Early Retirement - what does it mean

Brynsam

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cfw1994

Albermarle said:

Alexland said:

Albermarle said:

There are a few anti work /FIRE types who seem to plan on retiring as early as 40 or even 30

I wonder what proportion of them have children....?

Is that because you have to work longer to pay for them, or that you prefer to go to work for some peace and quiet ?

Heh heh!  

I’d say a bit of both....
We are coming out the other end now: one working, one doing a Masters....hopefully the full-on expensive years are behind us, but yes, I doubt there are a huge number following Mr Money Mustache, with children, “retiring” in their 30s or 40s....that would be crazy!!

Have to say I also felt it important for them to see me still working whilst they were studying.....encourage a decent “work ethic”....I perhaps could have “stepped back” sooner, but that kept me going.  

The countdown clock is ticking now though 

Brynsam: you been hacked, or drinking?!!

Alexland

cfw1994 said:

Have to say I also felt it important for them to see me still working whilst they were studying.....encourage a decent “work ethic”....I perhaps could have “stepped back” sooner, but that kept me going.

Yes that occurred to me too and the kids have seen a lot more of me working from home than when I used to go into the office. There is no way I'm going to keep working until they finish university (we have already invested enough in S&S ISAs and LISAs to cover their university and house deposits) but maybe until they finish school. That's still a long way away, one hasn't even started school yet, and although my current employer is flexible I wouldn't enjoy going back to a 5 day week again elsewhere. If we get some inheritance (not part of my plan but seems likely) it will be hard to keep 'working for the man' beyond my 40s 'just for show' if we really don't need to. Maybe I could just pretend to go to work each day...

barnstar2077

Alexland said:

cfw1994 said:

Have to say I also felt it important for them to see me still working whilst they were studying.....encourage a decent “work ethic”....I perhaps could have “stepped back” sooner, but that kept me going.

Yes that occurred to me too and the kids have seen a lot more of me working from home than when I used to go into the office. There is no way I'm going to keep working until they finish university (we have already invested enough in S&S ISAs and LISAs to cover their university and house deposits) but maybe until they finish school. That's still a long way away, one hasn't even started school yet, and although my current employer is flexible I wouldn't enjoy going back to a 5 day week again elsewhere. If we get some inheritance (not part of my plan but seems likely) it will be hard to keep 'working for the man' beyond my 40s 'just for show' if we really don't need to. Maybe I could just pretend to go to work each day...

You could tell them you have a new job at a global company, like coca cola, then work from home most days, rushing them out the door so they don't interrupt your expected zoom meetings.  You would obviously have to travel to other countries to meet important people regularly as well.  Don't forget to buy some coca cola memorabilia on ebay and leave it around the house to sell the idea.

jamesd

Sea_Shell said:

If you are living off savings, rather than being able to access any pensions yet, then banks etc may classify you as not actually having ANY income, for application purposes, which you don't technically!!!

I discussed this with a mortgage lender yesterday. Ineligible for their retirement interest only mortgage because they ignore income drawdown and ineligible for a lifetime mortgage which requires a property value of at least £125k.

Mickey666

Sea_Shell said:

Alexland said:

Albermarle said:

There are a few anti work /FIRE types who seem to plan on retiring as early as 40 or even 30

I wonder what proportion of them have children....?

As a sample of 1, retired age 47, 0 children!

Adding to the sample    Retired at 49, 1 child, was off to uni at the time.

Albermarle

barnstar2077 said:

Alexland said:

cfw1994 said:

Have to say I also felt it important for them to see me still working whilst they were studying.....encourage a decent “work ethic”....I perhaps could have “stepped back” sooner, but that kept me going.

Yes that occurred to me too and the kids have seen a lot more of me working from home than when I used to go into the office. There is no way I'm going to keep working until they finish university (we have already invested enough in S&S ISAs and LISAs to cover their university and house deposits) but maybe until they finish school. That's still a long way away, one hasn't even started school yet, and although my current employer is flexible I wouldn't enjoy going back to a 5 day week again elsewhere. If we get some inheritance (not part of my plan but seems likely) it will be hard to keep 'working for the man' beyond my 40s 'just for show' if we really don't need to. Maybe I could just pretend to go to work each day...

You could tell them you have a new job at a global company, like coca cola, then work from home most days, rushing them out the door so they don't interrupt your expected zoom meetings.  You would obviously have to travel to other countries to meet important people regularly as well.  Don't forget to buy some coca cola memorabilia on ebay and leave it around the house to sell the idea.

Strangely I used to visit the ( big) house of someone who had been in marketing for Coca cola, and there was memorabilia everywhere , even in the loo .

fly-catchers

Retired at 62. One other guy at 61 at roughly the same time. Everyone else is amazed including a couple of other 60 year olds.   

Audaxer

Albermarle said:

pensionpawn said:

Anonymous101 said:

I’d agree. Most people would class pre-state pension age as early.

I think there’s various degrees however. Folk with DB pensions paying out from 55 wouldn’t necessarily think themselves as retiring early. Neither would those with services pensions that pay out after 30 years of service, even if that was age 48 or so.

I tend to view it as anytime before access to pensions. There’s no right or wrong answer really.

I agree.
< 55 = early, >67 = late
In between is the retirement zone where you're trying to convince yourself that you now have enough to quit the rat race and enjoy your standard of living!

There are a few anti work /FIRE types who seem to plan on retiring as early as 40 or even 30, and some people ( particularly family business/entrepreneurs in my experience ) who never retire ( and US President elects) .
Otherwise I would agree for the mainstream < 55 = early, >67 = late

I retired at 58 and definitely considered that was early retirement as it was 2 years before my DB pensions Normal Retirement Age.

Anonymous101

Alexland said:

Albermarle said:

There are a few anti work /FIRE types who seem to plan on retiring as early as 40 or even 30

I wonder what proportion of them have children....?

Quite a high percentage as far as I can tell.
I'm a follower of FIRE, it’s much more about the FI (Financial Independence) than the RE (Retire Early) for me. Although I’d like to be in a position where I don’t have to work if I don’t want to by the time I’m mid 40’s, in 5 or 6 years time.
I’ve one child now. Thinking about having another.