Retire by 40, 45, 50

bubblypop

bubblypop wrote: »

You live in some utopia nox!

I have no issue with anyone who wants to see out their days near their homeplace.
Each to their own!
I for one cannot wait for 9 years when I retire & get to spend most of the year somewhere else

Retiring from work for me means being able to farm full time rather than on the side so spending anymore than a week or two away will never be feasible and it doesn’t bother me. As things stand I generally prefer to spend my holidays from work working on the farm rather than going away. Maybe a week somewhere to relax and go in the beer or a few weekends away in Ireland would do me.

EmmetSpiceland

Xiomara Crashing Tiling wrote: »

It would be a minority opinion though, most people given the choice would live where they have grown up.

I think the problem here is, N, that you’re talking about “most people” in general and not “most people” on boards.

I, personally, would imagine that the majority of the “country” people on this site wouldn’t be too happy with moving “back home”. Too many bad memories of being mocked, ostracised, ridiculed and, possibly even, beaten.

Now, perhaps, if they’ve made a “success” of themselves they might be interested in going back just to “lord” it over all their old townsfolk but, let’s face it, what are the chances of that?

mvl

Possibly I don't follow a trend here - but I love going back where I grew up, in general I have some good memories - can even find some old friends.

What keeps me from literally moving back there is the state of healthcare: small town, barely has a hospital with a couple of specialists. The next regional hospital is 80 km away on a regional road.
Everybody who decides not to go back has scars - mines are inadequate healthcare// my mother passed away @59, still blaming that system.

On the plus side, I've a mortgage free house there and few acres of land. Maybe tele-medicine would be successful in 10 years ?

- could change my mind once my minion finishes her grad school

murphyebass

No on the choices here but I’ll say 55. Kids will be out doing their own thing, mortgage paid off and hopefully still healthy enough to enjoy please god a loooong retirement.

I have loads of hobbies that would work out grand in retirement so no reason I’d get bored.

And would I do another job, open a cafe or something, sounds nice in principle but likelihood is probably not. If I haven’t done it by now it’s never gonna happen.

Neames

The lockdown has made me more appreciative of work and the enjoyment it brings me.

I've always enjoyed work and am well paid for what I do. Happy enough to work until I'm in my mid 60s but I intend to be able to retire by 60 or earlier. Mortgage cleared, pension in a healthy state and savings built up. That way it'll be by choice not necessity to continue work.

Jamsiek

Greyfox wrote: »

Also I think living away from home is more of a young person's thing.

Not necessarily. You only have to go to southern Spain or Portugal and see all the British and Irish retirees living out their twilight years

Jamsiek

Xiomara Crashing Tiling wrote: »

Retiring from work for me means being able to farm full time rather than on the side so spending anymore than a week or two away will never be feasible and it doesn’t bother me. As things stand I generally prefer to spend my holidays from work working on the farm rather than going away. Maybe a week somewhere to relax and go in the beer or a few weekends away in Ireland would do me.

You would be in the minority there I would bet.
Most people that retire would not want to be stuck working on a farm, not full time anyway. I know people that rent out property when they retire and live the good life

murphyebass

Jamsiek wrote: »

You would be in the minority there I would bet.
Most people that retire would not want to be stuck working on a farm, not full time anyway. I know people that rent out property when they retire and live the good life

Disagree, met a lot of farmers in my time and most of them do it until the day they can do it no longer health wise or until the bitter end. Its not work in the normal sense of the word. It’s their life.

lisasimpson

It gives them a sense of something to do everyday. When my brother took over the farm dad still went for walks to check cattle took off to the mart for an afternoon collected supplies from the vets etc. His brother on the other hand who lives in a city found retirement v hard to adjust to

JimmyVik

Xiomara Crashing Tiling wrote: »

Retiring from work for me means being able to farm full time rather than on the side so spending anymore than a week or two away will never be feasible and it doesn’t bother me. As things stand I generally prefer to spend my holidays from work working on the farm rather than going away. Maybe a week somewhere to relax and go in the beer or a few weekends away in Ireland would do me.

To most people retiring is having to do whatever they like with nobody else calling the shots on your time. You can do that wherever it makes you happy and wherever you can afford it.

JimmyVik

murphyebass wrote: »

No on the choices here but I’ll say 55. Kids will be out doing their own thing, mortgage paid off and hopefully still healthy enough to enjoy please god a loooong retirement.

I have loads of hobbies that would work out grand in retirement so no reason I’d get bored.

And would I do another job, open a cafe or something, sounds nice in principle but likelihood is probably not. If I haven’t done it by now it’s never gonna happen.

And you dont want to gamble your nest egg on a new business which if it fails you cant build it back up from.

EmmetSpiceland

JimmyVik wrote: »

To most people retiring is having to do whatever they like with nobody else calling the shots on your time. You can do that wherever it makes you happy and wherever you can afford it.

That’s a nice idea, J, but in reality a lot of retirees are lost due to being incredibly “unimaginative” and are unable to handle having all their time to themselves.

There’s also a high enough divorce rate among retired folk. In a “traditional” setup, the husband has worked all his life and, once retired, he has nothing to fill his time. He then tries to latch on to whatever his wife has planned and she isn’t too happy about that. And rightly so.

Hopefully that will change as more, and more, two income partners start to retire but the danger there is that the two come to the “realisation” that they don’t have too much in common and they mightn’t really like each other that much.

There are a lot more “non-playable characters” out there than you’d think and once you take away their, however pointless, sense of purpose they simply can’t handle it.

JimmyVik

EmmetSpiceland wrote: »

That’s a nice idea, J, but in reality a lot of retirees are lost due to being incredibly “unimaginative” and are unable to handle having all their time to themselves.

There’s also a high enough divorce rate among retired folk. In a “traditional” setup, the husband has worked all his life and, once retired, he has nothing to fill his time. He then tries to latch on to whatever his wife has planned and she isn’t too happy about that. And rightly so.

Hopefully that will change as more, and more, two income partners start to retire but the danger there is that the two come to the “realisation” that they don’t have too much in common and they mightn’t really like each other that much.

There are a lot more “non-playable characters” out there than you’d think and once you take away their, however pointless, sense of purpose they simply can’t handle it.

Thats bleak.
I definitely will have no problems thinking of all the things I can do when my time is mine.
I imagine a large part of it will probably be having enough money to do it.

mvl

EmmetSpiceland wrote: »

That’s a nice idea, J, but in reality a lot of retirees are lost due to being incredibly “unimaginative” and are unable to handle having all their time to themselves.

There’s also a high enough divorce rate among retired folk. In a “traditional” setup, the husband has worked all his life and, once retired, he has nothing to fill his time. He then tries to latch on to whatever his wife has planned and she isn’t too happy about that. And rightly so.

Hopefully that will change as more, and more, two income partners start to retire but the danger there is that the two come to the “realisation” that they don’t have too much in common and they mightn’t really like each other that much.

There are a lot more “non-playable characters” out there than you’d think and once you take away their, however pointless, sense of purpose they simply can’t handle it.

Reads as for last century, tbh. If we talk about the generation who're in their 40s today, there is no way that traditional marriage (where the 1 bread winner has to be male) applies for majority, even if I observe only Irish couples in my community.
Something else may happen, maybe some of the ladies would want to retire earlier than their spouses - and in that case there may be a different pace each gets into new hobbies. But ... especially in creative households, I am sure there would be lots to do when retiring.

Jamsiek

Jamsiek wrote: »

You would be in the minority there I would bet.
Most people that retire would not want to be stuck working on a farm, not full time anyway. I know people that rent out property when they retire and live the good life

Wouldn't be in the minority at all of people who are from farming backgrounds. I don't see it as being stuck working on the farm I see it as something I look forward to being able to get out and about doing everyday. I would do it full time if the money was in it. The idea of having nothing to do after retiring sounds very boring to me remembering spending time aboard or loads of holidays etc are not really things that interest me.

As for farming full-time, its doing it full time but still a farm that was being run on the side (with maybe some upscaling) so its not the workload of a full on enterprise just more time to run things a bit better and catch up on all the jobs you hadn't time for doing when working full time also. Also brings in some money so not as reliant on a pension.

Xiomara Crashing Tiling

Xiomara Crashing Tiling wrote: »

The idea of having nothing to do after retiring sounds very boring to me .

I'd imagine it would to everyone!

Thankfully I have plenty to keep me occupied. So will you by the sound of it.

ingeneer

I'm aiming for 40 to step away from office life. I'm in my early 30's now, and lived abroad for a lot of my 20s. Over the last couple of years I've been focused on cutting down unnecessary expenses, but still going for the things I enjoy. I'm not into cars for example, so my car is knocking on 15 years old now, but I'll go on a holiday at the drop of a hat. Generally following the mr money mustache (mentioned earlier I think?) ideas but at my own level. Most of the crap we buy is a temporary blip of happy hormones, but I think the thing I want most is freedom, being in charge of my own time etc.

Couldn't see myself retiring completely, so I'd go out on my own as a contractor and work a couple of months a year, or start a new career. The aim is to get enough money in the work pension scheme so it grows tax free. Can just cover my expenses with a lowered income then.

If you are in the higher tax bracket, contributing as much as possible to your pension makes a lot of sense to me. You're already guaranteed a return from the tax benefits, and then it can grow tax free. A good company pension, that allows early access, has <0.5% fees, and a good selection of funds if possible. Every other investment route for an Irish citizen is riddled with tax or red tape. If we had an ISA scheme like the UK I'd be all over it, but savings/investments don't seem to be encouraged here - at least since the SSIAs back in the early 00s.

If I do reach the goal, actually making the jump will probably be another story

40 feels very early to retire to me, I wouldn’t even have achieved close to what I plan career wise by then. Also in my mid 30’s my expenses are only going to go up and up for many years to come.

Jamsiek

Xiomara Crashing Tiling wrote: »

Wouldn't be in the minority at all of people who are from farming backgrounds. I don't see it as being stuck working on the farm I see it as something I look forward to being able to get out and about doing everyday. I would do it full time if the money was in it. The idea of having nothing to do after retiring sounds very boring to me remembering spending time aboard or loads of holidays etc are not really things that interest me.

As for farming full-time, its doing it full time but still a farm that was being run on the side (with maybe some upscaling) so its not the workload of a full on enterprise just more time to run things a bit better and catch up on all the jobs you hadn't time for doing when working full time also. Also brings in some money so not as reliant on a pension.

As a non-farmer I suppose we have different perspectives. My dad had a business for most of his life and just decided that he had enough. Now he lets out the shop, the warehouse to others. He never took holidays and now feels that he missed out on life. He has since caught the travel bug and is constantly looking at flights online. Not much available now though.

Then again, I know people well into their 70s still working full time. Personally I won’t be retiring anytime soon. Maybe if I won the lottery I might think about it though &#55357;&#56397;

bee06

I’ll be 40 in two years.If I retired then I’d be stuck at home with a 4 year old and a 2 year old. I love my kids but no thanks! I like my job anyway and after a year long maternity leave I’ll be looking forward to going back next year.

Maybe 55. Mortgage should be paid off by then and kids will be college aged so myself and the husband can takes some trips etc.

JimmyVik

One of my colleagues just announced he is not coming back to work and has retired. He is 51. Im jealous.
I need to find out more:)

ingeneer

ingeneer wrote: »

I'm aiming for 40 to step away from office life. I'm in my early 30's now, and lived abroad for a lot of my 20s. Over the last couple of years I've been focused on cutting down unnecessary expenses, but still going for the things I enjoy. I'm not into cars for example, so my car is knocking on 15 years old now, but I'll go on a holiday at the drop of a hat. Generally following the mr money mustache (mentioned earlier I think?) ideas but at my own level. Most of the crap we buy is a temporary blip of happy hormones, but I think the thing I want most is freedom, being in charge of my own time etc.

Couldn't see myself retiring completely, so I'd go out on my own as a contractor and work a couple of months a year, or start a new career. The aim is to get enough money in the work pension scheme so it grows tax free. Can just cover my expenses with a lowered income then.

If you are in the higher tax bracket, contributing as much as possible to your pension makes a lot of sense to me. You're already guaranteed a return from the tax benefits, and then it can grow tax free. A good company pension, that allows early access, has <0.5% fees, and a good selection of funds if possible. Every other investment route for an Irish citizen is riddled with tax or red tape. If we had an ISA scheme like the UK I'd be all over it, but savings/investments don't seem to be encouraged here - at least since the SSIAs back in the early 00s.

If I do reach the goal, actually making the jump will probably be another story

Do you have children?

ingeneer

Deleted User wrote: »

Do you have children?

No, but if I do have kids I'll work for another couple of years, possibly do more hours as a contractor once semi-retired etc.

There are plenty of people in the "FIRE community" that have kids so it's not unheard of, although obviously makes it a bit harder.

Revit Man

ingeneer wrote: »

No, but if I do have kids I'll work for another couple of years, possibly do more hours as a contractor once semi-retired etc.

There are plenty of people in the "FIRE community" that have kids so it's not unheard of, although obviously makes it a bit harder.

As a pretty new parent, I'm getting the unpleasant feeling that if you want to be well off and have kids, you'll need to have amassed your money before you have children, or be in a great job with low/no mortgage to get there, or 2 incomes and cheap childminding.

I don't know.... I earn €50Kish, which is a nice net income, except nowhere near enough to build any wealth and pay mortage and rear a family.

spurious

I retired at 50 on a very small pension. I supplement it with bits and pieces of work as i feel like it and an AirBnB room, which obviously this year isn't a goer. Rarely get into the higher tax band, income wise.

Not loaded by any means, but house paid off and free time to do what I want, when I want. Plenty of things to do. I saw my father struggle for the first couple of years of retirement, not knowing what to do with himself and getting under my mother's feet. Not sure if that's a man thing or maybe a generational thing, but I never seem to have any shortage of things to be doing.

snoopboggybog

Probably could manage it by the time i'm 50.

Save 2k a month for the next 22 years which gives me 528,000.

Over 25 years that leaves me with 21120 a year or 400 euro a week.

I would probably start contracting then every so often when suits me.

KiKi III

My mam took early retirement from teaching at 55.

She’s comfortable financially but I think it was a bad decision for her. She derived a lot of her meaning in life and connection to the local community from being a teacher.

She didn’t realise how much she was giving up. That was almost ten years ago and she’s adjusted now, she does a lot of volunteering and has hobbies, but it took a while.

_Kaiser_

I can't see myself ever being in a position to voluntarily retire unfortunately. Young child to support (whose expenses will only become larger as he gets older), renting (stupidly I DIDN'T take the 100%+ mortgage in the Good Times), no parents to leave me a house or money etc

The plan is to try and save enough to cover the reduced bills when the day comes for the likely few years I'll have left in some sort of comfort, but then who knows - may not even get that far either.

the_syco

shuyin1 wrote: »

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.

Would be bored. Have to work to afford my hobbies, such as astrophotography.

When I do retire, I'll probably just increase the amount I volunteer; switching from a paid job to an unpaid job.

ingeneer

snoopboggybog wrote: »

Probably could manage it by the time i'm 50.

Save 2k a month for the next 22 years which gives me 528,000.

Over 25 years that leaves me with 21120 a year or 400 euro a week.

I would probably start contracting then every so often when suits me.

You should consider some form of investment as any positive inflation will dwindle your savings - a lot of people use ETF index funds through Degiro or similar. You can pick different investments depending on your risk tolerance.