Retire by 40, 45, 50

s1ippy · 12-05-2020 2:59am

God if you had a quarter acre to grow food and keep livestock, you could get by on virtually nothing. Bills and utilities and the odd few messages, depending on the size of the house about €150pw. Probably less if you were frugal.

Stacksofwacks · 12-05-2020 3:20am

s1ippy wrote: »

God if you had a quarter acre to grow food and keep livestock, you could get by on virtually nothing. Bills and utilities and the odd few messages, depending on the size of the house about €150pw. Probably less if you were frugal.

You probably could but its a lot easier to go into Tesco or lidl and get your basket of goods which isn't that expensive anyway

s1ippy · 12-05-2020 3:43am

If you're not really a gardener or chef, it's probably hard to fathom why you'd rather cultivate your own food from scratch. You know the satisfaction when you make a nice meal? I find that completely addictive, it's incredibly satisfying to me to be entirely responsible for the food, from start to finish.

We've been in the city suburb for two years and we've already managed to set up the garden so we grow about 1/8 of what we eat. After the summer crop it will be more like 1/4 and I'm starting seeds for winter now that will mean we'll only have to top up meat, dairy, staples and pulses with a good quantity of what's grown left to preserve (provided the weather doesn't go to sh!t).

We're renting so we can't do a lot of the things we'd like, such as maintain an apiary, keep chooks, a duck pond and goats, but there's time yet for all that down the line.

bilbot79 · 12-05-2020 5:07am

gooseygander wrote: »

How much do you think might be needed to be in the account to retire early, say 54, or 55. Assuming mortgage is clear and kids are reared. What do u think needs to be weekly pension or saved to live comfortably ? Views please

I guess it depends on the person but for me I feel like it's 1.3 mil

carzony · 12-05-2020 5:32am

I'd like to think that there will still be a state pension by the time I retire(27 now). I think pensions might be a thing of the past by then and they will become privatised in the mean time.

Das Reich · 12-05-2020 6:26am

s1ippy wrote: »

God if you had a quarter acre to grow food and keep livestock, you could get by on virtually nothing. Bills and utilities and the odd few messages, depending on the size of the house about €150pw. Probably less if you were frugal.

Not in Ireland with the lack of sunshine you can't grow a lot of things. Anyway the country someone wants to retire, needs to be poor so the cost of life will be cheap and young women will be available. And also not be muslim cause then you would do nothing. Philippines is the ideal. Brazil would be great if it was a safe country. I am speaking for a man point of view. For a retired woman maybe some subsaharian country.

Still waters · 12-05-2020 8:16am

Plasterer by trade for nearly 25 years, took up a lot of other stuff when the recession came to make ends meet, bought a digger, went landscaping, doing a lot of concrete work, bought a truck, went renovating old houses, lots of demolition and hard physical work, work on my own about 70 percent of the time, I'm in my mid 40s now and waiting on an operation on a knee, treating an ongoing sciatic problem and loads of creaks and stiffness in my bones and muscles.
I'm not looking forward to getting older but i am looking forward to retirement, my body is 10 years older than my brain and its not getting any easier, but I'm actively working towards a partial retirement by mid 50, clear the mortgage and take life a lot easier and try and see more of the world, i used to be hungry for work and money but I've come to realise (maybe because covid19 has forced me to take things a little easier) it's not all about work and money, no amount of money can replace a nice walk looking down on galway bay and the aran islands or sitting outside in the sun with the wife and dogs, life is good with the sun on your face and a good woman by my side, kids might come along to fcuk it all up but i wouldn't mind that either :pac:

893bet · 12-05-2020 8:20am

s1ippy wrote: »

God if you had a quarter acre to grow food and keep livestock, you could get by on virtually nothing. Bills and utilities and the odd few messages, depending on the size of the house about €150pw. Probably less if you were frugal.

What kinda livestock do you think you could keep on a 1/4 acre? While also growing yourself food at the same time?

12-05-2020 8:34am

gooseygander wrote: »

How much do you think might be needed to be in the account to retire early, say 54, or 55. Assuming mortgage is clear and kids are reared. What do u think needs to be weekly pension or saved to live comfortably ? Views please

Depends on the person.... Personally I don't need much. I would think 250 a week would be fine.
Not sure exactly how much my pension will be but around 300ish a week? Plus gratuity on retirement.
Roll on 54!!

I says · 12-05-2020 8:39am

I’ve 96 months to retirement, and I’m gone my job is not for old men the way society is going.
I’ll be plenty young enough to retire and enjoy life.

Skyrimaddict · 12-05-2020 8:47am

Ideally semi - retirement at 50-55 would be my ideal.

At my current rate, Mortgage paid off at 47, holiday home in Teneriffe, small business on the side to generate income. Might look at a small bar also in teneriffe.

Great plan, in theory ! My kids will be in thier mid twenties by that stage also , so happy days!

JimmyVik · 12-05-2020 9:24am

I figure I would live very comfortable on €1.5 - 2k per month if I had no rent or mortgage. So I think €600000 between pension fund and savings should cover that at 55. And sure if I went to SE Asia for retirement you could half that

LuasSimon · 12-05-2020 9:39am

Interesting thread ... you could argue if you were debt free at mid 50s and left work you’d get welfare which is 203 a week until a pension kicked in at 65

Cabletiesfix · 12-05-2020 9:45am

Do a job that you love and you'll never work a day in your life

mariaalice · 12-05-2020 9:52am

Work part-time from you 50s on it the best thing ever, then a gradual wind down I am not sure going from full-time work one week to retiring the next is a great idea.

Skyrimaddict · 12-05-2020 9:53am

LuasSimon wrote: »

Interesting thread ... you could argue if you were debt free at mid 50s and left work you’d get welfare which is 203 a week until a pension kicked in at 65

You still need to sign on and such as you would need to prove you are looking for work. Kind of defeats the purpose.

bilbot79 · 12-05-2020 9:54am

Retirement will be very different in modern society. If you're sitting in Spain for example and you've spent too much this week you can go on clickworker and do some proof reading for a tenner an hour.

That I think is super. Mindless easy work for a couple of hours as and when you need it

bilbot79 · 12-05-2020 9:55am

LuasSimon wrote: »

Interesting thread ... you could argue if you were debt free at mid 50s and left work you’d get welfare which is 203 a week until a pension kicked in at 65

That's 10 years of fraudulent activity

mariaalice · 12-05-2020 9:56am

bubblypop wrote: »

Depends on the person.... Personally I don't need much. I would think 250 a week would be fine.
Not sure exactly how much my pension will be but around 300ish a week? Plus gratuity on retirement.
Roll on 54!!

You have been paying in to your pension since the age of 14?

JimmyVik · 12-05-2020 9:56am

bilbot79 wrote: »

That's 10 years of fraudulent activity

Some people spend a lifetime doing that.
A man works hard for 30 years and then takes 10 years on the dole I think I could forgive him.

_Brian · 12-05-2020 9:59am

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.

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 .

My father worked hard physical jobs all his life. Retired at 66 and was delighted to retire, brought us out for dinner as a celebration. He died suddenly that year having drawn just 7 months of his pension.

I have a friend who worked on, the company tried to retire him at 65 but there was an omission in his contract and no retirement age was mentioned. He insisted in working on and only retired aged 74 even though his wife had retired 20 years earlier.

Just before he retired he said to me that he regretted working on so late as his health was slipping.

Keyzer · 12-05-2020 10:00am

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.

I don't understand your mentality - why would you píss away everything, then die and leave your kids nothing.

I plan to leave my kids the house when I sail off into the sunset, hopefully we'll have the mortgage settled by then.

Their inheritance will provide them with enough to pay off a sizable chunk of their own mortgages thus making life a bit easier for them. And they can pay it forward for their own kids, when the time comes.

JimmyVik · 12-05-2020 10:16am

Keyzer wrote: »

I don't understand your mentality - why would you píss away everything, then die and leave your kids nothing.

I plan to leave my kids the house when I sail off into the sunset, hopefully we'll have the mortgage settled by then.

Their inheritance will provide them with enough to pay off a sizable chunk of their own mortgages thus making life a bit easier for them. And they can pay it forward for their own kids, when the time comes.

Some people like to leave something for their kids. Other like to spend it themselves. Just different points of view. Each to his own. Live and let live I say.

thesimpsons · 12-05-2020 11:09am

Das Reich wrote: »

Not in Ireland with the lack of sunshine you can't grow a lot of things. Anyway the country someone wants to retire, needs to be poor so the cost of life will be cheap and young women will be available. And also not be muslim cause then you would do nothing. Philippines is the ideal. Brazil would be great if it was a safe country. I am speaking for a man point of view. For a retired woman maybe some subsaharian country.

Plenty of fruit and veg can be grown in Ireland. Parents in law have a largeish city garden and grow enough for approx 8 months of spuds, onions, broccoli, peas, asparagus. Also loads of fruit (mainly berries) which is frozen or made into jam to carry through also 8 months as well. Add in herbs and you're well set. He fishes once a week too. I rarely leave leave them after a visit without coming away with a few onions or some fruit. If its only 2 people living together, that takes a big chunk off your food bill at retirement.

Plan to be retired ourselves by 60 - earlier if a good package comes along. Realised in last few years we can very easily fill a day with activities and relaxation time. Myself and herself all have family who are active well into 90s so hopefully the genes are good for us too.

12-05-2020 11:17am

mariaalice wrote: »

You have been paying in to your pension since the age of 14?

no.
23.

mariaalice · 12-05-2020 11:23am

bubblypop wrote: »

no.
23.

You would have 31 pension years by 54, so would you really be getting a pension of 300 euro a week at 54 and plus a lump sum? it would be a great pension scheme.

Aisling(",) · 12-05-2020 11:24am

I'm a civil servant so will probably stay close enough to the retirement age 67/68 but from around 60 I plan on reducing days and taking term time off so I'll still have some wages coming in. I'll have nearer to 50 than 40 years one but the state pensions is included in my occupational pension so there'll be a wait for that.

LuasSimon · 12-05-2020 11:35am

Keyzer wrote: »

I don't understand your mentality - why would you píss away everything, then die and leave your kids nothing.

I plan to leave my kids the house when I sail off into the sunset, hopefully we'll have the mortgage settled by then.

Their inheritance will provide them with enough to pay off a sizable chunk of their own mortgages thus making life a bit easier for them. And they can pay it forward for their own kids, when the time comes.

With less people able to buy their own homes in this country particularly Dublin it wont be unusual in coming years to leave your children very little or nothing.
It has been like this in the UK for a number of years due to so many earning minimum wage or close to it and property prices increasing each year. Many people in UK dying and their familys struggle to pay for their burial hence all those ads about putting away a tenner a month so you leave enough for your burial costs . Anyone working for Larry Goodman or Keelings that remains in this country will see that in years to come.

KevRossi · 12-05-2020 11:45am

I'll be semi-retired in a few years at 54. Intend to spend 8 months travelling each year and 4 months back here. There's a project I can work on for 3 months up to Christmas every year, so that suits me. I'll have income from renting rooms in the house, as well as about €10,000 that I can save over the 3 months work. Will have lump pension sums maturing at 58, 60 and 65. Each one worth about €30K. I don't need much for travelling, intend to have about €18-22,000 per annum for travelling and when it's run out I'll head back here.

I used to think I'd buy a house/apartment abroad but I gave up on that idea a while ago. Most places are too hot for me in the summer and you can rent a place for little money in winter. Also means I can move around if an area/country does not suit. Once I'm ready to settle here I'll either get a small apartment in a decent, quiet area of Dublin, or else a house back in the sticks where I come from originally.

That's the plan. Always intended retiring in my 50's, so looks good so far.

krissovo · 12-05-2020 11:49am

mariaalice wrote: »

Work part-time from you 50s on it the best thing ever, then a gradual wind down I am not sure going from full-time work one week to retiring the next is a great idea.

This is my plan, I will change from a full time employee to a contract role at ~50 and aim to work about 5 months in total every year until I am 55. At 55 one of my pensions will kick in so I will start to wind down my contract work.

Retire by 40, 45, 50

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