The FIRE revolution

barnstar2077

BananaRepublic said:

Retireby40 said:

BananaRepublic said:

My late father retired at 50, that was back in the days when companies and their pension schemes allowed early retirement. Plenty of people here have retired in their fifties. It is doable but you need to be a decent earner, and invest wisely. I don’t think you could do it on a teacher’s salary unless you had a rich mummy and daddy to help you onto the housing ladder early. 

I wouldn't consider retiring in your 50s as particularly early especially if you've been working maybe since 18-20. 50 on the button is probably perfect timing. Young enough to enjoy old enough to have money. To retire at 55-60 is good but a lot of people could retire close to that providing they've been half smart with their money and not living beyond their means.

The thought of having to work into my 60s kills me. I'd rather sell up and move somewhere cheap and live like a king. South America or Asia or somewhere.

Some people like working. I used to. I once worked for some people in their seventies. They had over six million pounds in the bank, but chose to spend their days sitting in an office. I think some people enjoy power and prestige, which I find rather sad. And I suspect their lives are a bit hollow, with no outside interests. 

I had a very lucrative contract for quite a few years in my thirties and forties, and the investments I made then were very beneficial.  Once I hit 50 my career went downhill, companies tended to regard me as too old. I think this is common. At one interview I was asked questions by a foetus, such was the age difference. I tended to get offered roles using obsolete technology, which were not of interest. In retirement I have learnt new technology and created lots of free software, available on a developer’s web site, that would be beyond the ability of many if not most engineers in their twenties and thirties. I also ice skate better than most people half my age. Keeping the mind and body active is good. 

I could have carried on working, I was fairly well paid, had likeable colleagues, but as you indicate, retire late and you won’t have long to enjoy your savings, and it might be too late if you are not in good health. 50 is ideal, 60 is a bit late. I am 57 and very fit, but I don’t have the energy and agility I had in my twenties, and I have minor eye complaints. 

The problem with moving somewhere cheap is health insurance, and later on access to the UK pension. Places like South Africa have high crime rates. Property is cheap in France! 

Unfortunately, I too know people like the ones you have described.  I can think of one manager that I used to know, that is practically a sociopath, he is quite high up in a company but spends his time telling terrible jokes to the ladies in the office, and they all laugh because they are afraid of him, and for their jobs.  He is in his fifties and could easily retire early, but I suspect he never will, because without power who would laugh at his jokes?  :  /  Or even give him the time of day tbh.