Retire by 40, 45, 50

Tec Diver · 19-05-2020 10:32am

Never thought I'd reach the "old age" of 50...but now I'm 52. Retiring early would be great, but lots to take into account: accommodation, utilities, food, transport etc. I'd like to retire to Portugal (lower costs, nice enough weather), but if I do, I'd be traveling back to Ireland for family occasions, so that is another cost, although not substantial.
Not having a high wage, there's a limit to how much I can put into a pension, plus at the rate we are paying the mortgage, I'd still have that at 65-ish. Personally I'd rather sell the house and relocate than gift it to our kids, or maybe get them to finish paying the mortgage. At least they'd have a value attached to the house.

coleen · 19-05-2020 1:50pm

Really considering retiring. I feel this was like a practice for me, but I am aware that the weather was very good and this helped. I am currently 57 Husband is closer to retirement and took part time a few years ago so just works 2-3 days per week.
We are lucky in that mortgage is paid off and family are off the payroll.
I will not get State pension until I am 68 as it currently stands.
But I have saved some cash to give me 10k per year from 60 to 68.
That was my plan prior to COVID but now thinking I could go at 58 at the end of the year.
We do have a rental income of 1,700 pm and some savings but I think husband would keep doing his PT job until 65 which is net 1,700 pm also . Then he would get State pension and a small work one total 20k.
We have no loans but do like to travel and our main hobbies are walking cycling so do not cost a lot.
There really is not a lot stopping me from doing it except fear that I will be bored or not having my own income to spend.
I would also like to think that we could spend January February and possibly March in a warmer climate. Not sure if that would be expensive or not would 1k pm rent a place in Canary Islands or similar?
Apart from food and household insurances health insurance and house up keep we both drive older cars so no loans so not too expensive a lifestyle then I think 34K a year would be comfortable.
I am currently giving this a lot of though.
I have been in same job for the last 32 years and I do like it, and I am free enough to take days off and holidays when I need them so while there is some stress I still enjoy job and the people I would with and for.
I am aware we are lucky so could do it but would hate to regret it but I am sure that if I did I might be able to find other employment.
Will I jump or not 😅😅

blackbox · 19-05-2020 1:57pm

I was lucky enough to get redundancy at 60. Will keep me going until pension kicks in.
Pension will be less than max, but mortgage is cleared and kids educated so I should be fine.

Absolutely no regrets.

banie01 · 19-05-2020 2:10pm

These style of thread comes up so often it may be easier to copy/paste.

Im in a far luckier position than most.
Mortgage free, nice-ish house, comfortable.

Haven't "worked" in 3yrs and was medically retired and pensioned of just over a yr ago.Was 39 at the time.

Have taken the medical limitations as an opportunity to return to university, learn some new skills and rekindle some old ones.
Also, being a house-husband, not that I ever get the cleaning right and I still can't dress a bed properly

But my cooking makes up for that.

It's not where I thought I'd be at 40, but thankfully I was mortgage free before I was ever sick.
I have some savings, and my pension is crucified with AVC's since I was 18.(not that I can draw any of that down just yet, reliant on Invalidity Pension)

My position without the above in place, it's not something I'd wish on anyone.
Even income protection will wiggle out of paying if they can, so unless you are terminal don't ever count on it.

tmh106 · 19-05-2020 2:37pm

coleen wrote: »

... I have been in same job for the last 32 years and I do like it, and I am free enough to take days off and holidays when I need them so while there is some stress I still enjoy job and the people I would with and for.
I am aware we are lucky so could do it but would hate to regret it but I am sure that if I did I might be able to find other employment.
Will I jump or not 😅😅

Do you have the option of part-time work with your current job? If you do, then maybe your best option is to reduce your hours in work gradually over the next number of years and then look to retire fully when you hit early sixties

JimmyVik · 19-05-2020 2:43pm

coleen wrote: »

Really considering retiring. I feel this was like a practice for me, but I am aware that the weather was very good and this helped. I am currently 57 Husband is closer to retirement and took part time a few years ago so just works 2-3 days per week.
We are lucky in that mortgage is paid off and family are off the payroll.
I will not get State pension until I am 68 as it currently stands.
But I have saved some cash to give me 10k per year from 60 to 68.
That was my plan prior to COVID but now thinking I could go at 58 at the end of the year.
We do have a rental income of 1,700 pm and some savings but I think husband would keep doing his PT job until 65 which is net 1,700 pm also . Then he would get State pension and a small work one total 20k.
We have no loans but do like to travel and our main hobbies are walking cycling so do not cost a lot.
There really is not a lot stopping me from doing it except fear that I will be bored or not having my own income to spend.
I would also like to think that we could spend January February and possibly March in a warmer climate. Not sure if that would be expensive or not would 1k pm rent a place in Canary Islands or similar?
Apart from food and household insurances health insurance and house up keep we both drive older cars so no loans so not too expensive a lifestyle then I think 34K a year would be comfortable.
I am currently giving this a lot of though.
I have been in same job for the last 32 years and I do like it, and I am free enough to take days off and holidays when I need them so while there is some stress I still enjoy job and the people I would with and for.
I am aware we are lucky so could do it but would hate to regret it but I am sure that if I did I might be able to find other employment.
Will I jump or not &#55357;&#56837;&#55357;&#56837;

Ive a retired relative who goes to Gran Canaria from Sep to Dec and then Jan to May. Herself and her other half pay €400 per month for a 2 bed apartment with pool etc in a big enough town. They also keep a car over there which costs buttons. They use a Spanish agent over there and have had the same place a few times, but are happy enough to move around if what they want is gone, but they usually book them well in advance.
They get flights for €50 each or less even when they do travel. If there is a wedding or anything important they just get the cheap flights back for a week or so and then back over to the Canaries. They dont like the summer months over there at all and stay in Ireland for them.

And they have two rooms in their house in Ireland rented on the rent a room scheme too, so that income is nice.

Heres just a random site I took off the web just now. Im sure there are deals to be made too.

https://www.idealista.com/en/geo/alquiler-viviendas/islas-canarias/con-pisos,chalets/pagina-2

CPTM · 19-05-2020 11:37pm

If anyone has a mortgage, really look at paying it off early. An extra 100 euro per month can reduce your mortgage by 5 years.

https://www.ccpc.ie/consumers/tools-and-calculators/extra-mortgage-payments-calculator/

For me it's the game changer. I'm pouring everything I have into it and a pension, hoping to retire before 55. Sell family home in Ireland and live in a nice enough apartment in Spain for the rest of my days.

20-05-2020 12:26am

CPTM wrote: »

If anyone has a mortgage, really look at paying it off early. An extra 100 euro per month can reduce your mortgage by 5 years.

https://www.ccpc.ie/consumers/tools-and-calculators/extra-mortgage-payments-calculator/

For me it's the game changer. I'm pouring everything I have into it and a pension, hoping to retire before 55. Sell family home in Ireland and live in a nice enough apartment in Spain for the rest of my days.

Can’t understand the desire to move away from family and friends and the county you have spent your life, the home you have built up over the years etc. Last thing I’d want to do.

CPTM · 20-05-2020 7:24am

Xiomara Crashing Tiling wrote: »

Can’t understand the desire to move away from family and friends and the county you have spent your life, the home you have built up over the years etc. Last thing I’d want to do.

None of my friends/family are here anymore. All moved abroad to various places during the recession.

JimmyVik · 20-05-2020 9:48am

Xiomara Crashing Tiling wrote: »

Can’t understand the desire to move away from family and friends and the county you have spent your life, the home you have built up over the years etc. Last thing I’d want to do.

Id do it for from October to May anyway. Flights cheap enough to get home.
And depending where you go, you can just hop in the car and drive somewhere else in Europe for a holiday from your retirement. Living on an Island is right a pain.

Years ago I spent 6 months in Spain. Loved it. I would have no problem retiring there. Easy living

Its the weather and the nice lifestyle that does it for me. Of course you need to be retired to really enjoy it and go off peak.

mrcheez · 20-05-2020 10:41am

Xiomara Crashing Tiling wrote: »

Can’t understand the desire to move away from family and friends and the county you have spent your life, the home you have built up over the years etc. Last thing I’d want to do.

I grew up abroad in several countries so it's kind of in my DNA, but it also means I can quickly adapt to make friends in new countries, while still keeping in touch with the old ones.

I don't have any particular ties to Ireland as a result so I'm fairly fluid about where I live.

Only thing keeping me here right now is a mortgage, but once that's gone I'll up sticks again.

Electric Sheep · 20-05-2020 3:20pm

Xiomara Crashing Tiling wrote: »

Can’t understand the desire to move away from family and friends and the county you have spent your life, the home you have built up over the years etc. Last thing I’d want to do.

Many of us have friends who are like ourselves - spread out over the world, not living in the same little bubble we were born in.

I could move to any of a large number of countries and be with friends I have known for many years, I am not confined to one county in one country.

20-05-2020 3:30pm

Xiomara Crashing Tiling wrote: »

Can’t understand the desire to move away from family and friends and the county you have spent your life, the home you have built up over the years etc. Last thing I’d want to do.

I can't understand why anyone would wish to stay around their small homeplace, with the same people, in the same pubs, talking the same gossip or building a house right next door to mammy, but I guess some do.
Personally I plan on spending most of the year away, depending on the parent situation

hynesie08 · 20-05-2020 4:26pm

Xiomara Crashing Tiling wrote: »

Can’t understand the desire to move away from family and friends and the county you have spent your life, the home you have built up over the years etc. Last thing I’d want to do.

I'm an inner city dub, born and raised, this place pulses through my veins, but I don't want to see out my days here, a nice apartment in Italy, that's the dream.

Baby01032012 · 20-05-2020 4:45pm

I’m 44 now.

Changed career last year, sacrificed good salary to do something I had passion for Which meant starting from scratch pay wise but after 2 years retraining/qualifying I hope to start my own business.

Sadly lost both parents last year. They left me enough not to have to work another day in my life again. My attitude to money has changed, it’s a means but doesn’t bring happiness, sure it’s going to make life a lot easier and easier to pursue what I want to do but I’d give it up to have my parents alive. This and the pandemic has really made me think about life. My kids are what I live for now. I’ll work to build my own business and something to handover to my kids. I’ll spend more quality time with them but I wouldn’t retire. Maybe if I didn’t have kids life would be different and I’d move to somewhere hot and work remotely.

Jamsiek · 20-05-2020 7:50pm

CPTM wrote: »

I'm pouring everything I have into it and a pension, hoping to retire before 55. Sell family home in Ireland and live in a nice enough apartment in Spain for the rest of my days.

Sounds nice, I could live with that

BohsCeltic · 20-05-2020 7:57pm

Stacksofwacks wrote: »

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

Well that's the position i am in. I can take my pension at 55. Have no children or mortgage.
SE Asia where the weather is nice and cheap to rent a nice place, but obviously prices can change quickly but i always would have my home here in Ireland to go back to.
Could live very comfortably on little money.
But also need to factor in other expenses like emergencies if i needed to travel back home.

But it's something to have a good think about.

BohsCeltic · 20-05-2020 8:01pm

Baby01032012 wrote: »

I’m 44 now.

Changed career last year, sacrificed good salary to do something I had passion for Which meant starting from scratch pay wise but after 2 years retraining/qualifying I hope to start my own business.

Sadly lost both parents last year. They left me enough not to have to work another day in my life again. My attitude to money has changed, it’s a means but doesn’t bring happiness, sure it’s going to make life a lot easier and easier to pursue what I want to do but I’d give it up to have my parents alive. This and the pandemic has really made me think about life. My kids are what I live for now. I’ll work to build my own business and something to handover to my kids. I’ll spend more quality time with them but I wouldn’t retire. Maybe if I didn’t have kids life would be different and I’d move to somewhere hot and work remotely.

Sorry for your loss. But you are so right about money. Yes it helps a lot but you can have everything but never be happy.

I won't be left anything when my parents pass. So it's up to me to find a way i can enjoy life with not much money but comfortable and most importantly happy.

Greyfox · 20-05-2020 9:03pm

bubblypop wrote: »

I can't understand why anyone would wish to stay around their small homeplace, with the same people, in the same pubs, talking the same gossip or building a house right next door to mammy, but I guess some do.
Personally I plan on spending most of the year away, depending on the parent situation

Where your from will always be your real home, living away is nice but for me it's only a matter of time before I'd want to return home. Also I think living away from home is more of a young person's thing.

mad m · 20-05-2020 9:54pm

Been to a few retirements over past few years. It’s sad to say a year or two later I’ve heard they have either passed away or got a serious illness, you’d wonder what’s it all about.

My mam lied about her age when she was 12 , said she was 14 when she got her first real job. She stayed in same place for 50+years before she had to retire. It killed her to retire, loved that job. Thankfully she is still alive and her birthday tomorrow 71... but if she was offered a job she’d be onto it.

I’d seriously think about trying to retire at around 60. Jesus I’ve 12 years to go...

Blub123 · 21-05-2020 12:37am

Am 41 & 3 things stopping me going now.
A)3 Kids at national school
B)Pension pot
C)Want to hand each kid a property to help them become financially independent from a young age as I missed the boat with that... (Anyone in their 20's reading this research the financial independence movement. You will thank me later)
Have the house we are in. Have another rental.
8 years left on the mortgage.
Wife same age. Teacher gold plated pension and was smart enough to load her Avc's from the start of working life.. She wants to go at 55 latest.
I reckon 650k pension pot between us would be sufficient.
At 65 I'll have a 685k pension pot herself will have her pension (her Avc's will be used to bridge 55 to 60 gap at which point she qualifies for full pension )
I won't work until 65 though in the job I'm in as it's quite stressful .. Hopefully go before 60 but will be after 55.... At which point kids will be youngest, 22 (when I'm 60)
Also own a small piece of the business I work for which should also provide an income when I leave or they will buy me out through a 6 figure pension contribution.
Side hustle.... If you can get one, do it.. I currently have one which is tax free and while not producing the level of income at the moment that I envisage, I do see it bringing in circa 1500 to 2k a month doing something I consider a hobby...this is a side hustle ill be able to take on my travels.
Dream is to winter Oct through to april in a different country every year while we are able and summer in Ireland.
We don't have v expensive tastes, rarely booze, never have bought a new car but do like a holiday...really looking forward to retirement but worried it won't be what it's cracked up to be after all the planning etc.... Currently work 50 plus hr weeks and my wife jokes that I'll go crazy when I retire.. Its v hard to know and will be a bit like stepping into the abyss when the time rolls around

bilbot79 · 21-05-2020 8:03am

hynesie08 wrote: »

I'm an inner city dub, born and raised, this place pulses through my veins, but I don't want to see out my days here, a nice apartment in Italy, that's the dream.

Just don't buy it in the south where the Mafia run free

Electric Sheep · 21-05-2020 2:44pm

Greyfox wrote: »

Where your from will always be your real home, living away is nice but for me it's only a matter of time before I'd want to return home. Also I think living away from home is more of a young person's thing.

I don't agree, I don't feel like that at all. I would never move back to where I'm "from". I left because I didn't like it there, and nothing has changed about that.

21-05-2020 3:46pm

Electric Sheep wrote: »

I don't agree, I don't feel like that at all. I would never move back to where I'm "from". I left because I didn't like it there, and nothing has changed about that.

It would be a minority opinion though, most people given the choice would live where they have grown up.

21-05-2020 3:49pm

Xiomara Crashing Tiling wrote: »

It would be a minority opinion though, most people given the choice would live where they have grown up.

I don't believe that. I wouldn't & I know the majority of people I know have no interest in living at home.

mrcheez · 21-05-2020 4:00pm

bubblypop wrote: »

I don't believe that. I wouldn't & I know the majority of people I know have no interest in living at home.

Yeah I could give two ****s about living back in the neighbourhood I lived in when I was in school in Ireland (or any of the other neighbourhoods while living abroad).

Home for me is out west where my Dad's family farm is, but I never lived there, just go there for holidays.

The_Kew_Tour · 21-05-2020 4:04pm

I have my house new house nearly ready move to, herself has very secure job, we have no mortgage to pay and I still don’t see myself retiring before 60 at best.:pac:

21-05-2020 7:03pm

bubblypop wrote: »

I don't believe that. I wouldn't & I know the majority of people I know have no interest in living at home.

Whereas the majority of my extended family and my friends either live at home or close to home and have settled there for good.

I only have one of my main group of friends (the ones I’ve had since primary school/early secondary) living outside the country and it’s only across in the UK. I’ve a few other friends I’ve met though work living around in a few other counties but most aren’t irish and had moved here and then moved on. I’ve one aunt settled abroad (had moved before I was born) but aside from that I’d have to go a long way down the distant cousin route to get family members living outside Ireland, virtually none outside my home county even.

I would find it hard to put into words how much I’d hate even the thought of having to live abroad or the idea of not settling down at home (having lived a few hours away for a few years just reinforced this).

21-05-2020 7:09pm

You live in some utopia nox!

I have no issue with anyone who wants to see out their days near their homeplace.
Each to their own!
I for one cannot wait for 9 years when I retire & get to spend most of the year somewhere else

mvl · 21-05-2020 7:16pm

ah, well this reminded me I had saved this bookmark on couple of years ago https://www.reddit.com/r/EuropeFIRE/
- didn't get to really look into it, but do want to retire in my early 50s.

Retire by 40, 45, 50

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