Early retirement?

[Viking]

I am wondering if you guys who decided to retire early ever regretted doing so?

I plan to do it next year but there is un uncertainty about if its a smart thing to do?

I will be around 50 yo and there will be many years for me to wait before I can get any pension. On the other hand, my woman is 10 years older than me and I feel that if we wait too long it may be too late to go to the Philippines. After all I guess it would feel safer to be in my homecountry when getting older and in need of medicare. I know this is the opposite to what many other people do, but this makes more sense to me.

I plan to live of my savings, and if staying within budget, I will still have 50% left, the day I can start collecting my pension. Ofcoarse my pension will not be very high if I quit working 15 years ahead of time but I am not a big spender anyway. My wife will also get her pension after 5 years, so that will help.

I dont want to wait too long to do this, life is a one way journey and you never know how long it will last.

Have I lost my mind or do you think there is some sense in what I am saying??

[Tukaram (Tim)]

I quit work 6 years ago, and finally retired 6 weeks ago.  So far I do not regret it at all.  I quit work at 48, just got my first retirement at 55. It is a very small check, but better than nothing.  At 60 I have another small one to collect, then Social Security at 62.  I have seen a lot of guys retire at 65, and end up unable to enjoy their "golden years".  I figure I have already had 6 good years over here.  If I have to go back to the US for medical reasons... well... I have already had some good years here (I cannot think of any other reason I might move back other than health).  

Then again I have known guys that retire and get so bored, and lose their identity, with no job.  I have never had that affliction ha ha. 

Your mileage may vary...   

[Old55]

If you have no children or other important obligations and have enough Savings what is to stop you? If for some reason you change your mind can’t you both return to work?

Edited May 3, 2019 by Old55

[sonjack2847]

I did what you are suggesting and I don`t regret it one bit I was also 50. I did live off of savings at first but had some rental income from the UK which I used to live on for 6 years. I also would only go back to the UK if my health dictated it no other reason to go back. I came here at 50 as I too did not want to be too old to enjoy my retirement. * years until my pension kicks in if I ever reach that point and one is still available. Why don`t you try it for a year and see how it goes. Remember people say I wish I had done that so and so years ago.

[Viking]

27 minutes ago, Old55 said:

If you have no children or other important obligations and have enough Savings what is to stop you? If for some reason you change your mind can’t you both return to work?

I have no obligations back home but my woman have an adult daughter and a grandson. I guess she will miss them alot but they can stay in touch with Skype. It will also be possible to vist them sometimes but not very often ofcoarse since we will have no income. Ofcoarse we can go home if we find out that we made a mistake but I am resigning from a quite good job and will probably not be allowed to come back to that. But there is always other jobs to get.

[Viking]

42 minutes ago, Tukaram (Tim) said:

I quit work 6 years ago, and finally retired 6 weeks ago.  So far I do not regret it at all.  I quit work at 48, just got my first retirement at 55. It is a very small check, but better than nothing.  At 60 I have another small one to collect, then Social Security at 62.  I have seen a lot of guys retire at 65, and end up unable to enjoy their "golden years".  I figure I have already had 6 good years over here.  If I have to go back to the US for medical reasons... well... I have already had some good years here (I cannot think of any other reason I might move back other than health).  

Then again I have known guys that retire and get so bored, and lose their identity, with no job.  I have never had that affliction ha ha. 

Your mileage may vary...   

I am the same, never had that affliction 

[JJReyes]

One major factor to consider is inflation.  Will your retirement income increase by 6% annually over the next 35 years?  If you are healthy, make that 40 years (50 + 40 = 90).  One reason corporations switched to 401k instead of defined benefit plans is no one expected seniors to live longer.  In the 1930s when Social Security was passed, retirees died around 65 years.  So the payout was for those who lived after the 65 years retirement age.  Now, you statistically are expected to die around 85 if male and live a few additional years if you are female.

 

 

[fillipino_wannabe]

Go for it, you've got plenty of money, must be well over $500k from what you posted. Maybe buy some properties and rent them out or something.

I pretty much retired at 27 when I came here 2 years ago, just have a couple of small businesses that other people run for me, only takes an hour or so of my time per week.

[Gary D]

If you think you can do it go for it. Only one word of caution the Philippines will most likely be more expensive than you first expect.

[Jollygoodfellow]

3 hours ago, Viking said:

On the other hand, my woman is 10 years older than me and I feel that if we wait too long it may be too late to go to the Philippines.

Part of my inspiration to move here well before retirement age is that I was on a job site one day talking to the crane operator who was a really good guy. He talked about in 6 months time of retirement and his plans.

About 2 weeks later he died of a heart attack on a job.

This is true and they put a plaque in memory of Keith on the door of his truck but my point is that no one knows when their time is up so if you can , go for it and enjoy.