Author Topic: An early retirement?  (Read 6191 times)

LightTripper

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An early retirement?
« on: April 24, 2013, 04:35:01 AM »
This guy Ed Hawkins was being interviewed on the radio this morning having given up work at 33, but with the idea that he will go back later (along with a famous 85 year old columnist, Katherine Whitehorn, for a different perspective!)

http://www.independent.co.uk/life-style/health-and-families/my-very-early-retirement-at-33-8583307.html

I thought it was an interesting take, because most of the people in that article don't seem to be FI yet: they have decided to stop working now, or to move to just occasional work, with the expectation that they will have to work more later in life.  Although it isn't FI and some would argue about whether it's retirement, it seems to me that this comes from a very similar place of valuing time over money, and not having a great desire for lots of "things".

The radio interview was also interesting, though I'm not sure if you can get it outside the UK.  It's 2hours 38 into the programme at the link below if you can get access (lasts 6 minutes).  I think Katherine Whitehorn actually ended up agreeing with him in a way (despite worrying that lots of people who retire lack a reason to get up in the morning), when she said that one of the reasons she still works now is that she lost her husband 10 years ago and finds it important to be part of the world to avoid getting isolated (saying that when her husband was alive they regarded themselves as essentially retired).  Again, that's a prioritisation of quality of life over money, and actually fits quite well with a generally more "quality" rather than "quantity" focus to life:

http://www.bbc.co.uk/programmes/b01s0djs (available for 7 days from 24/4)

Anyway, I'm not sure it actually has a mustache but I enjoyed it, and liked the fact that in general the focus was on quality of life issues (challenging yourself and being part of a community) rather than just "don't you miss all that lovely consumption?"  When the interviewer says "I give you 2 years" it's because the guy doesn't really seem to be integrating into his new community (although he clearly has a very dry sense of humour, so hard to tell how seriously he means that!), rather than because he doesn't believe he can live without "stuff".  Makes a nice change from the usual challenge to early retirement lifestyles.

Jamesqf

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Re: An early retirement?
« Reply #1 on: April 24, 2013, 11:12:37 AM »
What struck me is that none of the people mentioned have work that couldn't be done just as well from their "retirement" base as from a London office.  (And one or two were working that way.)  So why spend all of a hot day sitting by the pool, drinking wine to alleviate your boredom, when you could knock off a few pages, come out for a swim, do a few more, ride the bike into town for groceries...

dragoncar

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Re: An early retirement?
« Reply #2 on: April 24, 2013, 11:23:16 AM »
Overheard on the bus:

Young woman: You don't usually ride the bus this late, right?
Young man: No, but I just gave one month notice so I'm taking it easy.
YW: Cool, what are you going to do?
YM: Nothing... Take a few months to visit friends and family, travel around.
YW: Thats great, there's no reason not to.

Granted, this was SF, so the dude may very well be a (paper) millionaire working for a startup.  But you gotta admire the style... He rides the bus, he probably doesn't have 25 times annual expenses actually in the bank, but he probably knows he can find something else in a few months or years if necessary (I haven't decided if this is well founded confidence or just naïveté)

Anyway, made me wonder why I am still going to work.

LightTripper

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Re: An early retirement?
« Reply #3 on: April 26, 2013, 04:03:38 AM »
I think when I stop I have to know I have enough saved to at least keep body and soul together - I think I would struggle to relax and enjoy my free time if I knew I had to go back to the rat race at some point.  I do have friends with more "portfolio" careers following different opportunities as they come up, but generally even they don't tend to take significant breaks.  I quite admire the level of relaxedness needed to say "hmmm... don't fancy working now, but happy to do it later".

I agree given the guy is a journalist it's not obvious he couldn't work from home - although in fact he's a sports journalist so I imagine that means going to matches etc.  Still, I would imagine it should be possible to get freelance work for individual events, especially with so many papers laying off permanent staff these days...

happy

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Re: An early retirement?
« Reply #4 on: April 26, 2013, 05:42:17 AM »
Hmmm he says "retirement" up front but when you read it he's taking a break to follow a retirement lifestyle for ?? how long.  Nothing wrong with that ..back in my day one "took a year off"...which could become as long as or as short as you wished. Some people truncated it and came back to work, others made it go for years.

He's been working since age 17...he's due a break with his girlfriend in the South of France. In front of a woodfire..or on a swimming pool terrace. Sounds dreamy. I agree , you're only young once.


Nords

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Re: An early retirement?
« Reply #5 on: April 26, 2013, 09:26:30 PM »
I think Katherine Whitehorn actually ended up agreeing with him in a way (despite worrying that lots of people who retire lack a reason to get up in the morning), when she said that one of the reasons she still works now is that she lost her husband 10 years ago and finds it important to be part of the world to avoid getting isolated (saying that when her husband was alive they regarded themselves as essentially retired).
Whenever I hear that claim, I want to see whether they're donating their salary to charity.  Because otherwise they're working to be able to afford a lifestyle, not because it's the only way they can find people with whom to socialize.

As for "lack of reason to get up in the morning":  that's the whole point of FI.  You get up because you want to, not because you "have" to.

LightTripper

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Re: An early retirement?
« Reply #6 on: April 28, 2013, 01:43:06 PM »

As for "lack of reason to get up in the morning":  that's the whole point of FI.  You get up because you want to, not because you "have" to.

Very true.  Katherine Whitehorn's perspective comes partly from her work as an agony aunt for a magazine for older people, who gets a lot of letters from people who feel lost/useless after retirement.  I suspect this is much more a problem for "regular retirees" than early retirees, given that the latter have to actively plan for retirement.  Though even then, I suspect a lot of us who want to retire because we are fed up with our jobs may not have much idea in advance what we will do with our days instead...

Nords

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Re: An early retirement?
« Reply #7 on: April 28, 2013, 11:26:05 PM »
Though even then, I suspect a lot of us who want to retire because we are fed up with our jobs may not have much idea in advance what we will do with our days instead...
I see this question a lot, and the answer boils down to:
A retiree's #3 worry is "But... what will I DO all day?!?"  Six months after retirement, they're wondering what the heck they were worried about.

Despite over a decade of practice, my ability to over-commit still far exceeds my ability to schedule my way out of it.  The "problem" is when you're working, that overcommitment situation is always your boss' fault.  In retirement you have nobody to blame but yourself...


LightTripper

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Re: An early retirement?
« Reply #8 on: April 30, 2013, 06:09:47 AM »
I see this question a lot, and the answer boils down to:
A retiree's #3 worry is "But... what will I DO all day?!?"  Six months after retirement, they're wondering what the heck they were worried about.

Despite over a decade of practice, my ability to over-commit still far exceeds my ability to schedule my way out of it.  The "problem" is when you're working, that overcommitment situation is always your boss' fault.  In retirement you have nobody to blame but yourself...

I love it!  I guess if you're the kind of person who never has enough hours in the day at work, the same will presumably be true in retirement ... It's something I've seen with friends moving jobs for better hours or whatever - the problem is they bring themselves along, with their high standards and need to be doing a good job and be helpful and respected by colleagues etc, and end up doing just the same hours as before for less money.

I hope it's true of me too ... though I think for the first couple of months at least I risk turning into a total slob just sleeping, eating and pottering about in the garden.  I just hope it doesn't last longer than that!

grantmeaname

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Re: An early retirement?
« Reply #9 on: April 30, 2013, 06:15:55 AM »
"eat, sleep, garden" sounds like a pretty good way to spend retirement to me.

BlueMR2

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Re: An early retirement?
« Reply #10 on: April 30, 2013, 10:08:05 AM »
This guy Ed Hawkins was being interviewed on the radio this morning having given up work at 33, but with the idea that he will go back later (along with a famous 85 year old columnist, Katherine Whitehorn, for a different perspective!)

I wish them good luck.  I did something similar a few years ago, and it's amazingly hard to get an interview when you don't currently have a job...  If you take some time off, don't expect to be able to find another job when you want it.  Make sure you've got enough money saved and plan on a LOOOONG job search!

LightTripper

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Re: An early retirement?
« Reply #11 on: April 30, 2013, 10:25:02 AM »
"eat, sleep, garden" sounds like a pretty good way to spend retirement to me.

Well when you put it like that...

I am a bit of a magpie though, I generally want to be learning something new, and tend to scroll through new hobbies spending a year or so on each one and then on to a new one (or cycling back to an old one!) - so I think if I was retired I'd probably want a few more things "on the go".

Will be nice to find out though ... :)

limeandpepper

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Re: An early retirement?
« Reply #12 on: April 30, 2013, 10:36:00 AM »
Someone sent me this story a couple of weeks ago. I would really love to do something like this (or a sabbatical, is there a difference?). I'm just worried about whether I am able to find a decent job again afterwards... I don't exactly have widely sought after skills. I don't have property that I can rent out and live off, either! So I'd probably have to eat into the 'stache, unless I supplement it with some work.

mugwump

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Re: An early retirement?
« Reply #13 on: April 30, 2013, 02:23:49 PM »
I have a very spotty work record, in and out of work over a period of about 25 years.  I started after grad school at age 29, worked full-time about 4.5 years, left and found very little work except part-time and temporary for about 6 years, worked full-time about 3.5 years, left and went back to school, and got another job after a two-year gap with some part-time work.  Worked at the last job 3/4 time (my choice) for ten years, and retired at 55 with a small pension.  Then I worked very part-time  for two years after about a year's gap. 

Luckily, my DH had a modest, steady income during that time. I invested a very large chunk of my earnings, close to 100% after taxes near the end.

It is possible to get a good job after being unemployed for a while; it helps if you have a good reason you left the good jobs, and it helps if you have some recent schooling.  Recent schoolwork seems to reset the clock.  I met my last boss at the school, and volunteered for a few months and got taken on for paid work.

It also helps if you're flexible.