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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 have known men who retired at 38, as soon as they got their pensions.
Often they become 'Mister Mom' to their children, or active in community leadership.
I'd have to emphatically agree with MadMan, $1,200/month isn't going to fund much of a lifestyle. Regardless of how frugal one lives that amount of income, especially for an active individual, doesn't leave much (if any) left over for travel, etc. Your long term exposure to inflation and cost increases (e.g., property taxes increases can exceed inflation by a significant margin) is substantial. Good luck if you try it.
The issue of boredom is unique to each individual. My working years (retired three years ago) were simply an impediment to being free to pursue my personal interests. I'll be dead long before I ever get bored with retirement.
Developing new friendships is one of the major positives we've experienced in traveling. Its a big world and there are a lot of interesting people in it that can enhance your personal life. JMO
Space A is a great deal for military retirees, wish I had it. But once you hit the ground, Europe is not cheap! (Recently came back from a European/Germany trip, it was outstanding, but it wasn't cheap. )
Lived in Germany for nearly 20 yrs off and on. You're right about "not cheap" - tried to use those 20 yrs to see as much as possible so I wouldn't feel a need to return later as a "retiree" - I do want to see the other side of the world - Asia, Australia, New Zealand and South America.
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.
i guess this is something that someone who 'fell' into money at 25 wouldn't understand.
the OP is trying to do his checks and balances to see IF he can. and yes, i'm pretty sure this is a serious thread.
everyone knows that with money, you can retire...thanks for the hot tip 'kid'.
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.
I don't know what your hobbies are to know if $1200 a month is good or bad. What's $1200 going to be worth when you're 46?
Just consider one thing. You won't have retiree peers. That may sound crazy or insignificant but consider that the other people in your area who are retired are going to be way older than you. I'm 58. I retired at 55. The people I come in contact with the most are primarily in their 70s with some in their 80s and a few in their 60s. They are very intelligent educated people but they totally missed the technology age. I feel there's a big generation gap between me and others retired in my area, especially when it comes to communication. They don't know how to do things that we have been doing for 10 - 15 years, reflexively. Technology shouldn't be an issue by the time you're 46 but there might be other generational issues then that make you feel out of whack with the people that are home during the day when you are. If they raise the social security retirement age by the time you are 46, it will be an even bigger gap in ages between you and those home during the day when you are.
You'll want to fill some of your daytime hours with things you like to do. If you like a lot of friends, give the age difference some thought. There won 't be many 40 somethings (or even 50 somethings) looking for things to do during the daytime (M-F).
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