Discussion
Why do people retire at the end of their lives?
Eg why not save up some cash/equity or borrow money and retire at 40 for 10 years and then go back to work for the rest of your life.
Hear me out!!!
You may never get to retirement if you wait until 65, You may be in too poor health to enjoy it, you won’t be able to travel as easily.
So, why is retirement at the end of a working life and not part way through where you can enjoy it, spend time with kids and so on and then crack on working in later life?
A daft question perhaps but it’s a genuine one!
I know some people couldn’t afford it but some could with savings, equity or even borrowing the money for a few years!
Eg why not save up some cash/equity or borrow money and retire at 40 for 10 years and then go back to work for the rest of your life.
Hear me out!!!
You may never get to retirement if you wait until 65, You may be in too poor health to enjoy it, you won’t be able to travel as easily.
So, why is retirement at the end of a working life and not part way through where you can enjoy it, spend time with kids and so on and then crack on working in later life?
A daft question perhaps but it’s a genuine one!
I know some people couldn’t afford it but some could with savings, equity or even borrowing the money for a few years!
The popular lifestyle book "Four Hour Work Week" made a large fuss over taking 'mini retirements' throughout your life for just reason the OP suggests.
It was somewhat aimed at an American audience as they take even less holidays than us Europeans, but the idea of taking adult gap years every now and then isn't too outrageous.
It was somewhat aimed at an American audience as they take even less holidays than us Europeans, but the idea of taking adult gap years every now and then isn't too outrageous.
Truckosaurus said:
The popular lifestyle book "Four Hour Work Week" made a large fuss over taking 'mini retirements' throughout your life for just reason the OP suggests.
I was somewhat aimed at an American audience as they take even less holidays than us Europeans, but the idea of taking adult gap years every now and then isn't too outrageous.
I've done that. But, you do need more money than you'd imagine. I was somewhat aimed at an American audience as they take even less holidays than us Europeans, but the idea of taking adult gap years every now and then isn't too outrageous.
Loads of people do it. There are 36,000 people on this forum alone:
https://forum.mrmoneymustache.com/index.php
Also plug your numbers in here and see how it goes.... also read up on the 4% safe withdrawal rate.
https://www.firecalc.com/
https://forum.mrmoneymustache.com/index.php
Also plug your numbers in here and see how it goes.... also read up on the 4% safe withdrawal rate.
https://www.firecalc.com/
Biker's Nemesis said:
3 years 8 months until I can retire, I'll see how I feel when the time comes.
Watching the Best Marigold Hotel the other eveining and it seems that the Chinease can retire at 50.
Yes, but they'll have had a much harder life than many of us and probably lower mortality rate.Watching the Best Marigold Hotel the other eveining and it seems that the Chinease can retire at 50.
Edited by 227bhp on Thursday 14th December 10:04
2 sMoKiN bArReLs said:
I've done that. But, you do need more money than you'd imagine.
I think it depends on how frugal you can be. Expensive things like cars, kids and travel can quickly add up.In the US their main cost is healthcare and property taxes. I always knew about healthcare being expensive in the US but reading MMM I am pretty shocked just how expensive their property tax can be in the nicer parts of the US. 2% of the value of the house is not uncommon!!
I'm 32 with 25 years left on the mortgage. (quite sizeable, stretched ourselves to buy our 'forever' home early).
32+25 = 57 years old until I can afford to not have a monthly income.
Also agree with above about finding work in your 50's. For that reason I would rather retire earlier - in the event that I somehow came into some money or had significant pay rises.
32+25 = 57 years old until I can afford to not have a monthly income.
Also agree with above about finding work in your 50's. For that reason I would rather retire earlier - in the event that I somehow came into some money or had significant pay rises.
Ten years off at 40....
That would require being debt free and having substantial assets, not the description of the average 40yo.
Nice thought though.
How about taking a couple of years post college while you are still based in the parental home, do a bit of budget traveling.
See the world...or what's left of it for relatively safe travel.
It's a shame most overland options are practically no go now..
That would require being debt free and having substantial assets, not the description of the average 40yo.
Nice thought though.
How about taking a couple of years post college while you are still based in the parental home, do a bit of budget traveling.
See the world...or what's left of it for relatively safe travel.
It's a shame most overland options are practically no go now..
Personally i think mid 50's is ideal if you can make enough financial provisions on the run up.
I've also no interest in living in a big house being just me and the missus if the kids have left and having the hassle and expense of maintenance.
Small gaff, out and about all day simple life
I've also no interest in living in a big house being just me and the missus if the kids have left and having the hassle and expense of maintenance.
Small gaff, out and about all day simple life
It’s a good idea but usually in your 40’s you have the maximum amount of commitment house to pay off, kids to fund etc... when your in your late 50’s, 60’s these things should be less of a commitment. My parents retired mid 50’s and are slowly working their way around the globe while they still can and why not.
BoRED S2upid said:
It’s a good idea but usually in your 40’s you have the maximum amount of commitment house to pay off, kids to fund etc... when your in your late 50’s, 60’s these things should be less of a commitment. My parents retired mid 50’s and are slowly working their way around the globe while they still can and why not.
That's the ideal IMOFocusRS3 said:
BoRED S2upid said:
It’s a good idea but usually in your 40’s you have the maximum amount of commitment house to pay off, kids to fund etc... when your in your late 50’s, 60’s these things should be less of a commitment. My parents retired mid 50’s and are slowly working their way around the globe while they still can and why not.
That's the ideal IMO
Retired at the end of October after Mrs HAL mentioned it more than a few times over the last year or so, I said I'd need a new project to keep me occupied
After making the decision I started to look for something, found a Marcos GT for sale at the right price, bought it, handed my notice in and never looked back.
61 years old
It's fantastic
After making the decision I started to look for something, found a Marcos GT for sale at the right price, bought it, handed my notice in and never looked back.
61 years old
It's fantastic
Gassing Station | The Lounge | Top of Page | What's New | My Stuff