Ready to retire at 40 (dating, support, family, clever)

[Jesse69]

The only way I'd retire now is if I won a Lotto of at least $6 million. Then I'd live frugally, vacation occasionally, and try to make money by investing. I'd also play video games all day and make money off of them by making game reviews or play walkthroughs on Youtube, and these will have advertising.

[biscuitmom]

This.
I worked 48 years (age 15 to 63) and even though I initially rose high in the corporate world and achieved financial success, it wasn't until I turned 49 that I finally found my true calling, which required me to go back to school and get a second master's degree.
My last 14 work years were pure bliss.
That I retired relatively early (ie age 63) is a post for another thread. Given my druthers, without any outside considerations, I'd happily have continued until my death doing the work I enjoyed.

"Do what you love and get paid for doing it" is the best advice ever.

Originally Posted by fumbling

I think the situation of most people who want to retire early or even "on time" is they don't particularly like what they do, they don't think they are created for the purpose of doing what they are doing for a paycheck...very few people who want to retire early are doing what they want, unlike say Kobe Bryant who knows he was created to play basketball, Tiger Woods, Thomas Edison, Albert Einstein, Bill Clinton, etc...most people who want to retire early probably work for a paycheck in a job/industry they fell into but but they don't get satisfaction or meaning of self-fulfillment in the job, so it's not as much as they are ready to retire in the 40s but more that they are tired of what they do and want to retire to do something different...

[Themanwithnoname]

Originally Posted by Jesse69

I'm very surprised people consider retiring at 40. I'm going to be 44 in Jan 2013 and I want to work. I could retire now on my $1135 monthly SSDI but that's not enough to live in Chicago and pay property taxes, support a car and minivan, buy good fast food and groceries, and have money left over to buy nice stuff.

I could go to the Philippines and live very well on my SSDI, but the US dollar exchange rate is getting weaker so maybe the future wouldn't be good to retire there. My SSDI is equal to more than what many people earn there for a living.

If I couldn't find work anymore I think an SSDI income of at least $1800 / month would be good enough to retire on. So I'd probably need 7 years more of good taxed income to get that.

Your own statements beli your claim that you want to work.

As stated above you want to work to maintain a lifestyle.

I'm 30, and I want to retire; however my definition of retirement is different than most.
It's where job-produced incomes no longer NECESSARY, (not necessarily that you won't work.)

I hope to put a thread up in the next 2 years stating that I've made that goal!

[biscuitmom]

Originally Posted by Themanwithnoname

I'm 30, and I want to retire; however my definition of retirement is different than most.
It's where job-produced incomes no longer NECESSARY, (not necessarily that you won't work.)

I hope to put a thread up in the next 2 years stating that I've made that goal!

Retirement at age 30. Yeah, right.
I just recently retired and my sons are older than this poster.

[LauraC]

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?

Unless you live a solitary life, don't expect to fill up your days with activities for or with other 40 year olds.

[Themanwithnoname]

Originally Posted by biscuitmom

Retirement at age 30. Yeah, right.
I just recently retired and my sons are older than this poster.

No, I'm 30 NOW.

But I understand the Sentiment, it's a major reason I did not post in this thread earlier. However the important thing is my DESIRE to do so (In response to the comments)... that is what I responded to.

Allow me to explain:

I believe a critical element is the differing definition of retirement.

As I alluded to earlier, for me it is not that you WON'T work... it's that the NEED is no longer there.
I believe this started growing when I was in my teens and read the book 'The Millionaire Next door' and read about their declination of a PAW... as someone who could live 10 years on their assets. (I can easily do this)


I'm not saying my plan will work, it very well may fail, but most millionaires fail 17 times before succeeding
. I've kept trying before, and I will again.

A critical element is my medical retirement from the Marine Corps, I have an income of $1,575 and healthcare. (However one of the adjuster here who is healthy gets Blue cross for $200/month... I am not healthy (Or rather, I am, except for my injuries sustained when I was on active duty.) So this tells me it is not unattainable for others.

This sum is actually enough for me to live on. Not go out to eat alot, or take my girl on many dates, but I have always shunned bills, debt, etc.

However I'd like a larger income to deal with things as they occur, do what I want etc.

SO I set out to make lots of money, and live very frugally (With the thought in mind that a couple years of this can work wonders with the bottom line)
(I've always been a saver, I had my first $100 bill in the second grade, and have a pretty good next egg)
I graduated last December, and worked from Jan-June 70-90 hours a week.
I lived in corporate housing, lived off my pension and saved most of my income.

Then I relaxed for 3 months and looked for the right job.
I'm now working 110-120 hours per week (16-18 hour days) doing Flood Adjusting, and I intend to do so for some time to come. I need another $70K before I attempt to carry out my plan.

I know where I can get a non-trashy 4plex for ~$150K, I do not want to be unprepared for unexpected expenses, so I am saving up an extra $50K.
(I do not want to touch my Stocks, PM's, Collectibles etc)

When I buy it (Cash) I intend on living in one of the 4, and the others would be priced to rent at $700-$800/Month, 2 of them doubling my income. (The third I will discount for vacancies, covering repairs etc)

This will give me an income of ~ $35,000/Year.
Which I have long-since determined was what I needed to live a comfortable live, and enjoy some extras.

Not a Life buying Brooks Brothers (Which I have) or eating Ramen (Which I also have)

But an adequate one.

THEN (Other than the need to maintain the building and deal with people) I will be free.
It is AMAZING what you can accomplish when you are not spending 40, 60, 80 hours working! (I only sleep 5 hours a night)
This is an anchor, but I have friends in the area who are landloards and have offered their help if I am unable or unwilling to deal with the situation.
-I intend to do it 2 years so as to avoid capital gains tax (I haven't checked if this loophole applies to 4 plexes) and will at that time likely pay the % to let someone else manage it, but this will give me the necessary reality check and help me decide if this is viable option.
And I will retain the option of having a place to stay and additional 'mailbox money'

I DO NOT intend to never work again, inflation and decay would over time destroy this...

But I could be free to do things such as what I'm doing now... As a flood adjuster I am working a very heavy load, and it looks like I'm making about $20K/Month before taxes and expenses.

These floods vary, but an average is 1x every other year.

I could easily go work them and make $50K+ in 3 months time.

This economic boost would provide the incentive (Although $35K includes savings) to allow me to deal with the unforeseen, buy more rentals, fix problems etc.

Thant aside, I am one of those who will probably be doing something to make money when I'm 90 (If I make it that long)


It is very likely that this could fail in many ways, an obvious way I can think about is if I change my mind about getting married or having kids (Or my GF does and I decide to keep her) Or finding someone else who wants kids etc...

I will try however, and time will tell.

Hope that wasn't too rambling, and seems more logical after the explanation.

My biggest thing, is how people work so much for so little. I have decided instead to seek out things which have a superior money to time ratio, although many people would not want to (For example) live in an airstream for a couple months and walk to the showers... I'd rather do that in the short term and enjoy the long term.

Please excuse me, break is over and I have more reports to write.

[GrainOfSalt]

Originally Posted by BucFan

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.

I can relate.... early retired for almost a year at age 49.

Let's face it for the most part it's very cool

Freedom to do what you want with your own time is just..... priceless! It really is! I'm willing to keep adapting to this new life

[clevergirl05]

I retired from the Army at age 39 in 2005 (I joined at age 17 while I was still a senior in high school). I've lived exclusively and quite comfortably off my retirement pay for the past 7 years. Retirement has been extremely easy for me because I'm child-free (I like kids, but I don't want any), spouse-free (dating is 800 times less stressful than marriage) and debt-free (I have zero credit cards; if I can't pay cash for it I probably don't need it). These are three things you might want to consider prior to actually retiring.

[bigh110]

This post may just inspire me to sell it all retire now and move to an island get my feet in the sand and a margarita in my hand at least until the money runs out!!

[Johnny Danes]

I'm 38 and while my number is 45, I don't plan to stop working, I want to be in a position business wise, to have freedoms to travel and do things as I choose to do them. I hope to work as long as the good lord lets me.