would you retire in your 40's?

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marylandcrab
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would you retire in your 40's?

Post by marylandcrab » Sun Sep 25, 2011 9:09 am

I know this is a leap for a financial forum, but if money was not an issue, and you could retire and stay at your current lifestyle, would you?

What advice would you give a couple in their 40's contemplating retirement?

What kind of plan would you make on what you would do realistically every day? Think after the cheering, sleeping in and taking a vacation, when life settles in, what would you do with your time? There are children in high school, so gallavanting around the world isn't realistic as a full time venture.

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Re: would you retire in your 40's?

Post by Mel Lindauer » Sun Sep 25, 2011 9:18 am

marylandcrab wrote:I know this is a leap for a financial forum, but if money was not an issue, and you could retire and stay at your current lifestyle, would you?

What advice would you give a couple in their 40's contemplating retirement?

What kind of plan would you make on what you would do realistically every day? Think after the cheering, sleeping in and taking a vacation, when life settles in, what would you do with your time? There are children in high school, so gallavanting around the world isn't realistic as a full time venture.


You should think of retiring "to" something, rather than retiring "from" something. Personally, I was extremely busy in my early retirement years and I'm busier now than when I ran a company. The main difference is that I get to pick and choose what I do now; it's not dictated by business considerations.

If you don't have something to retire "to", then early retirement might not be right for you.
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Post by LadyGeek » Sun Sep 25, 2011 9:20 am

I'd retire from my "present" job, but not change my lifestyle.

There is an entire world out there who could use the benefit of your knowledge and time. Volunteer your services to the charity of your choice. Educate, help others, that sort of thing.

Or, do the job you really wanted all along but couldn't because of the low pay. I love fixing computers and electronics, but it's a tough life that doesn't pay as well as engineering. The pay problem is gone.

Update: As Mel Lindauer says, you need to have a purpose in life.
Last edited by LadyGeek on Sun Sep 25, 2011 9:21 am, edited 2 times in total.
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Post by kd2008 » Sun Sep 25, 2011 9:20 am

My advice would be have a plan for what to do in retirement. It may be volunteer work, part time work, hobby etc. People who have nothing to look forward to in their day die early.

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Post by Johm221122 » Sun Sep 25, 2011 9:34 am

Yes in a heart beat,I would find something to do with out a problem

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Post by stemikger » Sun Sep 25, 2011 9:40 am

Absolutely. One of my regrests at this point of my life is I can't do the things I love becasue of work and family commitments.

If I didn't have to work at my current job, I would do many wonderful things, including volunteer work where I would help make the world a better place and actually see the people I'm helping.

I would also do some of the hobbies I have been putting on the backburner becasue I'm either too tired or I have no time. I'm spread very thin right now (like most are) and I just can't see past work, and family obligaitons.

I'm 47 so I don't see this as a reality any time soon.

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Re: would you retire in your 40's?

Post by woof755 » Sun Sep 25, 2011 10:15 am

marylandcrab wrote:I know this is a leap for a financial forum, but if money was not an issue, and you could retire and stay at your current lifestyle, would you?

What advice would you give a couple in their 40's contemplating retirement?

What kind of plan would you make on what you would do realistically every day? Think after the cheering, sleeping in and taking a vacation, when life settles in, what would you do with your time? There are children in high school, so gallavanting around the world isn't realistic as a full time venture.


I would retire from what I do in a hot [bleep]ing second.

I would retire to becoming a CFA. I'd work if I needed the cash, but otherwise, probably go around teaching the Boglehead way in small workplace and high school / college seminars.
Last edited by woof755 on Sun Sep 25, 2011 10:39 am, edited 1 time in total.
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Post by SP-diceman » Sun Sep 25, 2011 10:29 am

Yes, instantly.
All you really need to do is find what interests you.

Clubs, hobbies, cooking, music, and so on.

I think its better if it becomes about you.

Instead of just listening to music, learn to play an instrument.
Instead of just learning chess, enter in a tournament.
Instead of just eating good food, learn how to cook it.
(and so on)

The important thing is to do it because you like it, keep it fun, and not turn it into work.


Thanks
SP-diceman

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Post by mak » Sun Sep 25, 2011 10:46 am

I know several people "retired" which means they don't have a job and don't need one to survive.

In general they are bored to tears and dysfunctional.

A divorced woman I know never wakes before noon, and it is 1pm or later before she gets her morning coffee and can make intelligible sounds on the phone. She then goes shopping (not buying) or goes to the gym, watches movies and tv, talks on the phone to other women who are similarly bored and yack all day and night from their boudoirs. Bedtime is probably after midnight, and I think she's sleeping around 12 hours a day. Every now and then she goes out and binge eats then comes home and puts her finger down her throat just for fun.

A guy managed to get lifetime SSI/disability for manic depression. Gets up from bed 2pm, eats cereal, plays some video games, back to sleep, maybe rise again 7pm, download a movie and watch it, play on the computer, sleep again. Goes out only to get the mail. The mental problem is real, I've tried talking to him, he likes to pick fights and arguments. I stay away.

I know a few early retirees who lost their jobs at say 40 to 50 range of age and never found work again. They are not struggling financially, but again struggle for something to do to fill the hours. One guy watches CNBC and trades, telling everyone that is his job now. He is an active investor. He's lost money consistently over 10 years now that he's been doing that. His wife works and he did well in rental properties in the past so they are OK. He calls and says "Are we making money today?" Constantly wants to talk about all the action in the casino.

Another guy moves from bed to kitchen to easy chair, tv, lunch, dinner, tv, maybe an outing to the post office, bank or grocery, then bedtime again. Rinse and repeat mostly 365 a year.

Reality is there are lots of people living these lives in America. There is no meaning, no purpose, no real reason to get out of bed except that it's expected. Nothing much on the horizon except the same. The luckiest of these at least have other people in their lives. The hardest cases have all of this but are alone. Internet I suppose gives some connection with 'others' even if virtual. Some are online 12 hours a day or more.

Casinos are full of these people, some who come daily to 'play.'

Elderly from what I see about 50% have nothing to do, and look at the clock after breakfast because the only event to come is lunch, then dinner, then bed. A doctor or dentist appointment is a welcome activity, and blocks out a whole day as filled. I can't go shopping on Thursday, I've got to go to the doctor!
Last edited by mak on Sun Sep 25, 2011 10:57 am, edited 1 time in total.

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Post by Raybo » Sun Sep 25, 2011 10:56 am

I retired at 48 in 2000.

My goal for many years had been to retire. I didn't have any burning desire of what I wanted to do when I retired, but I did want to stop doing things because I was getting paid to do them. Note that I enjoyed many aspects of the business I was running at the time, but I'd been doing it for close to 20 years and was no longer motivated like in the early years. Also, I was in the computer training business and the internet bust hit it hard.

So, in 2000, I simply stopped working.

I had worked at home so spending all day at home wasn't anything new. It took a while to finish up my previous commitments, but by mid-2000, I was done.

I had made a list of all the things I'd like to do if money and time were not an issue. It had about 2 dozens things on it. I slowly started to make my way through it. I took up the Saxophone, attended watercolor classes, began riding a bike around the area. I bolted my house to the foundation, sat in the hot tub, and committed to reading the 10 volume Story of Civilization by Will and Ariel Durant. It's 10,000 pages took me 2 1/2 years!

There were times when I missed that fact that there were things going on that didn't include me. There were times when I was bored but less then when I worked all day and had things to do that weren't interesting.

I took my first bike tour in 2001. Since then, I've discovered that my new passion is bike touring. I have taken several 1000+ mile bike rides, created a website that thousands of people visit each year, and am always either on a tour, planning one, or writing the journal of one I just took. I also ride a bike several hours a day a couple times a week to stay in shape.

I still get bored occasionally, have trouble answering the question "What do you do all day?", volunteer at Alcatraz Island, and can't imagine getting paid to work.

It hasn't been an unbroken line of exciting and fun-filled days, but it sure beats working.

I have no children, so my situation doesn't really mirror yours. But, I would strongly suggest that you create a list of things that you might want to do if time and money weren't limits. If the list is short, think twice before retiring.

Ray
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Post by John Galt » Sun Sep 25, 2011 11:30 am

I'm only in my early twenties, but my goal is to retire by age 40 and I've thought a lot about what I'll do then. Some of my ideas:

- Assistant basketball coach at a local high school
- Train my sons to become the best athletes possible
- Write a book
- Get my chess rating above 2000, maybe eventually become a master
- Train to compete in an MMA tournament
- Hunting
- Mentor some kids in the inner city


The way I see it, the only reason you wouldn't like to retire is if your current job is literally the number 1 activity you enjoy in the world. Given how many awesome things there are to spend your time doing, I highly doubt many people have jobs like that.

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Post by John Galt » Sun Sep 25, 2011 11:37 am

mak wrote:A guy managed to get lifetime SSI/disability for manic depression. Gets up from bed 2pm, eats cereal, plays some video games, back to sleep, maybe rise again 7pm, download a movie and watch it, play on the computer, sleep again. Goes out only to get the mail. The mental problem is real, I've tried talking to him, he likes to pick fights and arguments. I stay away.


That's ridiculous. Someone works several months per year to pay the taxes that fund this guy's lifestyle

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Post by xerty24 » Sun Sep 25, 2011 11:40 am

John Galt wrote:
mak wrote:A guy managed to get lifetime SSI/disability for manic depression. Gets up from bed 2pm, eats cereal, plays some video games, back to sleep, maybe rise again 7pm, download a movie and watch it, play on the computer, sleep again. Goes out only to get the mail. The mental problem is real, I've tried talking to him, he likes to pick fights and arguments. I stay away.


That's ridiculous. Someone works several months per year to pay the taxes that fund this guy's lifestyle

I'll take a 9-5 job with extra taxes over manic depression, paid for retirement or not, and it's not even close.

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Post by VictoriaF » Sun Sep 25, 2011 11:41 am

John Galt wrote:
mak wrote:A guy managed to get lifetime SSI/disability for manic depression. Gets up from bed 2pm, eats cereal, plays some video games, back to sleep, maybe rise again 7pm, download a movie and watch it, play on the computer, sleep again. Goes out only to get the mail. The mental problem is real, I've tried talking to him, he likes to pick fights and arguments. I stay away.


That's ridiculous. Someone works several months per year to pay the taxes that fund this guy's lifestyle


The guy is on disability for a mental problem. That is a part of the safety net that a civilized society provides to its citizens. If he were a quadriplegic and stayed in bed 24-hours a day, would you object to that?

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Post by hicabob » Sun Sep 25, 2011 11:45 am

VictoriaF wrote:
John Galt wrote:
mak wrote:A guy managed to get lifetime SSI/disability for manic depression. Gets up from bed 2pm, eats cereal, plays some video games, back to sleep, maybe rise again 7pm, download a movie and watch it, play on the computer, sleep again. Goes out only to get the mail. The mental problem is real, I've tried talking to him, he likes to pick fights and arguments. I stay away.


That's ridiculous. Someone works several months per year to pay the taxes that fund this guy's lifestyle


The guy is on disability for a mental problem. That is a part of the safety net that a civilized society provides to its citizens. If he were a quadriplegic and stayed in bed 24-hours a day, would you object to that?

Victoria


People that have never had a loved one with severe psy problems generally have no clue

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Re: would you retire in your 40's?

Post by Fallible » Sun Sep 25, 2011 2:18 pm

marylandcrab wrote:I know this is a leap for a financial forum, but if money was not an issue, and you could retire and stay at your current lifestyle, would you?

What advice would you give a couple in their 40's contemplating retirement?

What kind of plan would you make on what you would do realistically every day? Think after the cheering, sleeping in and taking a vacation, when life settles in, what would you do with your time? There are children in high school, so gallavanting around the world isn't realistic as a full time venture.


Reading between the lines, it sounds as if what you might like to do in retirement is travel (“around the world”). Or at least that’s among your first goals. Since it appears that will be delayed until the kids are out of high school (college, too?), you apparently have a few years not yet planned for. If that’s correct, the I would suggest volunteer work you’re interested in and that could use your skills. I know from my own experience that volunteering for just one or two organizations will keep you plenty busy and could lead to new and challenging opportunities.

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Post by btenny » Sun Sep 25, 2011 2:25 pm

Retiring to quit a job you don't like or even hate is always good IMO. The issue is to find a lifestyle you like so you are busy and feel engaged all day. Setting around sleeping or watching TV is not good even when you are very old. If you have hobbies great, if not what are your interests? Do you like to volunteer? Are you into sports? Music? Playing in a band or orchestra? Do you want more time with your family? Helping out other people? How about teaching or tutoring part time? Can you consult to stay engaged in your present field? Do you want to stay current in your field? How about working part time at some other company? Just some ideas....

In my case I retired at 52 and have never looked back. I have several hobbies and lots of friends that keep me very busy and having fun all the time. My youngest daughter was still in high school. I spent some of my first retired year helping her select a college and finish up high school. It was some of the best times we have had together because I finally had the time to really talk to her. I also went to some work conferences and studied to become a consultant in my former field. I even met and discussed this with a few clients. However I also discovered that working at my old profession was not possible part time. At that time it seemed full time or more was necessary to get a consulting gig going. I did not want that. I had had my fill of 60-80 hour weeks. So I studied our money situation a lot and discovered I had enough money to really stay retired.

I taught snow skiing every winter to thousands of kids and adults and had a ball for many years. I became an excellent skier and amatuer racer. I taught dozens of friends to ski. I moved to the mountains so I could ski more every year. I traveled to different ski areas and met lots of new people from all over the world. I discovered many totally different life styles than the 9-5 working man thing. I went to the winter Olympics for three weeks and saw more than they ever show on TV.

I learned about the stock market and finanical planning and fired my FP. This made my portfolio better and allowed me some extra money. I discovered and started folowing the Boglehead way and am now trying to teach and lead my kids into learning this great approach to investing.

I could go on but you get the idea. Have fun and enjoy. There are hundreds of good lifestyles besides working 40-60 hours a week at a full time job.....

Bill

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Post by Teetlebaum » Sun Sep 25, 2011 2:48 pm

There are always recreational drugs. Some are even legal. :lol:

Which isn't to say that's what I'd do. I see nothing wrong with early retirement, but it certainly depends on the person involved.

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Post by investnoob » Sun Sep 25, 2011 3:22 pm

Raybo wrote:I retired at 48 in 2000.

My goal for many years had been to retire. I didn't have any burning desire of what I wanted to do when I retired, but I did want to stop doing things because I was getting paid to do them. Note that I enjoyed many aspects of the business I was running at the time, but I'd been doing it for close to 20 years and was no longer motivated like in the early years. Also, I was in the computer training business and the internet bust hit it hard.

So, in 2000, I simply stopped working.

I had worked at home so spending all day at home wasn't anything new. It took a while to finish up my previous commitments, but by mid-2000, I was done.

I had made a list of all the things I'd like to do if money and time were not an issue. It had about 2 dozens things on it. I slowly started to make my way through it. I took up the Saxophone, attended watercolor classes, began riding a bike around the area. I bolted my house to the foundation, sat in the hot tub, and committed to reading the 10 volume Story of Civilization by Will and Ariel Durant. It's 10,000 pages took me 2 1/2 years!

There were times when I missed that fact that there were things going on that didn't include me. There were times when I was bored but less then when I worked all day and had things to do that weren't interesting.

I took my first bike tour in 2001. Since then, I've discovered that my new passion is bike touring. I have taken several 1000+ mile bike rides, created a website that thousands of people visit each year, and am always either on a tour, planning one, or writing the journal of one I just took. I also ride a bike several hours a day a couple times a week to stay in shape.

I still get bored occasionally, have trouble answering the question "What do you do all day?", volunteer at Alcatraz Island, and can't imagine getting paid to work.

It hasn't been an unbroken line of exciting and fun-filled days, but it sure beats working.

I have no children, so my situation doesn't really mirror yours. But, I would strongly suggest that you create a list of things that you might want to do if time and money weren't limits. If the list is short, think twice before retiring.

Ray


Plenty of people still manage to live like this, while holding a job. I don't think "retirement" is the problem in these cases.

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Post by investnoob » Sun Sep 25, 2011 3:26 pm

hicabob wrote:People that have never had a loved one with severe psy problems generally have no clue


Exactly. I'd take the most mind-numbing job ever invented over manic depression.

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Post by dave66 » Sun Sep 25, 2011 3:47 pm

I've never really understood the concept of retirement... because I've always tried to do stuff to make money, that I would do anyway, even if I didn't make money at it. So it's all the same to me. The notion of doing nothing but playing golf or sitting on some beach somewhere, has zero appeal to me.

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Post by marylandcrab » Sun Sep 25, 2011 3:52 pm

Thanks for the thoughts. There are 3 main things that have absorbed me the past 18 years - my marriage, my kids, my job. Of course I have friends and other family, but those 3 consume a lot of my time. Knocking two of them out leaves me a bit breathless. Trust me, dh doesn't want my undivided attention. I remember one time when the kids were little and were all over me all the time, I went to the grocery store and was picking up snacks for everyone. I knew what everyone wanted but me. I couldn't even pick a stinking snack for the superbowl.

Everyone I know works, I live out in the boonies, and am not particularly athletic - though I do enjoy golfing. I'm sure there is an independent woman inside me somewhere, I've just spent most of my adult life being responsible for so many other people I feel overwhelmed at the thought of figuring out what I would actually do. Dh's idea of me helping drywall the basement doesn't send chills up my spine.

BTW... I couldn't sleep til noon or sit around doing nothing. I also don't like shopping. I've just never really had nothing to do for an extended period of time, and have always worked since I was 14. I do volunteer that is a good idea that I expand that more. We're contemplating taking off 6 months to a year and reassess if we want to start another company at a level that doesn't consume us or if we're doing okay without working.

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Re: would you retire in your 40's?

Post by paulsiu » Sun Sep 25, 2011 3:56 pm

marylandcrab wrote:I know this is a leap for a financial forum, but if money was not an issue, and you could retire and stay at your current lifestyle, would you?

What advice would you give a couple in their 40's contemplating retirement?

What kind of plan would you make on what you would do realistically every day? Think after the cheering, sleeping in and taking a vacation, when life settles in, what would you do with your time? There are children in high school, so gallavanting around the world isn't realistic as a full time venture.


Well, if money is no objection, then I would quit my job, focus on the kids. I would still do IT stuff, but will now only work on personal projects that i want to work on and not what others want me to work on. I would probably devote a bit more time to my hobbies. Even in retirement, it's still about priorities in life.

If I didn't have kids, I would even consider going back to school full-time. Now i can learn stuff that I am interested in, without the worry that it won't be appliable.

Paul

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Post by MWCA » Sun Sep 25, 2011 4:09 pm

xerty24 wrote:
John Galt wrote:
mak wrote:A guy managed to get lifetime SSI/disability for manic depression. Gets up from bed 2pm, eats cereal, plays some video games, back to sleep, maybe rise again 7pm, download a movie and watch it, play on the computer, sleep again. Goes out only to get the mail. The mental problem is real, I've tried talking to him, he likes to pick fights and arguments. I stay away.


That's ridiculous. Someone works several months per year to pay the taxes that fund this guy's lifestyle

I'll take a 9-5 job with extra taxes over manic depression, paid for retirement or not, and it's not even close.


You really think that guy is living that kind of life on SS disability. Doubtful. Certainly not on his own without any kind of support more than disability. Plus the guy apparently has the money to come into the casino to "play". Sounds like someone was telling a few fish stories.
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Post by ofcmetz » Sun Sep 25, 2011 4:18 pm

My law enforcement pension will allow me to retire if I wish in my mid 40's at 25 years service. (If the state keeps it's promise). I'm exactly half way there so I give this some thought from time to time.

I work 50 to 60 hour weeks most of the year, but I do take about 4 weeks of vacation in between these weeks. My wife works part time, and said she doesn't ever need to retire from this because her work is rewarding and the 20 to 25 hours work week still leaves her plenty of time for the kids and to pursue her interests.

I think I'd like to see where financial freedom would take me. I can see getting a part time job that would allow me to learn something new. I would read more and try some writing. Assuming health was no issue, I would continue to camp and travel. Maybe follow my favorite sports teams around the country a little more. In college, my wife and I volunteered a lot and we found this very rewarding. It would be fun to have more time to do this again as well.

You've gotten some really good answers so far on this thread. I wish you much wisdom in making your decisions.
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Post by hicabob » Sun Sep 25, 2011 4:28 pm

MWCA wrote:
xerty24 wrote:
John Galt wrote:
mak wrote:A guy managed to get lifetime SSI/disability for manic depression. Gets up from bed 2pm, eats cereal, plays some video games, back to sleep, maybe rise again 7pm, download a movie and watch it, play on the computer, sleep again. Goes out only to get the mail. The mental problem is real, I've tried talking to him, he likes to pick fights and arguments. I stay away.


That's ridiculous. Someone works several months per year to pay the taxes that fund this guy's lifestyle

I'll take a 9-5 job with extra taxes over manic depression, paid for retirement or not, and it's not even close.


You really think that guy is living that kind of life on SS disability. Doubtful. Certainly not on his own without any kind of support more than disability. Plus the guy apparently has the money to come into the casino to "play". Sounds like someone was telling a few fish stories.


I believe Mak was refering to two seperate individuals - manic depression and stock picking would not be a good combo - My dear old Dad (a shrink) had a manic depressive patient who bought 5 Cadillacs for his buddies (including 1 for my Dad) in a manic episode - Dear old Dad then went down to the dealership and convinced them to cancel the sales contract - which you can imagine took a little doing.

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Post by MWCA » Sun Sep 25, 2011 4:33 pm

hicabob wrote:
MWCA wrote:
xerty24 wrote:
John Galt wrote:
mak wrote:A guy managed to get lifetime SSI/disability for manic depression. Gets up from bed 2pm, eats cereal, plays some video games, back to sleep, maybe rise again 7pm, download a movie and watch it, play on the computer, sleep again. Goes out only to get the mail. The mental problem is real, I've tried talking to him, he likes to pick fights and arguments. I stay away.


That's ridiculous. Someone works several months per year to pay the taxes that fund this guy's lifestyle

I'll take a 9-5 job with extra taxes over manic depression, paid for retirement or not, and it's not even close.


You really think that guy is living that kind of life on SS disability. Doubtful. Certainly not on his own without any kind of support more than disability. Plus the guy apparently has the money to come into the casino to "play". Sounds like someone was telling a few fish stories.


I believe Mak was refering to two seperate individuals - manic depression and stock picking would not be a good combo - My dear old Dad (a shrink) had a manic depressive patient who bought 5 Cadillacs for his buddies (including 1 for my Dad) in a manic episode - Dear old Dad then went down to the dealership and convinced them to cancel the sales contract - which you can imagine took a little doing.


I don't think so. This person refers to more than 2 people in his statement. Singling out a mentality ill person as some kind of justification for someone not retiring early.
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Post by btenny » Sun Sep 25, 2011 4:49 pm

Well Maryland I would start right now investigating how to take my kids and DH on big trip all around Europe for say 3-5 weeks. If you can afford to retire you can afford to take a big trip and take the kids. Plan a big tour and take everyone. Yes you might want to do the bus tour so the kids are under others control but you will get to see a bunch and learn a bunch and everyone will remember this trip for the rest of their lives. Go while they are still at home and you have the energy and control over their lives. See Paris, London, Amsterdam, Rome, Frankfurt and lots other old world stuff..... I did this back when with my teenagers and it was wonderful. Yes my oldest was difficult sometimes as teens can be but he used that Hard Rock Paris T shirt for years. Same with my daughters picture in St Peters square.....

Or if not this maybe 3 a week sailing trip around the Carabean...

Good luck and think up some adventures to do with your kids while they are still young enough. And stop worrying about work so much..

Bill

PS. Is there a way to go to part time at your job????

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Post by Noobvestor » Sun Sep 25, 2011 7:35 pm

I'd sell off the 3/4 of my business I like the least, and keep running the rest :)
"In the absence of clarity, diversification is the only logical strategy" -= Larry Swedroe

mak
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Post by mak » Sun Sep 25, 2011 7:50 pm

I referred to different people as examples of non-ideal, bored to tears, 'early retirement.'

Not sure how anyone would think the manic depressive was going to casinos, I didn't say that and he doesn't. He gets SSI/disability and medicaid med care because he has no assets. He divorced years ago, and for a while had found a group home living situation which he could afford. Later when that wasn't working well, his ex-wife who never remarried offered to have him move back with her and pay her rent for a bedroom in her home, which he does, from the SSI. He has no transportation of his own and has to ask her for rides if he ever goes out which is rare. He did buy his own computer and pays for the internet service but the TVs etc are hers and he simply has access because of sharing a home with her. It may be odd but seems to work. She has her own life and friends, he has none. He gets a free cell phone from the lifeline program with a few minutes a month, otherwise he has internet.

Anyway, all I was saying is early retirement is a curse for many, especially those not retired by choice.

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3CT_Paddler
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Post by 3CT_Paddler » Sun Sep 25, 2011 8:07 pm

VictoriaF wrote:
John Galt wrote:
mak wrote:A guy managed to get lifetime SSI/disability for manic depression. Gets up from bed 2pm, eats cereal, plays some video games, back to sleep, maybe rise again 7pm, download a movie and watch it, play on the computer, sleep again. Goes out only to get the mail. The mental problem is real, I've tried talking to him, he likes to pick fights and arguments. I stay away.


That's ridiculous. Someone works several months per year to pay the taxes that fund this guy's lifestyle


The guy is on disability for a mental problem. That is a part of the safety net that a civilized society provides to its citizens. If he were a quadriplegic and stayed in bed 24-hours a day, would you object to that?

Victoria


There is no doubt there is some good done, and obviously manic depression is a serious issue. On the flip side there are plenty of people who have learned how to take advantage of the disability system. I have a family member who works in counseling with people and she sees people who do just that.

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3CT_Paddler
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Post by 3CT_Paddler » Sun Sep 25, 2011 8:10 pm

MarylandCrab, why don't you just hire someone to help manage the business and take a part time aproach. Maybe if you get more balance in your life, you will avoid burnout.

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Watty
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Post by Watty » Sun Sep 25, 2011 8:12 pm

I'm not retired yet but I've already known too many people who have died or had debilitating illnesses or injuries before they were able to retire.

This is a very simplistic life expectancy calculator;

https://personal.vanguard.com/us/insigh ... ement-tool

But if you put in the numbers for a 40 year old couple living 25 years to be 65, then there is combined 16% chance of at least one of them dying before 65. I would guess that the odds are at least as high of one of them having serious health issues by then which would prevent them from fully enjoying retirement.

I would take a few years off at 40 and then decide a few years later if I wanted to permanently retire or not.

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Mel Lindauer
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Post by Mel Lindauer » Sun Sep 25, 2011 8:41 pm

Since you enjoy golf, you could work on your game and try to get your handicap down to single digits (if it's not already there).
Best Regards - Mel | | Semper Fi

halfnine
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Post by halfnine » Mon Sep 26, 2011 3:25 pm

We'd do whatever provided the wife and I happiness and the kids opportunities. And we'd probably spend a bit more time with our parents especially as they are not getting any younger.

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greg24
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Post by greg24 » Mon Sep 26, 2011 4:14 pm

I would definitely retire. I would have no problem filling my time. A lot of what I would want to do would require good physical health, so I'd love to retire while I'm still young enough to do everything I want to do.

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HomerJ
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Re: would you retire in your 40's?

Post by HomerJ » Mon Sep 26, 2011 4:20 pm

marylandcrab wrote:I know this is a leap for a financial forum, but if money was not an issue, and you could retire and stay at your current lifestyle, would you?

What advice would you give a couple in their 40's contemplating retirement?

What kind of plan would you make on what you would do realistically every day? Think after the cheering, sleeping in and taking a vacation, when life settles in, what would you do with your time? There are children in high school, so gallavanting around the world isn't realistic as a full time venture.


I would sleep in, work out more, volunteer at my son's school, learn Spanish, join a basketball league, and have tons of sex. With my wife. :) :)

But my goal is to retire slightly above my current lifestyle with a lakehouse and a boat... I'm pretty sure a boat would keep me busy too... :)

ann_l
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Post by ann_l » Mon Sep 26, 2011 4:49 pm

Interesting responses. I think 40 is too young to retire, unless your passion is outside your work.

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Post by dickenjb » Mon Sep 26, 2011 6:10 pm

I retired last year at 55. I have one son in high school and one in middle school. I get to see their sporting events which start at 3:30 pm - I worked an hour away so never got to attend weekday events before.

I have hiked the Grand Canyon twice since retiring, once rim to rim with a friend and again rim to river and back with Elderhostel. Sunday a week ago I completed a half marathon - 16 weeks of training for that filled parts of a lot of days. Am traveling to bridge tournaments all over the US. Signed up for two more Elderhostel trips - Big Bend NP hiking in Jan 2012 and Smoky Mountain NP hiking in April 2012.

Looking forward to when my 9th grader goes off to college so I can travel with my wife - have 5 million frequent flyer miles and hotel points saved up from my days at Megacorp. But until then I am plenty busy and more importantly fulfilled.

You might think about how your kids will feel about it - last year my younger boy reported he was the only 8th grader whose dad was retired. (Which is not to say he had the only dad who didn't work). A lot of people assume I am either very wealthy, crazy, or got laid off.

The boards over at early retirement dot org may be useful to you.

John2525
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Post by John2525 » Mon Sep 26, 2011 6:33 pm

Teetlebaum wrote:There are always recreational drugs. Some are even legal. :lol:

Which isn't to say that's what I'd do. I see nothing wrong with early retirement, but it certainly depends on the person involved.


+1 I enjoyed the occasional recreational drug before I had to start taking a drug test(mostly marijuana) and I look forward to not having to take a drug test when I retire. I have always thought a person should be judge on the quality of their work rather than their urine. Getting back a little bit of my liberty helps keep me motivated to save for retirement.

Anon1234
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Post by Anon1234 » Mon Sep 26, 2011 6:47 pm

I read somewhere "Retirement starts when you can afford it, not when you stop working." I think it was in Swedroe's only guide to the right financial plan.

Like others are saying, it's all about knowing what you want.

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Post by natureexplorer » Mon Sep 26, 2011 8:14 pm

Help my parents as they age. Travel. Plenty of hobbies. But I will probably always do some things for a profit.

marie17
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Post by marie17 » Mon Sep 26, 2011 8:37 pm

I am getting close to my forties and I often wonder if I will ever retire. Not because I can't afford it, but because I've seen my parents and in-laws do it and decline rapidly afterwards.

My plan is to reach a financial freedom point where i can choose jobs based less on salary and more on personal fulfillment. I'm not too off from that now.

thefinancialreality
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Post by thefinancialreality » Mon Sep 26, 2011 11:24 pm

imo, if you make your work your passion in life - you'll never want to stop working. That's why jazz musicians usually go on until they die.

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Post by scrabbler1 » Mon Sep 26, 2011 11:48 pm

I reired 3 years ago at age 45. I had been working in various part-time arrangements for the last 7 years prior to retiring, so I had already built up a good nonwork life. This included resurrecting a long-dormant hobby and starting some new volunteer work, so going from working 2 days a week to zero days a week was not a big change to my overall lifestyle.

I absolutely hated the commute, even 2 days a week, so eliminating it was all by itself a huge improvement to my life. Also, by working zero days a week, I was able to expand my hobby and more easily plan my volunteer work because I did not have to plan it around my work schedule. I rarely have any scheduling conflicts now and can basically come and go as I please.

I have a steady ladyfriend with whom being ERed (she still works full-time) makes it easier for her to plan certain things such as travel (if I need to take her to the airport) or having packages delivered to her (she has them sent to me to sign for them).

I am never bored and ERing 3 years ago was the best thing to happen to me. [BTW, single, no kids, no debts.]

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Post by mortal » Tue Sep 27, 2011 12:29 am

According to my calculations, at my savings rate I should be financially independent by age 40. I am more concerned with financial independence than early retirement.

I do wonder, however, if I will have the will to work when it is no longer necessary? I hope to find something more fulfilling than books, games, and tv to entertain myself. I'm not that worried though. I have a decade to figure it out.

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Post by letsgobobby » Tue Sep 27, 2011 12:40 am

I am 37 and not ready to retire, but I'd love to have more vacation. I can't envision working at this pace and at these hours for 30 more years. However, if I could have 12 or so weeks rather than my current 6 I could do this work for a long, long time.

My biggest incentive to retire is doing things that take 3-4 weeks at a time, like living in another country and studying the language; or doing a very long backpacking trip. My current job makes those activities impossible.

enochief
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Post by enochief » Tue Sep 27, 2011 5:48 am

I think I wouldn't retire but I would pick my favorite hobby and maybe try to do something more serious with it. And travel a lot of course. :D

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Dan-Fl
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retired

Post by Dan-Fl » Tue Sep 27, 2011 6:28 am

I did retire from Cardiology the first time at age 44, and the second time a year later. I have been retired from any full time work since. I have had a great 22 years. I might do things a little different if I had to do it again, but the concept has been wonderful.
I am busy from 6am to 10 pm each day.
I have done things that are very spectacular. My life today is full.
Service work today is very important to me and those I work with.
I will be at BH 10 if anyone wishes to discuss what and how.
I sailed the caribbean for 15 years, and lived on St. John, USVI for 5 years.
My net worth has roughly tripled during this duration.
Dan

Mr Grumpy
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would you retire in your 40's?

Post by Mr Grumpy » Tue Sep 27, 2011 6:38 am

For me, not in my forties, but I've just retired at 64 and am still working my way through it. I've questioned and observed a lot of people recently retired and a major thread in their thinking is that it was time to move on and do things outside the world of work (Raybo). If you can afford it and I assume you can if you are in your 40's, then my advice would be to give yourself permission and time to explore this new stage in life.

For me, I am still in that process;

http://jimamullen.blogspot.com/2011/09/ ... mmies.html

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