I am happy and that's what counts.
Thanks for your input Cervelo - it certainly is a big decision to make as you are going from regular work to having serious time on your hands. However, I am confident we will be able to put that time to good use and hopefully our health will be in good shape for both of us at that stage too to make the most of it. The main reason for us to retire at that stage is to leave the so-called "rat race" behind and start a new chapter of life. I'd be pretty confident too that we could both pick up some reasonably light workloads if we felt we were at a loose end completely or needed to supplement our income a little. We have a fair amount of time before that day comes anyway but it's good to start thinking about things and making some plans at least.I would say you could given the info you have provided, you'll have 600k, your house and more importantly a DB Pension of 45kpa.
The real questions are why you want to retire and what you want from your retirement and do you feel you can achieve this with what you've got.
For me it was a decision that took 4 years of planning before I made the jump and it was a big jump down, having said that there isn't a day where I have regretted my decision.
This for me was the key, I wasn't happy now I am.
Top advice there Brendan - that is definitely something that we will be aiming for when the time comes around. We would both have lots to give back in that sense and would be young enough to have the energy for it - nothing more rewarding than helping someone out.Perhaps you also might look on retirement as a time to give something back to the community by joining a voluntary organization or advice centre. Many of us are building up skills in our working life that are still very valuable beyond retirement. There is definitely a need for these skills in more than just the traditional charities. Business start-ups and others in difficulties can benefit from the experiences of those that have previously been there and done that!
Some friends of mine in the banking business who retired earlier have taken on the "gamekeeper turned poacher" mentality by providing very low cost advice to those in financial difficulties and need help in dealing with their bank debt.
Perhaps you also might look on retirement as a time to give something back to the community by joining a voluntary organization or advice centre. Many of us are building up skills in our working life that are still very valuable beyond retirement. There is definitely a need for these skills in more than just the traditional charities. Business start-ups and others in difficulties can benefit from the experiences of those that have previously been there and done that!
Some friends of mine in the banking business who retired earlier have taken on the "gamekeeper turned poacher" mentality by providing very low cost advice to those in financial difficulties and need help in dealing with their bank debt.
Perhaps you also might look on retirement as a time to give something back to the community by joining a voluntary organization or advice centre. Many of us are building up skills in our working life that are still very valuable beyond retirement. There is definitely a need for these skills in more than just the traditional charities. Business start-ups and others in difficulties can benefit from the experiences of those that have previously been there and done that!
Some friends of mine in the banking business who retired earlier have taken on the "gamekeeper turned poacher" mentality by providing very low cost advice to those in financial difficulties and need help in dealing with their bank debt.
You're retiring at 50. Why "give something back" while being unpaid when you can continue to work and earn money?
Why not, there is more to life then money sometimes giving "something back" can be more rewarding than a financial gain.
That's why I stopped giving them money.SVP volunteers ... never judge any situation
Back to the OP, it all depend on what you want to do as to whether you can afford to retire at 50. I have clients who are off to Thailand on Saturday for the month. They go every year for that long because they enjoy the warm weather there while it's freezing in Ireland. They go on another 3/4 holidays a year in addition to that.
the only bit of time I find drags is the depths of winter like now. Now if I could afford to fly south for the winter I'd be on a roll.
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That's what I want to do too. My ideal would be to go to the sun for two months though, November, back for xmas and away again in January. Those two months I hate the most. So happy today is February. Love the days getting longer.
But Thailand is very expensive to get to.
You can spend the winter/spring in southern Spain for around €600 per month for a 2 bedroom apartment in a good resort and in a decent central location. Where necessary you can be back in Ireland within 3 hours. You don't need a car although one would be handly. Grocery and alcohol prices are way below our price level too. Lots of retired Brits spend the off season in Spain, but what they do and what we do can be different.
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