How to retire at 40

michaels

Only if your oh is bringing in any money....

Thrugelmir

I've no regrets that I'm still working. Managed to travel a lot, experience lots of different things, owned a ridiculously expensive sports car to run. Lost money owning shares in start ups that never market traction. You make your own good fortune. Only a few pull out the golden ticket though. I'll look back one day and say that was a helluva a lot of fun.

bugslet

michaels wrote: »

Only if your oh is bringing in any money....

Time to have a word with Lady Michaels;)

I certainly noticed the loss of Mr Bugs 40k a year:(. And him, just thought I better make that clear:o

Triumph13

+1 on the impact of having children. It isn't just a matter of the costs of raising children and the income foregone / childcare paid to look after them in the early years. It can also have a big impact on how much money you feel you need / want - especially if you are retiring before your kids are fully independent. If we hadn't had kids we would almost certainly have retired before 50 and would have been happy to include equity release in our ultimate funding plans and aim to spend everything by the time we die. As it is, not only do we want to be able to leave a decent inheritance, but also to have enough to help out with University costs, house deposits , etc, etc which all adds up to a sizeable increase in the amount we feel we need and thus the number of years we have to work. Are they worth it? Unquestionably.

michaels

Fixed that for you, we got our first teenager yesterday....

Triumph13 wrote: »

+1 on the impact of having children. It isn't just a matter of the costs of raising children and the income foregone / childcare paid to look after them in the early years. It can also have a big impact on how much money you feel you need / want - especially if you are retiring before your kids are fully independent. If we hadn't had kids we would almost certainly have retired before 50 and would have been happy to include equity release in our ultimate funding plans and aim to spend everything by the time we die. As it is, not only do we want to be able to leave a decent inheritance, but also to have enough to help out with University costs, house deposits , etc, etc which all adds up to a sizeable increase in the amount we feel we need and thus the number of years we have to work. Are they worth it? questionably.

Agree with you though re the (anticipated) extra costs impacting on retirement timescale. Just as one example we wouldn't need such a big house now and would more likely be able to factor in downsizing to a smaller one if we didn't anticipate eventual grandchild visits etc.

atush

I am planning on downsizing, just as soon as I can convince the Twins to move out lol.

They are living at home (paying rent of course) while saving up to move out/buy/move to a new country etc.

AlanP_2

No doubt about it, having children or not, makes a huge difference in so many ways.

One of the guys I work with (2 daughters) makes the point that if they had put aside all the money that has cost over the years they could afford to pay for full time companion / carer in their dotage and still be in profit.

He had just had 2 weddings in 18 months which may have had something to do with that viewpoint:beer:

Triumph13

michaels wrote: »

Fixed that for you, we got our first teenager yesterday....

Well they do say that having kids is the happiest 12 years of your life...

Spreadsheetman

Well, that was lightweight.

For unintentional comedy there was a payday loan advert in the halftime ad break - er, won't be retiring if you go there then ;-)

runninglea

Another one of those programs that people sit down to watch hoping they can learn something. Having watched it found out that they have learnt nothing.

Rather like that program on how to get mortgage free. Both seemed to say that living in a camper van or bus is the way to go