Early-retirement wannabe

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  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
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    I'm 54, two weeks into retirement, and loving it. OK, I'm doing 1.5 - 2 days a week for a startup as sweat equity, and have a list of DIY jobs for self, inlaws, and daughter, that's as long as your arm, but being able to schedule things more flexibly is great.
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • OldMusicGuy
    OldMusicGuy Posts: 1,758 Forumite
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    gadgetmind wrote: »
    I'm 54, two weeks into retirement, and loving it. OK, I'm doing 1.5 - 2 days a week for a startup as sweat equity, and have a list of DIY jobs for self, inlaws, and daughter, that's as long as your arm, but being able to schedule things more flexibly is great.
    Cheater. Working 1.5 to 2 days a week isn't retired...... ;)

    I have been offered various consulting gigs but keep saying no, I am retiring. Let's see how my resolve holds out.......:rotfl:
  • Snakey
    Snakey Posts: 1,174 Forumite
    Question for you, Marine: what would you have done differently if you had known, when you started this thread, that you would not want to do it after all once you got there?

    Asking because I am a few years behind you and perhaps I ought to hedge my bets?!
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
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    OldMusicGuy wrote: »
    Cheater. Working 1.5 to 2 days a week isn't retired...... ;)

    Well, it's voluntary, but you're right. :D

    My wife is still doing three days a week of part time (18 hours a week?) so I need to keep up appearances.
    I have been offered various consulting gigs but keep saying no, I am retiring. Let's see how my resolve holds out.......:rotfl:

    I may start sniffing around for other non-exec work if the life of leisure really isn't for me.
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • ams25
    ams25 Posts: 260 Forumite
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    The financial side will be challenging, as our take home income will drop by 60%
    Originally posted!by!OldMusicGuy


    60% Gross or net. Took a similar cut at the gross level.. but after paying no tax or ni, no pension contribution or mortgage payments I have more available 'income' now than when I wasworking. Amazing how much tax etc takes away.
  • Anonymous101
    Anonymous101 Posts: 1,869 Forumite
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    This is making very interesting reading for me.
    It underlines the importance of structure to our lives and raises some very important questions prior to anyone retiring but most importantly those retiring or wanting to retire early.

    I'm planning on being FI well before I'm 50. Whether that means I'll completely give up working or whether I'll just choose to do something different is still debatable. Currently at 36 years old I think I could quite happily stop working tomorrow and still keep myself occupied for the rest of my days. However the amount of people that think like this and then find retired life very different from the one that they thought they were getting does make me think that some degree of planning is required prior to pulling the plug.

    The earlier we're retiring the more planning required. I'd guess. I'd be very interested to hear other peoples perspectives on this. Whether time after retirement was planned and to what degree.
  • ex-pat_scot
    ex-pat_scot Posts: 692 Forumite
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    I guess this demonstrates the adage "retire TO", rather than "retire FROM".
    Whatever you choose, I'm glad it is as a result of conscious thought and that you retain your options.
  • OldMusicGuy
    OldMusicGuy Posts: 1,758 Forumite
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    ams25 wrote: »
    60% Gross or net. Took a similar cut at the gross level.. but after paying no tax or ni, no pension contribution or mortgage payments I have more available 'income' now than when I wasworking. Amazing how much tax etc takes away.
    Net sadly, and this is based on the assumption we pay no tax or NI after retired. We should be able to live tax free until we hit SP age at 66.
  • atush
    atush Posts: 18,726 Forumite
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    gadgetmind wrote: »
    I'm 54, two weeks into retirement, and loving it. OK, I'm doing 1.5 - 2 days a week for a startup as sweat equity, and have a list of DIY jobs for self, inlaws, and daughter, that's as long as your arm, but being able to schedule things more flexibly is great.


    You are clearly not retired lol.
  • atush
    atush Posts: 18,726 Forumite
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    Marine_life wrote: »
    Long time no post....time for an update

    and a fairly major one.

    Decided to go back to work.

    What can I say other than "its a funny old world".

    I enjoyed a couple of months on the side lines but a couple of things made me decide it just wasn't for me.

    1. Having told my employer I was retiring they took away all my previous (stressful) roles and I'm now able to negotiate the job I've always wanted.
    2. I found I really missed the responsibility and challenge - I've read all those trite saying like "nobody ever died wishing they'd spent more time in the office" but I'm fine with that.
    3. At 53 its hard to think about NEVER working again. Maybe I will only work another 2 years - maybe 5 - who knows. The key to financial independence is the freedom to choose.
    4. I certainly haven't allowed a long time to adapt to retirement but in all honesty ... I was a bit bored. I have hobbies and interests but really ....I felt the days just leaked away without 'closure' if that makes any sense at all?
    5. I don't want to be careful with money. Nobody could argue our retirement budget is anything other than generous but I want to take the topic of money completely off the table.

    I haven't locked in the new job yet but I've been playing the part for the last 6 weeks. Some box ticking and then I am back.

    Thoughts?

    My thoughts are, i am not surprised. AS you are really quite young still. And as you seem to be fit, you'll make old bones. So work another few yeears if you like?

    Do what makes you happy. I dont feel sorry for you, I think you are doing what is right for you.
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