When do you plan on retiring?

[Aceyducey]

Based on your investment plan (or lack of) - when do you intend to retire entirely from paid employment outside of your personal investment business?

[duncan_m]

Maybe a better Poll would have been:

From the time you first developed the realisation that Investing would empower an early retirement.. how many years do you think it will take you to retire?

10 for me.

Duncan.

[always_learning]

"Retirement", I think this is not a well defined question, the first question we must answer is : "what is retirement from paid employment"?

If I had 100million dollars, would I retire, buy a big home, wake up at 11am, watch "Midday with Ray" a bit of "Bert" and then catch up with the soaps, then at night go down to the club and whinge about the state of the world and then play the pokey's? Hell No!....death couldn't come quick enough!

To me retirement must mean to give up on the obligation/neccessity of paid employment to because you want to free up time so you can focus on bigger and better more desirable activities.

I suggest that unless we each have something bigger/better and more desirable to do with your time, then by some unclear "law" of the universe you will be doomed to stay an employee.

Has everyone seen the movie "Matrix" ( Matrix reloaded is not out yet in Japan)? Well like Neo in the final stages, he finds that he can remake reality by an act of will. Imagine by the act of thought that we can bring into our lives what we want and desire with a simple and clear desires, wants, passions and goals? In most religions have a similar "though turns to physical reality" ideas.

Because I am a terrible anthiest and skeptic I find these ideas difficult to accept, but I ask the question "If it isn't really true, what would be wrong with me proceding with my life as if it was true?". Maybe I have diverged from the point of this poll, but my point is simply we must first have a purpose, a goal, a dream, a desire for a better life, from this perspective finishing paid employment is just a small progressive step.

[WillG]

Hi Duncan,

10 years seems to be one of those magical numbers often used for 'When do you want to retire'.

I would like to say 10 years but it very much depends on the next property boom. It may be less or more than 10 years.

I cannot pinpoint the exact time I 'first developed the realisation that Investing would empower an early retirement' but it was probably in 2000 sometime.

Cheers

[WillG]

Hi Always_Learning,

Great response. This forum has got me thinking lately about 'what happens in retirement'.

It is no wonder people aren't excited about retiring when they visualise retirement as 'watching lots of TV, playing poker machines in clubs with other retirees'.

The only thing I am sure about is that I want to retire young enough so I have the ability/money/health to try different things.
While I have a day job I want to 'get a taste' of things I want to do in retirement so I can stay focused rather than buying bigger and better toys (cars, hi fi, TV's .... )

[Jakk]

[QUOTE]Originally posted by always_learning

If I had 100million dollars, would I retire, buy a big home, wake up at 11am, watch "Midday with Ray" a bit of "Bert" and then catch up with the soaps, then at night go down to the club and whinge about the state of the world and then play the pokey's? Hell No!....death couldn't come quick enough!

Always,
you forgot playing the playstation with the kids, reading the newspaper, surfing the net, just driving around to see whats on the market (for hours and hours), calling on friends that are also home during the day, pub lunches every day (in the lounge of course), spending quality time with real estate agents, and occaisionally buying the odd property and undertaking the odd development or two. etc. etc.
Don't like the pokies but.

regards

[sbe]

I like Jakk's retirement.

You forgot the odd trip with wife, perhaps overseas. Doing all those things you couldn't do before due to lack of time / money / fear of failure or whatever.

Can be liberating or depressing. It's all in how you tackle it !

[always_learning]

Just my guess is that Jakk is "living his dream" right now! Not a bad life, except he is doing it in of all places "Drouin".

As a kid from KooWeeRup (20Kms away from Drouin) Jakk's lifes sounds pretty good, except I would just relocate to a nice estate on Sydney's North Shore, actually the Ken Done (artist who paints those colorful pictures) estate in Chinaman's beach wouldn't be bad!

"Quality time with RealEstate Agents" is that possible? I thought it was an oxymoron like "Military Intelligence" or "Software Engineering" :D

[XBenX]

Instead of in years Ive used business cycles... as the time measurement for my plan

[astroboy]

When I am happy with my portfolio *and* I can buy my X-yatch, Oyster or maybe a big cat.
I have no intention of sitting at home.
astroboy

[Aceyducey]

Why do people equate retirement with stopping (one of those Dumb Things People Believe Always_Learning has a thread about at http://www.somersoft.com/forums/showthread.php?s=&threadid=8862).

Stopping is what our gransparents did - how many of you have grandfathers in particular who stopped working (retired) then died shortly afterwards because they felt they couldn't go and get new interests?

I see retirement as the disconnection of income with working.

You can work as much or as little as you like at anything that you fancy & your income keeps rolling in.

Cheers,

Aceyducey

[Diane]

It took us 8 years from our first investment property purchase until we retired. Retirement for us so far has been caravanning around half of Australia and we will complete this journey next year (we have been stalled by an unexpected death in the family). It is the ability to choose when to work and when to play. We have come to understand that retirement does not just mean putting your feet up - you have to develop passions for things whether it be for hobbies, helping in the community, paid work again (because you WANT to) - really financial freedom just gives you choices. Property has done it for us - we are probably not rich by a lot of peoples standards but by our standards we have enough to do what we want to do - to buy a few toys, live a comfortable lifestyle, travel if we desire, our dream has been realised. The unexpected death has really brought home to us that we are doing the right thing and living NOW because you just never know what the future holds.

Diane

[WillG]

Hi Diane,

Great to hear somebody doing it.

Do you own a PPOR ? If yes - are you renting it to give some extra travellling money while you are caravaning ?

Cheers,
Will

[Diane]

Hi Will,
Yes we do own a principal place of residence but do not rent it out as we have not found we need extra income. Also it is great to have "home" to come back to when we feel like a rest from travel.

Diane

[WillG]

That sounds fantastic Diane. Best of both worlds.

I have been toying with the idea of taking 3 months off and travelling (with Mrs Will) to see if we like it. We still have another 5 - 10 years in the 'Rat Race' before we can 'retire' but I think a taste of travelling may wet our appetites and keep us focused.

How do you find 'Caravaning' ?. I am not sure weather a CamperVan, camper trailer or small caravan would be prefereable to 'Try it out' over a 3 month period.

Cheers

[Macca]

Diane,

Could you make an estimate of your weekly living expenses while travelling about. What regular costs do you have apart from food eg. camping fees, fuel, calls to property managers etc Do you stay in parks or stop on the side of the road/river.

Are there any unexpected expenses or problems that you would have prepared for differently had you known.

[Diane]

Hi Will,
Caravanning is excellent! We bought a new 18 foot van - went for a bit of luxury as we are doing long term trips and it is your home at the time. There are so many different combinations out there and all have their merits it is just personal choice - much like property investing! Grab what ever time you can, you will not regret it.
Regards Diane

[Jacque]

In a sense, I like to think that I've "retired" now, as I'm enjoying my life and doing what I enjoy. Though I don't work in paid employment, I am at home, caring for the family and working part time on our investment portfolio so that the lifestyle we have now can continue for the rest of our earthly days. (well perhaps with a couple of extras thrown in like a beach house and an annual holiday overseas!)
My better half, however, supplies the income we currently need and he anticipates being able to choose between working and not working in less than ten years.
Retirement isn't about simply quitting your job. To me, it means being able to choose whether or not to do so. After all, there are plenty of independently wealthy people out there who still go out to work every day because they love it.

[hobgoblin]

Well like Neo in the final stages, he finds that he can remake reality by an act of will. Imagine by the act of thought that we can bring into our lives what we want and desire with a simple and clear desires, wants, passions and goals? In most religions have a similar "though turns to physical reality" ideas.

Always, I have never heard of this concept in religious terms before. I utterly DESPISE any kind of organised religion, yet I believe in this whole-heartedly. Peter Spann calls it "the law of universal convergence" Napoleon Hill talks about "auto-suggestion". In fact, this concept is in most of the motivational books I have read. It is real and it rocks! It is also called your "reticular activating system" in NLP terms.

Personally, I will be fully retired before midnight on the 6th November 2009. I have been using the above law to achieve that goal, and will continue to do so.

Hobbgobb :)

[Sim]

HG - in much simpler words than all those "experts"... I think it comes down to "your thoughts determine your reality".

[Diane]

Hi Will,
Yes, caravanning is excellent. We chose a 6 meter full van as it is our home for a large part of the year. You meet many people with many different combinations and it depends on how much you want to rough it and what suits your needs and budget. It is like property investing there are many different ways to do it! Go while you can as you have to enjoy life along the way.
Diane

[Kathryn]

Hi Diane,

Good for you! We're on our way, too :p . We're going to America for a month (my 40th at the Grand Canyon) in a few weeks, but when we get back we're going to buy a motorhome and travel for at least 6 months. We joined the CMCA and have been keeping our eyes open for a good deal. We've already decided to rent our PPOR out as a holiday home while we're away and are slowly getting things together. Any tips for the novice motorhomer?

Cheers,
Kathryn

[astroboy]

aren't we getting a little OT here ? this is starting to sound like lounge stuff
astroboy

[Diane]

Hi Macca,
We find that our costs vary quite a bit - mainly in the use of fuel. Food, entertainment, caravan park fees etc. are fairly constant. It really depends on whether you stay in one spot for a week or if you are driving hundreds of kilometers each day in the outback country, doing side trips etc. We use carvan parks most of the time although on the odd occasion when we have camped out these times have been the most memorable. There have not been any unexpected costs so far. I would estimate it cost us around $40,000 for the year. The trip included a 3 month stint in Tasmania (approx. $1500 return on the boat for us, car & van).
Diane

[Diane]

Hi Kathryn,
Have you been able to retire due to investment property? If so how long have you been into investing in property? Your trip sounds excellent - I don't have any motor home experience but some of the ones I have seen are beautiful! Happy 40th!
Diane

[Jakk]

[QUOTE]Originally posted by always_learning
Just my guess is that Jakk is "living his dream" right now! Not a bad life, except he is doing it in of all places "Drouin".

That I am, A_L and I make no apologies for being in this neck of the woods, God's own country, I reckon and I feel I owe it to this area to stay here, It was when I moved here that I awoke to opportunity all around me

As a kid from KooWeeRup (20Kms away from Drouin) Jakk's lifes sounds pretty good, except I would just relocate to a nice estate on Sydney's North Shore

I love it here, I dont reckon people would believe me if I told them, I pinch myself every morning, I still find it hard to believe what property investment has helped me achieve, once a property portfolio is established, you are making money while you sleep, In fact if you were like Rumplestiltskin and woke up after sleeping for 40 years, imagine the surprise that would await you.

"Quality time with RealEstate Agents" is that possible? I thought it was an oxymoron like "Military Intelligence" or "Software Engineering" :D


Oh it's possible alright, Real Estate Agents have helped me enormously, It is amazing what one can find out by talking to every estate agent in a town in one day, little snippets of information all put together, completes the picture. It is unfortunate that they dont talk amongst themselves as openly as they talk to me, they might then have a better understanding of what is really happening in their area

[geoffw]

I haven't voted on this because I'm already 49. I started on this business a little late.

A fairer poll might be "How many years until you can retire?"

On the subject of spending retirement.

Some years ago, I was backpacking around SE Asia. I met a couple who had recently retired, at age 65, and had taken their first trip outside Australia to go backpacking.

They were having a great time- and had the smallest backpack of anyone else I had met. It was like a single daypack between the two of them- and these were people who had not really been doing bushwalking, camping, or anything.

I was young (it was 15 years ago then), and I HAD to have so much stuff.

It must be great to have so much life experience, without all the baggage (in more ways than one).

[np2003]

Wow, many praises to whoever said "Under 25 years". Good luck in all your endeavours. I selected 40, but it should really be Never. :D

[JustAMum]

Well once again, Ive been in a hyper vortex of family hood and 'other dramas'.
So is life just a path to travel along and not a destinaton?
And is being rich just ...
Wanting to spend less than you can earn ...
and maybe also ...
Earning from capital (and managing that capital successfully) without exchanging time for labour?
My Hubby assures me 35 is a good age (pitty we are already past that)
Well - this has been a fascinating subject.
Isn't it sleep that I should be seeking now? What does it all mean? ZZZZZ

[Keen]

I have spent much time looking into the future.
I recently realised too much time.
So instead of thinking I'm getting out of this job at the very latest in 15 years time (when I plan to retire) am starting think hmmmm I might be getting out of this job ASAP and finding a job I want to be in for another 15 years! ;)

Regards

Keen