Re: Attitudes to Early Retirement

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hi,

So we're here in Paradise, or at least a tax-free nearest equivalent.

So, retire now or later, and what to do when retired?

Please use this Board to let us all know how you spend your time, and to generate some ideas for the rest of us.

So, start a new topic, and let's get physical.

From a renowned couch potato, loafer, and general layabout.   

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Hi good people

Anyone care to share their retirement stories? For instance, when did you decide it was time to call it quits? Did you do it slowly like working part time for awhile before retiring or was it a quick decision? Any regreats?

Thanks

Cupert

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be patient...

the book is coming out soon... right Paul?

I think everybody of us could fill a few chapters in that "retirement" bible...

but to answer your first "for instance"... I made that decision after the first day at school...

bottoms up 

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hi,

It wasn't so much deciding to retire it was getting fed up of being ill at the thought of yet more work.

I ceased paid employment some time back. Some employers would probably feel it was longer than that as I'm but naturally lazy so work and deadlines are a stressed-out state.

If work is such good fun (as the company says) then better to leave a lot of it for tomorrow was my philosophy. Hardly the philosophy for promotion, bonuses and riches.

I've never had any sadness/regrets over this move which was planned a few months before the end of a contract. I could have renewed. There was no point, just more income, same expenditure, same job, and using up the rest of my life. 

I did some calcs and reckoned on a work-free 5-year period. That was 14 years ago.

I have met several retired folks, some retired earlier, some later. No-one has ever said that they should have waited. They all, yes all, said that sooner was better, and a couple of folks said that they regretted leaving retirement too late.

Obviously you got to have some money coming in, and money does matter, but I found that I needed a lot less than I originally thought and planned for. And living in a relatively low-cost country like Malaysia has helped. I imagine that Thailand would also suit my budget. And to some extent Singapore. The UK would be a squeeze.

I also read the book, "The Joy of Not working" and this confirmed that it was natural and normal to abhor work and I needed to let go of my Victorian work ethic and realise that loafing around was the body feeding back important information to me.

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Hi Udo, Scott

Thanks.

Keep all these stories coming. I like what I am hearing. The stress of the job is 'killing' me. And, so it would be good to retire soon. Our principal home is paid for. Now we are hoping to use Mr Cupert's super to pay off money owing on an investment property. The rental money would we hope fund our retirement.

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Me and Mr P had planned to do the "slow it down with work" route first, before full-blown retirement.  That was our ideal plan.

However, the country we were living in (not our "home" country) had other ideas for us, slow-down not allowed under the Work Visa  , and we ended up with a Visa dilemma for one of us, due to age, so we had to make a quick decision of either (a) retiring early to a cheaper country (Malaysia, Thailand, Philippines all came to mind) or (b) continuing working 24/7 then being slung out of said country 2 years later or (c) returning to the UK.  We chose option (a).

Regrets?  Only that it was a rushed decision - but we are making amends right now and doing the job properly this time (currently planning move from Thailand to Malaysia).  I don't miss the stress of running a business 365 days a year, though I would like a little more to do - which is one reason why we are choosing Penang.

As Scott said, you do need to look at your finances carefully and, even then, who could have predicted the World recession?  Okay, okay, I know that Oz never went into recession 

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Dear Papaya

Just wondering how long you had live in Phuket and is it possible for you to start a hobby/business in Penang? Isn't there something about part time work for ex-pats or MM2H visa holders in this forum?

I love yoga and so I wouldn't mind doing a bit of yoga teaching when I retire  ie if I could find anyone who is interested in enrolling in my class. 

Okay, okay, I know that Oz never went into recession

 

Ha! that's what Mr Rudd and the pollies like us to believe. We in Oz who were confronted with the GFC could tell you that there was a recession. 



 

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Been in Phuket getting on for 2 and a half years now.

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With regard to the Oz recession, something really strange happened in the crash.

I was monitoring the A$ continuously, as I drew my cash from there for living expenses.  It had been 29 baht to the A$ for years.  At the start of the crash, it went UP!! and rose to about 31 and stayed there for about 3 days.  Then it crashed to 21 baht in another 3 days, and then slowly recovered from there over about 2 years.

I have never seen any explanation for that "against-the-run-of-play" rise.

Happily, I didn't have to draw on the A$ in the crash, but drew baht to pay baht.

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The crash in the A$ occurred late in September 2008. It happened in one day or even one hour and was caused by the Reserve bank of Australia easing the cash rate by a full 1% in one go.
This caused a massive outflow of investment overnight.
The A$ then languished because the pundits considered that Oz was in for a very hard time because of its strong reliance on mineral exports to China.
The recovery in the A$ basically matches the continued demand for Australian resources by China (coal prices are at new record highs) and we are now into a phase where the Reserve bank is regularly raising interst rates. Australia has traditionally had some of the highest borrowing rates in the developed world and we continue that trend. I have never seen this satisfactorily explained but the by product is that with relatively higher interest rates we are seen as a good short term place for large players of the money market to place their investments.
As a percentage of the size of its economy the A$ is one of the most traded currencies in the world. Pick the trend at your peril.

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Yup, I can never figure out the exchange rate. One minute it is up and the next it is down. AUd appears to be doing well against US$ but not sure if it is doing as well against RM.

It would appear that if the Oz Reserve Bank hikes up the interest rate, than the AUD goes up against major currency.

Back to retirement stories, I am taking courage from what I hear so far, so please keep it coming. One of the strategies I am using is that if early retirement doesn't work out for me, I can re-enter the workforce, provided the gap is not too lengthy. I know, I know............. some of you will say that not too many employers want to hire baby boomers but look what we have to offer......all the experience behind us. 

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Hi Udo, Scott

Thanks.

stress of the job is 'killing' me. And, so it would be good to retire soon. Our principal home is paid for. Now we are hoping to use Mr Cupert's super to pay off money owing on an investment property. The rental money would we hope fund our retirement.

Hi Cupert,

Please don't take this as financial advice, because I don't know what I am doing but if you are baby boomer as you have previously mentioned then what about a TTR (transition to retirement) income from hubby's super and wait until rents increase on the IP (investment property) and use the IP as a secondary super fund for your "old age"...TTR's are good.  If you decide to fully retire then hubby can start an accumulated pension.  Hey, just a thought.  By the way, your posts are infectious.  We are looking forward to Penang in July and I would like to thank those members who replied to my PM's about Penang

Bob

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Hi Bob

TTR?? *scratched head* Got to look into this.  thanks.

As for me, I didn't think I would live past half a century but look at me now, 55 this year and still going strong. 

My gandmother died at the age of 45, my mum died at 42 so I thought if I lived to 50, I will consider myself lucky. This was one of the reasons why I didn't bother to plan and save for retirement. I mean, why bother if you are going to die young, right? 

Luckily wise Mr Cupert decided to budget for our retirement. But, like I said, all I want to do is to live a bohemian lifestyle......2 suitcases, ipod and a laptop and maybe one or two favourite memorabilia. 

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hi, cupert,

I tried to find another word or phrase other than retirement which seems so final, and deadly. The "between engagements" tag wasn't right. And taking "a few years off" seemed to imply that I'd be back on the treadmill sometime or other.

I still haven't come up with anything great so suggestions are very welcome.

.

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Hi Scott

Over in Oz, a popular phrase thrown around is Sea Change. It may nor may not be retirement per se. More a lifestyle change..........my interpretation. The 'official' interpretation "It's a big, significant change in something;
a paradigm shift."

So, Scott you have indulged in a paradigm shift or a sea change.  How about that!

Now, I wonder if others could come up with a more appropriate phrase!