Could you retire early?

[eeyore65]

For a variety of reasons - making money early, sold my company, real estate gains - I find myself in the position to retire in my early 40's. My DH - also early 40's is a SAHD already retired. DS is 8. We would have to trim our budget a little bit - and I would never have to work again.

Now I'm wondering...can I really do it? I have been so busy my whole life and there are things I want to do - like spend time with my family - but I may have 40 years of retirement and I don't know if I can do it.

Could you? Any ideas on what you would do are welcome!

 

[PhotobearSam]

The work you do now, is it something you could do as a consultant in the coming years?

I ask that because you may want to retire but you could also just work less and when you want to that way. Then you could have the best of both and not have to trim the budget too much.

Remember that in the future, we are probably going to live longer. You have to have money till you are at least 90.

My BIL is thinking of doing this as he is a somputer genius and makes a lot of money. He wants to teach diving as a second career after he retires.

 

[marybet]

Can you take a year off and see how you like it? Would you still be able to do what you do in 5 or 10 years?

I quit working when I was 50 and remarried. I never had a "career" just jobs, so I never really missed it. I don't really think you will know unless you give it a try.

Another thought, how are you on vacations? Can you totally relax and forget all about work, or do you keep in touch to make sure things are going well? That might give you an indication of how retirement could be.

 

[golfgal]

If I had enough to occupy my time I could. I was a SAHM for 14+ years and just recently went back to working full time after we moved. Before we moved I was very involved in some charities, church, school things that kept me pretty busy so that was good. After we moved I had nothing to do all day so I got a job. It is a little busy but I think that if I "retired" I would either work part time or make sure I was doing some regular volunteer work. I would also do a lot more traveling, etc. so that would help.

 

[eeyore65]

I'm in the finance field. If I get out - it may be hard to stay current and get back in. But...I do have other interests. I like to learn new things, sew, dive, fish - I'd like to learn to surf, catch up on my reading, etc. Maybe do something more meaningful then finance - maybe teach. I would do it for the satisfaction as the money isn't really needed. I guess I'm going through a mid-life crisis.

Trimming our budget - still means I can travel too, just no concierge rooms at WDW.

I have our money lasting easily to us living to 100 - so I know I can do it....

I have been a constant blackberry user so getting off of that would be hard but certainly healthy for my family life!

 

[Tiggeroo]

I honestly don't think retirement is healthy, especially if you are not very well off and able to do alot of neat things. Unless, of course you have children and by retiring you mean you can afford to stay home full time with them now. Because then that is worth it.
Generally I think the happiest people I know are ones who work up until they can physically do it, even into their 80's in some form. The alternative is doing alot of volunteer work you really care about. I agree with the others, is there a way you could each work part time. What about starting a business, or consulting work. I can't imagine at this point in my life just hanging with my dh all the time. It also places alot of pressure on your investments to perform well for a long time. This would probably make me nervous.

 

[Pigeon]

I like working and I have a great job. I can see myself working till 68 or so.

I know a number of people who retired during the dot.com boom. Most of them are back to work. I think it's easy to miscalculate.

 

[Galahad]

DW plans to reture at 57 (5 years from now). Is that early? I will work until 60 or 62 probably. Rule #1 (I've been told): NEVER retire at the exact same time as your spouse.

 

[Snowysmom]

Financially, I can't retire until I am in my late sixties, at least. But even then, I plan on working part time as long as my health holds out. I could not stay home all the time. DH plans to work part time too which is good because 24/7 together might just make us crazier than we already are. There is a 77 year old woman where I work who works 10 hours a week. She is in great health, works because she wants to be interacting with people rather than sitting around the house, and she does a great job. She is my role model. Maybe you could scale back to part time and see how that works. Also you could investigate volunteer work in your community.

 

[minnieandme]

I'm in the finance field. If I get out - it may be hard to stay current and get back in. But...I do have other interests. I like to learn new things, sew, dive, fish - I'd like to learn to surf, catch up on my reading, etc. Maybe do something more meaningful then finance - maybe teach. I would do it for the satisfaction as the money isn't really needed. I guess I'm going through a mid-life crisis.

Trimming our budget - still means I can travel too, just no concierge rooms at WDW.

I have our money lasting easily to us living to 100 - so I know I can do it....

I have been a constant blackberry user so getting off of that would be hard but certainly healthy for my family life!

It sounds like you have all your ducks in a row so go for it. Learn to do those things you always wanted to do and enjoy your life.

 

[luvwinnie]

In a heartbeat! But I'd volunteer at animal shelters and probably at hospice.

Have you considered the expense of health insurance? That is my one worry since I have a chronic illness.

 

[eeyore65]

Part-time would have been ideal. But with the company sold - that isn't an option. I am being recruited for some big $ jobs - but it would involve relo or lots of travel. I have been doing lots of travel for many, many years and it has strained my family life. While I loved my job - the intellectual challenge and satisfaction - it did cause a toll on my personal life.

Relo is also not really an option. I love where I live and I have my DS in a special situation in school that would be hard to duplicate.

I think some sort of career change is probably what I need with a well deserved break in between.

 

[storzo]

I will be 42 and my DH 50 when we retire (if all goes according to plan). We can't wait. We will fill our time with family, travel, hobbies, volunteering and possibly part time work.

 

[manning]

Don't know you financial situation but have you considered inflation. What looks like a lot of money now may not be tomorrow. Happened to my BIL. He retired when he was in his 40s. He is now selling his lake front home because he can't pay the taxes.

 

[luvwinnie]

I will be 42 and my DH 50 when we retire (if all goes according to plan). We can't wait. We will fill our time with family, travel, hobbies, volunteering and possibly part time work.

Just curious: Will you still be able to live in NJ? SO expensive here.

 

[DMickey28]

Part-time would have been ideal. But with the company sold - that isn't an option. I am being recruited for some big $ jobs - but it would involve relo or lots of travel. I have been doing lots of travel for many, many years and it has strained my family life. While I loved my job - the intellectual challenge and satisfaction - it did cause a toll on my personal life.

Relo is also not really an option. I love where I live and I have my DS in a special situation in school that would be hard to duplicate.

I think some sort of career change is probably what I need with a well deserved break in between.

Do you work with my DH? He's in technology not finance though.

My DH is a partner in a company that is looking to sell in the next 5 years or so. At that point he will be facing this same decision. However, we are much younger, he will be 37ish. At this time our thought is that he would take some time off to figure out the next career step in his life. Perhaps go back to doing what he LOVES while making decent money or starting something new with the profits from this sale. I think it really depends ... he couldn't retire completely. As much as he says he would love to work at a golf course and relax, it would last for about a year before he would need to get back into the challenge of his choosen field!

Good Luck with the decision ... You are very lucky to be in this position. Give some time back to your family!!

 

[mickeyfan2]

I will be able to retire early from a financial point of view but I would need more stimulation than just home and vacations. I think I would retire from my profession and then just do a job for a while.

 

[Tiggeroo]

what about teaching? That would give you both alot of free time, provide an income, etc. You could even see about adjuncting at your local college.

 

[eeyore65]

I have factored in health insurance - I was surprised how inexpensive it is if I go for a high deductible HSA policy. I budgeted with paying the deductible amount every year - and we are all healthy so I may go years before that happens and build the HSA account. I have run many scenarios with inflation and various rates of return, being an MBA it is kind of a hobby for me. We are okay in all cases. While making alot of money, I was way too busy to spend it - so we live way below my previous income level. Also - that is just our value system. I want my DS to know what it means to work and have the satisfaction of achievement.

Teaching sounds appealing. Just doing a job would be okay - but it would be strange to say my criteria is time off and flexible hours.

I feel like I am a smart person and I'd like to use my smarts for something more in society then just having made myself and my previous firm lots of money.

 

[lindakmonty]

my dh retired last year at age 44 from the USAF. He's now a SAHD and is really enjoying it. My ds is only 6 and it is so nice having him home to run him to practice and to school everyday... It is so nice not to worry about conflicting schedules anymore! Now...I'll be 30 this month... I'm thinking about cutting my hours and going to nursing school. It is something I'd love to do. I am sure I could work another 5 or 10 years and retire...but I just can't see that happening. I'm such a people person and have to stay busy. Plus it would drive me crazy knowing how much $ I could be making by working...where we could go, what we could do w/more $ coming in... My dh is already talking about possibly getting a p/t job just for something to do I told him he should just work at the airport a few days a month for the interline discounts I really think it depends on if you would enjoy all the free time.. I liked working a few days a week... I still had the income coming in and had all the free time I wanted good luck with your decision!! I think about ds too... I want him to see me going to work everyday...working hard for the things you have/get! Not just the $ being there...and not seeing all the hard work it takes to get to that point.