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  • FIRST POST
    • Marine_life
    • By Marine_life 5th Nov 10, 10:46 AM
    • 851Posts
    • 1,541Thanks
    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 193
    • OldMusicGuy
    • By OldMusicGuy 14th Feb 18, 10:36 AM
    • 402 Posts
    • 792 Thanks
    OldMusicGuy
    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......
    Thoughts?
    Originally posted by Marine_life
    You are clearly a bit young for full retirement IMO. I still felt fairly resilient and strong mentally between 50 and 55, but later 50s was when the pressure started to build. I could feel my body ageing, blood pressure going up, increasing aches and pains, not getting enough exercise, hating the travel (could not sleep in hotels, always jetlagged). Breaking point for me was aged 58 when I realised I had to leave the high stress world. Original plan was retire 63/64 but brought that forward to 60 (ok not much but a big shift in attitude).

    I am 2 weeks away from retirement and am nervous about the financial side (no security of a DB pension) but realise I am done with work. I could do consulting (have had many offers) but that would just take up too much time from the things I really want to do. I do not want to be defined by my job any more. I think if you still enjoy the prestige and kudos of work, then it's too early to go.

    The financial side will be challenging, as our take home income will drop by 60% but our ethos will change, we will become Mustachian. Again, you need to buy into that mentality if your finances aren't really secure and there's nothing wrong with preferring to have the security of work if that's what you want.

    I would look at it this way - you have FIRE'd. You are doing the work that you want to do because you enjoy it rather than having to do work that maybe is not always enjoyable to pay the bills.
    • gadgetmind
    • By gadgetmind 14th Feb 18, 10:38 AM
    • 10,798 Posts
    • 8,674 Thanks
    gadgetmind
    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
    • By OldMusicGuy 14th Feb 18, 10:44 AM
    • 402 Posts
    • 792 Thanks
    OldMusicGuy
    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.
    Originally posted by gadgetmind
    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.......
    • Snakey
    • By Snakey 14th Feb 18, 10:50 AM
    • 1,064 Posts
    • 1,282 Thanks
    Snakey
    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
    • By gadgetmind 14th Feb 18, 11:38 AM
    • 10,798 Posts
    • 8,674 Thanks
    gadgetmind
    Cheater. Working 1.5 to 2 days a week isn't retired......
    Originally posted by OldMusicGuy
    Well, it's voluntary, but you're right.

    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.......
    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
    • By ams25 14th Feb 18, 11:46 AM
    • 178 Posts
    • 210 Thanks
    ams25
    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
    • By Anonymous101 14th Feb 18, 12:02 PM
    • 1,095 Posts
    • 484 Thanks
    Anonymous101
    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
    • By ex-pat scot 14th Feb 18, 12:25 PM
    • 255 Posts
    • 300 Thanks
    ex-pat scot
    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
    • By OldMusicGuy 14th Feb 18, 12:27 PM
    • 402 Posts
    • 792 Thanks
    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.
    Originally posted by ams25
    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
    • By atush 14th Feb 18, 1:00 PM
    • 16,825 Posts
    • 10,498 Thanks
    atush
    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.
    Originally posted by gadgetmind

    You are clearly not retired lol.
    • atush
    • By atush 14th Feb 18, 1:05 PM
    • 16,825 Posts
    • 10,498 Thanks
    atush
    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
    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.
    • gadgetmind
    • By gadgetmind 14th Feb 18, 1:14 PM
    • 10,798 Posts
    • 8,674 Thanks
    gadgetmind
    You are clearly not retired lol.
    Originally posted by atush
    I guess it's a moveable feast.

    Would I be retired if still indulging in a few hobbies that just so happen to make money?

    What's important to me is that our pensions and other investments can (if we switch from investing to divesting) generate the same net "take home" as I got from working. This gives me lots of options including the option to still make a few bob on the side while having fun.

    Mind you, it was a shock to have to get up early and get on my bicycle to bomb off (in the snow!) to a director's meeting!
    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
    • By OldMusicGuy 14th Feb 18, 1:45 PM
    • 402 Posts
    • 792 Thanks
    OldMusicGuy
    I guess it's a moveable feast.

    Would I be retired if still indulging in a few hobbies that just so happen to make money?

    What's important to me is that our pensions and other investments can (if we switch from investing to divesting) generate the same net "take home" as I got from working. This gives me lots of options including the option to still make a few bob on the side while having fun.

    Mind you, it was a shock to have to get up early and get on my bicycle to bomb off (in the snow!) to a director's meeting!
    Originally posted by gadgetmind
    Sounds like working part-time to me. Once I am retired, I will never be in the situation where I have to go to a meeting if I don't feel like it. I won't be reading pre-meeting briefing notes, staying current on technology trends or any of the stuff that doing "a bit of work" really entails.

    If you have hobbies, then if they can generate some income that's great. As my name implies, one of my hobbies is music, I tried for many years to make it in a band (and failed miserably) but I still write, play and record my own music in a home studio. Spending time making music will be one of my main projects, and it would be great if I could sell some of my stuff through iTunes and the like. But if it took off on the internet and that meant I had to go on a world tour, I would not say I was retired....... Mind you, the likelihood of that happening is zero
    • gadgetmind
    • By gadgetmind 14th Feb 18, 2:00 PM
    • 10,798 Posts
    • 8,674 Thanks
    gadgetmind
    staying current on technology trends
    Originally posted by OldMusicGuy
    I think that I'll always do that!

    Spending time making music will be one of my main projects, and it would be great if I could sell some of my stuff through iTunes and the like.
    I have a product designed that I could easily flog on ebay, and make 1k-2k per month profit, but I'd have to start another limited company and that's really starting to sound like "not retired"!

    But if it took off on the internet and that meant I had to go on a world tour, I would not say I was retired....... Mind you, the likelihood of that happening is zero
    I once employed a guy as an artist who was also in a band. The others were (by mutual agreement) a "bit more serious" than he was, so he left. Two weeks' later someone or other in Pink Floyd started to take an interest in said band and started to nurture/advise them.

    We made him an "I was nearly discovered by Pink Floyd" badge but the ungrateful sod didn't even say thank you!
    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.
    • The_Doc
    • By The_Doc 14th Feb 18, 2:26 PM
    • 80 Posts
    • 58 Thanks
    The_Doc
    I am 55 and had 10 months of "full retirement" after being made redundant two years ago. That was great and I really enjoyed it. I got fit, spent loads of time in the great outdoors, enjoyed my hobbies and got some qualifications (Diploma in regulated Financial Planning), none of which I never had much of a chance of doing when slaving at the day job.

    After 10 months, I went back to work part-time contractor 3 days per week (same company that made me redundant). I have no regrets about that. It does help on the financial side and is in an area for which I am a specialist, so nice to use that knowledge. I work from home mostly and avoid all the office politics that came with the full-time role.

    It made my OH much happier that I am now bringing in some dough, so that was beneficial. Having 4 day weekends is great too.

    The most important bit though is that I am in control of my life as far as that is possible. Who knows what will happen when the contract ends. Maybe I will find another. Maybe not. Whatever, I will find things to do. I'd like to study economics and that could be my next challenge.
    • EdSwippet
    • By EdSwippet 14th Feb 18, 2:56 PM
    • 715 Posts
    • 668 Thanks
    EdSwippet
    I guess this demonstrates the adage "retire TO", rather than "retire FROM"...
    Originally posted by ex-pat scot
    I also wonder if the choice of time of year made a difference here. Marine_life noted just a 'couple of months' away from work. Winter months are different to summer ones. In the winter I consolidate a lot of indoor activities, retreat to indoor exercise, and generally 'regroup'. In the summer I aim to be out and about more or less the entire time.

    In a country where sunshine and good weather is severely rationed even at the best part of the year, retiring at the start of summer rather than into the teeth of winter can make a huge difference to the experience.
    • OldMusicGuy
    • By OldMusicGuy 14th Feb 18, 3:05 PM
    • 402 Posts
    • 792 Thanks
    OldMusicGuy
    I think that I'll always do that!
    Originally posted by gadgetmind
    So maybe you won't ever fully retire. It sounds like tech is more than "just a job" to you. I've worked in finance and technology for 40 years but it's never been anything other than work. Although I have found it very interesting, the interest has waned completely and I won't be paying any more attention to it once I retire.

    Also, as someone on the consulting side of things, I am in this Kafka-esque situation of seeing people make the same mistakes over and over again and it gets a bit dispiriting after a while!

    I have a product designed that I could easily flog on ebay, and make 1k-2k per month profit, but I'd have to start another limited company and that's really starting to sound like "not retired"!
    Originally posted by gadgetmind
    Retirement doesn't always suit people, as Marine Life has highlighted. A friend of mine (who was in a band with me many years ago) sold out his share of a technology business quite a while ago and "retired" to a place in the country. But he started recording non-copyright downloadable musical ringtones in the early days of such things. He set up a few servers in one of his outbuildings so people could download them and within a couple of years this had grown into a full business and he's now CEO of a tech business turning over millions of pounds. I don't think he will ever retire.

    Nothing wrong with that btw. It's important to decide what you really value in life, and for some people, work is really important. He's employing people, creating jobs and paying taxes. None of which I plan to do!
    Last edited by OldMusicGuy; 14-02-2018 at 3:07 PM.
    • Terron
    • By Terron 14th Feb 18, 3:24 PM
    • 238 Posts
    • 211 Thanks
    Terron
    I didn't have a choice about stopping work when I was 54. I sort of started again in a totally different area by investing in property With the tax changes I started using a Ltd company for new purchases. So I am employed and self-employed. But since I use agents I do less than 80 hours a year, so consider myself pretty much retured.

    When I was working I did not have enough time to so every thing I wanted to. I still don;t.
    • ams25
    • By ams25 14th Feb 18, 3:49 PM
    • 178 Posts
    • 210 Thanks
    ams25
    After over 30 years of being pretty full on I am working hard on being lazier... I ocassionally (very occasionally) feel guilty about having a lazy day and not achieving much but they are still the exception and I tell myself I've earned it. It's rather nice.

    If you are blessed with super high energy levels and everlasting batteries then I guess you can go on longer (Duracell bunny style) but we nearly all have a time when enough is enough. You have to admire the Murdoch's, attenboroughs and buffets for their staying power!
    • atush
    • By atush 14th Feb 18, 3:54 PM
    • 16,825 Posts
    • 10,498 Thanks
    atush
    I guess it's a moveable feast.

    Would I be retired if still indulging in a few hobbies that just so happen to make money?

    What's important to me is that our pensions and other investments can (if we switch from investing to divesting) generate the same net "take home" as I got from working. This gives me lots of options including the option to still make a few bob on the side while having fun.

    Mind you, it was a shock to have to get up early and get on my bicycle to bomb off (in the snow!) to a director's meeting!
    Originally posted by gadgetmind
    Be careful of bombing/biking in the snow. I had a cyclist try to commit suicide under my car, going up the mountain on icy roads. I was hemming and hawing about passing him, but decided to do it. At that moment he went down sideways, right under where my wheels would have been- but I wasnt there.

    Scared the Cr*p out of me, not sure what it did to him (but saw him get up in my rear view).
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