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10-05-2020, 23:12   #1
shuyin1
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Retire by 40, 45, 50

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.
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10-05-2020, 23:15   #2
McCrack
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Be careful the under carriage doesn't accidentally drop out of one
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10-05-2020, 23:16   #3
bilbot79
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50 would be lovely. Wouldn't need to go too mad. Just maybe a wee place in the Canaries for winter would do
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10-05-2020, 23:16   #4
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Quote:
Originally Posted by shuyin1 View Post
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.
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10-05-2020, 23:19   #5
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One last big job and be all set... what could go wrong
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10-05-2020, 23:20   #6
anewme
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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.

Last edited by anewme; 10-05-2020 at 23:25.
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10-05-2020, 23:26   #7
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That's fine if you have no mortgage to pay or dependents to support, then you've no choice.
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10-05-2020, 23:27   #8
Leg End Reject
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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.
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10-05-2020, 23:34   #9
Strumms
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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..
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10-05-2020, 23:34   #10
_Brian
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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.
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10-05-2020, 23:42   #11
Stacksofwacks
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Originally Posted by _Brian View Post
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.
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10-05-2020, 23:46   #12
biko
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Not sure if want to retire at 50. Seems like an awful lot of living left to do and nothing to do every day.
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10-05-2020, 23:51   #13
anewme
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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.
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10-05-2020, 23:52   #14
nox001
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Originally Posted by Stacksofwacks View Post
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.
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10-05-2020, 23:52   #15
_Brian
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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.
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