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gregintenn

Anybody here retire early?

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Unless you have friends and family that will be able to do the things you want to do/have planned when you retire at 50, you will be bored, unless you enjoy doing things alone.  Having the time and money to do retirement things at 50 is great (congrats) but not many people are/will be in that position due to them living their earlier years different than you in terms of saving, etc.,  Various other life commitments, such as kids in high school, college, grand kids keep  most from doing what you are considering.

 

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I retired in 2004, at age 56, from the Post Office. My advice is to be completely out of debt before you retire. We had our home paid for and owed no one. My Wife was an RN, and put 25 years in and got a full retirement also. 

I did a lot of church work, baby sit grand kids, had hobbies, and have not been board at all.  We purchased our first RV in 2001 and have enjoyed the camping life throughout our retired years. Am 71 now, and dealing with health issues but still running the RV up and down the road, and doing house work and stay busy all the time.

Go for it, but realize your standard of living will probably be scaled back. I never wanted to retire then work part time, but it works for some. 

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Congratulations on your opportunity to retire on your terms.

If staying doesn't increase the package, other than a consistent paycheck, you have no reason to stay.

Definitely have stuff to do. I have a friend in his mid 60s, retired at 50, his wife and friends still works, he's been a loner for 15 years...

In my world, I suspect I could have retired at 50...if not for good old fashioned American consumerism.

My money guy says I can afford to retire at 62, only 11 more years.

 

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I think the key here is that Greg won't HAVE to work.  If he gets bored, he can always find another job but having the freedom to choose is pretty sweet.  That's what I'm aiming for. 

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4 hours ago, 10-Ring said:

I'm reading this thread purely seeking advice.  Almost 37, and spent my 20s mostly goofing off.  I consider my 20s to be a retirement decade on the front end of my life.  Although it will delay my actual retirement, I got to do a lot of cool things that my body won't be able to do when I'm actually retired, and I don't regret it.  I have a 401k and plan to get into a mutual fund soon and contribute monthly, just because I can afford too and I honestly won't miss the money.  My goal is to retire by 60.  I'm honestly not worried about missing work.  I don't have enough time to hunt and fish as it is and I enjoy farming.  That's more than enough to stay busy. 

If you like farming, you can always supplement your income with the extra veggies.  Nothing wrong with enjoying life, as I was in the military, so my fun 20s were a little limited, but I too let them slide by before I started investing in my future.  I guess I was investing though, as my 21 years in counted towards my retirement pay, so there is that. But the military, Army, didn't have much then, and it wasn't until 2000 that I started my TSP, the military's 401k plan.  I was already in my 30s, and had only about 4k saved before I retired.  My jobs from then on, have all had a 401k, and I have always maxed the matched amount, and now a bit more than that.  

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I retired at age 53 from my real job, traveled and moved during the next 5 years, then worked P/T to keep busy until my wife hit SS age.  Now we both work a little bit and goof off a lot.

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Im probably no where near as well off as I should be.. But Ive put away 10% for the last decade, my wife has put away 7%... My company has matched 401k and I have maxed it out for 10 years... And I'll retire when I can (Im 35 sooo..)

Edited by 1fast4by
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I retired early. First few years, I was bored to death. A couple of years ago, I had a new house built on the lake. I am finally at peace with slowing down and taking life easy. I would recommend figuring out what you are going to do in retirement before you pull the plug.

 

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Greg, my advice would be to retire at 50 if you can afford it, if that's what you REALLY want to do.  I would heartily recommend that your next step might be to figure out what you REALLY want to do!  May you have the very best of luck, and the benefit of balance, spirit, and wisdom.

Edited by QuackerSmacker
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Thanks for the great advice. You guys have hit on my dilemma. I do not intend to sit at the house and look out the window. I do not intend to continue working the same job for half of what I'll be paid to not work there anymore. I also do not intend to work somewhere else for half the pay. I really need to decide on what I want to do.

I toyed with the idea of opening up a hydraulic shop, but a guy near here has recently opened one up. Oh well, I'll come up with something.

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2 hours ago, gregintenn said:

I toyed with the idea of opening up a hydraulic shop, but a guy near here has recently opened one up

Check him out, there may be a mutually beneficial opportunity.

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7 hours ago, A.J. Holst said:

Check him out, there may be a mutually beneficial opportunity.

You know what? That never crossed my mind until you said it.

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On 10/5/2019 at 9:51 AM, gregintenn said:

I do not intend to continue working the same job for half of what I'll be paid to not work there anymore.

How would that be the case? :confused:

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5 hours ago, DaveTN said:

How would that be the case? :confused:

I will be able to collect a pension which would be roughly half my salary.

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