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If I play my cards right it might be possible for me to "retire" at the ripe old age of 46.
I'm in my early 30's now, can pay off my mortgage with modest overpayments by then, will be able to collect retirement from my government job and my youngest child will be 18... all on my 46th birthday.
It seems too good to be true... so is it? You guys and gals that have been there, what advice can you give to make it happen? Is it even realistic to retire that early? Has anyone done it?
i always thought id retire in my forties. then came a wife and kids, a divorce, another wife and the bills still keep coming. shooting for 57 now....
life has a way of always taking any extra money you think you have and like water just seeks its own level leaving you eventually with to much month left at the end of the money.
While it's entirely possible, chances are you'd be bored to tears in a year or so. Unless you have the financial freedom to do anything you want on your govt. pension. To me, there is only so much fishing, beach-combing, reading, and tinkering around one can do before you grow bored. How about a social life? A lot of elderly folks will take on jobs even if they don't need the money just to have something to do and people to talk with. If I were wealthy like Bill Gates I suppose I could be happy retiring at 45, with the financial freedom to travel the world on a whim, own a yacht, go to ballgames, concerts, and throw lavish parties every week. But even that would get old after awhile. You could start a business or perhaps get involved with volunteer work to keep from getting bored for the next half of your life.
What would you do with yourself for the next 30 - 40 years if you retired at 46?
What would you do with yourself for the next 30 - 40 years if you retired at 46?
Hopefully, the same thing that I'm going to do retiring at 54. (And I hope that I have 30-40 years as well.)
I've never understood the philosophy that one needs to stay employed to avoid boredom. Of course, it is always voiced by someone who is working and couldn't imagine not working. Funny, all of my friends and former co-workers who have retired have never expressed any regrets about leaving the work force. Moreover, they are amazed at how the day just flies by and they wonder how they were ever able to get things done when they had to devote 9-10 hours/day, five days/week to their job.
Nope, I don't envision boredom being a problem whatsoever.
Advice to make it happen? Ughh....get rich, obviously.
Is this a serious thread? There really isn't a lot of nuance required to understanding the very complicated matter of not working anymore once one has a lot of money.
Is this a serious thread? There really isn't a lot of nuance required to understanding the very complicated matter of not working anymore once one has a lot of money.
I'm saying what if I retired young with a home, no debts and a 1200.00 bucks or so a month on a retirement pension. That isn't exactly "rich", nor is my post quite that simple.
Being rich isn't my goal. What I want more than anything is no stress, all the time in the world to pursue my hobbies and "philosophical endevors" and to not owe a single penny to anyone.
Chasing dollar bills is a fool's game, just as long as you don't have to eat cat food for dinner.
I don't think you really 'retire' at 25, 35 or even 46. You just take a different direction in life. Of course that direction might not include working for salary
I'm saying what if I retired young with a home, no debts and a 1200.00 bucks or so a month on a retirement pension. That isn't exactly "rich", nor is my post quite that simple.
Being rich isn't my goal. What I want more than anything is no stress, all the time in the world to pursue my hobbies and "philosophical endevors" and to not owe a single penny to anyone.
Chasing dollar bills is a fool's game, just as long as you don't have to eat cat food for dinner.
Well, on only $1200/month gross, you're not going to be doing much better than cat food unless you have significant savings. Do you have any retirement savings now? How much do you plan to have by 46?
You plan to have your house paid off by the time you retire, but have you considered what you property tax will be? How about homeowner's insurance? Not to mention your monthly utilities. Not having a mortgage payment doesn't mean that you won't still be paying to live in your house.
If I play my cards right it might be possible for me to "retire" at the ripe old age of 46.
I'm in my early 30's now, can pay off my mortgage with modest overpayments by then, will be able to collect retirement from my government job and my youngest child will be 18... all on my 46th birthday.
It seems too good to be true... so is it? You guys and gals that have been there, what advice can you give to make it happen? Is it even realistic to retire that early? Has anyone done it?
Just retired and turned 46 - pension w/ medical coverage allows me to retire early. Also invested into mutual funds over the last 20+ yrs as an added backup for income. I think I'm going to be okay, financially. Might be stir crazy after awhile. I have a lot of interests/hobbies so that's not a problem. Biggest issue for me is that my work was the biggest social contact (friends were from work). Didn't invest a lot of time developing friendships elsewhere - so without work, I'm a little isolated. Also not many people my age retire - most are working- so friendships come from people much older who are retired.
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