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Old Yesterday, 12:05 PM
 
Location: Massachusetts
7 posts, read 1,504 times
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Anyone have thoughts on Retiring Early so they can travel, play or just chill...while you are still healthy. If you find you need more money later, get a little Job to support yourself!!
It's suprising how much we can live on if we are happy and don't feel the need to fill our lives with material goods etc..
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Old Yesterday, 02:04 PM
 
Location: NYC
2,991 posts, read 1,622,898 times
Reputation: 8072
It's too late for me to retire "early", but I did make a real conscious effort to see & experience a lot of different things & travel a lot while I was healthy & still employed. Retiring Early means self-funding all health insurance + any non-compensated medical bills that may appear before medicare at 65yo.

And not only do you have to financially support yourself for more years, thus the "4% rule" wouldn't apply to withdrawals, but you would also have less years paid into Social Security & you would most likely be quitting right at your earnings peak & so future SS checks would likely also be lower.

So much higher insurance bills coupled with lifelong lower SS & a lower percentage draw on your savings each year = a need for a really big amount of savings squirreled away in your IRAs, etc. Getting a decent job in your 60-70's can be difficult especially if you haven't been working for a while & often health issue make it impossible.

If you can put several million away more power to you, it's not impossible but one needs to be really focused for years about it.
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Old Yesterday, 02:27 PM
 
1,201 posts, read 245,109 times
Reputation: 1640
Quote:
Originally Posted by beemee View Post
Anyone have thoughts on Retiring Early so they can travel, play or just chill...while you are still healthy. If you find you need more money later, get a little Job to support yourself!!
It's suprising how much we can live on if we are happy and don't feel the need to fill our lives with material goods etc..
Plans always work out just right on paper. Real life might be quite the opposite.
Plus, all those years of not working will impact your SS when the time comes to collect.

I set a goal to retire at 55. I saved and invested but I also traveled and spent money on myself.
I did achieve my goal and have no regrets.
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Old Yesterday, 03:00 PM
 
Location: SoCal
13,768 posts, read 6,534,991 times
Reputation: 10310
How early is early? I can still travel at age 60, and my husband at age 68. My biggest worry of retiring in my early 20s or 30s is that I might run out of places to travel when I get older. Right I still have places that I still want to see.
Nothing stops you from travelling while you’re working either. We did.
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Old Yesterday, 03:33 PM
 
Location: The South
5,309 posts, read 3,685,793 times
Reputation: 8052
Its bad enough just getting old. Getting old, being broke and having to go back to work to survive would be a bit much.
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Old Yesterday, 03:38 PM
 
Location: Southern California
24,371 posts, read 8,518,568 times
Reputation: 15843
If you've had ENOUGH, and have ENOUGH money...retire. Everyone does what they do for their bank books. I worked 40 yrs but didn't start saving until in my 40's... should have listened more to mom and not spent on stuff that was useless....I'm pretty practical, so not a lot of useless stuff in my life.
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Old Yesterday, 03:38 PM
 
Location: Central Mexico and Central Florida
7,126 posts, read 3,505,195 times
Reputation: 10228
Quote:
Originally Posted by NewbieHere View Post
How early is early? I can still travel at age 60, and my husband at age 68. My biggest worry of retiring in my early 20s or 30s is that I might run out of places to travel when I get older. Right I still have places that I still want to see.
Nothing stops you from travelling while you’re working either. We did.
I disagree!

DH owned a business and I had a job that required 60 hour workweeks. Yes we travelled when we could, but our trips were short as we both needed to be back on the job.

I had an opportunity to retire at 50 (he was 51)....he hesitated at first as his business was going gangbusters. In the end we cashed out and were able to take long trips to where we can enjoy a new culture, a new cuisine, gave us a new look on life. It's a different sort of travel compared to squeezing in a week here and there when you have busy careers.

We are 66 and 67 now and not one regret. Still traveling, enjoying life.
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Old Yesterday, 03:42 PM
 
3,078 posts, read 1,068,065 times
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I’m planning on retiring next year at 62 to do exactly that.
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Old Yesterday, 03:55 PM
 
2,787 posts, read 6,456,546 times
Reputation: 2453
The way the SS bendpoints work, retiring at 50 instead of in my 60s is only going to make about $2500/yr difference to my age 62 SS check. It wasn’t a big factor in my planning.
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Old Yesterday, 03:57 PM
 
7,489 posts, read 8,750,267 times
Reputation: 9547
Quote:
Originally Posted by beemee View Post
Anyone have thoughts on Retiring Early so they can travel, play or just chill...while you are still healthy. If you find you need more money later, get a little Job to support yourself!!
It's suprising how much we can live on if we are happy and don't feel the need to fill our lives with material goods etc..

I think retiring early is great if someone can financially swing it. I doubt there are many people who on their deathbeds are heard to exclaim, "I wish I had worked more hours, more years, attended more meetings and conference calls, and spent less time with my children, spouse, and friends. I'm sorry I ever traveled to see places in the world."
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