Ideal retirement age

Discussion in 'Financial Independence, Retire Early (FIRE)' started by Realist35, 9th Feb, 2020.

Join Australia's most dynamic and respected property investment community
  1. Realist35

    Realist35 Well-Known Member

    Joined:
    1st Mar, 2016
    Posts:
    1,271
    Location:
    WA
    Hello PC Team,

    I am curious to see what you guys consider to be an early retirement?

    For me personally, I think it's 50 years of age. It gives one a lot of time to enjoy life but at the same time an opportunity to develop and utilize their human capital.

    Thanks :)
     
    Beano likes this.
  2. moridog

    moridog Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    427
    Location:
    WA
    I’m hoping to stop paid work at 60, but 50 sounds better!
     
    Realist35 likes this.
  3. kierank

    kierank Well-Known Member

    Joined:
    20th Jan, 2016
    Posts:
    8,410
    Location:
    Gold Coast
    55
     
    Realist35 likes this.
  4. Joder

    Joder New Member

    Joined:
    9th Feb, 2020
    Posts:
    4
    Location:
    PORT HEDLAND
    Hi Realist35,

    Honestly I believe it is what ever you can afford to live off. Everyone would have a different number for their own specific reasons. Personally the younger the better, but unfortunately for me it is not possible until about 40 since I wouldn't have enough for my retirement lifestyle.
    I would be keen to hear from others, even though I've read that people become bored and end up working in something that they love so they keep themselves busy rather than say sitting by the pool or going to parties if you get my drift.
    Peace out
     
  5. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    11,412
    Location:
    Melbourne
    Ok - so I am sitting at home, reading Prop Chat all day, sleeping in, doing all that sort of stuff .... I think it's not just boredom as such - it's the whole social interaction thing - all the people I can relate to and hang out with are... at work!! Even Prop Chat goes pretty quiet during the day....

    I think retirement is over-rated - I'm looking forward to jumping back into the workplace politics, whinges, crazy people and at the end of the day: a lot of fun.

    The Y-man
     
  6. Joder

    Joder New Member

    Joined:
    9th Feb, 2020
    Posts:
    4
    Location:
    PORT HEDLAND
    Hi The Y-man,

    Please enlighten me on what has stopped you from entering the workforce.
    Peace!
     
  7. Realist35

    Realist35 Well-Known Member

    Joined:
    1st Mar, 2016
    Posts:
    1,271
    Location:
    WA
    Lol can't think of anything worse (going back to work). I don't think I'll miss working one single bit.

    At what age did you retire mate?
     
    Joder likes this.
  8. MTR

    MTR Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    25,853
    Location:
    My World
    This is a loaded question surely

    asap
     
    Bunbury likes this.
  9. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    24,340
    Location:
    Sydney or NSW or Australia
    • Old age
    • Expired visa
    • Can't be @rsted
    • Lack of transferable skills
    • Is extremely ugly :p
    • Has a problem dealing with people
    • Is agrophobic
    • No-one can afford him
    • Cannot go out during daylight hours
    • Y-man isn't his real name
    • Doesn't have a a TFN
     
    Nakan, mikey7, See Change and 3 others like this.
  10. Joder

    Joder New Member

    Joined:
    9th Feb, 2020
    Posts:
    4
    Location:
    PORT HEDLAND
    Hi Scott No Mates,

    I guess The Y-Man doesn't regret retiring early then even though he said it's over rated. I am with Realist35 on this one, I can't wait to retire.

    Peace out.
     
  11. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    11,412
    Location:
    Melbourne
    @Realist35 I got a package out of my "day job" at 50 per @moridog post above :D The payout set us up to have a comfortable investment income that we could theoretically retire on.


    @Scott No Mates is spot on! Not only am I not a poster boy, it came down to a transferable skills issue of getting into a job I quite enjoy. Unfortunately, they told me due to accreditation changes, I am under-qualified..... so I am currently studying ... and am waiting for the outcome of some work I sent off... hence my "days off" at present (aside from the fact that summer break runs from November to March!!).

    The Y-man
     
  12. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    11,412
    Location:
    Melbourne
    I have always believed - and still believe more than ever - that the "option to retire" is a really powerful state of mind in any "job".

    IMHO If you have the financial freedom to walk out at any time - work stress becomes a lot easier to handle. You can tell your management (and staff) how you see it - and if you are (at least half) reasonable and your management truly cares about the business - they'll appreciate you, and you actually have power in the workplace. When you are not afraid of losing your job or upsetting your (immediate) bosses - you can be a much better and more productive worker. How many people think the actual work is ok but the fact that they are wage slaves sucks....Well that's my theory anyways....

    The Y-man
     
  13. PKFFW

    PKFFW Well-Known Member

    Joined:
    15th Mar, 2018
    Posts:
    379
    Location:
    NSW
    I'm aiming for 51 only because I'm OCD and could not live with the mental anguish if I retired part way through my 25th year in the Brigade rather than seeing it out and retiring on my anniversary date. Having said that, I would have liked the option to retire at a much younger age but I started the FI journey too late.

    However, whenever I do "retire" it will only be from the brigade and not from life or meaningful activity.
     
  14. geoffw

    geoffw Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    10,813
    Location:
    Canberra
    I thought you would have outgrown the brigade?
    Boys' Brigade - Wikipedia
     
    PKFFW likes this.
  15. kierank

    kierank Well-Known Member

    Joined:
    20th Jan, 2016
    Posts:
    8,410
    Location:
    Gold Coast
    Whatever age one retires, not only does one require sufficient passive income to cover one’s lifestyle expenses (at least their “needs” and preferably their “wants”), one also must have a cash reserve to cover any unexpected events.

    We have been retired for nearly 10 years now. In the last 3 years, we have had two health issues that were totally unexpected.

    Total cost around $180,000. Thank goodness, we had full health insurance.

    But even if we didn’t, we couldn’t have funded it all from our cash reserves. Albeit, it would have made a severe dint in our reserves.
     
    number 5, lamecrocs, ellejay and 2 others like this.
  16. moridog

    moridog Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    427
    Location:
    WA
    That’s a a good point YMan, I theoretically could leave work and for the first time possibly in my working life have a better understanding of my personal worth in the workplace, this has certainly allowed me to be far more assertive than I ever remember being. In the last four weeks six colleagues have not had their contracts renewed and are instead casual.this is destabilising and distressing not to mention poor management. I can only look on and realise how fortunate I am to be permanent and think how bloody lucky I am to be almost at the end of my paid working life. But I still could take the leap of faith and I don’t like hearing my colleagues say “ oh, I’ll have to work until I’m 78 ya da ya da until the mortgage is paid off” because if you have a property you have options, many people don’t.
     
    significance likes this.
  17. kierank

    kierank Well-Known Member

    Joined:
    20th Jan, 2016
    Posts:
    8,410
    Location:
    Gold Coast
    Beside the main purpose of giving back to my community, that is the second reason why I love doing volunteer work.

    ... they can sack me and it makes no difference to my income :eek:.

    A really, really powerful position to be in (and one that shouldn't be abused).
     
    Joder likes this.
  18. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    11,412
    Location:
    Melbourne
    I give back to my community voluntarily (education) AND they pay me $138~$198 an hour :D:D:D:D:D


    The Y-man
     
    Scott No Mates and kierank like this.
  19. kierank

    kierank Well-Known Member

    Joined:
    20th Jan, 2016
    Posts:
    8,410
    Location:
    Gold Coast
    Your definition of GIVING is obviously different to mine :p.
     
  20. TangibleGoodwill

    TangibleGoodwill Well-Known Member

    Joined:
    7th May, 2016
    Posts:
    80
    Location:
    VIC
    Seen it all too many times, my fathers age group, retiring at 65 and passing at 66-68.

    Granted life choices plays a big part here. However stuff leaving a full working life to chance.

    55 sounds safe and about right. Though I do think its important to keep active in some capacity, both physically and mentally.