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  • FIRST POST
    • Marine_life
    • By Marine_life 5th Nov 10, 10:46 AM
    • 848Posts
    • 1,533Thanks
    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 198
    • Broadsword
    • By Broadsword 3rd Mar 18, 9:38 AM
    • 94 Posts
    • 97 Thanks
    Broadsword
    Retirement and health
    Being healthy in retirement is the most important factor. The leisurely lifestyle, hones and exotic holidays are dependent on it. Keeping fit is however but one factor. With the huge increases in cancer in later years, it is not all about an earlier healthy eating/drinking or fit lifestyle. I did not retire early but gradually sloweden though work was enjoyable. We took the holidays we had dreamed about and generally led a balanced lifestyle no excesses. Then just before another long haul holiday in 2016, I was struck down by what was thought to be a stroke but was diagnosed with the most aggressive brain cancer, a glioblastoma, a cancer with no known cause and affecting 2200 a year here in the U.K. It is known as the Terminator and sufferers include Tessa Jowell and John McCain currently. It killed Paul Daniels and Teddy Kennedy.The prognosis is always very poor, a disease that peaks at 60. Against all odds, after much unpleasant treatment, I am still alive but wth an adjusted lifestyle. Every day is a bonus.

    The moral of the tale is that you can often adjust for most things but retirement has huge unknowns. Live life for the day and don!!!8217;t simply bank on spending those pensions on a long and fruitful retirement. The unexpected can and does happen
    • OldMusicGuy
    • By OldMusicGuy 3rd Mar 18, 11:29 AM
    • 397 Posts
    • 780 Thanks
    OldMusicGuy
    Glad to hear you are through your health challenges. I've seen similar. My dad took early retirement from the Civil Service at 58 with a generous pension. He and my mum were looking forward to an enjoyable retirement, he was very fit and healthy. But sadly he was dead from leukaemia aged 61. Another reason why I decided to go early rather than hang on for 4 more years. These years are precious.

    Having said that, staying fit and healthy is key to reducing risk of some cancers and maybe dementia.
    • Slinky
    • By Slinky 3rd Mar 18, 2:16 PM
    • 5,241 Posts
    • 24,218 Thanks
    Slinky
    Wise words indeed Broadsword, I have a friend who is undergoing a second surgery this week for the same type of tumour, grade 4, in her early 40s. Has certainly made me appreciate life and want to be rid of the working part of it sooner rather than later.


    Sad that it takes the likes of what has happened to Tessa Jowell to raise such awareness of the terribly underfunded research into the biggest cancer killers of the under 40s.


    My best wishes to you.
    Last edited by Slinky; 03-03-2018 at 2:19 PM.
    • crv1963
    • By crv1963 5th Mar 18, 4:33 AM
    • 302 Posts
    • 710 Thanks
    crv1963
    Congratulations OMG, sorry to hear your health problems Broadsword and your friends Slinky. My own retirement plans are also driven by my own health experiences- heart attack last year at 53yrs old. Also I had a work colleague retire August last year aged 55, unexpectedly died last month!


    But on a brighter note I have a couple of colleagues who are still regularly seeing their parents who are retired and healthy and are in their late 80s and early 90s, not dementing and enjoying travel and holidays still!


    So all is not glum, I think the secret is stay active- in a careful way as we age do everything in balance, have fun and take every chance to enjoy life!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • OldMusicGuy
    • By OldMusicGuy 9th Mar 18, 10:04 AM
    • 397 Posts
    • 780 Thanks
    OldMusicGuy
    Well, just over one week in to retirement, and I can tell you I won't be going back to work. Work is completely forgotten about and I can already see that I don't have enough time to do all the things I planned to do in retirement. I have too many hobbies and projects to fit in to the time available now I am retired. Should have gone 5 years earlier!!

    I'm also enjoying spending more relaxed quality time with my wife. It's nice to be able to mooch around like when we were younger with fewer responsibilities.......
    • blisteringblue
    • By blisteringblue 29th Mar 18, 2:04 PM
    • 1,055 Posts
    • 1,935 Thanks
    blisteringblue
    So much for being the good little worker bee and giving 5 years notice of early retirement. Pretty much being demoted, losing my team and "parked". Chancing my arm at redundancy, not hopeful but you can but try If I can force it through its a couple of years too early but may see if there is some part-time contracting I can pick up (IT Manager).
    Originally posted by blisteringblue
    Well 6 weeks on and I am no longer "parked" Company need my skills, so played hardball and I have kept my current position, gained an extra person and even got rid of the bad part of my job. They still want to "ease" me into retirement and not carry on with 13 hour days, which I am already seeing in the "new" old role. Worked from home all this week so happy days. I fully expect that when they get the info out of my head they seem desperate to retain I may be offered an exit, but cross that bridge when it comes. T minus 1707 days and counting
    • stoozie1
    • By stoozie1 30th Mar 18, 8:42 AM
    • 555 Posts
    • 497 Thanks
    stoozie1
    Pleased to read that OMG is enjoying retirement
    Save 12 k in 2018 challenge member #79
    Target 2018: 24k Jan 2018- 560 April 2670
    • OldMusicGuy
    • By OldMusicGuy 30th Mar 18, 1:41 PM
    • 397 Posts
    • 780 Thanks
    OldMusicGuy
    Pleased to read that OMG is enjoying retirement
    Originally posted by stoozie1
    Thanks, and I still am! One month in and I don't know where the time is going..... Far too much to do, it really is a great relief to have got rid of the stress of work. Will keep you updated on how the spending is going later in the year.
    • gadgetmind
    • By gadgetmind 30th Mar 18, 3:26 PM
    • 10,795 Posts
    • 8,668 Thanks
    gadgetmind
    My "I can't believe it's not retirement" is also going well.

    I'm now averaging two days' a week of work, one in the office and one at home, and New Venture went live yesterday so we're officially allowed to start taking on customers (heavily regulated industry, in a big way!)

    I still haven't agreed terms of departure with old employer (nearly there, verbal agreement, now for legal agreement) but they are still paying me, so what's the rush?
    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.
    • TBC15
    • By TBC15 30th Mar 18, 4:20 PM
    • 493 Posts
    • 250 Thanks
    TBC15
    I'd note down those verbal agreements they could be worth.........................................noth ing.
    Last edited by TBC15; 30-03-2018 at 4:22 PM.
    • twiglet98
    • By twiglet98 30th Mar 18, 5:05 PM
    • 809 Posts
    • 3,808 Thanks
    twiglet98
    Those who believe they can afford to retire early, make the most of it.

    Of the last ten funerals I have attended, five were in their 50s (all men), three in their 60s (two men) and two in their 90s (both women). Four of the men were ill for 5+ years, the others had short aggressive illness or stroke. None of the younger men had retired.

    Enjoy it while you're able to. Best wishes to all dealing with serious health issues at what should be the prime of your life.
    • OldMusicGuy
    • By OldMusicGuy 30th Mar 18, 5:48 PM
    • 397 Posts
    • 780 Thanks
    OldMusicGuy
    I was chatting with an acquaintance last November about my upcoming retirement. He was early sixties and still working pretty much full time in his plumbing business, said he couldn't see the point of retiring. I got news of his sudden and unexpected death two months ago.
    • westv
    • By westv 30th Mar 18, 6:58 PM
    • 4,542 Posts
    • 2,138 Thanks
    westv
    Of the last ten funerals I have attended, five were in their 50s (all men), three in their 60s (two men) and two in their 90s (both women). Four of the men were ill for 5+ years, the others had short aggressive illness or stroke.
    Originally posted by twiglet98
    How depressing for you.
    Any smokers in there?
    • economic
    • By economic 30th Mar 18, 7:59 PM
    • 2,940 Posts
    • 1,586 Thanks
    economic
    while i am only 34 and probably the youngest to comment on a thread like this, these posts on here do interest me somewhat.

    Its fascinating to see what people do and how they think of what is the best way to live. If they are able to retire, do they work or retire?

    there are some who just get bored after retiring, their brain doesn't get used which makes things worse and they have a need to go back to work. Then there are others who never look back after retiring. Death is what brings everything into perspective. If you are working purely to live off the income then that is quite sad no matter how long you expect to live (shorter the life the worse it is obviously).

    There was a study done a few years ago about old people on their deathbeds - the number 1 regret was working too hard. But i don't think its as simple as that. My feeling is this finding is more to do with people doing jobs they don't like but because they just have to - and are not able to try out different things they might like.

    Life is all about sacrifice. You either spend more time with family/friends or more time at work to support your family. You get to choose your sacrifice at least....well sometimes anyway.....
    • twiglet98
    • By twiglet98 30th Mar 18, 8:48 PM
    • 809 Posts
    • 3,808 Thanks
    twiglet98
    How depressing for you.
    Any smokers in there?
    Originally posted by westv
    Sad they were cheated out of retirement, sad that all the men left widows in their 50s, still in employment, some left teenage children.
    I'm 61, they were mostly my age group. This is over the last 15 years, relatives, friends and colleagues. In my extended family we lost the 'old' people long ago. Lately we are losing them younger.

    One smoked a pipe, two others were regular smokers, one heavy. Possibly some smoked when younger, I don't know.

    The youngest woman had cancer, and most of the men. Two had strokes. Nobody is guaranteed a tomorrow.

    A widowed relative worked beyond State Pension Age as her younger husband was still approaching his. He never got there. Debt free and with considerable savings, they'd have retired in their 50s if they'd had any clue what lay ahead, they point is that they COULD easily have afforded to retire early.
    • happyandcontented
    • By happyandcontented 30th Mar 18, 10:04 PM
    • 1,108 Posts
    • 2,153 Thanks
    happyandcontented
    Sad they were cheated out of retirement, sad that all the men left widows in their 50s, still in employment, some left teenage children.
    I'm 61, they were mostly my age group. This is over the last 15 years, relatives, friends and colleagues. In my extended family we lost the 'old' people long ago. Lately we are losing them younger.

    One smoked a pipe, two others were regular smokers, one heavy. Possibly some smoked when younger, I don't know.

    The youngest woman had cancer, and most of the men. Two had strokes. Nobody is guaranteed a tomorrow.

    A widowed relative worked beyond State Pension Age as her younger husband was still approaching his. He never got there. Debt free and with considerable savings, they'd have retired in their 50s if they'd had any clue what lay ahead, they point is that they COULD easily have afforded to retire early.
    Originally posted by twiglet98

    And this is the nub of the issue. If you knew you would die young, or relatively young, you would, of course, retire and live your dream. The problem is that when consulting an IFA they point out the average life expectancy and ask you to be cautious.
    • Wednesday2000
    • By Wednesday2000 31st Mar 18, 12:37 PM
    • 1,814 Posts
    • 12,542 Thanks
    Wednesday2000
    I can't remember what I've said on this thread as I read more than I comment! We are 42 and 47 years old at the moment and hoping to be retired when I'm 50 and he is 55.

    We are going to be taking a big step towards early retirement after the Easter weekend as I'm going to call up and clear the rest of our mortgage with some of our savings.

    It will be such a relief to know that the house is ours finally and the banks can't ever take it away.
    2018: Simplify your life
    Books Read 24/60
    • Snakey
    • By Snakey 31st Mar 18, 12:38 PM
    • 1,064 Posts
    • 1,282 Thanks
    Snakey
    There was a study done a few years ago about old people on their deathbeds - the number 1 regret was working too hard.
    Originally posted by economic
    There is, though, a human tendency to compare the reality of the road you took with the idealised version of the roads you didn't.

    It may well have been that, had they spent less time at the office, they would have not earned as much/done as well in their careers, and as a result had a less comfortable lifestyle while working followed by a shorter and less comfortable retirement. But they don't see that - they assume an identical life, with just the one change (more time for themselves in the evenings and weekends) in isolation.

    The fact is, this death-bed wisdom by definition comes from the people who didn't do it. It's such a trite cliche that they must have heard it when they were young enough to have made that choice. And yet they didn't. And here they are, encouraging you to take a risk that they themselves weren't comfortable taking. Right!
    • westv
    • By westv 31st Mar 18, 12:41 PM
    • 4,542 Posts
    • 2,138 Thanks
    westv
    I very much doubt that, on my death bed, I'll mention anything about working too hard!
    • LAPORTS1
    • By LAPORTS1 31st Mar 18, 2:04 PM
    • 9 Posts
    • 9 Thanks
    LAPORTS1
    I very much doubt that, on my death bed, I'll mention anything about working too hard!
    Originally posted by westv
    Dear God, I wish that was true for me. I'm that idiot that'll find himself taking phone calls at 4am and working weekends that he hadn't planned to. I do like the work but it's getting silly now.

    This is still my favourite thread on MSE. It inspires me every time I read through it. It's great to see folks working to and hitting the same goals we are.

    Right now, we're both 44. All being well we will be mortgage free by 49 and retired by 55.
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