Is this:
separate from/in addition to this?
The use of tenses above is confusing.
Moneymakeover Retirement Readiness advice for late 50 something wishing to retire between now and 60.
- Thread starter gearoid
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Apologies for the confusion. It's my work that would require the apartment in Dublin, were I to for instance go self employed contractor.
Our house is outside Dublin. That will be paid off next month. To facilitate work I have rented a Dublin apartment for many years. Once I retire we can let the apartment go as my wife no longer needs it for work. I calculated last year that the apartment was costing us up to 30k.
The other option I had considered , apart from my current job or full retirement, was occasional contracts, but that would likely require maintaining the apartment in Dublin.
Our house is outside Dublin. That will be paid off next month. To facilitate work I have rented a Dublin apartment for many years. Once I retire we can let the apartment go as my wife no longer needs it for work. I calculated last year that the apartment was costing us up to 30k.
The other option I had considered , apart from my current job or full retirement, was occasional contracts, but that would likely require maintaining the apartment in Dublin.
Good question.
It's a number of factors.
My pension has improved a lot in the last year or two.
Work has recently disimproved. The social aspects of work have kept me, but they have diminished.
I'm naturally cautious and risk averse and my parents inculcated the importance of pensions and providing for yourself.
Throw in a general sense of unease about the markets...
I've only really started running the numbers in the last six months and realised it might be possible.
And I've realised that I need to work on physical fitness and health.
It's a number of factors.
My pension has improved a lot in the last year or two.
Work has recently disimproved. The social aspects of work have kept me, but they have diminished.
I'm naturally cautious and risk averse and my parents inculcated the importance of pensions and providing for yourself.
Throw in a general sense of unease about the markets...
I've only really started running the numbers in the last six months and realised it might be possible.
And I've realised that I need to work on physical fitness and health.
CharlieMac
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Now that this thread has run its course and the consensus is "retire now" I just want to be a contrarian and say it is an awful shame that someone who likely has enormous skill and experience in his field is about to walk away from it adding to brain drain.
Companies need people like you to help them stay productive and competitive. They are the engine of our economy. Furthermore, younger staff need mentoring and skills sharing in all aspects of their work from technical, business and social skills.
Maybe your current employment has run its course for you but I think it's a big loss when someone with your skillet, knowledge and experience, and at your age, is taken out of your industry's pool of human capital.
You could start your own company providing online training and mentoring to graduates for one, there are so many things you could do with your skills, on your own terms, and not just with the main goal of making more money.
The value you could still add, to companies and their staff, for many more years wasn't given much consideration in this whole thread.
Companies need people like you to help them stay productive and competitive. They are the engine of our economy. Furthermore, younger staff need mentoring and skills sharing in all aspects of their work from technical, business and social skills.
Maybe your current employment has run its course for you but I think it's a big loss when someone with your skillet, knowledge and experience, and at your age, is taken out of your industry's pool of human capital.
You could start your own company providing online training and mentoring to graduates for one, there are so many things you could do with your skills, on your own terms, and not just with the main goal of making more money.
The value you could still add, to companies and their staff, for many more years wasn't given much consideration in this whole thread.
Have to say I'm of the opposite opinion, maybe it's because I'm a retiree or maybe it's an age thing but you work to live not the other way round
When you reach that point where you have means to exist without working, you should grab it without hesitation and with both hands
And if you are under any illusion about how indispensable or irreplaceable you or your skill set are remember this metaphor
Grab a glass of water and stick your finger in it, remove the finger and see the hole you've left!!
Setforlife
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I think a lot of people in certain industries for a long time realise that adding value for a company isn’t an important consideration, when every one of them will push you out the door if there is any chance of getting more ‘value’ elsewhere.
Having been made redundant on three occasions over my working life, I had to smile when I read those comments. It never changed my work ethics but it quickly dawned on me that I was nothing more than a number and acted accordingly in how I planned financially.
The only loyalty I have is to my wife and family.
If you can retire early go for it and dont look back. No one on their death bed ever said "I wished I had spent more time in work"
The only loyalty I have is to my wife and family.
Reminds me of Boxer in Animal Farm, when eventually he got old and sick he was carted off to the knackers yard for glue.
If you can retire early go for it and dont look back. No one on their death bed ever said "I wished I had spent more time in work"
Setforlife
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Or the famous ‘For a few glorious years, I really added shareholder value’
Fibbernacci
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If it were enough of a shame the proper incentivization would come out of the ether. If companies want to retain that experience they should consider offering double the salary, or half the hours for the same money, or a highly paid mentoring position that takes up very few hours.
Lots of would be retirees would take the bait in situations like that. The reality is that the early retirees 'price' to work effectively shoots through the roof because they have options.
Companies may appear to miss them but they don't, they miss how cheap they were when they didn't have options.
Lots of would be retirees would take the bait in situations like that. The reality is that the early retirees 'price' to work effectively shoots through the roof because they have options.
Companies may appear to miss them but they don't, they miss how cheap they were when they didn't have options.
Contrarians should also get to see a contrary view to their own.
OP works in Insurance IT. Perhaps increasing shareholder value and raising GDP means coding systems that automatically reject otherwise valid claims on the most absurdly technical of technicalities? Shouldn't OP be allowed to pursue their dream of, say, making cuckoo clocks? That's still be productive, and would arguably make the world a better place than of they stayed in their job.
The other point of view is, why accumulate retirement assets of one doesn't intend using them to retire? One could've instead not saved and used the money to buy handcrafted cuckoo clocks.
CharlieMac
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I'm glad my naive contribution stimulated a little more clarity on the retire now advice! I certainly didn't mean to offend @gearoid by the way or anyone else who were lucky enough to retire on their own terms.
Where I'm working, I'm neither at the beginning or coming to the end of my career. Im so grateful for colleagues who have been around the block a few times. They usually have a broader more reasonable view in work and also in social aspects. Younger recruits badly need role models and direction in the workplace. I agree that employers don't usually value this stuff in a formal way and they should.
Where I'm working, I'm neither at the beginning or coming to the end of my career. Im so grateful for colleagues who have been around the block a few times. They usually have a broader more reasonable view in work and also in social aspects. Younger recruits badly need role models and direction in the workplace. I agree that employers don't usually value this stuff in a formal way and they should.
I thought it was an extremely thoughtful contribution @CharlieMac. Absolutely no offence taken. I am not ready yet for RTE afternoon television with Daithi... I won't launch into a broad critique of the IT industry to explain why older workers aren't always prized in IT, but a lot of the younger Generation Z workers could do with some coaching. I find that a lot of intangible skills around advice, coaching and institutional knowledge are often ignored , because they are not particularly measurable.
Setforlife
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Not exactly the same industry but very closely related and if anything younger workers are so overconfident and believe everything can be googled or AI’d that they don’t put value on actual experience. It’s driven by the whole move fast break things idea as a ‘good thing’ when all in means is what you are working on is inconsequential. They just don’t want to hear that something won’t work
If you want to get the best value in retirement, just live as long as you can. Premature death is the worst value available. Everyone can be done without at work; you can’t be done without at home. We come this way only once, never forget that - you can’t get back what you missed last year.