All Topics / General Property / When are you planning to retire?

Viewing 20 posts - 1 through 20 (of 25 total)
  • Profile photo of Steve McKnightSteve McKnight
    Keymaster
    @stevemcknight
    Join Date: 2001
    Post Count: 1,763

    Hi,

    I was just reading something interesting that mentioned the average age for retiring males is currently around 58. By this I mean leaving the workforce never to return.

    I though this point would be a good discussion starter by asking:

    1. How old are you now?; and
    2. When do you plan to retire (from work)?
    3. When do you plan to be financially free (if different from point 2).

    Would love to read people’s thoughts and discussions about these issues, and also how they plan to achieve their goals.

    Regards,

    Steve McKnight

    **********
    Remember that success comes from doing things differently.
    **********

    Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
    https://www.propertyinvesting.com

    Success comes from doing things differently

    Profile photo of Fast LaneFast Lane
    Member
    @fast-lane
    Join Date: 2004
    Post Count: 527

    1. 23
    2. Latest- 30
    3. See above

    Primarily want to do this via passive business income. I also want to throw in property and share investing to help the cause.

    Profile photo of turbozturboz
    Member
    @turboz
    Join Date: 2004
    Post Count: 37

    Hi Everyone
    I am 41 and I will be financially free in five years.I do have a few speed humps to overcome.The biggest one is my partner, putting all the speed humps he can found in my way,BUT I am determined and I will get over them all.
    Lisa
    I Steve sorry I didn’t get to catch up with you long enough the other day to tell all I’ve been up to.

    Profile photo of turbozturboz
    Member
    @turboz
    Join Date: 2004
    Post Count: 37

    In case your wondering how I will get overthe speed humps.I will go around them over them underthem or through them

    Profile photo of westanwestan
    Member
    @westan
    Join Date: 2002
    Post Count: 1,950

    Hi steve

    My comments are slightly off the topic but here they are.
    i “retired” in 2003 when i was 39 years old, thanks to the rise in the property markets in OZ and NZ. My retirement plan was to move to NZ for a year to enjoy the beautiful country and dabble in the property market, at the same time i wanted to use this time to work out what God wanted me to do with the next phase of my life.

    When you don’t work you need to fill your time in somehow. For me i’m helping with things at my local church and I ended up stating up a business that at some times is like a full time job and at others gives me the flexability to do as i please (i just returned from a 8 week family holiday to the USA). The great thing is i don’t have to do it. I could never imagine working for someone else again, in fact i’ve had dreams where i’ve had to (yuk).

    I don’t like the idea of “retirement”, the concept of sitting around doing nothing is a complete waste of existence, surely we are on this planet for something more than to live a life of self luxury.

    regards westan

    We find cash positive deals showing 15-25% Returns in the USA email me at [email protected] to join our database

    Profile photo of wayneLwayneL
    Member
    @waynel
    Join Date: 2003
    Post Count: 585
    Originally posted by westan:

    Hi steve

    My comments are slightly off the topic but here they are.
    i “retired” in 2003 when i was 39 years old, thanks to the rise in the property markets in OZ and NZ. My retirement plan was to move to NZ for a year to enjoy the beautiful country and dabble in the property market, at the same time i wanted to use this time to work out what God wanted me to do with the next phase of my life.

    When you don’t work you need to fill your time in somehow. For me i’m helping with things at my local church and I ended up stating up a business that at some times is like a full time job and at others gives me the flexability to do as i please (i just returned from a 8 week family holiday to the USA). The great thing is i don’t have to do it. I could never imagine working for someone else again, in fact i’ve had dreams where i’ve had to (yuk).

    I don’t like the idea of “retirement”, the concept of sitting around doing nothing is a complete waste of existence, surely we are on this planet for something more than to live a life of self luxury.

    regards westan

    We find cash positive deals showing 15-25% Returns in the USA email me at [email protected] to join our database

    Lovely post Westan, especially your last paragraph.

    1/ 43

    2/ I “retired” at 38 and just play the markets now. Is taht retirement? Dunno as i still am at the computer every day, but have freedom to do what I want when i went, similar to Weston.

    3/ Financially free? Not sure if I’m that yet, as I still need to actively trade soas not to whittle down my capital/ or be forced to live a little “too” frugally; hence my question as to whether I’m really retired.

    But also, like Weston, looking to what God has planned for us next. I get the feeling it ain’t where we are, but destination as yet unknown.

    Any suggestions? NZ? Europe?

    Cheers

    wayneL’s Trading Pages

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Retired full time at 39 but after spending 2 years playing golf each day and dropping kids to school and rushing home to catch lunchtime shows such as Dr Phil i am going back into the workforce for a break.

    My father told me you need to plan for retirement or you get bored and how right he was. At least if I go back to work I can have an excuse why I dont have time to undertake all the minor jobs around the house.

    Cheers Richard
    [email protected] http://www.yourstatefinance.com Development Finance & US Finance our speciality.

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    http://www.mortgagecapitalaustralia.com.au
    Email Me

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    Profile photo of bruhambruham
    Participant
    @bruham
    Join Date: 2003
    Post Count: 189

    G’day Steve,

    This is the easiest question I’ve ever answered.
    The answer is NEVER.
    Gov’t worker.
    Own my own business,have two employees,not including me.
    Share trade.
    Part time taxi driver(weekends).
    Didn’t like my age, so I reduced it by ten years.
    So I’m now fifty years young!!!

    Financially, I’ve reached my point of living in comfort a few times.(one and a half million dollars @ 5% does very nicely,thankyou).

    When I reached the above sum, I just give it away.
    When you have enough money (reach your goal)you become very lazy and you begin to look down your nose at people who haven’t done as well as you.

    WELL I DO!!!!

    bruham.[upsidedown]

    Profile photo of DazzlingDazzling
    Member
    @dazzling
    Join Date: 2005
    Post Count: 1,150

    1. Both the wife and I are 35 and have been investing for 12 years.

    2. We have a goal of retiring from work in April 28th 2007.

    3. The financially free thing is a bit subjective and dependent on how we restructure the assets. We could pull the pin now and live in a debt free PPOR with income of $ 150 K p.a., without eating into capital, but then where is the fun of that ??

    We have other plans that involve financially controlling big chunks of the Perth CBD. Giving ourselves the next 60 years to achieve this, we reckon we’re about on track. We won’t be happy until the Dazzling label is slung across the top of the old R&I tower.

    Cheers,

    Dazzling

    “No point having a cake if you can’t eat it.”

    Profile photo of jaypeejaypee
    Member
    @jaypee
    Join Date: 2005
    Post Count: 8

    Hello,

    1. Me and my partner are around 25 years old
    2. Hopefully by 45
    3. Around 50

    Re,
    Jp

    Profile photo of cama20cama20
    Participant
    @cama20
    Join Date: 2005
    Post Count: 53

    Iam 23 and about to finish my studies and join the work force.
    Plan to be financialy free by 35 and retire at 40.

    I plan to do this by saving hard and only buying real assests such as investment property and shares.

    Profile photo of SeeChangeSeeChange
    Member
    @seechange
    Join Date: 2003
    Post Count: 66

    47

    Will never retire. Will always be doing something . If I was financially free now I’d spend some years song writing

    My Father has finally retired, at age 78 . My mother is over 80 and is brushing up on her French so she can teach it …

    If I didn’t have three kids at private schools I could probably be financial free now , though four years ago the answer would have been ” What’s that ….”. If we sold our PPOR in sydney and moved else where the answer would also now.
    Otherwise depends on what happens in the market.

    See Change

    Profile photo of marsdenmarsden
    Member
    @marsden
    Join Date: 2004
    Post Count: 112

    I’m with seechange, I think you retire from ‘jobs’ but if you are self employed or an investor you just keep going. I have never had a real job because I got lucky in property and just carried on from there. I must admit that the peoperty I have (or would consider to purchase) has to have an ‘special’ feature about them. So perhaps I am a collector rather than an investor and to that extent perhaps I am retired.

    Profile photo of Michael WhyteMichael Whyte
    Member
    @michael-whyte
    Join Date: 2004
    Post Count: 269

    Hmmm….

    Some very interesting posts. For me:

    Age now 35
    Age planning on retiring 45
    Age financially free 40

    You could argue I’m financially free now, but my net asset worth is still a lazy little over $500K. I want net asset worth of around the $2M mark to “retire” on. But retirement for me is just actively managing my investment portfolio.

    My view: “I’ll be retired when my passive income replaces my salaried income (currently $200K pa)such that I can continue with my current lifestyle and investment strategies without having to work for someone else.”

    Cheers,
    Michael.

    Profile photo of surreyhughes19905surreyhughes19905
    Member
    @surreyhughes19905
    Join Date: 2003
    Post Count: 204

    Hi,

    Now: 30 (well 29 and 9 months, but close enough)
    Retired: 35
    Financially free: 45

    Definitions:
    Retired in my books = not working for “the man”. I’d still be doing things for money as at that point I would still need money, but it would be more on my terms.
    Financially free = Doing things and if money results then so be it, but it wouldn’t be required. Also I’m being fairly conservative on the 45 bit. It is assuming I continue in a rut as I am now without making any more real deals or increasing my income (so unlikely).

    As for comments re: never retired because it’s wasting your time. That is just a clarification on the word retired. I’m a computer nerd at the moment so I’d retire from that. In my retirement i”m going to continue on with my home workshop fabricating / restoring motorcycles and cars. I’d also do odd jobs for others in exchange for money and I’d sell my fabrications (and art). Does that mean I’m not retired? I think retired is a state of mind. Building a V-Twin engine from billet and home-cast componentry for sale in a fully custom one off artwork motorcycle would be retirement for me but work for another.

    Oh, and I haven’t mentioned my ambitions to brewery ownership! [biggrin]

    Profile photo of maximusmaximus
    Member
    @maximus
    Join Date: 2003
    Post Count: 189
    Originally posted by Michael Whyte:
    My view: “I’ll be retired when my passive income replaces my salaried income (currently $200K pa)

    WOW $200K.

    Michael, can you tell us what your current occupation is?

    Or even a clue if I’m being too nosey [biggrin]

    Profile photo of kerwynkerwyn
    Member
    @kerwyn
    Join Date: 2004
    Post Count: 145

    Hi All
    I tend to agree with Westan as far as the word retirement goes. I remember reading an article on retirement a few years back that reported than a big majority of people who retired to the so called easy life lasted around 2 to 5 years before popping of this mortal coil.
    Now; that is not something I want to do for awhile so I have exactly 0% interest in retirement.
    That doesn’t mean I want to keep working in a normal job or run a small business to make a living: I can think of much better things to do. What it does mean is that you have to do things you like to do and earn good money at the same time. If your job is making you stressed out and ill, then find something you like to do.
    It is not going to be easy, but show me something that is worth anything and is easy, chances are you will not find it. There is an old saying ‘something you get for nothing is worth exactly what you paid for it’: nothing.

    I am 55 and came to this conclusion only lately, so I am doing something about it now.
    How much do you need to have in dollars to feel satisfied? Well I would like around 1 to 2 million passive income a year. That’s the goal I am aiming at and I will just have to see what transpires down the track.
    Most of you guys are starting a lot younger than me so you can spare yourself a lot of hard work doing something you hate just to survive.
    You just have to drop the word retirement from your vocabulary and think of it as a change in life direction instead.
    Kerwyn.

    Profile photo of Michael WhyteMichael Whyte
    Member
    @michael-whyte
    Join Date: 2004
    Post Count: 269

    Maximus,

    That’s “combined” income. [biggrin]

    I’m a supply chain executive in a manufacturing company and I’m on $140K. My wife is a solicitor and she’s on $60K. She’s applying for jobs at the $100K mark as we speak, so maybe I’ll need $240K in passive income in retirement! [blink]

    Or then again, maybe $100K would do just nicely thank you very much… [blush2]

    Cheers,
    Michael.

    Originally posted by maximus:

    Originally posted by Michael Whyte:
    My view: “I’ll be retired when my passive income replaces my salaried income (currently $200K pa)

    WOW $200K.

    Michael, can you tell us what your current occupation is?

    Or even a clue if I’m being too nosey [biggrin]

    Profile photo of TechnoTechno
    Member
    @techno
    Join Date: 2005
    Post Count: 37

    1. Getting older by the day – 43 now.
    2. Recently “retired” from the workforce. Was a finance executive earning around $160K p.a. No longer needed the money due to income from investments.

    I enjoy retirement. Not bored at all.

    Live in Melbourne. I read a lot – subscribe to The Age, Herald Sun, Financial Review, BRW, Shares Magazine, The Bulletin, The Economist.

    Also enjoy reading investment books and some fiction books.

    Enjoy travelling – been to London, New York, Hong Kong, Singapore, Malaysia and many parts of Australia (Sydney, Cairns, Perth, Adelaide, Brisbane, Gold Coast, Tasmania, Sunshine Coast, Snowy Mountains).

    Also enjoy sports – play tennis, swim, riding a bike and running.

    Watch movies in cinemas or on DVD, eat out at restaurants, go to concerts / musicals.

    Enjoying life. Carefree existence – freedom to choose and do what I enjoy. Life is good. [biggrin]

    Profile photo of KSKS
    Member
    @ks
    Join Date: 2005
    Post Count: 16

    @techno —> I HATE YOU!![biggrin]

    Nah seriously – well done and good on you, I am dead jealous.

    Anyway:

    1) 26
    2) 35 or sooner (on the 9-5 that is)
    3) 35

    I intend on improving my existing portfolio, expanding into shares and a business or 2 and then once my ideal PPOR is established will travel and read and write like mad. Not to mention learn a few dozen instruments etc [suave]

    OH – and write a quality fantasy novel I can be proud of.

    <KS>

    Is it about the money?

    DAMN STRAIGHT IT IS!

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