How soon can you realistically retire?

Next year for me, I think, aged 44. Can't imagine doing nothing all day or even being on a perpetual holiday. My plan is to do the odd locum, maybe 6 months or so per year and then I think I could easily fill the rest of my time. .

Sounds like a great lifestyle. In retirement where work is for fun and not financial necessity, is it better to work 6 months of the year or 2 weeks per month or 2 days a week? Would you deskill if you worked 6 months of the year and find it hard to come back?
 
Sounds like a great lifestyle. In retirement where work is for fun and not financial necessity, is it better to work 6 months of the year or 2 weeks per month or 2 days a week? Would you deskill if you worked 6 months of the year and find it hard to come back?

I realised that I don't hate my job, or hate working, I just hate working every day. I've always worked full time, never had kids so no maternity leave :rolleyes: I keep seeing young people who're going on year long or more trips, I never did that. So feeling I'd like to do it, or have the option, whilst I'm still able to enjoy it. I reckon picking up contract work is great if you can do it, and having a bit of rental income I can afford some lean periods in between. I work in health/social care so seems there are lots of amazing cities and regional areas where cover is needed but I've seen all sorts of incredible opportunities for anyone across Australia to combine work/travel/new experiences whilst being paid enough to cover expenses. I love the alpine area of Victoria, Central Australia, so many other places and find when you stop to work in a place for a while the experience is so much better than just spending the night in a hotel.

As for the risk of becoming de-skilled I think a six month gap would be okay and even if it wasn't, I don't want to use that as a barrier when I see lots of other people quite rightly taking themselves off on long trips when they can. No point in worrying too much about what ifs all the time.

So, this strategy prevents me from having to take out a $500k plus mortgage to buy another investment property (meaning I have to work longer to get it to cash flow neutral or positive) and speculate that it may increase in value whilst also taking the huge risk that too many investors in the same market, or some other issue may mean that it is negative for a long time, or worst still sends me into negative equity ;)
 
'retired' if you like in late 30's.

Got bored, got depression.

Went back to working (equity in businesses, not a straight employee), feel happier.

lol, guess it takes all kinds
 
Retired early can cause more harm than good IMO

You can choose to be retired from PAYG, but invest your time in other mediums, that's what I would do if I was given that opportunity
 
Like someone else said in the thread, you can retire on very little really..just depends on your goals. I started investing at 17 (with parents help for loan) and im 32 now. If I sold everything paying off all debt, @ 5% return I would probably have little over 4k a week passive income after tax.

But I love what I do and I never feel its like real work, Its just a lot of fun now really..only frustrating part is council as they are morons mostly. So I guess by most people standards I could retire now. My goal is to just keeping building my company and improve my net worth while having a ton of fun doing it:D I also love helping my friends achieve their financial goals.

The way I see it is most ppl live in 'the matrix' (yes like the movie) thinking the "reality" of life is to go to uni, study hard then get a job, work even harder for the best 45 years of your life and then try and survive for retirement.

That's the biggest BS ever and people DONT have to buy into that dreadful reality, and the few who break out of the 'matrix' realise..****...there are SO many other possibilities!
 
The way I see it is most ppl live in 'the matrix' (yes like the movie) thinking the "reality" of life is to go to uni, study hard then get a job, work even harder for the best 45 years of your life and then try and survive for retirement.

That's exactly how I see it too! It's like everyone on SS has been given the pink pill :)
 
'retired' if you like in late 30's.

Got bored, got depression.

Went back to working (equity in businesses, not a straight employee), feel happier.

lol, guess it takes all kinds

All going well, looking to retire by late 30s. In preparation I've started to develop hobbies which hopefully will fill my days when I eventually do retire. Gym/fitness, cycling, tennis and looking to buy a piano and learn a language.

Any tips on feeling useful and productive in retirement, please let me know.
 
All going well, looking to retire by late 30s. In preparation I've started to develop hobbies which hopefully will fill my days when I eventually do retire. Gym/fitness, cycling, tennis and looking to buy a piano and learn a language.

Any tips on feeling useful and productive in retirement, please let me know.

Yep, all of the above. Plus volunteering, learning new skills, going places.
Administration of investments will take up a little bit of time.
I have no idea how people get bored in retirement, in fact i have no idea how people fit going to work into their day.
 
Like someone else said in the thread, you can retire on very little really..just depends on your goals. I started investing at 17 (with parents help for loan) and im 32 now. If I sold everything paying off all debt, @ 5% return I would probably have little over 4k a week passive income after tax.

But I love what I do and I never feel its like real work, Its just a lot of fun now really..only frustrating part is council as they are morons mostly. So I guess by most people standards I could retire now. My goal is to just keeping building my company and improve my net worth while having a ton of fun doing it:D I also love helping my friends achieve their financial goals.

The way I see it is most ppl live in 'the matrix' (yes like the movie) thinking the "reality" of life is to go to uni, study hard then get a job, work even harder for the best 45 years of your life and then try and survive for retirement.

That's the biggest BS ever and people DONT have to buy into that dreadful reality, and the few who break out of the 'matrix' realise..****...there are SO many other possibilities!

This is such a fantastic post. Kudos to you.
I love the analogy of the matrix. Its exactly how I feel (not because im in it, im out looking in, but I never think why oh why dint I take the blue pill and stay in Alice in wonderland).

As to you point about the encouragement to get education and get a job, I partially agree. Education is wonderful for the mind, totally support it. But not in itself just for the future job.

The equation education = job = freedom wont hold in the 21st century. The 21st century belongs to the owners of capital, not labour.
 
The way I see it is most ppl live in 'the matrix' (yes like the movie) thinking the "reality" of life is to go to uni, study hard then get a job, work even harder for the best 45 years of your life and then try and survive for retirement.

That's the biggest BS ever and people DONT have to buy into that dreadful reality, and the few who break out of the 'matrix' realise..****...there are SO many other possibilities!

Here's someone who unplugged from the matrix a year ago at age 46.

My epiphany came when I realised that every $1K less you need in income retirement equates to around $33K (for Australia) less you need to accumulate to feed it. Once you realise that marketers have tricked you all your life to buy stuff you don't need with money you don't have to impress people you don't care about (Fight Club reference), you can significantly reduce the income expectation side of the equation with minimal impact to your happiness. Once you do, that accumulation stash goal becomes relatively easy to achieve because it both shrinks significantly and gets fed by all the money you have stopped wasting. It is that simple!

The book that opened my eyes: Your Money or Your Life

The website that sealed the deal for me: Mr Money Mustache

Now, back to packing for my upcoming three week motorbike trip after my daily hour-long walk with my dogs. :D
 
All going well, looking to retire by late 30s. In preparation I've started to develop hobbies which hopefully will fill my days when I eventually do retire. Gym/fitness, cycling, tennis and looking to buy a piano and learn a language.

Any tips on feeling useful and productive in retirement, please let me know.

Sounds good, just do what you love doing or what you are passionate about because you wont need to try if you love what you are doing and it will be fun.

Also, just because you give away the day job does not mean you can not keep making an income from property, that is if you still want to do this. This can fill hours in the day and fun. Perhaps even pass on your skills for free to others, this can be rewarding.

Voluntary work is OK but I found only get involved in areas that will be fulfilling, if you like animals perhaps foster or spend time at dog shelters etc. Plan week ends away every so often, get some great deals in winter, change of scenery.

Another option if you can afford a weekender/beach shack this could be quite a lot of fun, different lifestyle, best of both worlds. Some people will scale down/sell up to smaller unit and also have a beach house, just another option which could work out very well.
 
Who looks after dogs while you go to your motorbike trip?

The wife, as she is not coming this time due to family, not work, commitments. If she was coming, my sons or my extended family are my dog sitters, as I am for them when they go away. And no, we don't ALL go away together at the same time :D
 
The 21st century belongs to the owners of capital, not labour.


Absolutely agree mate. The problem is, labour alone cant buy your freedom back. Need to use some labour to create that cashflow to then invest in capital growth increasing assets and over time that equity build up can buy your freedom back.

1. The freedom to take more than 3-4 dam weeks annual leave
2. The freedom to work when you want and as much or as little as you want
3. The freedom to help your family and friends
4. The freedom to live life your YOUR terms, and not dictated by some boss.

I think those are some very worthy goals to strive towards. Definetley worth the hard work, blood, sweat and tears it takes to achieve it.
 
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