Can you afford to retire?
- Thread starter Aceyducey
- Start date
We are on target for retirement in 8-10 years, which would see me with my feet up before our youngest child starts secondary school.
l reckon we could slice a couple of years off that if we wanted to be 'tight' and cut back on some of the luxuries we allow ourselves, but we try and find a balance between living for today and securing our future. Besides my job is pretty undemanding most of the time, 25 hrs a week, come and go as l please and my own boss most of the times makes it feel like semi-reirement
l reckon we could slice a couple of years off that if we wanted to be 'tight' and cut back on some of the luxuries we allow ourselves, but we try and find a balance between living for today and securing our future. Besides my job is pretty undemanding most of the time, 25 hrs a week, come and go as l please and my own boss most of the times makes it feel like semi-reirement
For me, the answer is like the answer to
"What's the difference between ignorance and apathy?"
Answer-
"I don't know and I don't care".
I like my job, and I get a great sense of achievement out of it.
I've had some very good equity growth, and some very good CF+ stuff, but I don't wish to pursue a rat race free possibility just yet.
RE is a fun game, and I'm enjoying the benefits. It may well allow MrsW to get some freedom.
But as long as I'm in a job where I can see that I'm doing something good for society, and where my effort is being appreciated, I don't want to get out by my own choice.
Unfortunately, I'm a contractor, and that choice may be thrust upon me.
"What's the difference between ignorance and apathy?"
Answer-
"I don't know and I don't care".
I like my job, and I get a great sense of achievement out of it.
I've had some very good equity growth, and some very good CF+ stuff, but I don't wish to pursue a rat race free possibility just yet.
RE is a fun game, and I'm enjoying the benefits. It may well allow MrsW to get some freedom.
But as long as I'm in a job where I can see that I'm doing something good for society, and where my effort is being appreciated, I don't want to get out by my own choice.
Unfortunately, I'm a contractor, and that choice may be thrust upon me.
I could rearrange the portfolio and retire to a passive life but where is the fun in that?
I enjoy being able to constantly reinvest into property, no two deals are alike.
Perhaps the novelty will eventually fade and I will pursue a passive retirement but I have no plans on doing so in the immediate future.
I enjoy being able to constantly reinvest into property, no two deals are alike.
Perhaps the novelty will eventually fade and I will pursue a passive retirement but I have no plans on doing so in the immediate future.
Hi all,
Acey,
I put more than 10 years as my wife and I have a 15 year plan. As we are only 24, we thought that working towards retiring at 39 would be pretty nice. In saying this, this is the maximum at which we want it to happen and if it is earlier which I am sincerely hoping it will be, then that would be a bonus.
I also think that 15 years will give us time to experience at least 1 and maybe 2 "Property Cycles". Would hate to get out of work really early and not have planned for the unknown. At least by that time we would be aware of what the seeming unkowns are.
That's just our thoughts on things though!!
Dos
Acey,
I put more than 10 years as my wife and I have a 15 year plan. As we are only 24, we thought that working towards retiring at 39 would be pretty nice. In saying this, this is the maximum at which we want it to happen and if it is earlier which I am sincerely hoping it will be, then that would be a bonus.
I also think that 15 years will give us time to experience at least 1 and maybe 2 "Property Cycles". Would hate to get out of work really early and not have planned for the unknown. At least by that time we would be aware of what the seeming unkowns are.
That's just our thoughts on things though!!
Dos
In my case, circumstances - I've only just started. I have been saving my first ever deposit for the last year and a half or so, and I was going to be buying my first PPOR sometime this year (inner-city Melbourne on a single income). I had a 20-year plan for retirement, which I considered to be conservative, and thought I might be able to retire sometime between 10 and 15 years from now once I have more experience in property investment.
Now things have changed - my boyfriend and I have decided to move back in together (long story) and are probably going to rent for a year because buying a PPOR together seems too big a step right now. So chances are I'll end up buying an IP this year instead of a PPOR. Either that or we'll keep saving all year and buy a PPOR together at the end of the lease. I'm still working out whether we could do both, but it's likely. So I still have a conservative 20-year plan; it's just been rearranged a little
Of course, if things work out this time, we'll be able to do it all together, and that'll speed up the process no end And I do intend to retire as soon as I can. I won't be sitting about watching daytime tv and playing bowls, but I won't be spending all my time increasing my portfolio, either - I'm interested in property as a means to an end, not for its own sake. There are plenty of things I plan to do when I have the time and money
I figure if things go close to the plan I can afford to retire in 3-5 years. Will I retire in 3-5 years, probably not, but I might take 6 months off work and do some of those things that I haven't had time to do.
Then I can go back to contracting or some other money earning pursuit and get enough spending money to do some of the things that we haven't been able to afford.
I would like to retire on passive rental income rather than living off equity, but the plan has us living off equity for some of the early time so things may change. Still working on building a good group of 10 small townhouses.
Got some work work to do so, I'm gone.
Cheers
quoll
Then I can go back to contracting or some other money earning pursuit and get enough spending money to do some of the things that we haven't been able to afford.
I would like to retire on passive rental income rather than living off equity, but the plan has us living off equity for some of the early time so things may change. Still working on building a good group of 10 small townhouses.
Got some work work to do so, I'm gone.
Cheers
quoll
So far it appears that 24% of respondents - a quarter - have or are able to retire right NOW based on their investments. (That's the sum of the top three options.)
Another 20% will be able to retire financially indepedentent in the next 5 years.
Is there any other investment forum in Australia with that high a % of people who have achieved these positions?
If so I want to know it's address
I like Somersoft because it's a community of 'doers' - people who are making their dreams happen and supporting others to reach their dreams.
It's not just people talking about becoming financially free or complaining that they are unable to reach that level due to <insert reason here>.
Kudos all round guys - if you haven't reached financial freedom yet, you're working towards it or at least in the right place to learn & be supported!
Cheers,
Aceyducey
Another 20% will be able to retire financially indepedentent in the next 5 years.
Is there any other investment forum in Australia with that high a % of people who have achieved these positions?
If so I want to know it's address
I like Somersoft because it's a community of 'doers' - people who are making their dreams happen and supporting others to reach their dreams.
It's not just people talking about becoming financially free or complaining that they are unable to reach that level due to <insert reason here>.
Kudos all round guys - if you haven't reached financial freedom yet, you're working towards it or at least in the right place to learn & be supported!
Cheers,
Aceyducey
