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Ready to Retire, When ?

Discussion in 'Investor Psychology' started by Ace in the Hole, 14th Aug, 2015.

  1. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    Skater's just done it, who's next?

    How about a post to record your proposed plans/targets in advance as a reference to revisit when you hit it sometime down the track.
    It can be your predicted future retirement date, or a date when you expect to be financially free.
    It could also be an age you reach when you decide you will retire regardless of meeting financial targets.

    Include as many or few details as you like, such as:
    Age.
    Equity.
    Passive income expected.
    How long you expect it to take from now.
    A basic plan on how you expect to get there.
    Etc,etc.
     
    MJS1034 likes this.
  2. Lacrim

    Lacrim Well-Known Member

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    You want to start ?;)
     
  3. Hodor

    Hodor Well-Known Member

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    I'm 13 years away give or take 2 years. I've posted everything under one Thread which I will continue to update as things move along.
     
  4. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    Sure,

    My deadline date for voluntary retirement is and full freedom is just under 2 years from now, 30th June 2017.
    I'll be 41 years old.

    Passive income from rental returns will come from a substantial residential property portfolio which is now complete, however, a commercial property will very likely be added to the holdings prior to the target date.
    We don't plan to sell any properties, and will keep accumulating assets over time.

    Currently have a business which is the only reason the retirement date is not immediate.
    One can not simply walk away from a business and forfeit all that it has to offer, and this is the most difficult part of the exit.

    Retirement to me means the freedom to use my time how I want to, which includes spending lots of time with my young daughter as she grows up, that is all.
    The money is secondary by quite a margin.
     
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  5. wylie

    wylie Moderator Staff Member

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    Hubby "retired" six years ago (aged 50), but did go back to work for an old boss for nine months and then three months within that six year period. I "started" work nearly five years ago (after being out of the workplace while our kids grew up), as a casual and enjoy my work, and can work as much or as little as I like, so this is very flexible.

    We are living on rent. We have a large debt that is covered by our super, but we don't want to cash in the super to clear the debt as we would pay a whack of tax (until we reach 60 anyway), though it is something I need to look at more closely. I've not had time to look at it though as there is too much happening.

    We have a DA in council to build townhouses (never built before) but we may just get it through and then sell with the DA. I'm not sure I want the stress involved in doing the build. We will make more if we build, but we cannot take it with us and there is nothing we cannot do now that more money would allow us to do.
     
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  6. FireDragon

    FireDragon Well-Known Member

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    For me it depends on how long I can stand my colleagues. :p
     
  7. mrdobalina

    mrdobalina Well-Known Member

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    Retired a few months ago, although the missus is under the impression that I am only taking a break! Late 30's. Loving spending more time with the kids.
     
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  8. spludgey

    spludgey Well-Known Member

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    Location:
    Sydney
    Age: I'm going to retire, or at least will be able to retire, on my 40th birthday
    Equity: Not really sure, depends on the markets a bit, but somewhere around the $1M to $2M mark. This excludes our PPOR
    Passive income expected: $100k pre tax in 2010 terms
    How long you expect it to take from now: Just over 7 years to go
    A basic plan on how you expect to get there: Very boring buy and hold in high yielding, low socio economic areas. Once there are some capital gains, get the money out and buy more properties. I am interested in getting into some sort of development somewhere down the road, but this isn't required to realise my retirement plans and might even happen during my retirement.
     
  9. MTR

    MTR Well-Known Member Premium Member

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    Good for you, enjoy:)
     
  10. MTR

    MTR Well-Known Member Premium Member

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    But you have reduced your hours and loving the big $:)
     
  11. alexm

    alexm Well-Known Member

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    I'm trying to understand what the obsession is with retiring early? If you enjoy your work (job, investments etc) then why not keep working forever?

    The BRW Rich 200 seem to have this approach.
     
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  12. Bran

    Bran Well-Known Member

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    No plan to retire - I'm mid 30s and have only just started. My extra new business is only a few weeks old, and I don't even know where I may end up taking it.

    I'll work until I can't, or no longer want to, but am already trying to dictate terms to preserve health and life, but it's always hard to do so.

    Big picture - It's not about me, but my three babies. I will have come from a modest upbringing with a good education but no cash. Anything I end up with is my own hard work but so far I have at least a house each for my kids that they can have as a minimum.
     
  13. Be Developer

    Be Developer Property Developer Business Member

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    @Ace in the Hole

    Just startedstarted...so no where near of retirement.

    Also, I am one of those who will never retire. Will always have something on..
     
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  14. Heinz57

    Heinz57 Well-Known Member

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    My mantra "2020 Vision". If we can go late 2019 that will be a bonus
     
  15. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    By retirement I really mean financially and physically free.
    i.e. When you could stop working and go on an endless holiday and do the things you want to do, unrestricted by time and choice, if you choose to.

    I plan to keep working at projects after being financially and physically free.
     
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  16. legallyblonde

    legallyblonde Well-Known Member

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    LOR is the plan... But I am in the category of probably never retiring... I just want to be in a position so I can have mini retirements (six month trips) regularly/ accept fun jobs in interesting places (being a ranger on Hamilton Island??/volunteer all over the world)! So I will not need a huge amount of passive income.
     
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  17. Notlad Samoht

    Notlad Samoht Active Member

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    I've only started investing 3 years ago, so I find it hard to know where I'll be financially in 10-20 years, I am just hoping for the best. I've managed to buy 4 IP's in the last three years, which I feel is the best I could have done with the cards I've been dealt.
    I will be pleased if I own my family home, a nice car each for me and my wife, have my kids in a good school, can have an international holiday once a year (not filthy Bali) and have 500k in the bank or invested----within 10 years.
    To not be working at all and pulling in a good income from rental return would be bloody awesome, but I'd say I'm 20 years off that.
     
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  18. jins13

    jins13 Well-Known Member

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    In my 30s and think I may need about 10 years before I could pack my stuff and tell the other staff "Going on an extended lunch break" and not come back ;)
    I think I couldn't ever really retire because would love to do pro bono work and maybe enrol into some courses to learn. Get to meet heaps of interesting people from all walks of life!
     
  19. Travelbug

    Travelbug Well-Known Member

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    You are assuming retirement means doing nothing. I take it to mean no longer working for wages. Of course your investments are still working for you (how much you work for them is up to you).

    For years I have always said "I love my job, I'll never retire"
    I went part time 18 months ago and still love it but having equity and cashflow means I don't need to do it 5 days a week. That's what gaining financial freedom is all about.
    I have enjoyed working 3 days a week but when I made the "I love my work" statement to someone they asked "would you do it if you didn't get paid". My answer was still yes but on my own terms. I keep seeing cheap cruises that I can't go on. Frustrating. LOL

    So now I find myself thinking of retirement at the end of the year.
    I'm 57. My hubby is 63 and retired 18 months ago. Although he has been doing part time work, handyman type stuff which he loves.
    Our cashflow is from rents. It's not huge though but waiting another 2 years won't change a great deal. We have Super which I don't want to touch plus we have buffers as we just sold 2 IP's.
    Our plan is to travel for 2 years (in our Motorhome and overseas stints) then decide what's next after that.
     
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  20. Biz

    Biz Well-Known Member

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    I'll never stop, just aim for more and more flexibility with when and how I operate. Endless travel doesn't appeal to me (3-4 weeks max and I want to go back home) being at home all the time would get old quick and im not into charitable stuff so working in a soup kitchen or whatever is out.