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  • FIRST POST
    • Marine_life
    • By Marine_life 5th Nov 10, 10:46 AM
    • 835Posts
    • 1,521Thanks
    Marine_life
    Early-retirement wannabe
    • #1
    • 5th Nov 10, 10:46 AM
    Early-retirement wannabe 5th Nov 10 at 10:46 AM
    I would like to create a topic (don't see it at the moment - other than the NUMBER thread).

    Who is aiming for early retirement (or who has retired early already)?
    When did you begin planning and what drove the decision?
    What is the strategy for getting there?
    How much of a relative decline in income are you prepared to take / did you take?
    What are your main concerns?
    For those already in early retirement - how is it progressing? What have been the good and bad surprises (financial and otherwise)?

    I will post my strategy but wanted to get some thoughts
Page 192
    • tyronealan
    • By tyronealan 5th Feb 18, 4:53 PM
    • 68 Posts
    • 21 Thanks
    tyronealan
    Best reasons to retire early (if late 50s):
    - Health. You need to stay fit and healthy if you want to enjoy a fruitful later life. This takes time and effort, and a busy work life doesn't allow it.
    - Lack of stress. Stress is bad for you and it only gets worse as you get older (see above point).
    - Enjoy 10 to 20 years of active life doing different things than you have done for the last 34 years (in your case). Once you get to 80 plus you will have to slow down a bit....
    - Spend quality time with your partner/family/friends /pets or even just yourself.
    - Read all those books you never had time to read.
    - Visit all those museums you never had time to visit.
    - Visit all those places in the world/the UK you never had time to visit.
    - Do all those hobbies you never had enough time for.

    Reasons not to retire:
    - You define your life and your sense of self-worth by your work.
    - Money (lack thereof).

    Hope that helps!
    Originally posted by OldMusicGuy
    great list and a lot of my own thoughts, money may be tight for a while but subbing could help out. The Sunday night thoughts would make me give up tomorrow. I'll keep looking at all your posts but feel its time to move on!! Thanks again. will keep you all posted.
    • doingitanyway
    • By doingitanyway 5th Feb 18, 6:21 PM
    • 3,015 Posts
    • 14,919 Thanks
    doingitanyway
    TBH dropping to a four day week made a huge difference to me so consider part time rather than a dead stop.
    Originally posted by gadgetmind
    I second this. Now I am MF and very soon to be DF I am dropping to either 3 days tor 4 days a week ( if I get a job I am going for with a much higher salary)
    I am too young to stop working but I want to do have all of the things on OldMusicGuy's brilliant list whilst I am in good health.
    I think working p/t in a job I love has no downside
    I also completely agree on the time and work it takes to get fit and healthy enough to enjoy later life

    Oh and my working week will start on Tuesday
    JANUARY 2016/SECURED DEBT=24,822/March 2018=0 DEBT FREE 23/03/18
    MORTGAGE FREE 25/07/16
    • AnotherJoe
    • By AnotherJoe 5th Feb 18, 7:07 PM
    • 9,388 Posts
    • 10,364 Thanks
    AnotherJoe
    MF ? DF? Wazzat ?
    • tiddles
    • By tiddles 5th Feb 18, 7:10 PM
    • 143 Posts
    • 628 Thanks
    tiddles
    Mortgage free and debt free, I think
    • kidmugsy
    • By kidmugsy 5th Feb 18, 7:35 PM
    • 10,523 Posts
    • 7,209 Thanks
    kidmugsy
    Best reasons to retire early? I am 56 a teacher of 34 years and chance of redundancy and early retirement has come up.
    Originally posted by tyronealan
    (i) If you then work part time for just a year you should be able to get your total years of National Insurance Contributions up to the desired 35.

    (ii) At last, the chance to take hols outside school holidays. Greater pleasure and much lower costs. In my case I'd be keen on at least a three week "winter sunshine break" in January. By the time you get back in February the days are at least discernibly lengthening again.

    (iii) In general, master of your own time. No need to commute (presumably), and able to use the roads or public transport outside rush hours.

    (iv) Opens the possibility, if you fancy it, of living abroad.
    Free the dunston one next time too.
    • kidmugsy
    • By kidmugsy 5th Feb 18, 7:42 PM
    • 10,523 Posts
    • 7,209 Thanks
    kidmugsy
    Mortgage free and debt free, I think
    Originally posted by tiddles
    It's surprising that this site's censorship software (American, I guess) didn't prohibit MF.
    Free the dunston one next time too.
    • AnotherJoe
    • By AnotherJoe 6th Feb 18, 8:23 AM
    • 9,388 Posts
    • 10,364 Thanks
    AnotherJoe
    (i) If you then work part time for just a year you should be able to get your total years of National Insurance Contributions up to the desired 35.

    (ii) At last, the chance to take hols outside school holidays. Greater pleasure and much lower costs. In my case I'd be keen on at least a three week "winter sunshine break" in January. By the time you get back in February the days are at least discernibly lengthening again.

    (iii) In general, master of your own time. No need to commute (presumably), and able to use the roads or public transport outside rush hours.

    (iv) Opens the possibility, if you fancy it, of living abroad.
    Originally posted by kidmugsy
    (V) the chance might not come again.
    • caldejud
    • By caldejud 6th Feb 18, 2:16 PM
    • 18 Posts
    • 7 Thanks
    caldejud
    As has been suggested above you should really use a cash floe modelling tool so you can play about with your ''what if'' scenarios, particularly as you are considering retiring sooooo early!. We are really happy with the Retireeasy LifePlan cash flow tool and I think quite a few on this forum use it too.

    Great to think about retiring so early but make sure you have plenty of projects to keep your mind active - just as important as the finances!
    • Marine_life
    • By Marine_life 13th Feb 18, 9:18 PM
    • 835 Posts
    • 1,521 Thanks
    Marine_life
    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?
    Something witty goes here
    • Penna
    • By Penna 13th Feb 18, 9:49 PM
    • 4 Posts
    • 3 Thanks
    Penna

    Thoughts?
    Originally posted by Marine_life

    I did wonder..

    I genuinely feel sorry for you.
    • coyrls
    • By coyrls 13th Feb 18, 9:53 PM
    • 971 Posts
    • 1,033 Thanks
    coyrls
    Thoughts?
    Originally posted by Marine_life
    Change the thread title?
    • westv
    • By westv 13th Feb 18, 9:56 PM
    • 4,525 Posts
    • 2,122 Thanks
    westv
    As long as you do what you really want to do rather than what you think you should do then it doesn't really matter if that includes paid employment.
    • mgdavid
    • By mgdavid 14th Feb 18, 12:46 AM
    • 5,594 Posts
    • 4,916 Thanks
    mgdavid
    I'm not surprised, you're clearly a bit of a different animal from the majority - and thank goodness for that as someone needs to keep the wheels of commerce turning and earn the money and pay the taxes that pay our pensions!!
    The questions that get the best answers are the questions that give most detail....
    • kidmugsy
    • By kidmugsy 14th Feb 18, 1:04 AM
    • 10,523 Posts
    • 7,209 Thanks
    kidmugsy
    Is my memory playing tricks or did I say earlier that I suspected this whole huge thread of being based on an elaborate leg-pull?
    Free the dunston one next time too.
    • k6chris
    • By k6chris 14th Feb 18, 7:09 AM
    • 212 Posts
    • 362 Thanks
    k6chris
    I will have to take your poster off my wall now I think that now you are FI you will have a different relationship with work and if your employer knows you could walk away they will have a different relationship with you. Good luck, but let's keep the thread going.......other plans may vary!
    EatingSoup
    • gfplux
    • By gfplux 14th Feb 18, 7:38 AM
    • 4,140 Posts
    • 3,605 Thanks
    gfplux
    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?
    Originally posted by Marine_life
    Ha, ha, ha, ha, ha, ha, ha, ha.
    As at April and May 2018 Brexiters are unable to name ANY ADVANTAGES for Britain in leaving the EU. However they have a very large wish list.
    "Brexit Blight of Uncertainty" sums it all up. Although "The Curse of Brexit" or "Brexit Disaster" come close.
    • chucknorris
    • By chucknorris 14th Feb 18, 7:59 AM
    • 9,548 Posts
    • 14,336 Thanks
    chucknorris
    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?
    Originally posted by Marine_life
    It is over 7 years since you started this thread, and it sounds to me like you have spent that time preparing financially for retirement, but not otherwise. I handed in my notice to retire 18 months ago, but they asked me to stay and work one day a week, which I enjoy doing. But every now and then it does get in the way of my real life, I gave up playing chess last year because there wasn't really enough time to do it (I was captain of two chess teams), there is still so much to do (as well as the usual stuff with family and friends):

    Hiking
    Running (although I am injured at the moment)
    Cycling
    Weight training
    Gym classes
    Outdoor bowls
    Indoor bowls (I am struggling to fit this in)
    Swimming (I have had to sideline this, not really enough time)
    Short breaks away as well as at least one long annual holiday (which will become 3 months in Spain during the winter when I do eventually) retire).
    Chuck Norris can kill two stones with one bird
    The only time Chuck Norris was wrong was when he thought he had made a mistake
    Chuck Norris puts the "laughter" in "manslaughter".
    After running injuries I now mostly hike, gym classes and weight training (also a bit of cycling and swimming), less impact on my joints.
    • bugslet
    • By bugslet 14th Feb 18, 9:00 AM
    • 6,125 Posts
    • 29,501 Thanks
    bugslet
    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?
    Originally posted by Marine_life
    Well you certainly aren't the only one, doubt you'll be the last. Jim from SHMD did the same

    https://sexhealthmoneydeath.com/about/

    Until you try something, how will you know if it's for you?

    I'm 99% sure that once the year end is over (March), I will look to work four days a week - Friday I am gone by 14.00 anyway. And see how it goes from there. I'm unsure that I want to retire yet.
    • jungle jane
    • By jungle jane 14th Feb 18, 9:05 AM
    • 609 Posts
    • 1,773 Thanks
    jungle jane

    Thoughts?
    Originally posted by Marine_life
    Do what makes you happy. If you find that's not the right decision then change it something else that feels right
    • ams25
    • By ams25 14th Feb 18, 9:32 AM
    • 159 Posts
    • 186 Thanks
    ams25
    I am the same age, used to be a bit (lot?!) of a workaholic and always thought (planned for) 55 would be the right age to be able to stop but had had enough at around 50. Today at 53 have been early retired for over 18 months...and have loved it...and zero desire to go back to work. Have 2 primary age school children to look after so not full retirement (never a quiet moment) but the idea of stepping back into the corporate arena horrifies me. However, I could possibly see myself doing some kind of self employed/consultancy type work in the future on a part time basis if I get bored when the kids are older. But going back full time....deadlines, politics, early starts, late finishes, s&%t hitting the fan.. No thanks.

    But we are all different....and if for Marine Life being financially independent has provided the opportunity to optimise work then all is well. As long as its right for him...

    Good luck.
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