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  • FIRST POST
    • Marine_life
    • By Marine_life 5th Nov 10, 10:46 AM
    • 825Posts
    • 1,485Thanks
    Marine_life
    Early-retirement wannabe
    • #1
    • 5th Nov 10, 10:46 AM
    Early-retirement wannabe 5th Nov 10 at 10:46 AM
    I would like to create a topic (don't see it at the moment - other than the NUMBER thread).

    Who is aiming for early retirement (or who has retired early already)?
    When did you begin planning and what drove the decision?
    What is the strategy for getting there?
    How much of a relative decline in income are you prepared to take / did you take?
    What are your main concerns?
    For those already in early retirement - how is it progressing? What have been the good and bad surprises (financial and otherwise)?

    I will post my strategy but wanted to get some thoughts
Page 194
    • atush
    • By atush 14th Feb 18, 3:54 PM
    • 16,540 Posts
    • 10,277 Thanks
    atush
    I guess it's a moveable feast.

    Would I be retired if still indulging in a few hobbies that just so happen to make money?

    What's important to me is that our pensions and other investments can (if we switch from investing to divesting) generate the same net "take home" as I got from working. This gives me lots of options including the option to still make a few bob on the side while having fun.

    Mind you, it was a shock to have to get up early and get on my bicycle to bomb off (in the snow!) to a director's meeting!
    Originally posted by gadgetmind
    Be careful of bombing/biking in the snow. I had a cyclist try to commit suicide under my car, going up the mountain on icy roads. I was hemming and hawing about passing him, but decided to do it. At that moment he went down sideways, right under where my wheels would have been- but I wasnt there.

    Scared the Cr*p out of me, not sure what it did to him (but saw him get up in my rear view).
    • gadgetmind
    • By gadgetmind 14th Feb 18, 4:30 PM
    • 10,758 Posts
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    gadgetmind
    Be careful of bombing/biking in the snow.
    Originally posted by atush
    I've been cycle commuting for 18 years and do it no matter what the weather as every other mode of transport sucks rocks for this trip.

    At that moment he went down sideways, right under where my wheels would have been- but I wasnt there.

    Scared the Cr*p out of me, not sure what it did to him (but saw him get up in my rear view).
    Passing distance is at least 1.5m in good weather, and massively more than that in the snow.

    Anyway, glad everyone was OK.
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
    • gadgetmind
    • By gadgetmind 14th Feb 18, 4:34 PM
    • 10,758 Posts
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    gadgetmind
    So maybe you won't ever fully retire. It sounds like tech is more than "just a job" to you.
    Originally posted by OldMusicGuy
    Absolutely. I'm currently in my 40 sq m semi-underground layer surrounded by my computers, electronics, work benches, 3D printer, home-made CNC cutter, and much more. My MSE username pretty much sums me up!

    I've worked in finance and technology for 40 years but it's never been anything other than work.
    I love finance too, particularly when the spreadsheets get massively complicated.

    Also, as someone on the consulting side of things, I am in this Kafka-esque situation of seeing people make the same mistakes over and over again and it gets a bit dispiriting after a while!
    I can see that.

    Nothing wrong with that btw. It's important to decide what you really value in life, and for some people, work is really important. He's employing people, creating jobs and paying taxes. None of which I plan to do!
    I've always created new products, new businesses, and much more. I'm quite proud that I've "retired" without ever having had a job interview or having to write a CV!
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
    • OldMusicGuy
    • By OldMusicGuy 14th Feb 18, 5:04 PM
    • 299 Posts
    • 569 Thanks
    OldMusicGuy
    I've always created new products, new businesses, and much more. I'm quite proud that I've "retired" without ever having had a job interview or having to write a CV!
    Originally posted by gadgetmind
    Well done, very impressive. You should be rightly proud. Although in reality you've generally not been "employed". You're more of an entrepreneur (like my friend). I have been a wage slave (literally) in the corporate world for 40 years, and that does get a bit soul-destroying. I nearly started my own business at one point but was too risk averse to take the plunge. I admire those that have the "can do" attitude to do it.

    If I had a 40m sq underground bunker it would be full of music gear and other hobby stuff!
    • Slinky
    • By Slinky 14th Feb 18, 5:05 PM
    • 4,936 Posts
    • 21,825 Thanks
    Slinky
    I've read this thread for several years but don't think I've ever posted to it before. I'm looking forward to giving up paid work at the end of next year. I currently run my own small business but after 13 years of pretty much the same thing every month, the hamster is getting very tired in the wheel. Last night I was awake thinking about GDPR...... I ask you, who wants to be worrying about that in the middle of the night? I heard the boiler fire up, turned on the Olympics thinking it was nearing 6am. Turned out it was 3.50am and the boiler was firing to prevent freezing up.

    My OH plans on carrying on working even though I'm stopping, unfortunately he's one who is defined by his work. It's a pain and means he usually works away from home but I've made it clear I've not worked so hard for the past 13 years to carry on doing so til my NR age. We'll be moving nearer the coast and I'm looking forward to finding new things to occupy my time, even if that's volunteer work to pass some time. A new hobby has just been started and others have been identified once I have more time and our new location makes them easier.

    A much younger friend has just found out they need a second op for brain cancer. Life's too short to keep on working when you don't need/want to.
    • Triumph13
    • By Triumph13 14th Feb 18, 5:53 PM
    • 1,159 Posts
    • 1,433 Thanks
    Triumph13
    Haven't caught up on this thread for a while. Has Marine Life retired yet?
    • Sipowicz
    • By Sipowicz 14th Feb 18, 6:03 PM
    • 48 Posts
    • 27 Thanks
    Sipowicz
    ^^^^^^^
    Page 192.
    • coyrls
    • By coyrls 14th Feb 18, 6:04 PM
    • 943 Posts
    • 1,000 Thanks
    coyrls
    Haven't caught up on this thread for a while. Has Marine Life retired yet?
    Originally posted by Triumph13
    Yes and no.
    • Bravepants
    • By Bravepants 14th Feb 18, 6:31 PM
    • 342 Posts
    • 378 Thanks
    Bravepants
    3. At 53 its hard to think about NEVER working again. Maybe I will only work another 2 years - maybe 5 - who knows. The key to financial independence is the freedom to choose.

    Thoughts?
    Originally posted by Marine_life
    Maybe retiring at 53 was too soon for you? Perhaps there's a little sub-conscious guilt going on?

    I think you are right to give it a couple of years more if you feel inclined, then when you hit 55, an age typically associated with early retirement, you might feel different.

    All the best to you. And no matter what anyone says, your thread is an inspiration to many I think, and this latter development will provide food for thought for some.
    • gadgetmind
    • By gadgetmind 14th Feb 18, 6:43 PM
    • 10,758 Posts
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    gadgetmind
    Although in reality you've generally not been "employed".
    Originally posted by OldMusicGuy
    Yeah, now you sound like my mother. Running a successful business, developing ground-breaking products that still generate requests for interviews (and income!) over 30 years later, and she was "When are you going to get a proper job?". Someone buys my company (and two big somebodies wanted it so bidding war!) and she's happy because I'm then working for someone else.

    If I had a 40m sq underground bunker it would be full of music gear and other hobby stuff!
    It's definitely my happy space but it does need a right good tidy. Having a desk at New Venture (NV) means that some of my old office stuff is drifting back to the city centre, but even so ...
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
    • atush
    • By atush 14th Feb 18, 6:44 PM
    • 16,540 Posts
    • 10,277 Thanks
    atush
    Yes and no.
    Originally posted by coyrls
    More like yes, then no after a bit
    • gadgetmind
    • By gadgetmind 14th Feb 18, 6:45 PM
    • 10,758 Posts
    • 8,650 Thanks
    gadgetmind
    More like yes, then no after a bit
    Originally posted by atush
    He was like a fish out of water.
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
    • Triumph13
    • By Triumph13 14th Feb 18, 10:04 PM
    • 1,159 Posts
    • 1,433 Thanks
    Triumph13
    Sorry, couldn't resist it!
    So when I go this Oct does that mean ML beats me to it because he went first, or not because he's back working again? Does anyone have the box for this game and are the rules written on the bottom?
    • Marine_life
    • By Marine_life 14th Feb 18, 10:22 PM
    • 825 Posts
    • 1,485 Thanks
    Marine_life
    Thanks for all the comments.


    A couple of quick responses.


    It wasn't like I did not have an idea for retirement (hobbies and interests), but I think that for me hobbies and holidays are something to look forward because they are a little scarce. When you can do them every day as you want, they lose there lustre a little.


    My main reason for wanting to escape work was the increasing demands and expectations and lack of control that lead to stress (which I expect is common to a lot of people). That's all gone and I've been asked to take on a role which is interesting, with no performance targets and (most importantly) location flexible.


    I do believe we need to start seeing retirement and a non-binary event. We've come to associate FI with RE, but we maybe think about FI as simply opening the door to the opportunity to take back control of what you do. To operate on your terms.


    I can (and will) write a lot more on some of the thoughts I've had but I'll leave it there for now.


    Thanks for joining the discussion
    Something witty goes here
    • k6chris
    • By k6chris 15th Feb 18, 7:06 AM
    • 206 Posts
    • 353 Thanks
    k6chris
    We've come to associate FI with RE, but we maybe think about FI as simply opening the door to the opportunity to take back control of what you do. To operate on your terms.
    Originally posted by Marine_life
    +1 FI, where you can genuinely walk away without worry, changes the workplace dynamics completely.
    EatingSoup
    • Esox
    • By Esox 15th Feb 18, 7:20 AM
    • 20 Posts
    • 19 Thanks
    Esox
    Absolutely. I'm currently in my 40 sq m semi-underground layer surrounded by my computers, electronics, work benches, 3D printer, home-made CNC cutter, and much more. My MSE username pretty much sums me up!
    Originally posted by gadgetmind
    I initially thought you meant some kind of semi-conductor manufacturing set-up but I guess you meant "lair"?
    • gadgetmind
    • By gadgetmind 15th Feb 18, 8:16 AM
    • 10,758 Posts
    • 8,650 Thanks
    gadgetmind
    I initially thought you meant some kind of semi-conductor manufacturing set-up but I guess you meant "lair"?
    Originally posted by Esox
    Yup, dunno why my figners did that. I guess typing "layer" a few dozen times a day for a few decades does that to you!
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
    • ams25
    • By ams25 15th Feb 18, 9:26 AM
    • 135 Posts
    • 150 Thanks
    ams25
    The financial side will be challenging, as our take home income will drop by 60%
    Originally posted!by!OldMusicGuy


    60% Gross or net. Took a similar cut at the gross level.. but after paying no tax or ni, no pension contribution or mortgage payments I have more available 'income' now than when I wasworking. Amazing how much tax etc takes away.
    Originally posted by ams25
    Net sadly, and this is based on the assumption we pay no tax or NI after retired. We should be able to live tax free until we hit SP age at 66.
    Originally posted by OldMusicGuy
    if that's a fall in cash available to spend that is a big drop. I found that stopping pension/other savings and mortgage (over)payments (as well as tax and ni) cushioned the real fall in income very considerably.

    Getting used to a lower level of disposable income by ramping up savings/mortgage overpayment etc before quitting is an early retirement facilitator I'd recommend... virtuous circle too...more funds and lower spending level.
    Last edited by ams25; 15-02-2018 at 9:31 AM.
    • westv
    • By westv 15th Feb 18, 11:13 AM
    • 4,443 Posts
    • 2,065 Thanks
    westv
    Our total net income would actually increase by about 25% if I retired in a few weeks. Other half wants to work less days at some point so that would reduce the increase to about 10%.
    The increase is quite large as we currently spend around 44% of our total net on pension savings, mortgage and expenses involved in my working away from home during the week
    • enthusiasticsaver
    • By enthusiasticsaver 15th Feb 18, 12:03 PM
    • 5,702 Posts
    • 11,268 Thanks
    enthusiasticsaver
    Long time no post....time for an update

    and a fairly major one.

    Decided to go back to work.

    What can I say other than "its a funny old world".

    I enjoyed a couple of months on the side lines but a couple of things made me decide it just wasn't for me.

    1. Having told my employer I was retiring they took away all my previous (stressful) roles and I'm now able to negotiate the job I've always wanted.
    2. I found I really missed the responsibility and challenge - I've read all those trite saying like "nobody ever died wishing they'd spent more time in the office" but I'm fine with that.
    3. At 53 its hard to think about NEVER working again. Maybe I will only work another 2 years - maybe 5 - who knows. The key to financial independence is the freedom to choose.
    4. I certainly haven't allowed a long time to adapt to retirement but in all honesty ... I was a bit bored. I have hobbies and interests but really ....I felt the days just leaked away without 'closure' if that makes any sense at all?
    5. I don't want to be careful with money. Nobody could argue our retirement budget is anything other than generous but I want to take the topic of money completely off the table.

    I haven't locked in the new job yet but I've been playing the part for the last 6 weeks. Some box ticking and then I am back.

    Thoughts?
    Originally posted by Marine_life
    I think I retired around the same time as you, December 2017 but have not yet been bored. I wonder though as I worked part time for quite a few years since 2012 I have got used to having more leisure time than you obviously have. Also my job, although it could be interesting could very often be routine and having done it for 20 years I found that boring.

    If you are only 53 and have an interesting job then it is entirely up to you as to when you retire. From the sound of it though you may benefit from going part time first as you sound like the sort of person who needs to be on the go all the time. Also don't forget that you retired in the winter when it is not easy to get out and about due to the weather.

    I have spent the last two months taking up new exercise classes at our very expensive leisure club that I have not been able to use that much when working. I walk rather than drive if possible and have seen friends, decluttered my house and sorted out paperwork and had more time to read, do crosswords and puzzles and play my piano. I also have seen my granddaughter more often and look after her one day a week. Off to the Royal Albert Hall in London next week to see Cirque du Soleil. Not bored yet.
    Debt free and mortgage free and early retiree. Living the dream

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