"The problem with doing nothing is not knowing when you're finished" - Benjamin Franklin

barina · Guru

retireing early

Happywanderer · The Master

Great news Judy. The time will go so fast and you will be out there before you know it.

rockylizard · Guru

Gday...

It depends entirely on what you want .. and your financial circumstances. ---but--- if you build up (and keep) your Long Service Leave it is a very good (low-taxed) income lump on retirement. If you continue to work - normal pay - building up additional long service leave as well - then you will have more resource upon retirement than if you use it up 'killing time' until the end date.

Only my opinion .... but it is what I did - best move financially I made.

Cheers - John

barina · Guru

Thanks John worth considering, will get the exact details as it gets closer, so certainly an option...thanks

barina · Guru

Cannot wait HW....

jimricho · Guru

I retired at 55. One of the best decisions I ever made.

In fourteen and a half years of retirement I've been able to travel overseas twice (once around the world), go on 4WD tag-alongs, and spend up to a third of the year "grey nomadding", mostly staying in caravan parks. How have I been able to afford this (no I'm not made of money - far from it), simple, I own a modest home in a modest but nice neighbourhood and I do not have money tied up in my rig beyond my everyday needs.

The more money you have tied up in the motorhome/caravan of your dreams the less you have to live that dream.

-- Edited by jimricho on Wednesday 10th of October 2012 07:23:27 AM

Bent Axle Bob · Senior Member

Got to agree with Rockylzard on this one, If you're still healthy and finances are stable, in the present financial situation, looking forward for the next 2 years, it may be more beneficial to continue working. Then again, retirement is GREAT. What ever your decision , enjoy!

vk6tnc · Guru

We had a guy at work who continued working two years past retirement age to gain Centrelink benefits. He died with a brand new boat and caravan in the driveway

blaze · Guru

vk6tnc wrote:
We had a guy at work who continued working two years past retirement age to gain Centrelink benefits. He died with a brand new boat and caravan in the driveway

they are my thoughts also, had a mate worked and saved all his working life to retire at 55 and was set so he would never have finacial woes. He died eariler this year at 54. His brothers first words on informing me of his passing were " you are a long time dead and that bloody money is worthless to him now". We set off travelling when I was 50, didnt have 2 bob to rub together really ( not quite that bad), we are having a ball working our way around this great land, just do it

cheers

blaze

Zoomtopz · Guru

Barina, you have heard a few options here .

I retired at 45 . too young you say , when a Therapist says to me

"the war is over , why keep fighting the battle" , ok I retired from

work , I did Not retire from life . The 1st thing I did was buy a

'camper-van' , 'old inter' & went . Ok so we had a 2y old , bought a

Jeep & a red cattle dog on th way , you know all th normal things one

may do on holidays . You've Earnt it Have fun .

Richo.

ps that 2y old started y 12 yestee.

ChrisandPeter · Senior Member

Oh, you guys inspire me!
We are 52 and 53 - having next year off work to check out this wonderful country.
Will work a bit during the year to see if we like it.
Hopefully then only come back to work in 2014 for that year.
Can't wait to get out there - 56 sleeps to go!!!

brickies · Guru

Do your sums work out how much money you have coming in and how much you can afford to spend , Taking long service and holidays and testing the water is a great idea you will find out if this is what you want to do and if you can afford to do it . when you get closer to retirement age you can afford to spend a bit off the top of your nest egg has when you get to pension age the goverenment will start proping you up we are very luckly to live in such a great country

Dougwe · Chief one feather

Hi Judy,

I have only just retired but mainly for health, both mental and physical plus a few other reasons. I have not regretted it in the last two weeks since the big day. Financially, time will tell I spose but my sums work out so here I am day two in the playground.

Keep planning and good luck with it all, it's a great feeling not to have to go to work to-morrow.

fireheart · Senior Member

Judy, just do it. If you can afford to do it earlier do that. I know the cost of putting off retirement. My beautiful husband wanted to keep flying until he was 65, we were making plans on travelling this wonderful country and looking at how we would do it, getting excited and I really wanted him to retire earlier, however his airplanes were important to him. He died of cancer at 61, and now I will do this trip on my own. We really never know exactly what is around the corner, of course I also know that we need to sensible about these things too and do what is comfortable for you.
Good luck with it all.
Sharon.

gordon_adl · Senior Member

Whole heartedly agree on the early retirement. Especially if you can afford it.

I knew a bloke who worked his whole life for one company. He did everything right and was a model employee. The night before his retirement he died of a heart attack. It was so tragic. I vowed to retire at the earliest possible time.

I've got two more months before I go into semi retirement. We've sacrificed on things so we can have an early retirement. We're at the point where we don't need to save any more money but don't want to start spending our savings. So I'm just going to do part time employment in a very low stress job of some type. We're also moving out of the suburbs and into a small country town that we've always loved. Will stay there for a few years before we start our travelling but that will always be our home base.

As the 'nike' adverts say, JUST DO IT! :)

aussietraveller · Guru

I retired early at 61 due to a health issue and fortunately I had significant super and long service leave, we have been careful with our money and have structured our super income so that I now get age pension and super should last until 85 allowing for small increase each year we travel for 3-4 months per year plus odd week or two throughout the year, if you are careful with your money you can make it last.

Health has improved considerably no high level pressure and no high level income but life is much more enjoyable I for one am glad I retired early.

brickies · Guru

Retirement is not about oversea holidays all the time , It is a way of life and if you live within your means What a great life

justcruisin01 · Guru

Under doctors orders I retired at 57 as a result of major back injuries which I struggled with for many years, I had got to a point where I could not function in the work place.

It took two plus years of rest before I got back on my feet, still with limited ability to do jobs around the place.

This was the best decission I ever made, the wife retired two years after me.

If you are clear of dept before you retire then it doesn't take as much money as you may think.

JC.

barina · Guru

Thanks all for your advice and well wishes. I am in reasonable health at the moment. If I go now I don't have enough to support myself even very frugally. At 62 I am in a better position as long as the health holds up. If that was to change I would seriously look at going earlier. I thought over the next 2 years I can buy the MH and have some short trips to whet my appetite and be really ready to set off with a fair amount of confidence / bravado.....

2weis · Senior Member

barina
as you seem to have been at your job for a fair time (10 months long service) just remember you sick leave entitlemrnt may have also been accruing
i would suggest you speak to union rep / financial advisor or even work fair as you may have more entitlement than you realise
also while you are o long service /sick leave your entitlements still accrue
brian

valnrob · Guru

Everyone is different, age wise, money wise, etc. We are retired, own our home, don't owe money on our van or vehicle. They are not new, but have taken us many kilometres around NSW, QLD and VIC. We have no debts, only pay Rates & Water rates, have solar panels on house so electricity more than covered with power sold back to grid. Our only income is the Age Pension. With a good budget we can enjoy a life on the road for a few months at a time, eat well, and enjoy a tipple or two. Rob had a heart attack 2 yrs ago, we were lucky he didn't die. Now we make the most of whats left of our time on this side of the turf.

Good luck and enjoy !

Happywanderer · The Master

Good on you ValnRob. Hope to see you at Greens lake again this year.

valnrob · Guru

I hope we get there too Marge. Got quite a busy schedule now till after New Year. Cruise round NZ in November then baby sitting daughters dog while they holiday in Tassie for three weeks after Christmas.

Cheers

barina · Guru

2weis wrote:
barina
as you seem to have been at your job for a fair time (10 months long service) just remember you sick leave entitlemrnt may have also been accruing
i would suggest you speak to union rep / financial advisor or even work fair as you may have more entitlement than you realise
also while you are o long service /sick leave your entitlements still accrue
brian

Hi

I work in local govt. 26yrs and we can take 25% of accruedd sick leave when we resign. so you are right another thing to throw in the mix....thanks

Boothie · Senior Member

New to this forum and will never be grey, just dusty around the edges. Reading this thread has really inspired me. Looking at retiring next year at 55. Wife has just been declared as cancer resolved. Punching holes in the air over that one! Been to see Financial advisor, not understanding all this super stuff and given my super scheme, I would be stupid not to retire. Straight Pension with tax levels etc probably better off than I am now.

This thread has definitely helped my decision. Keeping the long service intact and possibly facing redundancy before I can quit, the fund allows me to defer my retirement option until I can retire at 55. So redundancy payment leads to paying off the house, buying a caravan, getting a good pension and we are off. First stop, a station north of Wilcannia and visiting my wife's oldest and best friend, next stop, northward bound to the land of mud crabs and big fish, warm weather and sultry evenings to rekindle our relationship!

I can only say one thing.....BRING IT ON!

Then the pension kicks in, there is going to be no stopping this Dusty not quite Grey Nomad