Semi-Retirement in my 40's do-able?

Debt free, no mortgage is good place to start. Its worth working out how many weeks / months a year you actually work just to pay these off. Note this can be depressing to work out over half my take home used to go on just servicing debt and associated insurances for the mortgage. But once you have that sorted you'll probably only need to work a few days a month to cover basic bills.

My advice would be to put everything into become debt and mortgage free as soon as possible, then enjoy the freedom to do what you want.

The only problem with more free time is having more time to spend money.
 
M :cry: y next job starting in august has 24 hour on-calls and 90 hour weeks...absolutely dreading it. will say bye bye to having a life for at least 6 months :cry: we will see what i am made of...
 
Although a different situation my Gpa died 3 years ago at 83. He developed alzheimer's getting slowly worse over a 5 year period but ran our family business for 65 years working every day 6 days mon-sat without fail and worked that until he went into the home. He deteriorated very quickly without work, he ended up in a sectioned ward under 24hr care. Because our family (I wouldnt call wealthy) but are better off than average he had to pay for it in full, there was no NHS aid as on paper he could afford it and he was the only one in there paying full price and with that kind of care estates disappear very very quickly. Most of his funds were wrapped up in the business and it was a really tough time for the family. My nana lived in what we used to call the mansion which was a lovely old victorian house. In the end my nana had to sell the house to continue his care otherwise the business would have suffered effecting both my dad and our family as well as my uncle and his. He was there for a year until he finally passed which was a blessing as it was so upsetting seeing him like that but also the strain put on everyone was hard to bear. Problem with that illness it can vary hugely on time.

Anyway what im trying to say is that sometimes it can have a negative effect. More older than your young age but some deteriorate quickly without work. Its a strange thing, but my dad knows a few people who retired in their early 50s and having huge heart attacks, strokes etc a few years down the road. Removal of routine etc

But he was completely in love with his business with such a huge pride that having to leave killed him. Although me and my dad took him down to the shop everyone and a while when we could and he would just start pottering around like he used to he never wanted to leave.

It depends how much you love what you do. I think its different when its your own business and family that are involved.

But also I always feel like ye if I won the lottery I would retire and do everything I always wanted too. But After a week off work I quickly get bored and want to be doing something, its a strange thing then as soon as im back I cant wait for the next leave.
 
RLiu said:
M :cry: y next job starting in august has 24 hour on-calls and 90 hour weeks...absolutely dreading it. will say bye bye to having a life for at least 6 months :cry: we will see what i am made of...
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errr isn't that illegal? Or have your signed an opt out? Even if you have you can cancel the opt out with 7 days notice and they cannot sack you for it....
 
I am 60yrs old in October and been saying I will retire for about the last 3yrs but its funny now I can there seems to be no hurry so will probably do another year or two its a big step and takes a lot of thinking about bearing in mine interest rates at the moment and the change in your whole lifestyle. :| :|
 
a lot of guys I know having a mid life crisis don't buy a car or a motorbike they buy a really expensive bespoke road bike and all the lycra to go with. A few laps of Richmond park and you are happy as.
 
Haha ewwimbledon my dad is certainly in that one with two bespoke carbon fibre roadies with his lycra but tbf he still gives me a very good run for my money lol! 25 years younger!

He loves it out every night 25-30 miles.
 
I remember the stress of the early forties. Sounds like a very similar situation, with some reliable second income from property but not enough to enjoy a full early retirement on. Finaly resulted in meltdown for me at work. Looked at ways out, came very close to buying a hotel.

Eventualy agreed to take a demotion down a grade, with a protected pension, at my old grade. Haven't looked back since. Work feels like I'm retired after the job I used to have. Still have a good income, but with far less hasstle.

Biggest thing was my change of attitude after the experiece. Prior I had always put work first and been fighting, as you do, to climb the greasy pole. Since I'm content that I aint ever never gona get more out of the firm, so I do my job, then concentrate on getting more out of life. Hence home a 3 yesterday and off to the beach in the MR, body board sat in the passenger seat. :D
 
Very difficult this one - everyone has different needs and priorities. Personally I think retirement in your 40's is too soon . Semi retirement is of course a compromise but even if you're not materialistic not having money to buy some of life's luxuries can cause stress and be unsettling. I retired at 60 ( as I had always planned ) and like some others found it very hard to adjust to not working. The difference in my situation was that I loved my job - I loved the excitement , camaraderie and the salary. I think everyone needs to occupy their time constructively - whilst the prospect of escaping work stress is enticing after a few weeks most people will get bored. If you don't enjoy your current job change direction while you're still young enough to do it.

Whatever you decide good luck !
 
Set up a business and work for yourself doing what you enjoy. Its what I did.

Youre a long time dead. Carpe diem and all that.
 
tomscott said:
Haha ewwimbledon my dad is certainly in that one with two bespoke carbon fibre roadies with his lycra but tbf he still gives me a very good run for my money lol! 25 years younger!

He loves it out every night 25-30 miles.
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I am sorely tempted but currently still enjoying running but cycling way better as you get older.
 
Sort of in the same boat, just taken evr after 34 years of working for BT and am leaving at the end of June. Got no mortgage or any other debts so hoping to live on savings for a while and take six months off before looking for another job.im 52 btw

Sent via Tapatalk from my Galaxy S3
 
One warning about going part time at work, you just end up trying to cram 5 days into 4, or even 3. You have to be disciplined to make it work.
 
ric19 said:
Sort of in the same boat, just taken evr after 34 years of working for BT and am leaving at the end of June. Got no mortgage or any other debts so hoping to live on savings for a while and take six months off before looking for another job.im 52 btw

Sent via Tapatalk from my Galaxy S3
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I did that from BT at the end of March :thumbsup:

Only 17 years for me :D I do have a mortgage and a few other things though, so 3/4 months off max...
 
Stuart Truman said:
One warning about going part time at work, you just end up trying to cram 5 days into 4, or even 3. You have to be disciplined to make it work.
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That is very true. I know a lot of people working 4 days who spend their non working day attached to their crackberry.
 
The way to do it is, move onto a Council housing estate, father 15 children, sit back and let the welfare state take care of you :)

Tim.
 
You could always figure out how much you would need to survive reasonably and live like that while you bank the rest of your paycheck just in case it wouldn't work out.
 
Have you thought about a sabatical.If the firm will allow it and you can afford it ,it will give you time to think and decide if you like life out of work.
 
Machine monkey said:
These things happen my dad had been planing and saving for a retirement he never got. Its made my mind up as soon as i can i will.
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Sorry to hear about your dad MM
 
Bing said:
ric19 said:
Sort of in the same boat, just taken evr after 34 years of working for BT and am leaving at the end of June. Got no mortgage or any other debts so hoping to live on savings for a while and take six months off before looking for another job.im 52 btw

Sent via Tapatalk from my Galaxy S3
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I did that from BT at the end of March :thumbsup:

Only 17 years for me :D I do have a mortgage and a few other things though, so 3/4 months off max...
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What part if BT did you work in Bing ?

I'm in BT Operate or TSO as its now known

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