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Early retirement?

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Two more months to go, retiring at 57, not too early.

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I retired 'early' for an American, 63.  Had to wait for SS to kick in and then waited a year to get an extra $100 a month to have something to live on.  Have not regretted it a bit.  As you say take it while you can still enjoy it.  I have many friends still working because they want to maximize their retirement fund but if you can't use and enjoy it why bother?  As you get older ailments crop up more frequently, especially joints in my case.  I won't be doing any mountain trekking or playing basketball but walking, swimming and enjoying life keeps me busy all day and every day, and every day is NOT a beer day! :hystery: 

I also am not missing working and having a job.  My job now is to enjoy life and keep a smile on my face. :smile:

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I am in a very similar position. Almost 50, (my wife is 10 years younger) and ready mentally to retire. I am fortunate that I like my job but I want to do many things that I can't while I am working. It's not an easy decision but as I have been reading here for 2 years, the majority are happy they did it! Go for it and share your experience here. 

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1 hour ago, Hobbit112 said:

As you get older ailments crop up more frequently, especially joints in my case.  I won't be doing any mountain trekking or playing basketball

I had a problem with my joints and I take Fish oil capsules for it and it helps. My knees were particularly bad as I was working kneeling down a lot of the time.

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I understand all your thoughts on what you are saying and thinking , been there done that , I am 60 and I retired just 6 weeks ago , I had worries about have we saved enough as we will live off our savings until the state pension kicks in once I reach 66 and .

Yabba Dabba Doo it’s one of the best decision I/ we have ever made.

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17 minutes ago, stevewool said:

, I had worries about have we saved enough as we will live off our savings until the state pension kicks in once I reach 66

Well Steve, as I have said to you before, this The Philippines is one place that your £ will go further than in the UK + letting "Ems" do the  Food shopping and  bargaining stuff You will find that she will look after the small coins and your ££'s will look after themselves :wink:

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17 hours ago, JJReyes said:

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.

 

 

Thanks for your input, inflation is a thing many people seems to forget about but in the long run it will make a big difference if you have not calculated for it.

About our  life expectancy I am more sceptical, todays old people live longer than before but that is no guarantee that we will live as long. Yes, many things in healthcare improve but there is also some things going in the other direction. Multiresistent bacteria and environmental impact to mention a few of them. 

Beside that, I feel that if I get to 80 I just need to have a enaugh to live a very modest life.

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16 hours ago, Gary D said:

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.

 I am aware that Philippines can be quite expensive, but it also depend much on the way you live. If wanting to live the same way as you do back home I would not be surprised if it is even more expensive than back home :89: 

Thnx for your advice.

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 Odd that we never gave Inflation a thought until the Governments invented the Word, before I recall we just called it cost of Living increases. I will agree with what has been said in these posts But coming up to 71 in a few weeks and just now in pretty good health the Last thing I am going to worry about is Inflation. It Happens and when on that Fixed income there is absolutely Naff all any of us can do about it.   Not to take anything away from the Forward Thinkers but if I had worried to much about the Future I am almost sure I would not have survived my Stroke and not made the Move at all. Now I am set as I am and live within My Budget and not try and make a  Life fit a  Budget I do not have, Many do and I have seen the Stress in them and the outcome :smile:

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Posted (edited)

I retired at 50 and moved here with my wife and then 3 year-old son. The numbers added up then, but along came Brexit and that slashed my savings by 15% ( doesn't sound so much but it is significant) and also interest rates didn't go up as predicted. Basically, I have fixed rate bonds and planned to live off the income from them until retirement. Now, I could do so and we'd be ok but I became uncomfortable at the uncertainty of it all and decided to start teaching again. I don't actually touch my teaching salary - it justs sits in the bank but it gives me peace of mind.

To cut a long story short - make sure you have way way more money than you think you'll need - the buffer should be 100% at the age of 50 IMO.

No fun being retired and having to count the pesos. Honestly speaking, I think it's too young for several reasons, not least financial.

 

Edited by hk blues
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