Retiring at 50


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.

IsleOfMan said:
I am happy and that's what counts.
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This for me was the key, I wasn't happy now I am.
 
Cervelo said:
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.
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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.
 
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.
 
44brendan said:
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.
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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.
 
44brendan said:
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.
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You're retiring at 50. Why "give something back" while being unpaid when you can continue to work and earn money?
 
44brendan said:
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.
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I found this funny yesterday, around an hour after you posted this, the wife received an email from a charity that we have volunteered for.
It is something we had both been thinking about and are finally taking the first steps into this area.
 
Leper said:
You're retiring at 50. Why "give something back" while being unpaid when you can continue to work and earn money?
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Why not, there is more to life then money sometimes giving "something back" can be more rewarding than a financial gain.
 
I decided to 'give something back' and did volunteer work after becoming unemployed, ok let's be honest I thought it would look good on the CV too.

Anyways I have given it all up as I was ending up disillusioned, angry and more than a little annoyed with the whole welfare system, I'm afraid I saw a side of life I would have been better off not knowing about. Yes there were very many genuine cases but more than an insignificant amount of the other.

So pick your projects carefully :)
 
Regret to empathise with Monbretia. I volunteered with St Vincent de Paul in a paricular 'underprivileged' area in Dublin. While we definitely met some amazing people who benefitted from a small 'step up', it was very demoralising to assist people who were social welfare experts and could not imagine a life outside of same for themselves of their families. SVP volunteers are really amazing and never judge any situation, unlike I!
 
Well I wouldn't recommend not giving SVP money - they do great work giving people a helping hand / step up and of course I think we should all help anyone that experiences a small set back in their world...
 
SBarrett said:
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.
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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.
 
Monbretia said:
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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Have you looked into long stay deals for the winter in Spain. I've seen brochures for that and it's very reasonable.

In relation to the state pension, you should enquire into that now, see what you will be entitled to and see if you can top it up.
 
Bronte said:
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.
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They worked at it Bronte. It is something that they really wanted to do in retirement, so we priced it into the cost of their lifestyle in retirement. When they were earning, they spent less and put extra into their savings so they could have that month away when they retired. It didn't happen by accident.


Steven
www.bluewaterfp.ie
 
Steven do you know how much it costs them for the month? It's very cheap to live there is my understanding.

I'm hoping to go there for a holiday in about 2 or 3 years. But that's another matter to going to 'live' for a month. With no kids.
 
Bronte, all things remaining the same I will entitled to full state pension at whatever rate that will be when I get to it. No option to top it up further than that.
 
Its something that I have been considering, the idea of spending the winter months in a warmer climate is very appealing
I was in Thailand 16 years ago and remember it been as "cheap as chips" to live in and I know a few of people who holiday there and swear they cant spend money there.
The last time I did a month long vacation was to America on a road trip which cost about €6000 all in.
 
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.
 
Leper said:
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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One could do better if they consider going to the Algarve for the winter months, apartments can be rented there for as little as €350 a month. It really wouldn't make financial sense to go to the bother of purchasing an apartment when you can rent there so cheaply.
 
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