Retire rich or retire early?

[Madman31]

Let's say you had an option of retiring early at like 50 with enough investment income to last until you're 100 living a lower middle class lifestyle. Would you do it or keep on working until 62 to ensure you have enough income to live a "rich" retirement? Curious to see the answers

[Ogre]

My answer would have to depend on my health. Not worth working longer if you can't enjoy it.

[The Poet]

Can't I pick both? :confused:



On second thought, nevermind, as it's too late for me to do either. :r

[Apoco]

Retire early. Easy choice for me.

PS - I'm 24. What I'm looking at right now is continuing to work my job for another 5 years saving ~75% of each paycheck (like I'm doing right now) and then quitting to do whatever I want to. Probably whitewater rafting guide. I'll take a really decreased paycheck but by then given my investing habits and return I should be good to go on a minimal income.

[markem]

What if you could manage semi-retired (work maybe 500 hours a year) at 45 and upper middle class for the rest of your life? I'm thinking full medical coverage, big house without a mortgage and perhaps something in the six figures to live on after taxes.

[emopunker2004]

I like my job, so I'd pick retire rich

[Coach Deg]

My plan is retire at 52 I will have medical and enough to be lower middle class. And at that point get a part time job at a BM or something like that. Even though I do love my job and can work till 57 and make a whole lot more.

[Bax]

Retire early, but only if a minimum income can be secured. But that depends heavily on family needs, health care and my hobbies at the time.

[E.J.]

62, easy decision.

Though I am not sure if everyone is looking at "lower middle class" in the same way.... I need a number on that to make an informed decision.

[Mattso3000]

I definitely plan on working way past 50. No way I would be able stand not working in some way that early. That being said, also no way I will be working at the job I'm at now past 50. Second career all the way...probably something involving a resort or a golf course, whatever I can get the best deal on.

[NCRadioMan]

Retire and work part-time at a cigar shop. ;)

[hammondc]

What if you could manage semi-retired (work maybe 500 hours a year) at 45 and upper middle class for the rest of your life? I'm thinking full medical coverage, big house without a mortgage and perhaps something in the six figures to live on after taxes.

This is my plan. 20-25 hrs a week effing off at home depot or something. I'd like to have my 'I am never moving again' house.

[kelmac07]

Define lower middle class and rich?

[jluck]

I ponder this all the time my self...I have a good job for a average idiot, I like it and it gives me most the tools I need to retire at a decent age. I'm shooting for 45-55 years old myself. The wife is going to take over bread winning duty's soon as she is working towards being a RN. When the wife tells me to stay home and clean the house I will know it's time.
I would love to retire or even semi retire while I'm healthy enough to have fun with my boys and nieces and I will more than likely be taking over a gun shop or some other part time work later on. ("welcome to Wal-Mart do you need a cart")
This all depends on return of investments too. I (we) could all be broke tomorrow.

So in a nut shell....I want out before 62.

[Mikey202]

Retire early and go fishing everyday. I'm easy to please.:tu

[pnoon]

What? No "retire now" option?
:lv

[E.J.]

Define lower middle class and rich?

That was my question exactly, Mac.....

http://www.cbsnews.com/8301-505123_162-41141728/are-you-middle-class/

It's not surprising that Washington has a hard time deciding the politically expedient definition of middle class, but it's not as if there's any better clarity among the masses either. In an April 2008 survey conducted by the Pew Research center, four in 10 Americans with income below $20,000 said they were middle class, while one-third of those making more than $150,000 defined themselves as middle class.


So 40% of Americans that are not making half the Median Household income think they are "middle class"....which 1/3 of those making three times the Median Household income think they are middle class.... If choosing between those two, I'd say the 150Kers are closer....:confused:


THis post is in no way meant to come off as political....

[ysr_racer]

I've got a 1% friend, trust me, rich is always better.

http://pic80.picturetrail.com/VOL856/883856/2773051/402232941.jpg

http://pic80.picturetrail.com/VOL856/883856/2773051/402232942.jpg

[Smokin Gator]

I currently have three jobs. I work as a consultant for a school district, have a residential rental property business, and have a cattle operation. The school job will go away at some point. The other two never will.

I choose work until the day I die. There is nothing else I want to do.

[GreekGodX]

62 and probably much longer. The answer is always more.

[massphatness]

I'd work the extra 12 years and consider it a win to retire at 62

[mosesbotbol]

I want the health and profession to keep working as long as I can. Retire to do what? If you love your work and have where-with-all to keep doing it, keep doing it! I am not saying 50+ hours a week at 60, but I can't see myself really ever stop "working" until I am geriatric.

I admire the Bernie Eccelstone's and Warren Buffet's of the world.

[levrac68]

I'm 43 and I'm set to retire at 50 rich or not... I want to live a rich life and you don't necessarily need ogles of money to do it. I'll let you know if it was the right decision in 8 years. :tu

[Sauer Grapes]

I've never heard of someone on their death bed saying they wish they spent more time in the office or less time with family. :2

[Silound]

Personally, I'm single, no kids, no attachments. I've worked a pretty varied number of jobs, gotten some experiences that I cherish, some I would cheerfully get a lobotomy to forget, and had a lot of fun along the way. I can't see myself retiring early, because if there is one thing I hate doing, it's sitting around looking for things to do.

The current job I have, while not the greatest paying job, I really enjoy. My weekends are filled with days of me saying "well what can I do now?" or "I wonder who isn't busy and wants to go shoot a round, or smoke one". I would rather be at work even for just maybe 3-4 hours each day on the weekends rather than stay home and do nothing.


At some point, I will reach the point where I look at life and pick a simple job, with relaxed hours, doing something I really enjoy doing, it doesn't have to pay well, and I can coast in life into my sunset years.

Until those days? I've got to do something to keep busy.

[gbum]

i wish to retire from my current job within 8-10 years,then move on to open a ranch,become a goat or lamb herder with my family and living at the country side(with internet!) till the day i die... (working part time at the cigar shop also not a bad idea...)

[Ashcan Bill]

I retired early and now live in genteel poverty.

Tragically, I had to give up the polo matches. And naturally no more charter jets.

Of course, I no longer own an alarm clock. Enjoy coffee and cigars in the courtyard whenever the mood strikes. Go to the range if I feel like it. Read a book if I feel like it. Putter in the garage if I feel like it. Take a walk if I feel like it. Veg out if I feel like it. And did I mention naps? :lr

[n3uka]

At my current rate my accountant says I will be able to retire 3 months after I die. :r

Would love to semi retire at 50 and find a nice relaxing job to keep busy at if it was possible.

[icehog3]

My answer would have to depend on my health. Not worth working longer if you can't enjoy it.

I will retire as early as I can afford to and still live my basic current lifestyle. What good is being rich if you are too old or too feeble to enjoy it?

[pnoon]

I retired early and now live in genteel poverty.

Tragically, I had to give up the polo matches. And naturally no more charter jets.

Of course, I no longer own an alarm clock. Enjoy coffee and cigars in the courtyard whenever the mood strikes. Go to the range if I feel like it. Read a book if I feel like it. Putter in the garage if I feel like it. Take a walk if I feel like it. Veg out if I feel like it. And did I mention naps? :lr

You are my hero, Bill. :tu

[Wanger]

Retire? What's that? Three kids to send to college. That'll be what, about $1.2 million? No true Einstein's or sports stars in the bunch, either, so it wouldn't be on anyone else's dime. LOL

Seriously, though, I plan on working as long as I will be able to. I like having something to get up and do every day. I enjoy get out and being with "people" (though being locked away in a lab may not exactly be "getting out"). I enjoy the income I have, and hope it will continue for quite some time. :)

[Madman31]

Interesting responses guys! A lot of factors to consider.

Maybe an answer we can all agree on is retiring early but picking up a part time job/ starting really small business to make some mad money to spend on in case we get bored with all the free time.

What do people who retire early do all day anyway?

[icehog3]

What do people who retire early do all day anyway?

I would hit the gym in the morning, herf all day, and play hockey every night. ;)

[croatan]

Like most lawyers I know, I can't really ever see myself retiring completely, but more time on the golf course and fewer hours in the office would be ok at some point ;)

[CigarNut]

For me retirement depends upon being able to maintain my lifestyle. My home is not paid off, so my wife and I need enough money in the bank to pay off our few debts and still have enough left to live off of.

Not sure I will ever be fully retired; more likely I will have a part time job doing something really different that will pay for my cigars :)

My original plan was to retire (do something different) last year, but I was layed off back in 2007 and out of work for a couple of years and that put a big kink in things.

If I am lucky I will be able to "retire" in 4 years.

[HollywoodQue]

You can't take it with you, so I suggest to enjoy the rest of your life because tommorrow isn't guaranteed to any of us!!!

[Apoco]

What do people who retire early do all day anyway?

Whatever they want.

No, really. If it were me - I'd spend a bunch of time in a kayak going down the river. What I didn't spend doing that I'd probably spend smoking cigars and playing video games until my working friends got off of work at 5.
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[E.J.]

What do people who retire early do all day anyway?

Ride my bikes, golf, flyfish, boat, hang out at the pool, yard work/house tinkering....hell, everything I wish I had more time for now.

[Old Sailor]

I retired early and now live in genteel poverty.

Tragically, I had to give up the polo matches. And naturally no more charter jets.

Of course, I no longer own an alarm clock. Enjoy coffee and cigars in the courtyard whenever the mood strikes. Go to the range if I feel like it. Read a book if I feel like it. Putter in the garage if I feel like it. Take a walk if I feel like it. Veg out if I feel like it. And did I mention naps? :lr
:tu

[Boz]

I currently have three jobs. I work as a consultant for a school district, have a residential rental property business, and have a cattle operation. The school job will go away at some point. The other two never will.

I choose work until the day I die. There is nothing else I want to do.


This is kinda what my wife and I are thinking about doing. We have IRA's, mutual funds and 401k's but we are going to start picking up small houses (for cash) and renting them out. Hopefully by our mid 40's (I'm 28 and she's 29) we will have quite a few of these and can rely on the rental income to support a healthy lifestyle. Sure there will still be "work" involved with the rental's but it wont be like a typical 9-5.

[Bill86]

You can't take it with you, so I suggest to enjoy the rest of your life because tommorrow isn't guaranteed to any of us!!!

This is a great point.

Why not split the difference and work till 57 or so and live MIDDLE middle class?

Seems like a good option.

[Steve]

At my current rate my accountant says I will be able to retire 3 months after I die.

Quote of the thread :D

[the nub]

What do people who retire early do all day anyway?

Live life. In other words, all those things you think about doing while you're at work but can't, since you're tied to your job. Can't think of anything? Get a hobby...or smoke more cigars.

[shilala]

What do people who retire early do all day anyway?
Whatever we damn well please. :tu
For me, it's "work all day". That's what I like to do when I can.
Most think they wouldn't be able to find enough stuff to fill their time because it's never been an option. I can attest that I still need 48 hour days and I still wouldn't get everything done.
The freedom to do what I want whenever I want is worth it's weight in gold. Just the ability to do it is satisfying enough. I work on the house, taking care of the family, things like that. It keeps me busy constantly. I get upset when I have to stop working for a day to go somewhere fun, like vacation. I'm ON vacation.

[Ashcan Bill]

What do people who retire early do all day anyway?

Although it's a little tough for me to understand personally, there are people who have no hobbies, no interests, no social contacts outside of their work. These people honestly should be careful when it comes to retiring. They'll have a hard adjustment and probably won't be that happy.

I retired when my company offered an early out, and around 1200 people went with me. We had 10 leave just from my department; guys I'd worked with for over a quarter of a century. One of these guys went into depression for over a year after we left. While the rest of us were grinning ear to ear, he honestly didn't know what to do. His job had been his life. He's finally made the adjustment and is doing okay, but he's not as happy as the rest of us.

If you honestly don't know what you'd do with your time, maybe retiring isn't for you. There are people who truly struggle with it.

[poker]

Already made the decision to retire overseas in Northern Thailand. Looking to hang up my hat in the workforce in the next 3-5 years.

[icehog3]

Already made the decision to retire overseas in Northern Thailand. Looking to hang up my hat in the workforce in the next 3-5 years.

Looking forward to Thailand Herf I! :D

[pnoon]

One baht!
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[poker]

You'll all be invited once our home is built, I promise.

[jdakine]

Already made the decision to retire overseas in Northern Thailand. Looking to hang up my hat in the workforce in the next 3-5 years.

Heard!!! :tu Wife and I are thinking Hua Hin or Chang Mai. 5 to 6 years is the target at this point. Good times