Reply to: What age do you plan to semi-retire?

[d000hg]

Work is valuable but that doesn't mean working for someone, if you don't need to. A lot of people retire then end up busier than ever working on their own business. Others become dedicated volunteers or take up a hobby as a 'job' e.g. music or writing or painting. Or study for its own sake, effectively becoming armchair academics.

Sitting doing naff all would soon become dull but all you need is a bit of land and maybe a few animals and you will never have time to be bored! A couple I know both 70ish work virtually full-time on their wonderful garden most of the year - it's like a show garden!

[SueEllen]

Or kids moving back in!

If youmove to the backend of nowhere they won't move back in apparently, so I've been told....

[ladymuck]

+ kids moving out

Or kids moving back in!

[SueEllen]

+ kids moving out

Depends where you live.....

[malvolio]

+ kids moving out

That happened about 30 years ago...

[ChimpMaster]

But what does go down is routine expenditure. No mortgage, much lower insurance costs, no travel to work, less pressure to pack everything into a weekend at top prices. It all adds up.

+ kids moving out

[courtg9000]

But what does go down is routine expenditure. No mortgage, much lower insurance costs, no travel to work, less pressure to pack everything into a weekend at top prices. It all adds up.

^^This^^

I am around 1000 up already this month compared to some previous months last year and the year before.

[malvolio]

I ve found that as you get older you actually spend more - For me spending on furniture, kitchens, art and travel has massively increased since when I was in my late 20s and I dont see that changing any time soon

So this notion of as you get older you spend less seems not to be universal

It's not as you get older, the break point is when you retire which could be any age. Not having to earn a living - assuming you've planned well enough to be self sufficient - changes things quite dramatically.

We've bought lots of fairly expensive things, such as a £40k motorhome, but they are investments for the future and we actually park some money every month. And if all else fails, we have a valuable house that's mortgage free.

But what does go down is routine expenditure. No mortgage, much lower insurance costs, no travel to work, less pressure to pack everything into a weekend at top prices. It all adds up.

[ladymuck]

I ve found that as you get older you actually spend more - For me spending on furniture, kitchens, art and travel has massively increased since when I was in my late 20s and I dont see that changing any time soon

So this notion of as you get older you spend less seems not to be universal

Yeah those Picasso's don't come cheap

I too have splashed out on more art of late, it's a good point. Getting them framed costs a small fortune if you want it done well.

Kitchens done properly can last decades so should only need minor cosmetic changes rather than a full refit over time.

[NowPermOutsideUK]

I'm mid forties, mortgage paid off 4 years ago, no kids half decent savings as continued paying mortgage into savings even once we had paid it off. We have a BTL and other investments which we are adding money to.

I've spoken on contracts with other contractors about how long they may carry on and a lot have said they don't know as they get bored after a few months between contracts before they find their next job but I find time inbetween contracts where your still looking for the next job is not the same as when your off as I call it 'properly' not looking. I find I can never properly settle into anything or start anything thats too big a project as I am always thinking I could be back in work again next week.

I plan on semi retiring in around 5 years this will coincide with moving house to a different part of the country, not have as many neighbours and more land so I can garden more and grow more of my own food and get more peace and quiet away from 'estate' living. I still plan to work but more just part/full time temporary roles not in IT just anything really that takes my fancy and who will have me. I do like the idea of just being able to consider any job, some of the best jobs I had were the ones I had when I left college or in my 20's when I needed some extra cash for Christmas.

Money wise between still doing some work and investments we should have enough to get by, sure no expensive trips or spending but once we move we plan on travelling more local in the UK with the odd trip abroad so we are trying in the next 5 years to get all the big trips abroad done then before we hopefully move. Material things as I've got older I've got less bothered about having a flash car or lots of clothes and stuff in general, starting getting more happy with just what I have. Sad as it is I get more enjoyment now from walking round a field at a car boot on a fresh weekend morning than traipsing round the high street shops. Fresh air, more peace and quiet and slowing down is my way forward!

I ve found that as you get older you actually spend more - For me spending on furniture, kitchens, art and travel has massively increased since when I was in my late 20s and I dont see that changing any time soon

So this notion of as you get older you spend less seems not to be universal

[curtis]

I'm mid forties, mortgage paid off 4 years ago, no kids half decent savings as continued paying mortgage into savings even once we had paid it off. We have a BTL and other investments which we are adding money to.

I've spoken on contracts with other contractors about how long they may carry on and a lot have said they don't know as they get bored after a few months between contracts before they find their next job but I find time inbetween contracts where your still looking for the next job is not the same as when your off as I call it 'properly' not looking. I find I can never properly settle into anything or start anything thats too big a project as I am always thinking I could be back in work again next week.

I plan on semi retiring in around 5 years this will coincide with moving house to a different part of the country, not have as many neighbours and more land so I can garden more and grow more of my own food and get more peace and quiet away from 'estate' living. I still plan to work but more just part/full time temporary roles not in IT just anything really that takes my fancy and who will have me. I do like the idea of just being able to consider any job, some of the best jobs I had were the ones I had when I left college or in my 20's when I needed some extra cash for Christmas.

Money wise between still doing some work and investments we should have enough to get by, sure no expensive trips or spending but once we move we plan on travelling more local in the UK with the odd trip abroad so we are trying in the next 5 years to get all the big trips abroad done then before we hopefully move. Material things as I've got older I've got less bothered about having a flash car or lots of clothes and stuff in general, starting getting more happy with just what I have. Sad as it is I get more enjoyment now from walking round a field at a car boot on a fresh weekend morning than traipsing round the high street shops. Fresh air, more peace and quiet and slowing down is my way forward!

[clearedforlanding]

Dammit. I knew there was a reason why I wasn't hitting my retirement targets. Need to find a cheaper butler

I ditched the kids.

No true contractor would use a cheap butler.

[ladymuck]

Yes my implication was that it's not unimaginable to be able to generate such an amount of income if one has invested/saved over a course of 30 years or so. Assuming of course that you have earned a good income over that time.

Everyone's number will be different. £10k is a lot of money if the kids have flown the nest and you have no mortgage, but it might not be so much if you have 3 sprogs at private school, 2 flash cars on lease, a butler and a £2k mortgage each month.

Dammit. I knew there was a reason why I wasn't hitting my retirement targets. Need to find a cheaper butler

[ChimpMaster]

The 10k number came from chimp master but it’s immaterial. The question was more general about at what point do you actually stop?

If you get to your magic number at the age you decide then do you continue to plod along and build out the war heat or do you sail into the sunset and never work again

Yes my implication was that it's not unimaginable to be able to generate such an amount of income if one has invested/saved over a course of 30 years or so. Assuming of course that you have earned a good income over that time.

Everyone's number will be different. £10k is a lot of money if the kids have flown the nest and you have no mortgage, but it might not be so much if you have 3 sprogs at private school, 2 flash cars on lease, a butler and a £2k mortgage each month.

[BR14]

depends if you're a LondonPM