Ready to retire at 40 (blog, retired, years, housing)

[StealthRabbit]

I planned to retire at 35, and they even threw me a party at work (the 3 of us that worked night shift). No one was more disappointed to return to work @ 35 + 1 day that I . I would much rather have been home with my kids when I was 35-50, then returned to some kind of 'menial' work. I never understood how my older co-workers could be so apathetic about work till I got axed 6 wks before retirement eligibility (after 32 yrs).

I was still out the door pre-50, and no intent to be back.

To retire as early as 40, I would guess kids, farms, animals, spouse(s) ... should not be part of the equation. (unless you have married into money or a worker-bee,. If so... hold on at all costs, and make lots of points(yes, dear ))

[rgomez912]

I plan to live real simple to retire at 40. Plan to travel in an RV and I don't believe I will even be spending 20K/year, so might need less to retire. To live on the road, thats my dream

[SpeedyAZ]

Originally Posted by rgomez912

I plan to live real simple to retire at 40. Plan to travel in an RV and I don't believe I will even be spending 20K/year, so might need less to retire. To live on the road, thats my dream

You plan sounds all well and good but how exactly do you plan on spending less than $20K/ year? Between the upkeep of an RV, gas, cost of hooking up at an RV park, food, insurance, and other necessities (i.e. clothing, toiletries, etc etc)...I could see this easily running to $30K+ each year. I like the plan, sounds like you know what you want to do but I think you're estimating the costs of retirement quite a bit lower than they probably will be.

[StealthRabbit]

For those of us retired on a shoestring, I will guess the future fuel costs will relegate 'travel' to professional jobs.

I met a couple in SD last week who were fetching repo motorhomes and returning them to the company. Bus, Fire, and Municipal vehicles will need to be delivered since they are forced to retire their fleets due to emission requirements, and they are the only ones with money (our $$) to buy.

These jobs can be 'semi-recreational' and you still get to travel and be paid to do so.

I keep my class A CDL and endorsements current to be ready to jump at such an opportunity. I love to drive, so it is a 'passive' activity for me. Getting paid would be a bonus!

[rgomez912]

The amount to be spend was just a guess. I won't be driving 24/7 might just plop down near a beach or something for a few months and walk or bike to near by stores. Since once I'm out of school at 23 I have 17 years to save around 800K if I take out 30K/year till I can get Social Security Checks. 1.2Million in savings going from 40 to 80 just on savings and no SSC. All in all it goes down to saving around 60-80% my estimated yearly income to even come close to the 800K option. Career I'm going into is accounting.

[StealthRabbit]

Originally Posted by rgomez912

... I have 17 years to save around 800K if I take out 30K/year till I can get Social Security Checks. 1.2Million in savings going from 40 to 80 just on savings and no SSC. ...

This will be possible, but I would have a plan B... $300k of that 'savings' in income producing property will net you $30k/yr. Get some owner finance and you only have to spend $60k to get the $30k / yr. Pay it off in 20 yrs and you will then be getting ~$50k/yr in an inflation adjusted investment for only $60k capital expense. (20 yrs earlier).

There are multiple ways to skin the cat, try a few and see what works for you.

[Scott456]

I retired 3 years ago at the age of 43, have not been working since then, not even a part time job.
I enjoy my retirement life very much, and there is never a dull moment.
However, I am open to continue working in the future if I have the urge to do it. :-)

[sirron]

Although I am a little past 40, I would love to retire soon. Been working almost steady since I was 17, fresh out of high school, and am ready to be done with it. No big dreams to own anything grand, just have some time to do a little traveling, antiquing, learn a hobby/craft, etc. Working on retiring, that's what I'm doing.

[BucFan]

Originally Posted by beckycat

I'm nearing 40 and feel like I'm ready to retire. I know it sounds young, but I'm ready to live the simple life. I'm ready to enjoy life and not have to worry about the stressful, hustle and bustle way of life. Does anybody else feel this way? Has anybody else been successful in retiring at 40?

LOL. Sorry to laugh, but I think I've posted you same exact post word for word in this forum or another.

I just retired at the age of 46 - nearly 1 yr ago. I'm secure financially - so money isn't an issue. I find the biggest issue is other people accepting (family/friends) the fact that I've retired early. I also don't want to look back in a decade regret that I left work (which may happen).

Sometimes I think I've wasted my education (Master's Degree in my field) - but don't have the motivation (yet) to volunteer or doing anything other than relax, travel, have fun, etc.

Good luck.

[BucFan]

Originally Posted by flyfishnevada

Also, I foresee having problems with friendships. Hard to hang out with people your own age because they all work. You may not fit in with older retirees. Depends. But you can't invite you work friends to golf on Wednesday morning and your 67 yo retired neighbor may not want to go to the Metallica concert with you. Not insurmountable problems, but real ones.

This is one of my bigger problems - well stated.