Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I guess I would wonder why you do not wish to do something with your life, but are instead seeking to make it rich quick and just retire. Is that what young people shoot for these days? And I mean that as a serious question. I mean we all want freedom and to do what we love, but do people really aspire to not have to do anything? And just sit back on a guilded chair with whatever they want just falling into their laps? Seems like a mentality of laziness but maybe that's just me (and I'm not some old fogie, I'm 29).
I guess I would wonder why you do not wish to do something with your life, but are instead seeking to make it rich quick and just retire. Is that what young people shoot for these days? And I mean that as a serious question.
I'm trying to position myself to be able to retire early. Not the super early the OP mentioned but possibly by @50. For me what that means is that I will be free to volunteer full time at one of the wildlife rehabilitation centers where I now can only volunteer one day a week because that's all I can manage. I have another friend that is trying to retire at about the same time so that she can devote more time to writing (which is not what she does for a living) and try her hand at writing a novel. I have no doubt that some people want to retire early in order to live a life of lounging and leisure, but it isn't universally true. I think doing my volunteer work would be more productive in the greater scheme of things than what I am doing now.
I guess I would wonder why you do not wish to do something with your life, but are instead seeking to make it rich quick and just retire. Is that what young people shoot for these days? And I mean that as a serious question. I mean we all want freedom and to do what we love, but do people really aspire to not have to do anything? And just sit back on a guilded chair with whatever they want just falling into their laps? Seems like a mentality of laziness but maybe that's just me (and I'm not some old fogie, I'm 29).
You said the key words NOT TO HAVE TO DO ANYTHING. I retired at 50 and now I do what I want. I work when I want as long as I find it fun and interesting. I'm my own person and no one's wage slave. I don't want to do nothing. I want to do everything.
I don't want to sit in a chair and wait to die. I wanted to be free for the first time in my life. I always had so many people depending on me and I had to be a responsible grown up. I started working when I was 12 and finished my first 2 degrees at 19. I deserve some time to do what I want to do.
I'm not rich. I get by. If I work, it's for the fun stuff I am not used to doing without. Travel, just fun.
Yeah I can totally understand retiring at 50. That wasn't what I meant. Anyone would love to retire at 50, myself included. I was referring to these kids that wanna retire in their 20's when they haven't even gotten out there and worked yet...
Yeah I can totally understand retiring at 50. That wasn't what I meant. Anyone would love to retire at 50, myself included. I was referring to these kids that wanna retire in their 20's when they haven't even gotten out there and worked yet...
Believe me, if I could have retired at 20 something, I would have!!!!!
And who knows how hard those lucky few did work while they were working?
But most of them got their money the old fashioned way. They inherited it!
I'm in my 50's and I can't wait to get out of the corporate world and do what I want. However, I have zero regrets on my journey thus far. I cannot imagine not having worked these last 30 years - I have learned much and grown through my career. I see no point to "retiring" early unless you have a desire to volunteer or manage a non-profit of some sort. Being rich would be nice, but hardly fulfilling.
If you are good at trading in you retirement accounts say from a Roth IRA, one can have 300,000 - 500,000 (or more) in their Roth IRA by 30.
Recently with the down turn electric utility companies were paying between 6%-10% dividends. Those are pretty rock steady companies with almost recession-proof earnings.
~7.5% (average by buying a basket of stocks) on 300-500k is around $2000-$3100/month after taxes (all untaxed) which is like $30k-$40k year pre tax.
Most people can live on that if they have a recurring stream of income depending on how you plan your life style.
One of the requirements for early withdrawal from a Roth IRA is this:
c. the withdrawal is part of equal periodic payments that are paid out over the owner's life
So I would think that would apply. I'm not a tax attorney or accountant though.
I'm in my 50's and I can't wait to get out of the corporate world and do what I want. However, I have zero regrets on my journey thus far. I cannot imagine not having worked these last 30 years - I have learned much and grown through my career. I see no point to "retiring" early unless you have a desire to volunteer or manage a non-profit of some sort. Being rich would be nice, but hardly fulfilling.
People who work because they want to are far happier than those who work because they have to.
Those that work after inheriting money or retiring on doing it on their own choice, whilst those that work to pay their bills and save for retirement must work. They have no other choice (other than being homeless).
People who work because they want to are far happier than those who work because they have to.
Those that work after inheriting money or retiring on doing it on their own choice, whilst those that work to pay their bills and save for retirement must work. They have no other choice (other than being homeless).
Two different situations.
Excellent point. I think this is why it's important to try to find work you enjoy. It doesn't have to be your dream job, but you shouldn't dread going to work everyday. If you are lucky enough to find your dream job, great! But otherwise, don't waste away for the sake of money. I'd rather work my entire life doing something I enjoyed, for less, than work 20 years doing something I hated, for lots of money. But I know there are people who feel opposite.
I have heard stories of people who have retired at a very early age (ie 26 and 30)
I'm curious what types of careers will allow someone to retire early?
I don't think there is a particular career that fosters that. It's more personality, intelligence, and character. .... and luck.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
