Retire by 40, 45, 50

shuyin1 · 10-05-2020 11:12pm #1

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 · 10-05-2020 11:15pm

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

bilbot79 · 10-05-2020 11:16pm

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 · 10-05-2020 11:16pm

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 · 10-05-2020 11:19pm

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

anewme · 10-05-2020 11:20pm

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 · 10-05-2020 11:26pm

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

Leg End Reject · 10-05-2020 11:27pm

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 · 10-05-2020 11:34pm

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 · 10-05-2020 11:34pm

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 · 10-05-2020 11:42pm

_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 · 10-05-2020 11:46pm

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 · 10-05-2020 11:51pm

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.

10-05-2020 11:52pm

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 · 10-05-2020 11:52pm

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 · 10-05-2020 11:54pm

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 · 10-05-2020 11:55pm

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 · 10-05-2020 11:57pm

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 · 10-05-2020 11:58pm

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 · 11-05-2020 12:02am

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 · 11-05-2020 12:05am

_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 · 11-05-2020 12:09am

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 · 11-05-2020 12:09am

Who’s struggling

_Brian · 11-05-2020 12:12am

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 · 11-05-2020 12:18am

_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 · 11-05-2020 12:20am

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 · 11-05-2020 12:21am

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 · 11-05-2020 12:23am

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 · 11-05-2020 12:40am

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 · 11-05-2020 12:48am

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 ðŸ˜‚

Leg End Reject · 11-05-2020 12:49am

_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.

Retire by 40, 45, 50

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