Anyone else retire 45 or younger?

[hausfrau]

This thread has lots of interesting posts regarding lifestyles. And it convinces me all the further that there is absolutely no consensus as to what exactly constitutes "retirement." I think it's more a matter of what lifestyle do you lead to support yourself vs are you "retired" or not.

Is a stay-at-home parent with a working spouse "retired?" If they never worked? If they worked for a while? If they worked a long time? If they fiddled around with their own business but don't anymore?

If you've always worked less than 40 hours per week at your own business because you're so successful at it that you don't need to put in full time hours for adequate income, does that mean you've always been semi-retired? Or that you've never worked full time?

If you "retire" from MegaCorp but work part time at your own business, are you retired, semi-retired or still working?

Is there a difference in retirement status between someone who pays for all of life's food, shelter and transportation needs to be done for them and someone who works hard to "do-it-yourself" in regard to car and home maintenance, gardening for food and other cost avoidance tactics?

Are you retired if you've left MegaCorp but still work 20 hours a week managing a string of apartment buildings?

Yadda, yadda, yadda.........

Perhaps the title of the thread should be "Anyone else leading a less-than-full-time-employment lifestyle at 45 or younger? Of course, then we'd still have to arm wrestle over exactly what "employment" means!

Yeah, I don't call myself retired as DH still works. I say I'm a homemaker/SAHM, although I worked for a couple of decades prior to staying home. DH tells people I'm retired. I think it sounds weird. He could technically retire if push came to shove, but he likes his job. We have a young one at home, so our time is structured differently (travel revolves around school, etc.). It probably wouldn't feel like retirement to DH because I would make him get up early (much earlier than he normally does) and get the kiddo ready once in a while. Plus, I'd make him vacuum and scrub the toilet occasionally.

 

[plex]

Been awhile since last post. About halfway there now at 32, I work 10-20 hours/week, down from 35 hours/week a year ago, and I'm pretty sure now my best case scenario is 37, absolute worst case is 39. That is without kids, I would imagine I'd need to stay on until 43-44 if I had three, or double my workload+pay to let me retire still in my 30s.

Law school was a mostly pointless side trip, retirement would have been around 31-33 if not for that, though it wasn't a terribly painful one at least.

 

[OnTheBeach]

StuckinCT - I am in the same position as you. 3 children between 10 & 16, married (wife hasn't worked since my youngest was born) and living in a high cost neighborhood in NJ. My assets are approximately 40X my expenses - I can clearly stop working but couldn't seem to pull the plug. But that is changing - I am retiring in 6 months and looking forward to a low handicap, picking my kids up from school and working on my next adventure. Will keep everyone posted on the end date.

 

[sansha]

StuckinCT - I am in the same position as you. 3 children between 10 & 16, married (wife hasn't worked since my youngest was born) and living in a high cost neighborhood in NJ. My assets are approximately 40X my expenses - I can clearly stop working but couldn't seem to pull the plug. But that is changing - I am retiring in 6 months and looking forward to a low handicap, picking my kids up from school and working on my next adventure. Will keep everyone posted on the end date.

When you say your assets are 40X your expenses, are you including future SS and a paid off house?

 

[Symbiotic]

Done at 36; you are an old codger.

Yes, ongoing struggle with what it means to be "done"... I perform well with external stressors. Question is, how important is "performing?"

 

[StuckinCT]

StuckinCT - I am in the same position as you. 3 children between 10 & 16, married (wife hasn't worked since my youngest was born) and living in a high cost neighborhood in NJ. My assets are approximately 40X my expenses - I can clearly stop working but couldn't seem to pull the plug. But that is changing - I am retiring in 6 months and looking forward to a low handicap, picking my kids up from school and working on my next adventure. Will keep everyone posted on the end date.

Way to go and glad to hear that you are in the home stretch! My wife and I have decided to take a hard look at living in either Cape Elizabeth or Falmouth /Yarmouth Maine. The schools are on par with our town and they have swimming and skiing with plenty of boating/outdoor activities to boot, even several golf clubs. The math still works with our current house but I am nervous about the real estate market in our town and every year is an effort to keep this place in showroom condition. Plus, it makes no sense to pay the real estate taxes and high cost of living, especially when there are nicer areas with less competition for prime lots, boat slips etc. Still considering Oregon where my wife's family is but I am a New Englander at heart. If I could snap my finger and net $1.6 for this place, get into a $900k place paid for in a waterfront community with deeded water access with $7mm retirement assets and $1.125 in education funds, that would feel better. Then we could start thinking about making a good real estate investment elsewhere down south for say $400k.

 

[Golden sunsets]

Way to go and glad to hear that you are in the home stretch! My wife and I have decided to take a hard look at living in either Cape Elizabeth or Falmouth /Yarmouth Maine. The schools are on par with our town and they have swimming and skiing with plenty of boating/outdoor activities to boot, even several golf clubs. The math still works with our current house but I am nervous about the real estate market in our town and every year is an effort to keep this place in showroom condition. Plus, it makes no sense to pay the real estate taxes and high cost of living, especially when there are nicer areas with less competition for prime lots, boat slips etc. Still considering Oregon where my wife's family is but I am a New Englander at heart. If I could snap my finger and net $1.6 for this place, get into a $900k place paid for in a waterfront community with deeded water access with $7mm retirement assets and $1.125 in education funds, that would feel better. Then we could start thinking about making a good real estate investment elsewhere down south for say $400k.

Stuck; I just read this string and see that you are leaning toward the Portland area. I commented on another thread that you started encouraging you to take a close look at Portland's suburbs. You will love it. Any of the towns you mentioned will fulfill your criteria. When we moved here in '91, we almost bought in Cape. I'm sure if we had we would not have regretted it. Many of our friends live there. But Falmouth has been wonderful. From the standpoint of infrastructure, the Falmouth schools complex is the most modern. The elementary school is less than 5 years old. All three schools (elementary, middle and HS) are contained within the same campus, with adjacent ball fields, so it is very convenient for families with different age children. The school budget passes easily each year, reflective of the resident's commitment to education.

We did not look at Yarmouth as it felt(ironically) a bit far out(ha-like 15 minutes). It does have more of a small town feel that operates independent of Portland if one chooses to be less integrated with Portland's services. But Falmouth and Cape have their own town centers as well with the added bonus that we feel as though the service providers we use are convenient even if they are located in Portland or South Portland. Most big box shopping is located in the South Portland/Scarborough Maine Mall area. All three school systems are top notch. Mock Trial, Drama, Robotics and the GT programs are terrific. Sports programs are also extremely good in all three school districts. Many state championship teams from year to year. Soccer and hockey are especially popular although LaCrosse and football are making a strong showing. Baseball is good too. My business partner coaches travel baseball and his son's team has gone to the national championships twice. Good figure skating and dance programs as well. Falmouth has three country clubs with golf courses. Two of the courses have beautiful neighborhoods woven throughout the links. Naturally golf and tennis are popular with adults as well as school age children. Falmouth also has its own anchorage with moorings available for residents. There is a yacht club as well with moorings. That makes Falmouth unique as Cape Elizabeth is bold ocean front with no natural harbors for boat moorings. Portland and South Portland have large marinas with slip rentals.

I know that U.S. News rankings are of interest to you but I wouldn't rule out either Cumberland Foreside or Scarborough as close in waterfront communities that offer similar housing/school systems. Scarborough's beaches are numerous and beautiful. On the other hand getting to one of those beaches takes max 15 minutes from our home in Falmouth so no need to live in Scarborough unless one wanted to live right on the beach which is possible as well. In the end it will probably come down to which home you like best, as all other factors will be about equally rated. Check out the recent Portland Press Herald series on the housing crunch in the city of Portland due to so many out of staters moving into new high end condos for Portland's ambiance and charm. The gentrification of previously low cost neighborhoods, that had amazing views is dizzying. The number of planned new development projects in downtown Portland from hotels to condos to commercial development of the waterfront is mind boggling. It seems like a new craft beer brewery or distillery is opening each week in the fast transitioning Bayside neighborhood. I'd also suggest you subscribe to "Old Port" and "Portland", glossy monthly magazines to get more of a feel for the flavor of the area. PM me if you have any questions. And good luck

PS-if swim team is in your future, Cumberland and Cape have their own pools at the high schools. Falmouth's swim team practices at Cumberland about 10 minutes by car. But Falmouth does have two indoor ice arenas

PPS- A good realtor website to check out housing in these towns would be REMAX by the Bay. ( I have no affiliation with any realtors - there are many good firms - this firm's owner knows the higher end of the market in these communities well and is a top listing agent for high end homes. Sotheby's is another firm with exclusive listings and knowledge of the top end of the market. And a third would be Town and Shore Realtors.)

 

[StuckinCT]

Stuck; I just read this string and see that you are leaning toward the Portland area. I commented on another thread that you started encouraging you to take a close look at Portland's suburbs. You will love it. Any of the towns you mentioned will fulfill your criteria. When we moved here in '91, we almost bought in Cape. I'm sure if we had we would not have regretted it. Many of our friends live there. But Falmouth has been wonderful. From the standpoint of infrastructure, the Falmouth schools complex is the most modern. The elementary school is less than 5 years old. All three schools (elementary, middle and HS) are contained within the same campus, with adjacent ball fields, so it is very convenient for families with different age children. The school budget passes easily each year, reflective of the resident's commitment to education.

We did not look at Yarmouth as it felt(ironically) a bit far out(ha-like 15 minutes). It does have more of a small town feel that operates independent of Portland if one chooses to be less integrated with Portland's services. But Falmouth and Cape have their own town centers as well with the added bonus that we feel as though the service providers we use are convenient even if they are located in Portland or South Portland. Most big box shopping is located in the South Portland/Scarborough Maine Mall area. All three school systems are top notch. Mock Trial, Drama, Robotics and the GT programs are terrific. Sports programs are also extremely good in all three school districts. Many state championship teams from year to year. Soccer and hockey are especially popular although LaCrosse and football are making a strong showing. Baseball is good too. My business partner coaches travel baseball and his son's team has gone to the national championships twice. Good figure skating and dance programs as well. Falmouth has three country clubs with golf courses. Two of the courses have beautiful neighborhoods woven throughout the links. Naturally golf and tennis are popular with adults as well as school age children. Falmouth also has its own anchorage with moorings available for residents. There is a yacht club as well with moorings. That makes Falmouth unique as Cape Elizabeth is bold ocean front with no natural harbors for boat moorings. Portland and South Portland have large marinas with slip rentals.

I know that U.S. News rankings are of interest to you but I wouldn't rule out either Cumberland Foreside or Scarborough as close in waterfront communities that offer similar housing/school systems. Scarborough's beaches are numerous and beautiful. On the other hand getting to one of those beaches takes max 15 minutes from our home in Falmouth so no need to live in Scarborough unless one wanted to live right on the beach which is possible as well. In the end it will probably come down to which home you like best, as all other factors will be about equally rated. Check out the recent Portland Press Herald series on the housing crunch in the city of Portland due to so many out of staters moving into new high end condos for Portland's ambiance and charm. The gentrification of previously low cost neighborhoods, that had amazing views is dizzying. The number of planned new development projects in downtown Portland from hotels to condos to commercial development of the waterfront is mind boggling. It seems like a new craft beer brewery or distillery is opening each week in the fast transitioning Bayside neighborhood. I'd also suggest you subscribe to "Old Port" and "Portland", glossy monthly magazines to get more of a feel for the flavor of the area. PM me if you have any questions. And good luck

PS-if swim team is in your future, Cumberland and Cape have their own pools at the high schools. Falmouth's swim team practices at Cumberland about 10 minutes by car. But Falmouth does have two indoor ice arenas

PPS- A good realtor website to check out housing in these towns would be REMAX by the Bay. ( I have no affiliation with any realtors - there are many good firms - this firm's owner knows the higher end of the market in these communities well and is a top listing agent for high end homes. Sotheby's is another firm with exclusive listings and knowledge of the top end of the market. And a third would be Town and Shore Realtors.)

Golden, this is awesome information and I can tell by the way you describe the area that it is special. Currently, we have a movement in town trying to derail our elementary school renovation, with a major petition and a lawsuit against the town to stop the project. Another person is suing the town because of air quality issues in the same school, it was due to be renovated in the credit crisis and now it has been delayed so long it is a health and safety concern. Ten years ago we had an ice rink voted down that was half paid for with private funding due to supposed traffic concerns. What it really boils down is a contingent of people not wanting to pay even higher taxes, particularly those on fixed incomes. I get it, but that should not stop our progress. Our high school was built by a prison company and many of the classrooms have no windows. We have an incredible swimming program, one of the best in the country really, and our schools rank high in quality of education which is most important. But I think many people are gravitating to the Gold Coast communities for their facilities and Wall Street continues to shrink. Our governor is pleading with GE not to move headquarters from the area and IBM is in tough shape. Hedge funds have had a terrible year and we feel that too.

We have a ton of close friends and we are very involved in the community, my wife is a volunteeraholic. This is a difficult decision but I can see what I am signing myself up for, and I also will be throwing my children into the same rat race as their base of friends will be from this area in all likelihood. I am hoping when we get up there and look around we will just know. It's funny my wife picked it out and I looked at the area before I met her ten years ago. I'll check out Old Port and Portland as well as Remax by the Bay. If I think of any questions I'll definitely PM you. thanks again.

 

[Golden sunsets]

Golden, this is awesome information and I can tell by the way you describe the area that it is special. Currently, we have a movement in town trying to derail our elementary school renovation, with a major petition and a lawsuit against the town to stop the project. Another person is suing the town because of air quality issues in the same school, it was due to be renovated in the credit crisis and now it has been delayed so long it is a health and safety concern. Ten years ago we had an ice rink voted down that was half paid for with private funding due to supposed traffic concerns. What it really boils down is a contingent of people not wanting to pay even higher taxes, particularly those on fixed incomes. I get it, but that should not stop our progress. Our high school was built by a prison company and many of the classrooms have no windows. We have an incredible swimming program, one of the best in the country really, and our schools rank high in quality of education which is most important. But I think many people are gravitating to the Gold Coast communities for their facilities and Wall Street continues to shrink. Our governor is pleading with GE not to move headquarters from the area and IBM is in tough shape. Hedge funds have had a terrible year and we feel that too.

We have a ton of close friends and we are very involved in the community, my wife is a volunteeraholic. This is a difficult decision but I can see what I am signing myself up for, and I also will be throwing my children into the same rat race as their base of friends will be from this area in all likelihood. I am hoping when we get up there and look around we will just know. It's funny my wife picked it out and I looked at the area before I met her ten years ago. I'll check out Old Port and Portland as well as Remax by the Bay. If I think of any questions I'll definitely PM you. thanks again.

Hi Stuck; Your description of your town politics/finances sounds like a bit of a bummer. I have the impression that you live in Wilton-pehaps I am wrong. We have known a few families from Wilton who loved it, (GE types) but if town politics become nasty it can be an incentive to decamp. So given your travails I'd suggest you delist Scarborough (previously suggested by me) as the school budget is routinely rejected each year. That reality alone is reason enough to reject it especially since there are so many better alternatives. Your wife's volunteerism would be warmly embraced in Falmouth/Cape/Yarmouth/Cumberland. I took the same approach when we moved here. I also served on our Zoning Board for 6 years, a great way to get involved.

I also started a business that has been very successful. Portland is known as a hot start up community as well. i guess I sound like I represent the Chamber of Congress. Ha Ha.

 

[clifp]

Retired at 39, 16 almost 17 years ago.

 

[StuckinCT]

Hi Stuck; Your description of your town politics/finances sounds like a bit of a bummer. I have the impression that you live in Wilton-pehaps I am wrong. We have known a few families from Wilton who loved it, (GE types) but if town politics become nasty it can be an incentive to decamp. So given your travails I'd suggest you delist Scarborough (previously suggested by me) as the school budget is routinely rejected each year. That reality alone is reason enough to reject it especially since there are so many better alternatives. Your wife's volunteerism would be warmly embraced in Falmouth/Cape/Yarmouth/Cumberland. I took the same approach when we moved here. I also served on our Zoning Board for 6 years, a great way to get involved.

I also started a business that has been very successful. Portland is known as a hot start up community as well. i guess I sound like I represent the Chamber of Congress. Ha Ha.

Golden, great guess and you are correct. Sad to see GE potentially leaving the area, it would be a serious blow to our community in a lot of ways. Town politics have gone beyond nasty and I think what it really boils down to is not enough people being involved- especially young people- due to long commutes. Things are far from balanced. I think that is really what we crave, more of a community feel. My one concern on Falmouth is that it seems maybe a little bit like Wilton, i.e. no real town, but the proximity to Portland makes up for it. Wilton still is a great town but I think my angst over the housing situation just makes me want to take less risk, while being among people who are past the grind. I know how expensive children are and saving for retirement, so of course I fully understand the reasons for people being here as an affordable option to Greenwich Darien and New Canaan to be close to the financial centers. But an affordable option to these areas still is ridiculously expensive for anyone without eight figures. But it is clear to me that the world is changing, especially in finance for a variety of reasons including regulation, that sometimes you have to admit to yourself, this no longer makes any sense.

Also, I would love to have a small business or even a franchise and Wilton is a graveyard for small businesses- its common knowledge. Our rent averages around $30 a sf. That's pretty steep for a low traffic area. I think having some type of business would be a great way to integrate in the community.

 

[OnTheBeach]

Its Official! Gave notice - April 29, 2016 is my last day.