Retire by 40, 45, 50

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

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.

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.

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.

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.

Not sure if want to retire at 50. Seems like an awful lot of living left to do and nothing to do every day.

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.

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 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 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”

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 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 😂

Tork wrote: »

What age are you though? Ballpark figure - I'm not looking for your birth cert

40 something.

I hate my job though. That's a big part of the desire to retire

Retire at 60 would be the ideal and currently is the plan.


Guy at work is turning 60 this year and apparently was doing some quick maths in his head around possibly retiring sharpish.
He thought the numbers would work for him he'd just need to wait post bonus season. Over the weeks he seemed to talk himself in and out of doing it. 4 weeks before bonus he's pulled aside and told one his team needs to go (redundancy) they'll allow voluntary redundancy. He speaks to the two women working for him both younger who say they can't/don't want to go. This all plays into his hands so he goes to the Senior Managers offering to fall on his sword and negotiates a sweet package. Not bad for a fella that would have been leaving by the end of July on his own anyway!
What a way to go out!

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.

I have just the one myself, a 3 year old. So far we've saved the child benefit we get each month with a view that it'll go towards paying for an education if she wants to go to college. We also intend leaving the house in her name. It's far from free as she'll have to pay inheritance tax.

Our goal is to raise her to be a well rounded person who understands that things cost money & are hard earned. While I don't come from a poor background I do want her to do better in life than I did and if I can help her get a better education and take away the worry of buying a home, then that frees her up to better herself and hopefully get a better head start in life than anyone in my family had.

Yes, so many things can get in the way of a plan to retire young. Having said that, I think people should retire and go do their own thing as young as they can. This notion of working until you're near 70 is a horrible one. I have sympathy for the people who have no choice but to do this but for everyone else, it's madness. Why would anybody seriously give up the youngest, healthiest remaining years of their life to their employer because they fear the alternative?

Having said that, I think everybody nearing retirement age should be putting a plan in place for what to do next. It doesn't have to be a grand plan but they need to have something more to do than get up in the morning, go for a walk, come home, watch crap TV and kill time until they go to bed.