Can I retire at 45

zagfles

John_Jones wrote: »

I motorbike across the alps every couple of years, and it!!!8217;s not too cold in the summer,

Maybe not in a helmet and leathers...

but my point was I do not want to do everything on a budget. I want to stay in the good hotels when I travel, if I learn fly I would want to be able to use a decent plane so I could take the family away, and so on.

My flying school, and a pilot I know, say people often have these sorts of ideas, but the practicalities usually mean private flying for useful purposes (holidays, meetings etc) aren't really practical in reality. Nice dream though!

I do not understand people looking to get out at 40 and then not have the choice to do these sort of things.

Even your microlight budget would be off the table on some of the small budgets the early retirees are looking at.

I intend to take it slowly - maybe 2 years, 1500 a year isn't a massive budget.

We do not have a target yet in terms of annual income needed, as we do not want to stop work, but the Rough aim is to at least get close to six figures.

I don't need anywhere near that, in fact pretty close to the OP assuming his/her partner earns similar - £36k for a couple is a reasonable income in retirement and could certainly achieve all your aims with that.

In fact I mostly do now with spending about that! Although perhaps not at the same level - eg I have no particular desire to stay in expensive hotels or drive flash cars.

But each to their own - I think as long as you don't put off what you want to do until retirement, I know people who've had all these plans for when they retire in eg 10 years and have either died before they got there, or shortly after, or health problems have stopped them doing what they planned.

bostonerimus

Your plan, if it works, has the problem that it will use essentially all your capital by age 68 leaving you to live on your DB and state pensions. Living pension check to pension check does not give you a lot of freedom.

bostonerimus

John_Jones wrote: »

I motorbike across the alps every couple of years, and it’s not too cold in the summer, but my point was I do not want to do everything on a budget. I want to stay in the good hotels when I travel, if I learn fly I would want to be able to use a decent plane so I could take the family away, and so on.

I do not understand people looking to get out at 40 and then not have the choice to do these sort of things.

Even your microlight budget would be off the table on some of the small budgets the early retirees are looking at.

We do not have a target yet in terms of annual income needed, as we do not want to stop work, but the Rough aim is to at least get close to six figures.

I retired at 52 and the next year rode my bicycle across the USA going over the Cascades, Rockies and finally Appalachians. It took 55 days, cost $3000 (including airfare to get to the start in WA) and the accommodation was a mix of motels, camping and Warm Showers home stays. If you want an inexpensive and exciting holiday bike touring is a good choice.

Cottage_Economy

Dox wrote: »

These 'can I retire at [wildly optimistic age]' posts are really sad. Why not get a job you love doing and, as the saying goes, you'll never work a day in your life?

Because it's a load of old twaddle designed to make the masses believe working every day for money can be enjoyable. It's not. I've worked for myself doing something I loved and I still felt the same. Employed or self-employed, working for money will always be work, with all the restrictions that comes with it, whether you enjoy it or not.

I have a good job I enjoy, decent money, work from home, complete autonomy over my day, no travel, no stress, excellent life/work balance.

I still look forward to the day I don't have to do it, which for me will be 55. I look forward to the day it won't occupy any part of my brain. I look forward to the day I can wake up and spontaneously decide to take off to XYZ for a week/month because I can. I look forward to never again having to request annual leave or having to liaise with colleagues over the timing of it, then sit and wait until it rolls around.

bostonerimus wrote: »

I retired at 52 and the next year rode my bicycle across the USA going over the Cascades, Rockies and finally Appalachians. It took 55 days, cost $3000 (including airfare to get to the start in WA) and the accommodation was a mix of motels, camping and Warm Showers home stays.

Sounds amazing. DH and I want to do a US road trip. Quite like to do an Oz road trip as well - I did a tour up the East coast of Oz about 15 years ago and fancy doing a much more extended coastal tour around the whole country.

Slinky

bostonerimus wrote: »

I retired at 52 and the next year rode my bicycle across the USA going over the Cascades, Rockies and finally Appalachians. It took 55 days, cost $3000 (including airfare to get to the start in WA) and the accommodation was a mix of motels, camping and Warm Showers home stays. If you want an inexpensive and exciting holiday bike touring is a good choice.

One person's heaven is another person's hell. I'd rather have stayed in work personally :-)

vulcanrtb

Quick point about the alps in summer, it can get very warm indeed. We go every year and lots of people often ask us why we go on holiday to somewhere cold (because in their mind the alps = snow/skiing, therefore cold).

Have you not seen the tour de France cyclists being poured with iced water?

OldMusicGuy

I think "retiring" at any age under 50 could have challenges (unless you are mega-rich of course). Better to think of it as becoming financially independent, in that you get to a financial situation whereby you don't have to work unless you either want to, or need to top up your income from other sources.

So I think it's more of a lifestyle choice (just like Mr Money Mustache advocates) rather than a binary work/not work decision. So giving up full time work and doing agency/part time work could form part of that choice.

jimi_man

zagfles wrote: »

Maybe not in a helmet and leathers...My flying school, and a pilot I know, say people often have these sorts of ideas, but the practicalities usually mean private flying for useful purposes (holidays, meetings etc) aren't really practical in reality. Nice dream though! I intend to take it slowly - maybe 2 years, 1500 a year isn't a massive budget. I don't need anywhere near that, in fact pretty close to the OP assuming his/her partner earns similar - £36k for a couple is a reasonable income in retirement and could certainly achieve all your aims with that.

In fact I mostly do now with spending about that! Although perhaps not at the same level - eg I have no particular desire to stay in expensive hotels or drive flash cars.

But each to their own - I think as long as you don't put off what you want to do until retirement, I know people who've had all these plans for when they retire in eg 10 years and have either died before they got there, or shortly after, or health problems have stopped them doing what they planned.

Learning to fly is better done in a shorter space of time, rather than spread out over a longer period. It reduces the amount of ‘relearning’ that is needed every time you fly.

justme111

John_Jones wrote: »

It sounds like you need a better job then, it does not have to be soul destroying.

notice I used hypothetical "would " word in my post. As it happens I am privileged in both loving my job and being paid decently for doing it.
Even so it gets in way of more important things.
money is to bring one happiness. different things bring happiness to different people and arguably there are better and worse ways of living one's life. Working so as to be able to afford "status " things that feature highly in your list is not the most fulfilling way .
I agree with other more enjoyable jobs being an important alternative though. The extreme of living on £4OO a month retiring at 4O does not make sense unless one has peculiar passion and lifestyle that fits it - lives in a hut in Thailand meditating for example.
or anither valid option- buy the house in Newquay, rent rooms in it having lodgers and surf 5 hours daily
both niche options but not any less conductive to a happy life than taking family on holiday in private flight, if anything those likely to be more fulfilling as the more the option is relied on material the more likely it is to be flawed imo.
edited to add : as most of us are more conventional thn the above examples finding another job that we like is more usual and valid option

ams25

OldMusicGuy wrote: »

I think "retiring" at any age under 50 could have challenges (unless you are mega-rich of course). Better to think of it as becoming financially independent, in that you get to a financial situation whereby you don't have to work unless you either want to, or need to top up your income from other sources.

So I think it's more of a lifestyle choice (just like Mr Money Mustache advocates) rather than a binary work/not work decision. So giving up full time work and doing agency/part time work could form part of that choice.

+1. Freedom to do what you want is what financial independence means. Certainly its not retirement in the traditional sense. Do a job you love, raise the kids, travel, take a break, learn new skills etc. FI creates the possibilities. But with hopefully 30-40 years ahead you are going to need purpose and some means to support a life above the bare minimum.

I stopped working at 51, and although I may be retired from the corporate world (been there...too long...can't see it being fun again) and I don't think I need to earn again (hopefully) doing another job later, setting up a business, learning new skills are all options for me. Right now young kids are my priority and great to have that time with them...but I be!ieve something else will follow. When people ask if I am retired I usually say no.