Considering retirement.

sandgrooper1 · Senior Member

Considering retirement.

Peter_n_Margaret · Guru

Go for it.
Margaret and I retired at 59 years old 15 years ago, just a couple of years before the GFC. Our average annual expenses are very similar to what you propose, but vary substantially from year to year.
Best years of our lives and we are far from done. :)
Cheers,
Peter

Whenarewethere · Guru

My accountant said to me don't retire, you won't have time for anything.

Agree, if you are a busy person by nature you will not have time & will wonder how you fitted in work.

I retired in my mid 40s. I've been a good saver due to nature of unpredictable work. If I can't live on my modest income now I can't live off a pension, & I'm not going to get that anyway.

If you own everything & are good savers...... retire.

It's easier to save a dollar than earn a dollar!

JeffRae · Guru

Hello Al,

We manage on just under your considered income and find it sufficient
Circumstances are similar to yours re house, cars, motorhome etc

Just retire, you can afford it.

Jeff & Rae

Greg 1 · Guru

If you own everything and you are not spendthrift, your needs are less when you retire. Wife and I manage quite well on less than the income you are talking about and enjoy quite a reasonable standard of living. I have really enjoyed my retirement as of nearly 3 years ago and have been really busy. Don't know when I fitted work in. Just recently I was asked to do some part time work which involves about 2 days a fortnight which I have accepted. It is more to do with interest than money with me and I am going to see how I go. The job involves something that I was passionate about when I was working. Something part time could be an option for you if you feel that way inclined. I know professional people who have retired and done things like work part time at Bunnings and just love the change from their high pressure work environment to a relaxed lifestyle and simple job.

Peter_n_Margaret · Guru

A recent Wellness survey by National Australia Bank. People between 30 & 49 have the highest levels of anxiety in the community around funding their retirement
People over age 65 have half the levels of anxiety about retirement funding than the 30 to 49s
The over 65s has the highest level of wellbeing than all age groups surveyed

Cheers,

Peter

Dougwe · Chief one feather

I retired at 60, so early. I had no problem resigning from w..k (Nope, still can't say that word) I have never felt I regret retiring for one minute. I have never looked back. I doubt I would be able to go back to w..k now anyway. For nine years, now, this year, I have enjoyed every minute.

After 14-18 hour days for many moons I was burnt out.

Keep Safe on the roads and out there.

Bicyclecamper · Guru

I retired on a part military pension, and am getting around 40k. I retired when I was 42. . I have never looked back, but I will say, buying another car every now and then is harder to do when you are not working, same with updating or changing a van or camper. That money you use to have is just not there and you have to do a lot of juggling, or re borrowing against your assets. So if you intend to buy replacement vehicles down the track, it may be and idea to rethink early retirement and try and raise more super for eventual expensive outlays. This is the one thing I did not think of, and have felt it financially in the last 18 years. I did go back to work as a landscaper for 3 years so I could save some extra cash, and it worked, but 18 years is a long time on less than half the wage I was on when I was working in Defence.

-- Edited by Bicyclecamper on Tuesday 25th of February 2020 07:01:27 PM

vanTas · Veteran Member

All sounds good to me. Go for it. A bit of casual employment might be nice, but without super, union fees, fuel for the work trip and morning teas your wallet will be fatter.

If you are a bit handy, the local Mens Shed is a good venue,

Join your local Community Association.

And National Seniors Australia, U3A.

Help the local school - hear the kids read.

Get a dog. Drive for Meals on Wheels. Join a caravan club.

Keeping busy will give you a reason to get up in the mornings, and help to keep you fit.

Then you can go in the van for a genuine holiday of a few weeks.

Don't be surprised to see your diary get blacker and blacker, while your list of friends gets longer.

Your sense of worth will climb through the roof. No time for "work" now.

sandgrooper1 · Senior Member

Hi all,

Well today I signed my paperwork to facilitate my year off work with a view to making it permanent.

My last day will be 11/06/2020. Excited but nervous as well with a overriding sense of relief really.

Hopefully all will go well and I/we can make it permanent and no return to full time work.

Thank you all for the positive feedback.

Regards AL.

Eaglemax · Guru

Retired on DSP at 57. Also have a veterans card. It isnt what income you have but how much you spend. All the best Tony

JeffRae · Guru

Good to hear Al.

The job I retired from was probably the most satisfying I have had, except my present job of being retired.
Hope June comes around quickly for you.
Nice part of the country we live in

Jeff

Tony Bev · Guru

Morning to you, Al (sandgrooper1)

I was forced to retire at 61 years of age, through a workplace accident, and became fit enough to travel at 66 years of age

I still have a home, and manage to travel about six months of the year, at less than your nominated income

But...

I use free/donation/low cost camp sites 99% of the time, as I travel in a self contained RV

We all know of those, who unfortunately never made it to our age, so if I was to offer advice, I would say, go for it, and enjoy yourself while you can

As Jeff (JeffRae) has already said
Nice part of the country, you live in

sandgrooper1 · Senior Member

Hi Jeff and Tony,

Yes, its not a bad spot to live, but I guess you both already know that lol.

Thanks for the support.

I have started to attend too many funerals nowadays so agree re doing things while we can because you never know what's around the corner.

I just know the time is going to drraggg now... wish it was tomorrow if I am being honest. Tomorrow?? what am I saying ...I mean today!!

Oh well at least I have 3 weeks leave in March before the June leaving date to help out lol.

Thanks AL

Whenarewethere · Guru

sandgrooper1 wrote:
I have started to attend too many funerals nowadays

Same here, another one this week. It's when you stop attending funerals permanently, you have a problem!

Gaylehere · Guru

Just a thought - would you have one of those types of jobs where you could take annual leave, long service leave etc. at half pay to stretch your current income and time off work over twice the time. By then you would be over 60 before you actually give up work particularly if you need to access some of your super to support your lifestyle. Like the others I'd say go see some of our wonderful country whilst you can as you don't know what's around the corner and I personally think this year will be a trying year before it ends. I believe the coronavirus will impact us more than we might currently think, be it directly (our health) or through problems in our country's economy. Sorry that's sounds a bit gloomy. So, again, go and enjoy your time off. Cheers.

Whenarewethere · Guru

& if you can spread the work over a few years you will reduce tax. Look at keeping up super contributions.

sandgrooper1 · Senior Member

Hi,

I wont have to touch super for a number of years yet.

Thanks AL

bgt · Guru

How much money you will need is very subjective. Some folks can't manage on a million dollars a year. While others are very happy on the aged pension. It's all about expectations. Keep your expectations in check and you'll be ok.

We retired when I was in my late 40's. Traveled a lot and RVed in the USA for 8 years. Money for us wasn't a huge issue. BUT 18 months ago I woke up in ER in the USA. They gave me a 1 in 3 chance!!! That changes your perspective real quick. I'm now just getting well enough to travel again. Purchased a new motorhome here in Australia. With medical bills paid for we have 'just' enough money left to fulfill our expectations.

Anyone who can manage there expectations can hit the road. There are hundreds of happy campers out there on the road with nothing more than a converted old postal van and a pensions cheque.
I'm happy to be alive. If I run out of money and fuel somewhere out there then I'll still be happy.

The Belmont Bear · Guru

Al I guess the key is what lifestyle are you guys prepared to accept. I also retired at 58 (now 62) like you we owned everything house cars etc.after advice from our financial planner we budgeted $5k a month. We found that this amount let us live in a manner similar to what we had before retirement (without government assistance). In reality I have continually had to subsidise our income by working short term contracts to pay for things like replacing the carpet, painting the house, rebuilding the pool, replacing the tug etc.

So now I sit in South Africa for the next 6 months subsidising our recent home renovations......

cheers

Bb

-- Edited by The Belmont Bear on Tuesday 3rd of March 2020 07:25:23 AM