Early-retirement wannabe

Marine_life

jimi_man wrote: »

How did it convince you?

I'm not sure I needed that much convincing.

I've always been open to new experiences and having worked overseas for 20 years I'm not a novice to life as an expat.
I was most worried about whether it would feel backward or overtly oppressive but actually it feels modern, clean and forward looking.
The disadvantage for a lot of people with life in the middle east is that its boring ....well...I've got fairly simple tastes so not really a problem.
I am only contracted for a 75% role so lots of opportunities to be back in the UK
....and there the tax free salary

inflationbuster

I'm 44 looking to retire. I've managed to save over £730K including pension and am currently generating a passive income of approx £27K. My active income is from the stock market, which I'll continue as a hobby.

My target is £750K then l write my resignation letter.

I'm nervous about retiring as it'll be difficult to get a job if things don't work out right!

lisyloo

inflationbuster wrote: »

I'm nervous about retiring as it'll be difficult to get a job if things don't work out right!

Why do you think it will be difficult to get a job at 44, especially if you won’t need a full income and therefore have a wider choice of jobs?

I understand it can be daunting, but you’re relatively young.

inflationbuster

lisyloo wrote: »

Why do you think it will be difficult to get a job at 44, especially if you won’t need a full income and therefore have a wider choice of jobs?

I work in IT software development and it's a relatively young environment. People tend to move into management or lead role by now. I don't know why but l keep thinking I'd probably struggle to find a suitable role, say if things don't work out a few years into retirement.

MallyGirl

An awful lot of us on here are in IT.
Experience is still a valuable currency

lisyloo

inflationbuster wrote: »

I work in IT software development and it's a relatively young environment. People tend to move into management or lead role by now. I don't know why but l keep thinking I'd probably struggle to find a suitable role, say if things don't work out a few years into retirement.

I switched from development to DBA and went into a junior role at 47. I worked with younger people and it was never an issue.

It’s worked out really well as instead of being jaded (like most people) my enthusiasm has been restored.

I just found a new job at 50. Age wasn’t an issue and experience was important, so actually I think you’re in a great environment where age doesn’t matter as physical requirements are low and skills and experience are key.

Also do bear in mind that you wouldn’t have to go back into IT or full time work if you didn’t need a full income.

You could do dog walking, house sitting, film extra or any other number of jobs which might take your fancy for some extra cash.
Some people have become magistrates and feel they are putting something back into the community.
I know another lady who works at tourist information because it means she keeps up to date with everything that’s going on.

I understand your fears that are natural, but I don’t think you should worry about your age.
Many people are going to have to work until 67/68.

gadgetmind

inflationbuster wrote: »

I work in IT software development and it's a relatively young environment. People tend to move into management or lead role by now.

That's an interesting one. I was in software development (initially games, then tool for games, and finally Linux kernels and compilers) from age 20ish to 55 when I retired.

I did move into management (not much choice as I started my first company at university), as did many who worked for me, but others were happy to be full-time coders with no reports for decade after decade.

The big challenge is keeping your skills up to date, and being more productive than others because of the quality of your code, how reliable and adaptable it is, and because you have a large "toolbox" to play with.

Keeping up to date is actually harder if/when you move into management, so knowing when (or even if) to make this move isn't easy.

Linton

Another problem with staying as a techie is that your manager could well be much younger than you, less experienced and in your eyes less competent.
This can make relations difficult and stressful for both sides.

Anonymous101

Linton wrote: »

Another problem with staying as a techie is that your manager could well be much younger than you, less experienced and in your eyes less competent.
This can make relations difficult and stressful for both sides.

I think this can be true in many industries.

SmashedAvacado

Marine_life wrote: »

More fluffy than oppressive ;-)

i did around 10 years in dubai. Tax free and same income so basically earned double, but the thing with earning double is that your overheads say the same, so under my UK income where i could save say 10% in dubai i could save 60% (the 10% and the whole tax free bit). Which basically means i will be able to retire / do something else a lot more earlier (like 15 years) than had i stayed in the UK. Its not h the same for everyone but particular jobs are well suited and the heat is something you can get used to in the summer.