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Old 02-11-2016, 04:30 PM
 
Location: Colorado Springs
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I know some who voluntarily quit working by mid-50s because they have saved enough. They are typically very successful professionals who had no need to continue working.
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Old 02-11-2016, 05:01 PM
 
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Originally Posted by otterhere View Post
I frequently hear people stating that they "retired" at 30 or 40; well, usually that means that they're on disability or just quit working and are living off the government. By my definition, you have to have worked long enough to qualify for some sort of retirement package/benefits such as SS, if not an actual pension with health care coverage until Medicare kicks in. Has "retirement" become a euphemism?


Yeah I have heard young people saying they are retired but in reality some live in their basements or on welfare.
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Old 02-11-2016, 05:14 PM
 
Location: Gilbert, AZ
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Originally Posted by otterhere View Post
Well, that's the question; what DO you consider "retired"?
I wouldn't call most of them retired, but I expect they would tend to disagree. I don't think the semantics are all that important, honestly.

Some of them are still working... granted on their own terms. Others are living what I would call a dangerously thin existence. It might all pencil out today but I think they underestimate the difficulty of supporting themselves for potentially 50-60 years on savings and investments. The danger here is that one might be fine for a couple of decades, but then realize they've cut it too thin. Good luck with that job hunt at age 55 or 60 when one's most recent work history is 25 years in the past.

I think a phased retirement is smarter, and probably healthier. It's good to maintain some skills and work history, and continue to network.
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Old 02-11-2016, 05:19 PM
 
Location: Tennessee
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Originally Posted by augiedogie View Post
Yes, there are a lot of people who are in a sense "retired", at a very young age. They are living a very minimalist lifestyle, working part time on line, working a job for a few months, then traveling, maybe living on a trust fund or savings or mom's money. Some have a job, of making videos and posting them on YOuTube and making money with that. As someone observed though, its a risky idea. What happens if you get sick and need medical care, or can't work because of a disability but don't have enough work time built up? I don't know. Its really their problem. I guess they figure they can get enough help from the govt. that if they live real cheap, they can get by, and many do.
I can't really blame them, doing what they want to do while in the prime of their life and in good health, instead of deferring to old age when health may interfere, or you may never make it.
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Old 02-11-2016, 05:20 PM
 
Location: Tennessee
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Originally Posted by hikernut View Post
I wouldn't call most of them retired, but I expect they would tend to disagree. I don't think the semantics are all that important, honestly.

Some of them are still working... granted on their own terms. Others are living what I would call a dangerously thin existence. It might all pencil out today but I think they underestimate the difficulty of supporting themselves for potentially 50-60 years on savings and investments. The danger here is that one might be fine for a couple of decades, but then realize they've cut it too thin. Good luck with that job hunt at age 55 or 60 when one's most recent work history is 25 years in the past.
I think we're going to see so much technological and social upheaval that projecting that far out from now aid nearly impossible.
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Old 02-11-2016, 05:26 PM
 
Location: Gilbert, AZ
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Originally Posted by Serious Conversation View Post
I think we're going to see so much technological and social upheaval that projecting that far out from now aid nearly impossible.
Which makes "early retirement" even more suspect. Completely quitting work in the prime of life, when jobs are available and their skills/energy are at a peak, is not to be taken lightly.

I "get" the message of not waiting until it's too late to do the things we want, but there is always the middle ground here. It doesn't have to be an all-or-nothing proposition.
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Old 02-11-2016, 06:00 PM
 
Location: Tennessee
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Originally Posted by hikernut View Post
Which makes "early retirement" even more suspect. Completely quitting work in the prime of life, when jobs are available and their skills/energy are at a peak, is not to be taken lightly.

I "get" the message of not waiting until it's too late to do the things we want, but there is always the middle ground here. It doesn't have to be an all-or-nothing proposition.
The economy isn't that bad now, but going forward, I think automation and political upheaval in the US is going to greatly disrupt the economy. Maybe my thinking is along the lines of partying while the Titanic sinks.
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Old 02-11-2016, 07:38 PM
 
1,825 posts, read 2,481,690 times
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Originally Posted by otterhere View Post
I frequently hear people stating that they "retired" at 30 or 40; well, usually that means that they're on disability or just quit working and are living off the government. By my definition, you have to have worked long enough to qualify for some sort of retirement package/benefits such as SS, if not an actual pension with health care coverage until Medicare kicks in. Has "retirement" become a euphemism?
I don't know if I'd be as rigid as you in my definition, but I definitely look with a jaundiced eye on anyone under the age of 50 who says they are retired. I agree that they have to have worked at "something" long enough to "retire" as opposed to just simply "quitting." Also, they generally need to be self sustaining. A SAHM who chooses to stay home and raise her kids is NOT retired. Someone who quits their job and changes careers is not retired. A person, who decides to bum around the country at 30 years of age is NOT retired. Someone who lives in their parent's basement is NOT retired It is possible for someone in their mid to late 40's to have accumulated enough wealth to "retire " but I suspect t they are the rare individual.

I have strong feelings about this topic, because it used to be a term that recognized and honored a person for a lifetime accomplishment. I think in recent years, the term has been hijacked and has lost it's meaning.
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Old 02-11-2016, 10:49 PM
 
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Originally Posted by hikernut View Post
Do a web search on Mr Money Mustache and read some of what you find. This guy has a blog where he talks about his low-cost lifestyle and early retirement. ...

I personally don't consider him "retired", but he's bought himself and his family a lot of financial freedom and time, which I think is great. ...
MMM is essentially a self-employed handyman and craftsman, and also a landlord. While he's indeed from of a conventional paycheck and corporate-life, I wouldn't call his lifestyle "retirement".

Quote:
Originally Posted by otterhere View Post
Well, that's the question; what DO you consider "retired"?
To me, "retirement" means attaining the stage of life where (1) income from one's passive investments substantially overtakes one's salary, and (2) one's vocation and avocation become closely united. So a college professor who works 70-hour weeks, but for whom the job is less of a job than a genteel (if formalized) hobby - who earns more from a company started with former students and sold to a tech giant, than he does from his university salary - is retired. Meanwhile, a person who was forced to leave gainful employment due to poor health, and now relies mainly on Social Security, is not retired - even if not working.

Day-trading at home for multiple hours a day is not, by my reckoning, retirement. Instead, by passive-income I mean a more or less steady stream of money that one receives without having to pay attention to any financial news, and without any direct engagement. It is simply money that one receives as a reward for already having money. And this can happen relatively early if, perhaps decades before officially quitting one's day-job.

In MMM's case, I would have kept the day-job. Personally I don't in the least mind working long hours at the office. But what I absolutely detest is mowing the yard and housework in general, meal-preparation, and all of that various little schemes of self-reliance that MMM practices. In short, I'm quite happy to serve my employer, as long as I have servants (so to speak) for my daily needs... and that's the exact reverse of MMM.
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Old 02-12-2016, 06:31 AM
 
Location: Arizona
5,950 posts, read 5,307,586 times
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Originally Posted by dmills View Post
I don't know if I'd be as rigid as you in my definition, but I definitely look with a jaundiced eye on anyone under the age of 50 who says they are retired. I agree that they have to have worked at "something" long enough to "retire" as opposed to just simply "quitting." Also, they generally need to be self sustaining. A SAHM who chooses to stay home and raise her kids is NOT retired. Someone who quits their job and changes careers is not retired. A person, who decides to bum around the country at 30 years of age is NOT retired. Someone who lives in their parent's basement is NOT retired It is possible for someone in their mid to late 40's to have accumulated enough wealth to "retire " but I suspect t they are the rare individual.

I have strong feelings about this topic, because it used to be a term that recognized and honored a person for a lifetime accomplishment. I think in recent years, the term has been hijacked and has lost it's meaning.
Most people do not have a need to be "recognized or honored." I also do not consider having to work for a long period of time a " lifetime accomplishment." I live in a 55+. No one mentions what they USED to do. Life is about what you are doing now. Even when I worked it was something I had to do and was never the most important thing in my life. Recognized, honored, lifetime accomplishment?
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