DaleGG - Early retirement, without the tears

[JamesGG]

My old man did a presentation last night for Positive Real Estate, about his thoughts on dealing with early retirement after over two years of same for himself. For anyone who might be interested, these are his notes that were handed out on the night.

Early Retirement – Without the tears
What the books don’t tell you!!

Ignoring the financial side of things for a moment, the answer to a retirement that you can enjoy really comes down to three things:

• Being mentally and emotionally prepared
• Understanding who you are
• Having something worthwhile to do

How do you prepare for retirement?

Before retirement, you will spend a lot of time looking at the numbers:

• How much money/income/assets do I have?
• How much do I need?
• Will the money run out if I retire early?

You will build into your retirement plans, all sorts of contingencies and, no doubt, talk to accountants, mentors, financial planners and anyone else who you think will help with these questions....and that is a good thing.

But, will you look at the physical and emotional side of things? It will NOT be a bed of roses for you unless you are emotionally prepared. It will NOT be easy; and hence, the need for you to start preparing now for this side of retirement.

You have just spent a LOT of years trying to cram a lot of things into a small amount of time largely taken up by school, at first, then work.

How do you define yourself?

Whilst your employment, or profession, may not thrill you or be life defining....At the moment, you think of yourself as an Accountant, Manager, Nurse, IT Person, or whatever. How will you define yourself after retirement? Will you still think of yourself as successful without this title? In your mind, will you still be an achiever? It is likely that you will no longer be the bread winner and you will no longer be the provider for the family. Will this be an issue for you?

What about your relationship?

Now, this IS a scary one....you will actually have to spend more time with your spouse/partner. This may seem like a dream come true for some, and it may well be so, but, for others, it will be a challenge learning to communicate and share time, feelings, resources and emotions all over again. Being prepared for this will allow you to enjoy your time so much more.

Here are some sobering facts from one author, a psychologist:

• Men, in particular, are 12 times more likely to commit suicide after retirement than they are whilst working. Yes, 12 times!
• Research has found that a significant number of men die within 3 years of retirement

Why? Because they bore themselves to death! Perhaps this is also because these same men are no longer “the hero” in their dreams, and, in their own perception, in the eyes of their friends and family.

So, with all this extra time, what will you do?

Long before your retirement make a list of the things that you want to do; or, might like to try, but, before you do.....keep in mind that your friends will be at work, your family will be at work and so you may not be able to spend time with them. Travel sounds great, but, if you have family you may find that you cannot travel as much as you would like, anyway.

My tips are:

Get into a routine. You have a routine now and by adopting a new one quickly it will be easier to cope in that first few months.....if not your entire retirement

• Get dressed. Do not spend all day in your PJ’s, if you wear them!!
• Set Goals e.g. bucket list
• Find hobbies, such as painting, genealogy, photography, scrapbooking, gardening, writing
• Do courses, workshops or further studies
• Join sports or hobby clubs e.g. chess club or a gym
• Do volunteer work....even something like this group
• Keep in touch!! With friends, family, and with other investors – this group is invaluable!
• Manage your finances....e.g. weekly/monthly bookkeeping & visits/inspections of IP’s
• Set up an electronic office and scan everything
• Renovate existing IP’s
• Do not be frightened of considering a gradual retirement or part time work
• Make money....e.g. shares etc
• Travel
• Live life!! After all, that is why you are doing things now!

Most of all, relax, and enjoy!

 

[ianvestor]

Not having had a real 'job' for quite a long time, I can highly recommend staying in your PJ's all day. Other than that, it's a good list.

 

[kum yin lau]

Actually, that's the one that I'm most keen to follow through. It can be tough when it's cold and when one lives alone.

When there's no need to keep up appearances, there's the danger that one swings to the other extreme.

I can also tell you that it's not easier for a woman either.

KY

 

[Dazz]

Thanks for posting James....quite scary reading all of that. Like looking into a mirror.

One thing I don't miss is the morning and afternoon dash in traffic. Riding a motorbike, my chance of survival has gone thru the roof now that I don't participate in that. I go for a scoot when everyone is working.

 

[DavidMc]

Excellent post James - Kudos.

That's exactly what I went through even during a 4 month mini-retirement.

I think it's important to acheive something each day, even if it's just a 1% thing. For me, that was the gym. I didn't feel like I was wasting away when I was going to the gym each day.

Also, your social circle changes a bit. I hung out more with my friends who are still at University.

Obviously this will be harder if you're 40...

 

[cu@thetop]

Read a book by a guy called Ferris I think "The 4 hour work week" which has his strategies for short term goal setting which I found interesting to say the least. May have some relevency here I think.

 

[willair]

My old man did a presentation last night for Positive Real Estate, about his thoughts on dealing with early retirement after over two years of same for himself. For anyone who might be interested, these are his notes that were handed out on the night.

Thanks for posting James ,when you read somelike like that you know up-front there is a vast amount of life experience in the thinking of the person who spent the time too think his way through it all and put it on paper ,your Father is right on the mark with every thing he said,what i found with early retirement it opens several new doors for you,it all come down too the time factor and how you manage it and if you are a adaptable type of person ,your Father is one of those people,you are a very lucky person to have someone like him in your family,all my Father ever taught me was "Buy it a Dollar and sell it for 2$$$..willair..

 

[Y33]

Well thought out.

Who wears PJ's?

Working from home is also a good way to ease into semi retirement and then retirement. Having a reason to get up early rather than staying in bed until the mid afternoon also helps.

 

[JamesGG]

Like looking into a mirror.

Yeah, I get that feeling sometimes, too. But then I figure it's a good thing that I look more like him, instead of looking like his best mate from 25-odd years ago.

you are a very lucky person to have someone like him in your family

Yes, very much so; cheers.

 

[perky29]

James,
I am real happy for your Dad. Dale is a top person , and my years of dealing with him as a tax agent always found him very approachable (sometimes at 6am via emails) .
He certainly is a thoughtful and intelligent guy. Please say hello to him for me , and congratulations for what he is now doing
David

 

[redwing]

Thanks James

Agree with Perky

Will have to save this post for the coming years

 

[Pablo]

Thanks James,

I've been in semi retirement for the last year working 1 week on 1 week off thanks to the GFC (not that I'm complaining) and I have to say that I sort of look forward to going back to work so that I can take a bit of a break from my hectic week off. I don't think I'll run out of things to do when full retirement eventually comes.

 

[Ausprop]

can't say I had any real issues until we had our first child. she is now 2... I have been doing a bit of contract work the past few weeks and it's actually quite nice to head out for a break at the office!

 

[gooram]

I've heard that "men are more likely to commit suicide after retirement" statement before.

I'd like to make the point that 12 times 0 is still 0. So one would already have to be thinking about suicide to be more likely to do it.

So the lesson there is if you do have suicidal tendancies, stay at work, or develop a routine as discussed.

I also take offense to the comment about spending time with your partner. I mean if that is not something you are prepared for, then how about spending your retirement looking for a partner you actually enjoy spending time with? Seriously.

Sorry, I know the intentions are good but it reeks of self help that I do so despise.

 

[JamesGG]

I also take offense to the comment about spending time with your partner. I mean if that is not something you are prepared for, then how about spending your retirement looking for a partner you actually enjoy spending time with? Seriously.

Sorry, I know the intentions are good but it reeks of self help that I do so despise.

I agree with your thoughts on suicidal tendencies. It is still unlikely, but still something to at least give a little thought to if it could be applicable to the reader. On the night, Dale suggested that people already feeling depressed should seriously consider their options before retiring.

However, I am sorry that you took offence to Dale's thoughts on spending time with a partner. He is speaking from his experience only, and having gone from calling himself 'semi-retired' whilst working 70 hours a week to spending almost all of his time with Sue in retirement, was something of a culture shock for both of them.

Don't get me wrong; today, they are closer than ever, still very happily married, and still love spending time together.

But, it has been a very different experience to what they had enjoyed for the previous twenty-five years, and one they weren't entirely prepared for.

That said... I do enjoy the irony of how you tell me that you are offended by his good intentions, and only to then suggest that my father should spend his retirement looking for a new partner.

 

[regrow]

Thanks for the post James, something we all will need to consider at some point in our lives.

Working 3 weeks on 3 weeks off I suppose that I am already "semi retired"

Regards

Regrow

 

[Xenia]

Well done to Dale, sounds like a great presentation.

Come on James, he is not really an old man! Maybe financially free or "retired" but definately not old.

 

[lifeurban]

Actually, pyjamas are designed like business coats. You have the collar, the buttons, the pockets. All you need is some matching shoes, comb your hair, and you're all set for business!

 

[mja]

Thanks for sharing - very insightful!

 

[kissfan]

Actually, pyjamas are designed like business coats. You have the collar, the buttons, the pockets. All you need is some matching shoes, comb your hair, and you're all set for business!

Sounds very Homer Simpson like to me, lol.

Nice read James, thanks for sharing.

Regards
Marty