Retire by 40, 45, 50

JimmyVik

ingeneer wrote: »

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.

Tho whole complicated tax regime around those would give you a pain in the ass though.

Revit Man

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.

I admire the optimism. If it works out for you, fair play and I hope it does. 2 grand a month, every month, for 22 years would be incredible saving.

Best of luck with it.

Sleepy

I can't see myself getting to retire tbh. Mismanaged my money horribly in my twenties and as I'm facing down the barrel of 40 at the end of this summer, I still have 25 years left on my mortgage (will clear it a few weeks before my 65th birthday all going well), no private pension, two kids to get through secondary school and college and my wife isn't in a position to work most jobs due to medical issues.

Retiring at 65 would have to involve my parents dying before their time and leaving myself and my siblings the money intended to fund their own retirements, selling up and moving permanently to a much cheaper cost-of-living country or some kind of windfall like winning the lottery. It's a fairly depressing thought tbh.

BrianD3

Sleepy wrote: »

I can't see myself getting to retire tbh. Mismanaged my money horribly in my twenties and as I'm facing down the barrel of 40 at the end of this summer, I still have 25 years left on my mortgage (will clear it a few weeks before my 65th birthday all going well), no private pension, two kids to get through secondary school and college and my wife isn't in a position to work most jobs due to medical issues.

Retiring at 65 would have to involve my parents dying before their time and leaving myself and my siblings the money intended to fund their own retirements, selling up and moving permanently to a much cheaper cost-of-living country or some kind of windfall like winning the lottery. It's a fairly depressing thought tbh.

Have a look at my post in this thread talking about luck and circumstances. I should also have mentioned trade offs. E.g. a middle aged bachelor with no wife and children might be able to retire earlier than yourself but suffer badly with depression and loneliness due in part to having no wife and children. If your parents die young then you'll be in a better financial position but won't have your parents. Etc.

I suppose what I am getting at here is, life is tough and very few people can "have it all".

Another thing that I've been banging on about in these type of threads is how decisions, choices, mistakes made at a young age can have major effect on your finances and life later on. With the benefit of hindsight, you realise that you mismanaged your finances in your twenties. Other people make very bad career choices that they never fully recover from. Even for those that make good decisions and career choices, it's often due to blind luck.

I remember when I was thinking about my career aged 17/18. Agonised about it, it was the mid 90s so the internet wouldn't have been much help . So I asked loads of "adults" for advice. With hindsight, almost all of it was sh*te and it has affected me to this day.

Revit Man

Curious Brian what shite advice you got, that you took to heart and applied, that affects you 25 years later?
Genuine question.

bilbot79

Sleepy wrote: »

I can't see myself getting to retire tbh. Mismanaged my money horribly in my twenties and as I'm facing down the barrel of 40 at the end of this summer, I still have 25 years left on my mortgage (will clear it a few weeks before my 65th birthday all going well), no private pension, two kids to get through secondary school and college and my wife isn't in a position to work most jobs due to medical issues.

Retiring at 65 would have to involve my parents dying before their time and leaving myself and my siblings the money intended to fund their own retirements, selling up and moving permanently to a much cheaper cost-of-living country or some kind of windfall like winning the lottery. It's a fairly depressing thought tbh.

You don't really have 25 years left on your mortgage. You could find an extra 100e a month and shave a few years off that

Tea drinker

Sleepy wrote: »

I can't see myself getting to retire tbh. Mismanaged my money horribly in my twenties and as I'm facing down the barrel of 40 at the end of this summer, I still have 25 years left on my mortgage (will clear it a few weeks before my 65th birthday all going well), no private pension, two kids to get through secondary school and college and my wife isn't in a position to work most jobs due to medical issues.

Retiring at 65 would have to involve my parents dying before their time and leaving myself and my siblings the money intended to fund their own retirements, selling up and moving permanently to a much cheaper cost-of-living country or some kind of windfall like winning the lottery. It's a fairly depressing thought tbh.

Comparing yourself to some here - maybe it's not as rosy, but times change and circumstances change. There's many families living paycheck to paycheck that look to be doing oh so well on the surface. My own circumstances were mediocre in terms of home ownership mortgage disposable cash etc.
Circumstances in work changed and every year it gets better, to the point I hardly know myself. From having no property (but cancer!) in 05 to getting all clear to having savings and still waaay overpaying on the mortgage 10 years later was quite a quick turnaround.
My advice for you - Keep on top of things in terms of your skillsets... be ready for opportunity when it comes knocking. You'll be grand.
But I recommend starting a pension, it doesn't have to be huge now.
Make sure ye are claiming everything in terms of medical bills etc.
Small savings tend to get bigger and bigger

JimmyVik

Not retirement, but was just talking to a colleague who has changed to a 3 day week. I asked hiom why he was doing it when I heard about it.
He told me that he is just 50 now. He had always planned to retire at 50.
But with Covid he said he might as well just stay working from home for a while more. He has gone to a 3 day week for 6 months and he is taking a year off after that. If he likes it he will stay off and be retired.
Inspiring stuff. He has been planning this since he was 30. So it was 20 years in the making.
I will pick his brains some more Im really getting into this idea.