How many people you know retired early?

[Packman]

Me being an ER pensioner, I have a tremendous amount of respect for the people on here who have done it on their own through their own investment vehicles. My employer took the 13.5 percent out, matched it and when it's time to retire, you collect the check. The ERs without pensions had to discipline themselves to invest (that is no easy thing in an of itself), invest in the correct manner, be knowledgable of how to do it, set up appropriate draw down rates, worry about not outliving resources, and have to worry about things beyond their control such as market downdrafts. Almost a full time job in an of itself!

One of the things I most look forward to in ER is being able to spend the time on my portfolio that I should be (15-20 hours a week) as opposed to the couple of hours on weekends that I can now. I hope to be able to increase my return by a percentage point, which in itself is like a part time job, but one that I want to do.

 

[NW-Bound]

I know quite a few. From ages 25 to now 69. The most interesting ones are the emails I get from people who found my blog and tell me they did more or less the same thing I did and retired in their 30s. People who retired in the 20s are few and far in between. I only know one.

Now that I know a bit more about ER planning, which I never did do other than living LBMM which is more about my frugal nature than the vision to plan ahead, I believe one can perhaps retire in the 40s if one has no children.

But in the 30s? The biggest unknown by far is the health care cost. How does one project out in the future that far ahead to the Medicare eligibility age? Do they take a leap of faith that some health care reform would take effect in the decades ahead?

There have been some recurring threads on LTC issues. Even when one gets to Medicare, there is that to worry about. Good grief! Here we are in a developed country, and constantly worry ourselves sick over all kinds of problems. Think of people in other developing countries whose main concern is to get their daily calorie intake. I am not talking about sub-Saharan countries, but even in Southeast Asia or South and Central America, people do not have the rich man's issues like we do. How can they be happy, how can they live?

 

[Bestwifeever]

Now that I know a bit more about ER planning, which I never did do other than living LBMM which is more about my frugal nature than the vision to plan ahead, I believe one can perhaps retire in the 40s if one has no children.

But in the 30s? The biggest unknown by far is the health care cost. How does one project out in the future that far ahead to the Medicare eligibility age? Do they take a leap of faith that some health care reform would take effect in the decades ahead?

I too wonder how extremely frugal young ERs handle health care.

 

[kumquat]

Most of my social circle retired, or intends to retire, between 58 and 62. I can only think of 2 friends working past 65. Both are doctors: one has 3 ex-wives and lovers his work. the other paid 7 figures to lawyers handling his DD's legal problems.

Is the difference that here in the frozen barrens of Soviet Canuckistan health care is not an issue?

 

[rescueme]

...one has 3 ex-wives and lovers...

So, how many lovers does he have, currently?

 

[Westernskies]

I went to a retirement "seminar" about a year ago and they talked about ER 'triggers' - pensions, SS, 65, illness, laid off, fired, death in the family, inheritance, etc. Basically they made you believe that to retire before 62, you needed one of these triggers. And these people were professional financial planners (or salesman, I suppose). So, I'm trying to figure out what my trigger was going to be. I just didn't like my job anymore and had enough money, but I spent about 3 lousy months working and thinking about that trigger. My company isn't doing well financially, so maybe that was my trigger. Nope, they're still kicking. So at 54, I'm calling it quits with no trigger. Apparently, it isn't too common these days.

Maybe attending the "retirement seminar" was the trigger...

 

[kumquat]

So, how many lovers does he have, currently?

Speling is note my forte, but to answer the question, not sure.

 

[WB52]

Aside from this board and folks I know that are unemployed as a result of layoffs, I only know of two bonified FIRE's.

 

[misanman]

I can name 8 off hand and can probably think of more. They all fall into one of three categories: public service employees, teachers, and people who were forced out or elected to take an early retirement package.

 

[plex]

...I believe one can perhaps retire in the 40s if one has no children.

But in the 30s? The biggest unknown by far is the health care cost. How does one project out in the future that far ahead to the Medicare eligibility age? Do they take a leap of faith that some health care reform would take effect in the decades ahead?

From what I have read, those who retire in their 30's (mostly) have some sort of very unusually good income. This includes very successful hedge fund managers, investment bankers, or small business owners whose first partnership/self-startup was a home-run. This also includes people at the very tip top of law, which pays disproportionally better than the median of law. A few other things I'm not thinking of, but the list is short. Things like becoming a doctor or a government worker, which eventually pay off, but not fast, are indeed impossible.

As for health care, they either fund the $5k+/year themselves, and/or expect relief from the 2014 health care law. I think those few in their 30s who retired early without a stellar income have simply chosen to roll the dice, which isn't that bad of a bet, more than half of full adults make it to their 60s without a problem, but it is still a fairly risky bet (at least until 2014).

 

[FinanceDude]

I can name 8 off hand and can probably think of more. They all fall into one of three categories: public service employees, teachers, and people who were forced out or elected to take an early retirement package.

In other words, folks who have a pension and health care coverage until Medicare kicks in?

 

[ls99]

Other than DW I know no one in person who ERd.

 

[Mulligan]

In other words, folks who have a pension and health care coverage until Medicare kicks in?

The other group who is most likely to have the wealth to retire USUALLY won't, that being successful small business owners. If you own something, I imagine it's hard to let it go even if you can afford to, because you built it and it is part of your identity. I know several barbers and all the farmers I know wont quit until they are sent to the nursing home even though they don't need the money.

 

[FinanceDude]

The other group who is most likely to have the wealth to retire USUALLY won't, that being successful small business owners. If you own something, I imagine it's hard to let it go even if you can afford to, because you built it and it is part of your identity. I know several barbers and all the farmers I know wont quit until they are sent to the nursing home even though they don't need the money.

DW's family are all farmers. Trust me when I tell you most famers are NOT rich! The tough part is when the kids decide they don't want to carry on the family business of farming, and the parents don't want to sell out to someone they don't trust. Most farmers I know would be more than willing to sell their land to a developer if they know they are not getting screwed..........

 

[Mulligan]

DW's family are all farmers. Trust me when I tell you most famers are NOT rich! The tough part is when the kids decide they don't want to carry on the family business of farming, and the parents don't want to sell out to someone they don't trust. Most farmers I know would be more than willing to sell their land to a developer if they know they are not getting screwed..........

Thats Interesting, and I'd agree a lot of farmers aren't rich.The ones I know have had their land paid off long ago and buy new equipment with cash for tax write offs. Plus, they didn't have to try to make the income of the land stretch out for their children. That's interesting the ones you know would sell out, because the friends I know wouldn't sell, but they would buy more if someone would sell it to them! The area I'm referring to no developers would offer to them because we are talking about rural in the middle of nowhere farm country!

 

[Purron]

My father retired at 52. Bought a camper and went exploring the country with my mom. Died unexpectedly of a heart attack at 54. Changed my thoughts about life, the universe and everything.

 

[NW-Bound]

Uh oh!

Like me, my motor home, and my dream to drive it up to Alaska. Except that I have not been up to Alaska yet.

I better not tell my wife about this story. She might not want to go with me on the next trip, 'cause she has never driven this motor home, is afraid to, and would not want to drive it back home by herself.

I would not want to die so young, but when my time comes, to die suddenly because of a heart attack or a stroke would be my choice. And I am sure I am not alone.

 

[kumquat]

DW's family are all farmers. Trust me when I tell you most famers are NOT rich! The tough part is when the kids decide they don't want to carry on the family business of farming, and the parents don't want to sell out to someone they don't trust. Most farmers I know would be more than willing to sell their land to a developer if they know they are not getting screwed..........

Thats Interesting, and I'd agree a lot of farmers aren't rich.The ones I know have had their land paid off long ago and buy new equipment with cash for tax write offs. Plus, they didn't have to try to make the income of the land stretch out for their children. That's interesting the ones you know would sell out, because the friends I know wouldn't sell, but they would buy more if someone would sell it to them! The area I'm referring to no developers would offer to them because we are talking about rural in the middle of nowhere farm country!

Interesting. Hate to hijack the thread. Farmers aren't rich? Farmers wouldn't sell to someone they don't trust but a developer would be OK?

My father was a farmer, my FIL was a farmer, I was a farmer (for a few years in my youth), my late BIL was a farmer, my brother was a farmer, two brothers and two nephews are still farmers.

My late FIL, late BIL and my brothers may have been/be "rich". Their NW's are/were seven digits and the first digit was/is not always a "1". However, they "lived poor". Their spendable incomes were a very small return on their assets if you subtract a reasonable amount for labor.

My nephews' NWs are probably near zero. It takes time to pay down the loans. Their spendable incomes are not currently compensating them for their time and expertise as well as the financial risks they take. In 30 years they will be "rich" or broke.

All of them consider land to be something you buy, not something you sell. No family member has ever sold an acre of land. The original land settled by my GF and GF-in-law is still in the family after 100+ years. One brother had to retire for health reasons. He rented his land. He had multiple offers to buy it but refused. DW & I own a small amount of farm land. Its return has been small but we'd never sell unless forced (truth be told, that's if no family member wants to rent it and no one else would be interested if adjacent land was not available).

The farmers I know wouldn't sell to anyone but another farmer but in our area selling to a developer is not an option. Selling to a [-]speculator[/-] investor is considered obscene. Whether they are "rich" or not depends only on their age.

 

[Free To Canoe]

I know some friends that ERed because of disability.
One friend of a friend ERed on investments. Over the years he went from a house to a trailer and in recent years lives in his truck.
Brother and sister in law ERed but she went back to work.

That is everyone that I know of.

 

[NW-Bound]

None sounded like a happy ER story, particularly the following:

Over the years he went from a house to a trailer and in recent years lives in his truck.

 

[Mulligan]

Interesting. Hate to hijack the thread. Farmers aren't rich? Farmers wouldn't sell to someone they don't trust but a developer would be OK?

My father was a farmer, my FIL was a farmer, I was a farmer (for a few years in my youth), my late BIL was a farmer, my brother was a farmer, two brothers and two nephews are still farmers.

My late FIL, late BIL and my brothers may have been/be "rich". Their NW's are/were seven digits and the first digit was/is not always a "1". However, they "lived poor". Their spendable incomes were a very small return on their assets if you subtract a reasonable amount for labor.

My nephews' NWs are probably near zero. It takes time to pay down the loans. Their spendable incomes are not currently compensating them for their time and expertise as well as the financial risks they take. In 30 years they will be "rich" or broke.

All of them consider land to be something you buy, not something you sell. No family member has ever sold an acre of land. The original land settled by my GF and GF-in-law is still in the family after 100+ years. One brother had to retire for health reasons. He rented his land. He had multiple offers to buy it but refused. DW & I own a small amount of farm land. Its return has been small but we'd never sell unless forced (truth be told, that's if no family member wants to rent it and no one else would be interested if adjacent land was not available).

The farmers I know wouldn't sell to anyone but another farmer but in our area selling to a developer is not an option. Selling to a [-]speculator[/-] investor is considered obscene. Whether they are "rich" or not depends only on their age.

Kumquat, you expressed yourself better than I did. Seems like we are talking about the same people! Now back to the thread......