I want to learn more about early retirement

[pleasantlife02]

Hello everyone, I`m 41 now, and I`d like to know if early retirement is a good option. I see some guys never retire at all, they just keep on going ( how old is Warren Buffet anyway? ) perhaps I`d like to retire earlier to become a writer, I like to read lots of books and maybe write some. Has anyone retired "too early" and then reconsidered it? is life too boring if I retire at 50? I`d like some input. I worked in the telecommunication field for a long time, and I`m well settled financially.

 

[ziggy29]

First of all, welcome!

Warren Buffett recently turned 78. He is one of those fortunate souls who loves his work; in the past he's referred to it as "tap dancing" to work every day. He's truly a blessed man to love his work AND be so good at it. There are few I envy more in this world than those who truly love their work. If I really loved what I did and had at least a little input into my working hours and conditions, I'm not sure I'd ever want to retire. But in the real world, as things are now, I'm pushing as hard as I can!

My personal feeling (not yet retired; I'm 43) is that if you have to question whether you're ready to know how to spend your time, you're not ready to retire. Just the same, it's never too early to configure your finances to enable it if you want to retire. One of the common terms you may hear is "FIRE" -- which stands for "financially independent - early retired". In reality, the FI part is the important part, because that enables the RE. (You can have FI without RE, but you can't securely RE without FI.)

If you're pretty settled in financially, then by all means start pursuing your dream! I'm not saying retire yet, but start dipping your feet into what you want to be doing -- whether that's reading books and being a critic (even if just on your own blog) and perhaps writing something of your own, if you have the energy to do that AND your job, it could be the segue from what you HAVE to do to what you WANT to do.

You have nine years between now and 50. And if your finances are in good order -- solid income, little or no debt, cash in the bank and solid retirement savings -- I'd encourage you to start baby steps toward what you want to do today! Someone who writes (and gets paid for it) is not retired... just self-employed! But if you're doing it as a labor of love, you can get the best of both worlds... "feeling" retired (working on your schedule, doing something you love) AND getting paid for it.

In all honesty, I wish I knew something I had a passion for that I could just start doing tomorrow without jeopardizing my current j*b... until what I wanted to do was successful enough that I could tell 'em to take the job and shove it.

 

[Gumby]

Someone who writes (and gets paid for it) is not retired... just self-employed! But if you're doing it as a labor of love, you can get the best of both worlds... "feeling" retired (working on your schedule, doing something you love) AND getting paid for it.

Write out of love, write out of instinct, write out of reason. But always for money. -- Louis Untermeyer

 

[lazygood4nothinbum]

a writer who worries about being bored. there's a concept i'd never considered.

i might be too young (at heart) or just too immature. i'll see how the year goes as i explore the possibility of starting a new career. i'm about 2 & 1/2 years into this e.r. thang from age 49 to too soon 52. while i enjoy my time alone and i easily mingle with people of all ages in assorted and sometimes sordid situations, i don't find many my age who are not still involved with their careers.

i've only one old friend who is considering relocating near in semi-retirement, though he'll still be a three hour drive away. i've a friend who doesn't work but she's in jersey. i need more people to play with me. i think if you have an early retired partner this would be very fun. but finding someone at this stage of life who can just leave their existing life and take off, well, not so easy or so i have found. so i'm wondering now if a new career might be better. decision pending.

 

[donheff]

Welcome Pleasantlife. Two hints that you are going to fit right in:
1) You are seriously thinking about it at age 41 - that moves you two standard deviations to the right on the ER readiness index.
2) Your choice of username.

 

[Rich_by_the_Bay]

Hello everyone, I`m 41 now, and I`d like to know if early retirement is a good option. I see some guys never retire at all, they just keep on going ( how old is Warren Buffet anyway? ) perhaps I`d like to retire earlier to become a writer, I like to read lots of books and maybe write some. Has anyone retired "too early" and then reconsidered it? is life too boring if I retire at 50? I`d like some input. I worked in the telecommunication field for a long time, and I`m well settled financially.

Is you decision more of a life balance issue, or do you have financial issues to tend to before you become financially independent? For most of us, it's both with an emphasis on the latter.

If you are truly set financially, I'd think you could try your hand at those pursuits that interest you and if they don't stick move on to another. And, of course, beware of post-retirement issues like health insurance, taxes, and inflation in your planning.

Good luck and keep us posted.

 

[DOCMECH]

I think you should go as sonn as you can. You never know what tomorrow hols for you. But do your reserch very carefully.