When do you want to retire?

I say 10years because I only started my journey so gives me enough time to cook up the portfolio.
But i plan to retire from my day-job in 10years and have enough passive income to survive so that i can focus on Property Investments(PI) only.
Completely retire and do nothing for the rest of the life probably won't make sense so I'll try to keep myself busy with PI (10-15hrs/week & working 6months on and 6months off).
"Now I am day-dreaming" .
Why you started this thread ??

 

Yesterday, or if you want me to be sensible, tomorrow.

I don't want to have to go to work, and want to choose to do it - less than I do now.

I'm enjoying my job now more than anytime in the last decade, but it is still all encompassing. I do get a big kick out of work and helping people, but I'd like to do this for 'free'.

Realistically, as I stand, Ill be working til the retirement age. But let's see what some planning and strategy bring.

People that know me tell me I would have no chance of 'doing nothing', but I think I'd give it a red hot lazy go.

 

Earlier this year we both seriously considered retirement and we both panicked. We both like our jobs and are full of energy, we could not imagine what would we do in retirement. So we decided to work 5 years more and then assess the situation again

I considered even to change the field that I work, but I could not think anything else that I would like doing. Also if I am working I want to be fully compensated for it and the current job pays really well. First world problem! I know

 

The goal is 10 years time. But I don't mean stop working. I mean have the ability to.

I thought you were Italian?

 

I ticked "already have". It was only after two years after being away from the rat race that I declared myself retired, as I initially thought that retiring at 45 was risky from a "what will I do with myself all day" perspective, fueled mainly by naysayers. I was wrong and I am glad I took the chance to give early retirement a chance - it was worth it.

 

I picked 20 years, it's not when I want to retire it's when I will be retired by.

In reality though I want it to be between the 15-20 years which in my circumstance is 51-56, but if opportunities allow it I will retire earlier!!!

 

It's more a case of 'do I really want to?' Retirement will be when I want to and when the phone stops ringing.

 

I don't get it?
Why would you not want to do what you want when you have a family.
you don't want to take your kids to school? Spend every day with them instead of working? Wake up with them and have breakfast, instead of rushing off to work? Going away for a holiday?

I wish I didn't need to work when my kids were younger.

Some of the younger ones saying you are going to retire soon does that mean not work or do you mean leaving your PAYG job?

I chose retired now (but I actually have 3 weeks to go).

Living Off Wife?? He got a voluntary redundancy so it didn't make sense to work for another 2 years for 1 years money. He didn't work the first year. was parttime and salary sacrificed most of my wage. Our bank accounts weren't getting depleted and I thought. 'Hang on, why am I working?"

 

I have been living the retired life since May of this year. Best decision I ever made. Do what I want when I want. Retirement to me is not sitting around doing nothing I think you still need a challenge. I still make plans to move forward, its just that I do not have to have a job to fund it. I have a choice about what I do and when I do it. I am currently thinking about a new build for next year on some land behind one of my rentals. This will add to the equity and cashflow. Do I need to do it, no, do I want to do it, yes.

 

Good on you Travelbug and Charlotte , how are you both finding it so far?

 

Not sure if I am one of the 'young ones'?

to be honest - I dont know how 'retirement' is going to look.

Currently I work half the year. 1Month on, 1Month off. I love the 'off time'.
Retirement is dropping the 'On' month.

What I do know is that an extended 'mini' retirement is being planned. I am going to commit to 2years without a job.
From there I will see how it swings. I may return to the work force. I may start a business, I may continue to work in casual/part time employment. Hell - I may be so bored and free of stress I will return to the corporate world and carry on grinding through life. I really dont dont know.

I am however, confident that I will have the 'passive' income to not HAVE to work - in any form. If I choose to - I will. Mrs Blacky might get so sick of having me hanging around the house she will force me to go to work (or maybe she will go to work and I can LOW )(it will be a chilly day in hell when that happens ). Perhaps I will want to purchase more property, and will need to demonstrate more servicability so will go back to work for 12months just to prove to a bank I can.

I would like to spend more time volanteering too. I have a unique set of skills which could be valuable to some organisations - I would like to explore these options further.

Who knows. Its a part of the excitement of not being a desk jokey any longer than absolutely requried!

Blacky

 

I already do all that, minus spend all day with them. I was free when i was young and had no dependants. With a family you can't do whatever you want whenever you want because they are relying on you. It's kind of an invisible leash.

It's not a bad thing but it is what having a family is about, you're relying on each other and have to work within each other routine. Until there is less family commitments when the kids are independant somewhat there is really no freedom, for me investing and business is about creating more flexibility in the years before that time.

 

@Biz OK I misunderstood what you meant. It sounds like you have it sorted pretty well.

@D.T. im retiring in 3 weeks. The first month we are going to be flat out with Christmas, landscaping our backyard and de cluttering. Then we'll start travelling. I'm getting travel withdrawals already. Might duck over to Bali for a week in January to alleviate that.

 

Who wants Retire Rich?

Regards,
Retire Rich

 

Sounds great, enjoy!

Don't we all?

 

Really? How is possible to retire on just a few hundred k worth of equity? Genuinely would like to know
Somersoft Property Investment Forums - View Single Post - How much have you made?

 

@Jamie_

Property is not my (primary) vehicle for the short term

FYI, equity is up quite a bit since then, too.