Thinking about retirement?

[Chris A]

Not really. Life brought the changes. Perhaps it was sheer luck, perhaps good Karma. We both have reasonable pensions and for the last 11.5 years, have lived within that income. I guess that's luck combined with just being mindful of reality.

I would make sure that you can survive at minimal spending levels and that you won't pass away completely alone. But beyond that--I find it really gets down to personal expectations getting in the way of life.

Chris

 

[babayaga]

Those of you who retired early, did you all have a decent lump of money stashed away beforehand or how do you manage financially?

Yes! I maxed out my 401k contributions for many years. Plus I am fortunate enough to have a defined benefit pension as well. Same for my better half. Very blessed and I'm thankful daily.

 

[respice finem]

Those of you who retired early, did you all have a decent lump of money stashed away beforehand or how do you manage financially?

Only a small part "stashed", approx. 90% invested (real estate + managed stocks).
A not unimportant factor: I own the house I'm living in.

 

[Anton S]

... I would say those guys have little imagination and/or impetus to act on those thoughts. They are the only ones in control of their activities, if they are bored, they have no one but themselves to blame.

Yep. I've observed that some folks just haven't grasped the notion that no matter where you go, there you are, so be in the moment and make the best of you.

 

[Mart68]

Those of you who retired early, did you all have a decent lump of money stashed away beforehand or how do you manage financially?

I had some cash savings and a pension already, but not that much in it (silly of me).

The house I paid off years ago.

I did almost nothing but work and sleep for 7 years prior to retiring, saved about 50% of my salary each year.

On retiring stuck half of that into pension and stocks. Kept the rest to live on. In 10 years - if I get that far - I also get a state pension, so only have to last that long on what I have stashed.

 

[LTig]

I'm not retired yet, but it's close now. I like my job so I don't feel the need to retire - except that a colleague just retired at 60 due to a generous offer by the company, and the reasons he told to take this step made me rethink. Let's see what the future brings ...

 

[Timcognito]

I retired at age 60 and was a consultant* to a startup and a VC for about 3 days/week, which was nice for the social interaction and brain stimulation. After a couple of years some clinicians wanted to restart a heart valve regurgitation amelioration device company, that I helped start, that was going strong when the financial crisis hit 2009 and lost funding. So I went back to work and ironically COVID killed it again when we couldn't finish our clinical trial and sold it to the Chinese. So I kind of wished I stayed retired.

* A consultant is a man that knows a hundred ways to make love, but doesn't know any women.

 

[respice finem]

We never may know what the future will bring, so we can plan much, but should always be prepared to change those plans as required.
Which is easier said then done...

 

[gnarly]

I retired when 40 and am now 73....feeling incredibly fortunate for both the opportunity, and having done so.
Grew up moderately in a lower-middle income family. Worked full-time through college. And worked as much as I could during grad school.
After grad school, found I had a knack for turning complexities into more simplified structures. Which rewarded me with some corporate paychecks beyond a mindset I was used to. I decided to take a chance, quit with the money saved, and head for freedom before there was no way to leave it. Never could have done that without a modest background....so, fortunate I say!
The very best thing of it all was being able to be a full-time dad for my kids. Had a two yr old when I left work, and two more soon after. So 3 new kids after retiring Lol.
Mom was a full time parent too. It was wonderful. Not so sure I'd call it retirement though haha, with all the volunteering at schools, sports, activities etc.
Apart from family life, it's been very easy to keep interested in hobbies and projects. Heck of a varied stream. Main hobby for the last ten years, after going fully empty nest, has been DIY speaker building. No idea what's next

 

[Thomas Savage]

A transition, using the lessons ones learned without the dominative erosion of others , corporate or individual.

A freedom to help .

The self obsessed simply stopping to do nothing much .

Retirement, whats that ?

 

[respice finem]

It is being able instead of having to. If you're lucky enough, esp. healthy enough.

 

[Peterinvan]

Many nice things come free. I'm rather the opposite, born in the austerity of Poland behind the iron curtain.
But I have no problem to buy something expensive, if I can be sure enough it will a) last and b) fit its purpose.
If too much is left when I die, there are enough relatives to take care of it.

So, I'm kind of rich, not because I got so much, but because I want so little.

Become debt free before you retire. Then carefully budget within your retirement income.

Also: look after your ears when you are young!

 

[Peterinvan]

Every guy I know who retired complained about being utterly bored.

Introduce these guys to good music!

 

[xanalog]

I practiced and preached 'mid-career sabbaticals', in the hopes of leaving no bucket-lists for the retirement years.
I used to get accused of committing 'career suicide' by taking up to 12 months off and doing things..., while I was still physically and financially able.

It turned out I am still alive, still physically and financially fit, but no bucket-list and no commitments.
I retired at age 57, immensely enjoyed my career but always valued my personal life more!

Tough to argue with that! Catalina is special if you know what to expect and how to do it.

Back side of Catalina rocks!

 

[PristineSound]

My wife and I are planning on retiring when my little one is done with college. I will be 58 and the misses will be 57.

We are savers (except for my audio spending habits and traveling), we are frugal (except audio and traveling) and we invest very shrewdly and aggressively, which so far is paying off. If the market performs average from now to then, my wife and I will do pretty well. Now I am thinking if there is a possibility we can retire even earlier.

 

[xanalog]

Now I am thinking if there is a possibility we can retire even earlier.

Don't listen to those who'll try to tell you "Don't do it! It's a financial suicide"!
I always thought of that end-moment that could happen at anytime, even while crossing the street.

 

[PristineSound]

Don't listen to those who'll try to tell you "Don't do it! It's a financial suicide"!
I always thought of that end-moment that could happen at anytime, even while crossing the street.

We'll see how things play out.

Who knows what will happen in the next 11 years, what if I get laid off then age discriminated against, what if there is another great recession, what if AI takes over my job. But if I can, I sure will.

 

[MatrixS2000]

Now I am thinking if there is a possibility we can retire even earlier.

You can always earn more money, you can’t earn more time...

 

[MatrixS2000]

Let's see what the future brings ...

See above...

 

[DSJR]

I had some cash savings and a pension already, but not that much in it (silly of me).

The house I paid off years ago.

I did almost nothing but work and sleep for 7 years prior to retiring, saved about 50% of my salary each year.

On retiring stuck half of that into pension and stocks. Kept the rest to live on. In 10 years - if I get that far - I also get a state pension, so only have to last that long on what I have stashed.

Yeah, it's different here than for many posters earlier who've had megatastic if stressful careers and have money and investments available to pull on I kind of fell-off the full-time ladder in 2002, lived our dream for a few years before returning to part time work in around 2010, which suited me fine and the audio-assembly piece-work I did until 2019 suited me brilliantly as I was always there as 'Dad Taxi' when our son needed it for various genuine reasons (Uni and later, hospital stays). Those noughties 'dream-years' didn't bring money in, but at least I was always around when our son was growing up and that has been priceless for me

All I can ask those of you who can consider early retirement, is that you have something to do afterwards! Once the 'holiday' starts to fade, it can be very boring unless you have creative hobbies, a social life, or even part time work done for pleasure rather than necessity.