. Has gained swim teaching and lifeguard qualifications so it’s not like we’re raising them not to work. Also half way through a coaching course at the moment.

Stacksofwacks

Xiomara Crashing Tiling wrote: »

Or give them a leg up and enable them have a better life without having a mortgage.

Couldn’t understand your mentality, any parent wants to make their children’s lives as good as they can and give them every advantage they can.

Yes of course, but you can't cocoon them from the realities of life either. I think better parenting is to support them and encourage them to be the best they can be and to take things into their own hands rather than showering them with free stuff. But that's just my opinion.

martin101

Working part-time and so does my wife. We both job share and either one of us is always here with our two young kids. It's tough money wise but we make it work. It gives you some balance too. Not always being home or not always being in work. And the kids always have either one of us here. Then Saturday and Sunday we are both off. When I worked full time before I'd kids I hated work and couldn't see myself ever seeing the light at the end of the tunnel. I was wishing away my years to retirement even though I was early 30s now I don't even think of it. I'm in two days one week and three days the following week and it works for me. So what I'm trying to say is things change. You might be dying to retire real young but then circumstances change and so does your goals. Retirement was always on my mind for many years now I don't really mind when I retire. But I have to say I don't think I could ever go back to full time work again

_Brian

Stacksofwacks wrote: »

Yes of course, but you can't cocoon them from the realities of life either. I think better parenting is to support them and encourage them to be the best they can be and to take things into their own hands rather than showering them with free stuff. But that's just my opinion.

Looking after your kids is a far cry from cocooning them.

anewme

Also, if you enjoy your job and it has stimulation and variety, your work life is an important part of your life. It is not just a stage to be bypassed.

Life passes by soon enough already.

Stacksofwacks

_Brian wrote: »

Looking after your kids is a far cry from cocooning them.

If looking after them is giving them a free house then I don't know what to say. Your choice but maybe we just have a different way of looking at things. I wouldn't accept it from my parents, especially if they were struggling to pay a mortgage on a second home I'd tell them to go buy themselves a holiday home instead for themselves. It would also feel like they were trying to buy my affection in some way.

s1ippy

Stacksofwacks wrote: »

Its your life but this mentality I can't understand. You raised your kids well I'm sure but you owe them nothing. Let them take out their own mortgages and see how much it costs.

Clearly the sentiments somebody who already has their mortgage and isn't trying to buy property.

That poster is 100% right to hold on their assets. Liquid wealth is easy to separate people from, owned property is much more difficult to take.

_Brian

Who’s struggling

_Brian

Stacksofwacks wrote: »

If looking after them is giving them a free house then I don't know what to say. Your choice but maybe we just have a different way of looking at things. I wouldn't accept it from my parents, especially if they were struggling to pay a mortgage on a second home I'd tell them to go buy themselves a holiday home instead for themselves. It would also feel like they were trying to buy my affection in some way.

They don’t know the houses are for them. As far as they are concerned the house is to sell when we retire.

Equally they don’t know that college money is out by but rather are getting ready to work to support themselves just as we had to do.

Each to their own.

Stacksofwacks

_Brian wrote: »

They don’t know the houses are for them. As far as they are concerned the house is to sell when we retire.

Equally they don’t know that college money is out by but rather are getting ready to work to support themselves just as we had to do.

Each to their own.

Well best of luck whatever you decide to do. My own Dad growing up would barely give you a tenner without a bootstrap speech, maybe it was OTT but I respected him more for it in the long run.

_Brian

Stacksofwacks wrote: »

Well best of luck whatever you decide to do. My own Dad growing up would barely give you a tenner without a bootstrap speech, maybe it was OTT but I respected him more for it in the long run.

My father used to say “earned money is harder spent”

bilbot79

You can give your kids whatever you want to give them. It's nobody else's business.

The price of houses in this country is like a dead weight around a person's neck, trapping money that would be more beneficial out in the real economy.

By providing the house he's provided a model consumer to the economy

cj maxx

I know a guy who retired at 46/47. Well when I say retired ,he built a transport business and sold it. Doing bits and pieces for himself in the same industry. Seems happy enough

Tork

I work alongside a few people who are now in the age bracket where they could retire. The kids are finished college, the mortgage is paid and I assume they're financially OK. Some of them used to make noises about how they'd be gone by X age but now that that is within touching distance, they've changed their tune. Actually picking up the phone to HR and setting that retirement ball in motion is a huge step for people and one that seems to scare the hell out of them.

bilbot79

Tork wrote: »

I work alongside a few people who are now in the age bracket where they could retire. The kids are finished college, the mortgage is paid and I assume they're financially OK. Some of them used to make noises about how they'd be gone by X age but now that that is within touching distance, they've changed their tune. Actually picking up the phone to HR and setting that retirement ball in motion is a huge step for people and one that seems to scare the hell out of them.

Wild horses couldn't stop me making that call 😂

Leg End Reject

_Brian wrote: »

My father used to say “earned money is harder spent”

Fair play to you, I think most parents try to ease the road for their children and hope that they have a good quality of life once they strive to be self sufficient.

Any good parent I know wants their children "to have it easier", with the cost of living now, particularly house prices, it's just an aspiration for many parents.

q85dw7osi4lebg

Aiming to quit 9-5 by 45. Settle in mainland Europe. o as I please then, own business etc.

Tork

bilbot79 wrote: »

Wild horses couldn't stop me making that call ��

What age are you though? Ballpark figure - I'm not looking for your birth cert

Mr Meanor

My Grandfather (engineer) retired aged 83 from the job that he loved.
My Father, (engineer) retired at 65 (mandatory retirement) with no money worries then got another engineering job. HR retired him when he was 70. Got another job, was retired from that when he was 76, HR nailed him with insurance concerns on paper! Got another consulting job and finally retired at 81. Fathers still very active years later and is currently doing large engineering restoration projects.

Probably helped that they definitely did not look their age. Great inspiration and great genes,
glad I inherited them! On my second career at the moment, thinking about a third move, retirement's for wimps

I've no desire to retire at any age. The work I tend to do isn't physical so it's something I can continue doing as I get older, and it's not particularly time intensive. I lecture for part of my income, and I also write books. I fully expect to continue doing lecturing into my 70s and the writing into my 80s. It helps that I absolutely love my work, and it's easy enough to shift to parallel disciplines if I get bored.. I also tend to live in countries with a lower cost of living so I can put away a bit more.

I tried the traditional thing of working hard, and saving so that I could retire when I reached my 50s/60s, but then the banking crash came along, wiping out most of my reserves, and putting me into debt. I decided then, not to bother starting the whole saving process again, would enjoy my 30s/40s and continue working at an older age.

bilbot79

Tork wrote: »

What age are you though? Ballpark figure - I'm not looking for your birth cert

40 something.

I hate my job though. That's a big part of the desire to retire

_Brian

bilbot79 wrote: »

40 something.

I hate my job though. That's a big part of the desire to retire

I got to that stage with my previous job.
My advice is there are easy jobs out there where yes you take a pay cut but also can shed the rubbish that goes along with high level jobs.

biko

biko wrote: »

Not sure if want to retire at 50. Seems like an awful lot of living left to do and nothing to do every day.

No work to do every day.
There's a lot more to life then work!
All day to do whatever you want whenever you want. Sounds great to me. No chance of me being bored, there's too much to do in this life!
45 now, hopefully retire in 9years

L1011

Mortgage will be gone at 43 (currently) but there's zero chance I'd have enough other assets to see me from then to 50 (to draw on the private pension - which will be basically nothing if expecting a normal lifespan from that age too) let alone until the state pension age.

Also, I'd probably go insane.

razorblunt

Retire at 60 would be the ideal and currently is the plan.


Guy at work is turning 60 this year and apparently was doing some quick maths in his head around possibly retiring sharpish.
He thought the numbers would work for him he'd just need to wait post bonus season. Over the weeks he seemed to talk himself in and out of doing it. 4 weeks before bonus he's pulled aside and told one his team needs to go (redundancy) they'll allow voluntary redundancy. He speaks to the two women working for him both younger who say they can't/don't want to go. This all plays into his hands so he goes to the Senior Managers offering to fall on his sword and negotiates a sweet package. Not bad for a fella that would have been leaving by the end of July on his own anyway!
What a way to go out!

Sky King

I don't like the idea of 'retiring' at 45 / 50 so much as finishing out the mortgage and getting a handier / part time job that you like which may not pay as well but would not have the bullsh!t / responsibility of a high paying job and would give lots of time off.

Something like giving walking tours of your home town, teaching surfing on the side, working in a garden centre, part time postman, growing market garden veg, or whatever...

That would be nice.

LuasSimon

Have walked into my local cemetery near me as part of my daily walk in these covid times , it shocks me how many people i knew buried there who were in their 50s and 60s when they passed away. Really makes me question how anyone could work until 67/68 and chances are most will only have 5-10 years of life left to enjoy at retirement and probably not jumping out of their skin to enjoy it.

60 years of age we should all finish working even if it means welfare for a few years until pensions kick in. If you hate your job 55 should be get out time. Most people will have worked for 35 years at that stage .

BrianD3

LuasSimon wrote: »

Have walked into my local cemetery near me as part of my daily walk in these covid times , it shocks me how many people i knew buried there who were in their 50s and 60s when they passed away. Really makes me question how anyone could work until 67/68 and chances are most will only have 5-10 years of life left to enjoy at retirement and probably not jumping out of their skin to enjoy it.

I agree with your sentiments but your figures are off - approx 15% of people die before the age of 60 and the 85% who make it to 60 have a life expectancy of about 21 years.

Similarly, 28% die before age 70 and the 72% who make it to 70 have a life expectancy of about 14 years.

These are averages/median figures, certain demographics might have much poorer stats. I read before that life expectancy at birth in poor areas of Glasgow is 50 something.

Also it's not just about life expectancy but about quality of life.

Kintarō Hattori

Stacksofwacks wrote: »

Yes of course, but you can't cocoon them from the realities of life either. I think better parenting is to support them and encourage them to be the best they can be and to take things into their own hands rather than showering them with free stuff. But that's just my opinion.

I have just the one myself, a 3 year old. So far we've saved the child benefit we get each month with a view that it'll go towards paying for an education if she wants to go to college. We also intend leaving the house in her name. It's far from free as she'll have to pay inheritance tax.

Our goal is to raise her to be a well rounded person who understands that things cost money & are hard earned. While I don't come from a poor background I do want her to do better in life than I did and if I can help her get a better education and take away the worry of buying a home, then that frees her up to better herself and hopefully get a better head start in life than anyone in my family had.

gifted

Always wanted to finish up by 50.....had a few bob stashed away......buying a place in the sun...then I met herself.....I must have blinked funny cos she copped I had a stash......used her charms to open the stash....now have 3 kids, herself, a dog and a huge mortgage.....I'll probably never finish up working...but im happy....she tells me I am anyway.

I’d love to retire from working off farm in my 50’s but doubt it will be feasible, retiring from work for me though will mean going full time farming rather than doing it on the side while also working and I’ll never retire from the farming.

Chance plays a big part in it, children are very expensive so having them early means you have more time later on to accumulate money( I know lots do not have the choice to do that ).

The type of career you have plays a big part of it, an individual could have gone to college had a great career in construction and planned it all out, then the downturn came they lost their job and had ot use all the money meant for the early retirement to live on.

They could have been flying it all planned out to early retirement then they get cancer or other serious illness they recover but were out of work for a year and never recover financially.

A million things could happen.

A good marriage plays a big part in it, the financial situation of married or together couples in their 50s both working children grown-up is vastly different than the divorced couple who are maintaining two homes and paying maintenance.

Tork

Yes, so many things can get in the way of a plan to retire young. Having said that, I think people should retire and go do their own thing as young as they can. This notion of working until you're near 70 is a horrible one. I have sympathy for the people who have no choice but to do this but for everyone else, it's madness. Why would anybody seriously give up the youngest, healthiest remaining years of their life to their employer because they fear the alternative?

Having said that, I think everybody nearing retirement age should be putting a plan in place for what to do next. It doesn't have to be a grand plan but they need to have something more to do than get up in the morning, go for a walk, come home, watch crap TV and kill time until they go to bed.

JimmyVik

shuyin1 wrote: »

This lock down has really got me thinking why slave away till 66/68 to retire. The plan is to squirrel away at the current rate until a good chunk is built up where part time job/hobby + passive income can sustain day to day expenses. Obviously have to live a modest lifestyle.

If you could retire early, how old and where? Early 40's and SE Asia for me, nice weather and lots of motorbikes to choose from.

I had that idea in my 20s.
South east Asia. Live like a king for very little.
Then women and children. Plans turned on their head
I got the motorbike though

arybvtcw0eolkf

I'm lucky is so far as I'm 54 and in a position where I could retire on a decent enough pension and because of my contract I get a nice gratuity too.

Realistically because I've worked up my pension I'm actually working for very little, and the gratuity is doing feck all. But I love my job, I love going to work still, I work with a brilliant bunch of lads who I'm lucky enough to be able to call friends.

I'm not in a hurry to retire, however if I did and was to settle elsewhere, I'd stay in Ireland (for sure) but I'd have a small piece of land with a man cave for meddling with my motorbikes and not too far from Dublin but not too close either.

As I'd be living out in the sticks I'd arm myself with a shotgun for that one time the carpet sellers & tarmac layers refuse to take no for an answer and come calling late at night.

What age will I retire, my job means mandatory retirement at 60.

howamidifferent

I'm knocking on 56 and would love to retire at 60 but probably wont be able to retire till 65