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Old 07-03-2010, 11:37 AM   #101
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I think people who "retire" in their 40s and even early 50s often don't call it "retirement." I know of several real-life people who made their fortunes early and called it a day, but somehow you don't see them as retired, you just see them as rich!
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Old 07-03-2010, 12:05 PM   #102
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I am actually quite surprised at how many posters here DON'T know any real ERs. While I admit they are a small minority, I have always known people who were FIRE. It's part of what got me thinking I could do it. I don't think it has anything to do with kids/no kids either. We have a daughter and we retired at age 50. I think the overriding characteristic of the ERs I've known is their tendency to LBTM, and save.

We had a big buyout in Megacorp back in 2003, lucrative enough that pretty much an entire generation left at the same time. While most of the people that left had to find jobs elsewhere, there was a significant minority that didn't. Of that group, many found new jobs or started companies, because they wanted to work. But I play guitar with 3 who never went back (same age range as me). I camp with a couple others who never went back. And that's just my personal circle. I know of others less directly that never went back. I think in our cases the overriding feature that allowed the ER is the ongoing insurance coverage. They don't pay it all, but having a plan that has to accept you is worth a lot.

Those of you who don't know of any ERs personally might want to pay attention to who is leaving your company and what their plans are. I suspect there's more of it happening around you then your aware of. I doubt most of my cow erkers knew I was retiring as opposed to quiting. Just the ones who worked directly with me and couldn't miss the sh!t eating grin those last few months.
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Old 07-03-2010, 12:06 PM   #103
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I think people who "retire" in their 40s and even early 50s often don't call it "retirement." I know of several real-life people who made their fortunes early and called it a day, but somehow you don't see them as retired, you just see them as rich!
Agree. But IMO that takes $20 mln+. At 3.3% (bottom of Otar's green zone) This $20mln would supply $660,000 pa. On much less than this I would be in the high clover, but since many high earning individuals make this and more year in year out, IMO it has to be seen as entry to the bottom rung of rich. And at this level, taxes might be quite tricky too.

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Old 07-03-2010, 12:35 PM   #104
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Re: Op's question. Yep DW retired at 52, waaay before I did. Though she did have a few part time deals to fill her the time. She has not had any part time stuff in a few years.
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Old 07-03-2010, 12:46 PM   #105
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Agree. But IMO that takes $20 mln+. At 3.3% (bottom of Otar's green zone) This $20mln would supply $660,000 pa. On much less than this I would be in the high clover, but since many high earning individuals make this and more year in year out, IMO it has to be seen as entry to the bottom rung of rich. And at this level, taxes might be quite tricky too.

Ha
I think you are setting a very high threshold of "rich".
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Old 07-03-2010, 12:48 PM   #106
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I think people who "retire" in their 40s and even early 50s often don't call it "retirement." I know of several real-life people who made their fortunes early and called it a day, but somehow you don't see them as retired, you just see them as rich!
Yep -- and they probably aren't the old stereotypical "sit on your butt and do nothing all day" types that some ER detractors talk about.
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Old 07-03-2010, 12:49 PM   #107
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I think you are setting a very high threshold of "rich".
All the "rich" I need (or really care to amass) is as much as I can reasonably spend on a nice but not lavish lifestyle plus support for the causes and charities I care about. Everything above that is gravy.
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

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Old 07-03-2010, 12:53 PM   #108
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I think you are setting a very high threshold of "rich".
Well, so far it is a free country so I guess my judgment and the reasoning behind it are OK, if not necessarily corresponding to someone else's.
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Old 07-03-2010, 01:18 PM   #109
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He started working at a full time government job before the age of 16 ?

I don't understand...
Really not such an unusual occurrance from those times in our country, can't imagine it was all that different in yours (late 60's early 70's). I was under 16 when I joined the Royal Australian Navy as a trade apprentice. My friend was also an apprentice in a gummint department, Lands Surveys & Mapping.

'Compulsory' pension-saving for gummint workers was just starting to be introduced at the time, ground-breaking stuff

Different times, different employment pathways back then.

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Old 07-03-2010, 01:36 PM   #110
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Two of the local cases I know of (both of them with grade-school children, both of them having sold their businesses) are living large on way more than $20mil. Hmmm, maybe they have need of a nanny or someone to house-sit

But the rest of them are living quietly within whatever means they have. They do a lot of hands-on volunteering.
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Old 07-03-2010, 02:09 PM   #111
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Come visit me, but as a cheapskate, you probably wouldn't. I retired at 35 and am 38 now, so far so good. I had to come to Eastern Europe to pull it off. If I was still in the USA, I'd be workin' for sure.
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Old 07-03-2010, 02:19 PM   #112
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My dad ERd from police work at 49, but the modest pension did not hold up to the economic realities of the 1970s. To avoid living hand to mouth for the rest of my parents' lives, he spent nearly 10 years in a second career. A classic failed ER that I'll never forget. I hope the memory of it doesn't get me stuck in the "one more year syndrome".

My coworkers are all in the same boat as I am; minimum retirement age with pension and medical benefits is 55. A big inheritance is the only factor that ever got one of them out earlier. Most of my off the job acquaintances do not have much hope of calling it quits until SS eligibility.
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Old 07-03-2010, 02:24 PM   #113
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My coworkers are all in the same boat as I am; minimum retirement age with pension and medical benefits is 55. A big inheritance is the only factor that ever got one of them out earlier. Most of my off the job acquaintances do not have much hope of calling it quits until SS eligibility.
(sigh) If this doesn't say "early retirement == pension" for 90% of the folks out there, I don't know what does....

I'm determined to be part of the 10%, though.
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

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Old 07-03-2010, 02:40 PM   #114
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Well, reading this thread is giving this particular 38 year old an itchy trigger finger... apart from marrying my wife, I'm not sure I've wanted anything quite as much as ER. Thanks to the wonders of technology I am posting this from a small island in the Strait of Geogia where I am fortunate to own 5 acres of some of land most gorgeous land B.C. has to offer... paid for too. There is no doubt I will retire here... but when??!!!

Good to know that ER isn't just some pie in the sky concept, and that REAL people are acheiving it. Our goal is to pay off the mortgage of our city residence in 2012 then save like mad for 5 years... and then just maybe we might join the ranks of the ER'ed... and move to our island paradise.

I'm becoming borderline obsessed with this concept.
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Old 07-03-2010, 02:45 PM   #115
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My dad retired at 59.5, just as soon as he could start withdrawing from his Keough plan.

My DH had planned on retiring at 58 with 30 years in DB pension plan but lost his job before he could get there so he's recently retired at 55 with 26 2/3 years. It's enough for us because we don't have any debt and can live on a lot less than many folks.
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Old 07-03-2010, 03:08 PM   #116
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I Re'd at 55 and I know am still good friends with 6 other couples who RE'ed in their mid 50's. We're in England at present and have already met up with one couple and are meeting another couple on Tuesday.

The most recent couple was my last boss and his wife (good friends) who RE'ed at 55, 6 months before we did.

We have plenty of real-life role models who have done it.
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Old 07-03-2010, 03:26 PM   #117
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Agree. But IMO that takes $20 mln+. At 3.3% (bottom of Otar's green zone) This $20mln would supply $660,000 pa. On much less than this I would be in the high clover, but since many high earning individuals make this and more year in year out, IMO it has to be seen as entry to the bottom rung of rich. And at this level, taxes might be quite tricky too.

Ha
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Old 07-03-2010, 03:37 PM   #118
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Me, too. I think that my neighbors think I'm really just unemployed.
They sound like my neighbors. I've been accused of "gaming" the system.
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Old 07-03-2010, 04:05 PM   #119
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What about all the active military folks? I have to say I've seen a lot retire from where I work, and they usually have a civil service job lined up. Our current Command Master Chief is retiring next year, but is buying a $480K house! His pension check "covers it" so he is not worried! He is 50.
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Old 07-03-2010, 04:12 PM   #120
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What about all the active military folks? I have to say I've seen a lot retire from where I work, and they usually have a civil service job lined up.
Same as in the aerospace/defense industry. I used to work with a lot -- and I mean a *lot* -- of triple dippers -- guys who put in their 20 in the military, went to work for the aerospace firm for another 15-20 years and then "retired" on two pensions, full health insurance and then were "rehired" as consultants making $75 per hour or so.
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
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