Retiring Young

Hi

I forgot to mention that I also plan to spend some time:

working for free with charities
with my grandchildren when they come laong (hint, hint)
writing

However, the main point for all of us is to actually plan for what to do in retirement along with actually getting there!

Have fun

Dale
 
Hi all,

I hope to not have to work by 45 which I still consider young and this gives me around 10 years to conquer trading for income, and to increase my property portfolio.

My current dream is to buy a second hand camper thing and just drive around Aust continuously doing the nomad thing with my partner - spending as much time as we want in different places with no itinerary and really experience the whole country. I don't have kids, so this won't be a problem. With internet access, family are only an email away anyway. After that, I hope to do the same in Europe, America, Africa, Canada, SE Asia etc etc - just wander around for as long as we please seeing everything and really immersing ourselves in the country spending months and months in one area etc.

Ahh roll on retirement!
 
Im 23 at the moment and in the process of purchasing my first property now. By the time I finish my apprenticeship (electrician) in 2 years I will have 2 IP's and some shares and Managed funds, then I plan on hitting the work hard for the next 10 - 15 years, which will bring me up to 40, and by then I would like to retire from work, I may look at starting/running a business while spending lots of time on a 50' boat cruising around, maybe even settle down with a family?
 
I also have pencilled in a retirement age of 40. I have no doubt I'll be able to find things to do when I'm retired, everything that's been mentioned and more!!

I think if I continued to work for the next 10 years and didn't invest any further, time would probably get me there... so thinking about what can be achieved with continued dedication to the cause is very exciting.

This discussion is kinda like the one I have when I buy a lottery ticket in 'the big one's, and discussing what I'm going to do with the money. However the great thing about this is that it is a likely scenario for most of us if we stick to our guns.

The best thing about this discussion is it has re-focussed me toward our ultimate goal and made me want to get there sooner... so thanks y'all.
 
keithj said:
Things to bear in mind if planning to retire in 30's-40's

Kids
If kids are still at school then you need to be there every day to deliver them. And to raise them, which is v. time consuming.
Most people have travel high on their list of ‘things to do when I retire young'. Travel is tricky with kids, only during school holidays - most expensive & busy time.

Partner
Make sure your partner is happy with seeing a lot more of you. Also make sure they support the decision to reduce your income. Make sure your joint budget changes accordingly.

Social Life
There are lots of slightly/much old retirees with lots of time on their hands – they do social bridge, tennis, golf & volunteer work.
These older retirees are a new set of new people to meet with more experience of life. If they retired early there's probably a lot to learn from them. And they are useful contacts.
You are bound to have a few friends who work part time, or have their own business with time for long lunches.
Click to expand...

Hi, Keith.
Kids - Yes, I agree that kids will be very time consuming, but if I'm not working 60 hours (including the commute!) a week, I'm sure I can spend less than an extra 60 hours with the kids and have a few hours to myself!

Partner - that's why I suggest you need to have a 'retirement activities plan' BEFORE you retire. If your partner doesn't want to see that much of you, you need a plan to get out of the house. Check out courses, look at properties, have a group of friends who are also 'early retirees', etc.

Also, I have no intention of reducing my income by retiring. I now save 50% of my net income. So as the investment income increases, I just save more, and then reduce my savings ratio when I 'retire'. I fully expect my income to go UP in retirement because i have more time to do more profitable investments.

Social life - I'm hoping to build up a group of friends who are similarly 'rich and retired young'. I don't need many: just a couple will do.

Alex
 
Thanks for all the comments and responses, everyone.

Of course, everyone's idea of 'retirement' is different. My own thought is that just saying 'I want to be rich so I can quit my job because I hate it' is not enough. If you retire based on that line of thought, you’ll soon be bored.

You have to be very proactive to invest while working full-time. Similarly, you have to be proactive to fill your days when you’re rich and retired. Incidentally, I have no intention of reducing my income when I retire. In fact, I plan to get even richer when I retire. My plans are only my own, but I know that we will all learn something from other people’s plans as well.
Alex
 
Retirement seems so far off, and I'm definately going to have to work hard to get there by 30....

I'm personally looking forward to:

* having the cash to fly to Italy and France for some authentic cooking classes

* taking a wine appreciation course in europe,

* mastering the violin

* going to fashion shows in Milan

* riding vespas around the Greek islands

kaf said:
kaf

PS. Well and then there is the hobby-vinyard in the back of the Sunshine coast, getting hubby out of the job he sort of enjoys, sailing around Australia and the the world, volunteering in the community, time to read all those books, sleeping in in the morning if I want to...
Click to expand...


mmmm did someone mention a winery close by... ;)

e x
 
If memory serves me well, both Rupert and Kerry could have retired young.

They didn't! Why not? At the simplest levil they preferred work to idleness. (And they did, indeed, work)

At a philosophical levil, "You can't be too thin or too rich!"

Could a "poor" Greek ship owner woo a former 1st Lady into his bunk? No! But a rich one did.

I thought I'd have remembered who made the "Too rich" quote by now. I even googled it but there was too much noise. In the spirit of "Fri night" let's give it to Mae West. If she didn't say it, she should have.

Where the rubber meets the road, men want to emulate Onassis and George Best. Attain levils of "sophisticaton" their Mother would never have believed possible. (ok, Best wasn't toooo sophisticated) Once your WEALTH, (nb upper case) and charm (nb lower case) gains you access to "private clubs" every step up is gonna cost you a mint. Naturally, passing 50 makes it much more expensive again.

ergo: Retiring at 35 is just a dream. Young men's taste in fine things and fine women cannot be funded out of a tax compliant pension fund. You'd be surprised how much more a "good" wine costs when you are drinking it in "good" restaurant.

Bill
 
I disagree on that. People like Murdoch and Packer choose (chose) to work for their own reasons. More money, they like the game, they crave power, whatever. There are those who make a mint and run, and you don't hear about them precisely because they run and live wealthy private lives. Say the owners of Ebay, for example. They have billions and all they do is run their charitable foundation.

Everyone is different. In the same way as there are people who are genuinely not interested in money, some people can be 'happy' on a certain level of money, because there are other things more important than money. For example, they might value time by themselves or time with family or less stress or whatever more than money. I'm happy just to be moderately rich.

Richard, if you want to make insane amounts of money and drink '64 Latours, I say, go get them! If it makes you happy, go for it. We all do what makes us happy. And for me, I SO enjoyed my 6 months off last year compared to working (and I make a pretty penny from work). I don't need a polo field: 5 bedrooms on the waterfront will do me.
Alex
 
for me, I would be satisfied with $50K passive net income per year, that's all. I don't need to make as much as Packer or Murdoch.

That would allow me to play golf each week, start a business, maybe work temporary for 6 mths per year if I get bored, spend 3 months overseas every year, drive a nice car.

I could live happily with that!
 
We plan to sell some of our portfolio, pay out the debt, and live on the rental return.

The original plan was for me to retire at 46, I'm now forty and believe the next property peak is still some eight years or so away. So perhaps I'll be 48 when I retire, in the meantime we can buy more properties and when the boom comes be further ahead financially.

In regards to needing something to fill our lives. The income should be enough to have overseas trips each year, maybe do some reno's, go to NIDA, get some part roles in productions. Do things I cannot do because I am chained to a job (I like the job but it determines what I can do and when).

I have desires that have been put on hold because at my age I have responsibilities and limited time. Do you pursue your dreams or pay the bills? What can one do with unlimited time?

In regards to being with people our own age when we retire (although less of an issue at 48 compared to 39). I enjoy the company of like minded people regardless of age.

Regards


Andrew
 
MPmelb said:
for me, I would be satisfied with $50K passive net income per year, that's all. I don't need to make as much as Packer or Murdoch.

That would allow me to play golf each week, start a business, maybe work temporary for 6 mths per year if I get bored, spend 3 months overseas every year, drive a nice car.

I could live happily with that!
Click to expand...

Yeah I thought that too at one point. Until I test drove a Lamborghini and stayed at teh Burj Al'Arab in Dubai. Speaking of wine, there are a few bottles for US$15000 in the resturant there... but I digress.

The point I am trying to make is that there is a difference to "financial freedom" and "retirement". I think we ALL seek financial freedom, but as I said before, retirement is not all it's cracked up to be :)
 
RichardC said:
At a philosophical levil, "You can't be too thin or too rich!"
Click to expand...
wallis simpson - as in edward who gave up the throne for mrs simpson. she was very thin and very rich.

but i digress - i believe wealth is power, and it is the game of power that become addictive rather than the wealth, and about the ability to choose - one works doing something they love (see power) because they want to rather than having to.

i retired around 6 years ago and went into stay at home mum and property investing full time - never been happier, or wealthier - but much more happiness and wealth to come. watch this space :D .
 
That question "what do you do all day" has been on my mind for some time too.

My broker (in shares) told me that he had to return to work because he was so 'bored'. His mates could not meet him for lunch - "too busy" and that his golf has not improved, so he he went back to work. I don't know what his personal wealth is, but this indicated to me, he needed to do something "during the day" when one gets out of that "Rat Race".

I am not there 'yet' but when I do, I plan on keeping my "day job" (in public servant), but will only work part time, say just couple of days a week or 5 days a week with reduced hours.
 
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