What age do use plan to retire ?

Currently 32 planning on working part time at 45.

ideally would leave the corporate world and move to developing one or two small scale projects per year to bring in some additional cash as my part time piece..

 

Same guidelines I advised in your other thread.

1. Stretched to buy our first property on low income, was going nowhere fast.
2. Wanted to buy more property so worked on increasing income/cash flow while still working full time and ended up growing a decent business from scratch very quickly.
3. With the increased cash flow from business, bought properties with development potential and developed them all, 3 developments in total, kept them all.

But there's many ways you can do it, even pizza delivery drivers can build a big portfolio if the market and conditions go their way.

 

Have decided to go for an extended transition from 42 rather work flat out to a particular age.
I think the traditional notion of a "hard" retirement is dated. More people are choosing flexibility at a younger age as their financial independence matures & allows.

 

Currently 26 years old,
First born due in Jan. I plan to be 'retired' by the time she's 10 so we can live overseas for months at a time. Life's too short to trade it all for money.
So rough targets are between 35 and 40. Sooner if I can keep ramping up my income.
That said - investing will never stop - when something's a passion, it's not work.

 

In my 30's was the plan. How much do kids cost?

I'm 30 now and the portfolio brings in more than my salary. If I can move to full time developing in the next 5 years I should hit that goal.

 

The plan was to retire about now but a flood mitigation issue occurred outside our control a few years ago, followed by the Prime Minister at the time calling a September election at the start of the year and the national economy stalling. So maybe another two or three years away.

One property cycle would be enough for us to retire on.

 

Depends upon how you bring them up: your/partners/parents expectations, educational/cultural background, lifestyle, spending habits, holidays, consumables, location, reliance on govt handouts (family tax benefit A/B, pension, return to work, carers, tax deductions etc)

 

5 times.. yes, 5 times, I almost wrote what i think of retirement on this thread. But, could never get past the glaring already-worse 'youse' to a shortened-unbearable 'use'. Twice!

I think, noticing how grumpy I have become, I should retire RIGHT NOW

 

I have retired, haven't felt so carefree since I was a teenager who lived for surfing at Bronte Beach and the weekend dances and balls at the Trocadero, bet there aren't many who remember the Trocadero

At the moment I am just enjoying being me - wont last as I am not the type of person who just does nothing but in the meantime I will just sit on my verandah sipping whatever is at hand

 

well, that is the perfect retirement. isn't it. Freedom to choose.

 

I love this story. I have read it multiple times and I know you guys would have too.

This story is my inspiration to slow down, reassess, and get real about how I want to live life.

"An American investment banker was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked. Inside the small boat were several large yellowfin tuna. The American complimented the Mexican on the quality of his fish and asked how long it took to catch them.

The Mexican replied, “only a little while. The American then asked why didn’t he stay out longer and catch more fish? The Mexican said he had enough to support his family’s immediate needs. The American then asked, “but what do you do with the rest of your time?”

The Mexican fisherman said, “I sleep late, fish a little, play with my children, take siestas with my wife, Maria, stroll into the village each evening where I sip wine, and play guitar with my amigos. I have a full and busy life.” The American scoffed, “I am a Harvard MBA and could help you. You should spend more time fishing and with the proceeds, buy a bigger boat. With the proceeds from the bigger boat, you could buy several boats, eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to the processor, eventually opening your own cannery. You would control the product, processing, and distribution. You would need to leave this small coastal fishing village and move to Mexico City, then LA and eventually New York City, where you will run your expanding enterprise.”

The Mexican fisherman asked, “But, how long will this all take?”

To which the American replied, “15 – 20 years.”

“But what then?” Asked the Mexican.

The American laughed and said, “That’s the best part. When the time is right you would announce an IPO and sell your company stock to the public and become very rich, you would make millions!”

“Millions – then what?”

The American said, “Then you would retire. Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take siestas with your wife, stroll to the village in the evenings where you could sip wine and play your guitar with your amigos.”

 

Can I suggest that, prior to retiring (and I hate that word but that is another story), that one does some risk analysis.

While it is all good to retire at say, 40 on $40k/year secure passive income and plan to live the 'good' life, I would suggest that people put some thought, even informally, into what they would do in the unlikely event that something bad happens.

For example, what would you do if:

1. You or one of your loved ones is seriously hurt in an accident (car, sporting, home or other) and it takes months or years for them to recover. Two things for sure is your 'free' time will dissipate and your living expenses will go up (no matter how much insurance you have). My family has experienced this and our lives were changed dramatically and forever.

2. You or one of your loved ones is diagnosed with a serious disease and it takes months or years for them to recover. Two things for sure is your 'free' time will dissipate and your living expenses will go up (no matter how much insurance you have). In my volunteer role, I see this ever week and their lives are changed dramatically and for a long time and maybe forever.

I am not trying to be negative and I am not saying that no-one does this. If you have a higher secure income stream that what you basically need in retirement (say $60k or $80k or even higher instead of $40k in my scenario above), then this will give one some flexibility, should the unimaginable happen.

Something I would suggest people might want to think about.

 

I agree with the above, at least 1/3 of the people using this forum will experience having to put a partner/themselves in a nursing home - it is not cheap and could be for years.

 

In 10 years (around 50 years old) I would like a passive income of $100ish but in all reality I only need about 35K.

 

I kind of plan to carked it around 80.... not a plan?
On a serious note agree @kierank - I said 35 but likely would not stop working completely, rather, doing what I want to do

 

That is what most people should plan for. Retiring means being able to do what you want / like to do.

 

Some English lessons in retirement will be a good idea...

 

I'm 55 now, late to the game. If I do things right, retire in 5 years, if not I can easily go to 65 or more in my line of work. I enjoy my job so its not too stressful. Even if I "retire" I'm an insatiable knowledge junky and I'd use my "retirement" to go to uni and do a degree in Astronomy.

 

Nice one !

 

I agree your time is more important then slaving at work , what did you retire on ?