Early-retirement wannabe

atush · 1 September 2015 at 10:09AM

Marine_life wrote: »

So lets get this straight - you can't live your life as if you might die tomorrow!
I found this post quite interesting:

http://www.financialsamurai.com/the-dark-side-of-early-retirement-risks-dangers/

My dad retired early, and died a few months later. BIL retired, and got cancer 6 weeks later.

Both families would have been better off if they had died while still working?

cathybird · 1 September 2015 at 12:55PM

Daniel54 wrote: »

Sadly many if not most of us have known people who have died too young.But I'm not convinced that is a reason to retire as early as possible.

At the other end of the spectrum ,both my parents ( now just my mother) lived into their late 80's and their quality of life in older age was hugely improved by having the resources to stay in their home and afford live in care,which does not come cheaply.

Obviously I have no idea when I will die,but I've stayed working long enough to ensure that possible old age is covered ,although that might be at the cost of a few years of earlier retirement forgone.It something of a fallacy that we will need less money if we reach old age and possible infirmity - actually,quite the opposite.

I don't mean to seem as if I'm overplaying the risk of early death as a factor and obviously no one should retire without a proper plan. That's why I said: "If you're in a position to make the jump ... "

But Marine_life seems to have those bases well covered to me.

Marine_life · 1 September 2015 at 1:03PM

atush wrote: »

Both families would have been better off if they had died while still working?

Sorry for your loss.

I didn't say that. Of course it can happen but statistically it probably won't.

Having had cancer myself it is of course a concern.

Marine_life · 1 September 2015 at 1:14PM

wotsthat wrote: »

I love this thread. It's nearly 5 years since you started it and the list of reasons not to take early retirement gets ever longer.

I think it's an entirely valid question to ask whether you should delay retirement to earn a big chunk of money. You'll likely never spend the money though but it will provide some peace of mind as your buffer gets ever bigger and you'll have more to leave behind for other people to spend.

I honestly doubt your children are bothered but if it's important to you then keep on working.

Of course the fear is that I could endlessly procrastinating and still be working for another 5 years :eek: which is actually a key year as our firm provides for early retirement at age 56 when they will effectively pay you a years salary extra. So I can comfort you by the fact that there is a hard stop five years down the line (or think of it another way - we could be half way there ;-))

Actually what I have agreed "indoors" is two more fiscal years i.e. to 30 June 2017, which would mean resigning 1 October next year. But don't quote me on it ;-)

As for the extra money ....well....you see a lot of old guys driving convertible Porsches!

I am also sure the kids don't care about it

Chickereeeee · 1 September 2015 at 1:48PM

Marine_life wrote: »

Yes, its a nagging thought (although the numbers involved are much bigger) - but more along the lines of "if that money is available, don't i have the responsibility to take it? Possibly for the children? or maybe even just give away?

Quite so. The numbers are just examples.....

C

ManofLeisure_2 · 1 September 2015 at 1:49PM

chucknorris wrote: »

Thanks, I thought long and hard about it, but once I told them that I planned to retire after the next academic year, I felt elated. I am really looking forward to the free time. I would like to do a triathlon, but I really struggle to train in all 3 disciplines during the teaching semesters and the bowls season.

Crikey, a triathon - now that really is a challenge. I wish you well if you do go ahead. On my retirement my son and his gf (both doctors) issued me a challenge. That was to help them raise money for the medical charity they had been voluntarily working for. Ha, I thought NO WAY would I be able to climb to the summit of PT Lenana at about 4,985 m. It took a lot of persuading for me to even consider it lol. However, after a year of training I set off determined to raise that money and I did it. So glad I did and the scenery was fantastic

ManofLeisure_2 · 1 September 2015 at 1:51PM

Catie_the_Investor wrote: »

Interesting, and who did you morph into?

I'm still evolving

Mr_Toad · 1 September 2015 at 1:58PM

gfplux wrote: »

I have posted this before but does not mean that repeating it makes it easier to deal with.
Many of us are defined by what we do....."successful accountant".......Company CEO, Engineer, Teacher etc.
when you retire you are a "USED TO BE"
wether we like it or not that can be difficult to cope with.
I confess that this did trouble me for the first one or two years.
Do not discount that in your calculations.

Not sure I agree with this. Everyone is different in how they view things.

Defined by who? I've always thought that people who were impressed by money or position were somewhat shallow.

If someone asks me what I USED TO BE the answer is "someone who made retirement at 55 possible. How's that going for you?"

I took early retirement when I was 55, coming up to three years ago now, and I never once regretted the decision.

I had a well paid job that I liked and found very easy with little or no stress involved and worked from home. I thought I'd be one of those who had to be pushed in to retirement kicking and screaming.

However, I was on the train one evening returning from a meeting in London when I got an email from a friend who'd taken the plunge and opted for early retirement. I thought about it during the journey and to my surprise found I was envious. He came round the following morning for a coffee and went through the figures. I was surprised to learn that not only was it an option for me but that I could comfortably afford it, I had no debts, no loans, no mortgage and had money in the bank, I was saving an entire months salary every third month and still living a good life. The rest is history.

I now fill my days doing all the things I wanted to do but didn't have time for. I'm not a USED TO BE software engineer and database expert, I'm me and I've never been happier.

You can't put a price on contentment and happiness.

melanzana · 1 September 2015 at 2:04PM

Mr_Toad wrote: »

Not sure I agree with this. Everyone is different in how they view things.

Defined by who? I've always thought that people who were impressed by money or position were somewhat shallow.

If someone asks me what I USED TO BE the answer is "someone who made retirement at 55 possible. How's that going for you?"

I took early retirement when I was 55, coming up to three years ago now, and I never once regretted the decision.

I had a well paid job that I liked and found very easy with little or no stress involved and worked from home. I thought I'd be one of those who had to be pushed in to retirement kicking and screaming.

However, I was on the train one evening returning from a meeting in London when I got an email from a friend who'd taken the plunge and opted for early retirement. I thought about it during the journey and to my surprise found I was envious. He came round the following morning for a coffee and went through the figures. I was surprised to learn that not only was it an option for me but that I could comfortably afford it, I had no debts, no loans, no mortgage and had money in the bank, I was saving an entire months salary every third month and still living a good life. The rest is history.

I now fill my days doing all the things I wanted to do but didn't have time for. I'm not a USED TO BE software engineer and database expert, I'm me and I've never been happier.

You can't put a price on contentment and happiness.

Congratulations on making your decision. I am glad you are enjoying it all.

Re the BIB above, contentment and happiness can come from working for many people, it can also come from bailing out of the workforce as you, me and many others on this thread have done.

At the end of the day we do what makes us happy. That can be taking the plunge, or working away.

I often think that many would love to bail out, but are terrified, they will never have enough and all that. That's fine, that is the way some are wired.

I personally think it takes a lot of courage to just GO! But each to their own.

Best of luck.

greenglide · 1 September 2015 at 3:36PM

Is "Retired Accountant / Doctor / etc" not the best term?

It says you were one, are probably not practising any more but may have some knowledge. It sounds better than "used to be" because it sets the context as to why you dont any more?

Early-retirement wannabe

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