Early retirement - Discussion

So my wife informed me that the retirement village to which I was referring earlier costs R7000 per person all-inclusive. I think if you need assisted care, selling up your property and using that money to fund the remaining (surely under 5) years of your life in such an institution wouldn't be such a bad compromise. After all, heaven forbid your children and other family help you financially, so screw them if they can't inherit your property amirite.
 
cerebus said:
So my wife informed me that the retirement village to which I was referring earlier costs R7000 per person all-inclusive. I think if you need assisted care, selling up your property and using that money to fund the remaining (surely under 5) years of your life in such an institution wouldn't be such a bad compromise. After all, heaven forbid your children and other family help you financially, so screw them if they can't inherit your property amirite.
Click to expand...

My grandmother and grandfather were in an old age home with frail care all included. First one was quite nice but R15k per month each. It was quite expensive so we moved them to one for R10k per month each.

The biggest problem is the staff stole all their stuff: glasses, hearing aids, walker, wheelchair, clothes, jewellery, even their old used underwear (especially bras)!!! They also only attend to people when the family is visiting - we snuck in one day to find the old people left to their own devices, some unable to dress themselves and hence walking around naked which was traumatic for both parties. Most were left in the common room while no one made sure they were alright, needed assistance or hadn't injured themselves.

The biggest problem in my family is, and especially with my grandmother, was that her mind was fine but her hearing and vision were basically gone. Also she had little muscle mass so couldn't move herself around but generally she was in great health at 93. It was sad to see that she couldn't help herself but mentally was fully aware of what was happening. It was even worse to see her slowly regress into her mind from time to time as that's all she had most of the time. She eventually died of a sickness going around the old age home coupled with her not wanting to live anymore.
 
^^vampire^^ said:
My grandmother and grandfather were in an old age home with frail care all included. First one was quite nice but R15k per month each. It was quite expensive so we moved them to one for R10k per month each.
Click to expand...

How do people afford that?
If my parents can't work any more I don't know what I'll do. I certainly can't afford R10K per month and I don't have room in the house for them either.
It concerns me a lot ...
 
My paternal grandparents both reached 90, my maternal grandfather died at 77 and my only living grandparent is turning 80 this year. So genetically speaking I've got a fair chance of reaching the mid 70s. I'll be happy if I only reach 70 because after that you just become a pain in the ass. :D

Oh, and I'm aso part of the retire-before-the-age of-40 club. My only real debt is my bond and then my credit card (but its limit is only 8k so it doesn't phase me much).

When I say retire, I actually mean do what I want to do; what makes me happy, whether I get paid to do it or not.
 
U
YingYang said:
My paternal grandparents both reached 90, my maternal grandfather died at 77 and my only living grandparent is turning 80 this year. So genetically speaking I've got a fair chance of reaching the mid 70s. I'll be happy if I only reach 70 because after that you just become a pain in the ass. :D

Oh, and I'm aso part of the retire-before-the-age of-40 club. My only real debt is my bond and then my credit card (but its limit is only 8k so it doesn't phase me much).

When I say retire, I actually mean do what I want to do; what makes me happy, whether I get paid to do it or not.
Click to expand...

What is this obsession of retiring by 40 about? Is this a generation Y or X thing? I am 41 and can stop working today, passively earn double in a year from my investments what most will retire on in total lifetime built up capital (and not have to touch any capital). However, I feel that I am only now getting into 4th gear. 4th, 5th and 6th gear still remaining. Retiring before 65 seems quite unambitious to me.
 
Last edited:
RR777 said:
U

What is this obsession of retiring by 40 about? Is this a generation Y or X thing? I am 41 and can stop working today, passively earn double in a year from my investments what most will retire on in total lifetime built up capital (and not have to touch any capital). However, I feel that I am only now getting into 4th gear. 4th, 5th and 6th gear still remaining. Retiring before 65 seems quite unambitious to me.
Click to expand...
My aim was always 55. A very good opportunity (and good fortune) allowed me to bring that forward by five years. I would never have been able to do so before then.
 
RR777 said:
What is this obsession of retiring by 40 about?.
Click to expand...

What is this obsession with wealth accumulation about? Is there a point where what you have is enough, and can't possibly make you any happier than you already are?
 
RR777 said:
U

What is this obsession of retiring by 40 about? Is this a generation Y or X thing? I am 41 and can stop working today, passively earn double in a year from my investments what most will retire on in total lifetime built up capital (and not have to touch any capital). However, I feel that I am only now getting into 4th gear. 4th, 5th and 6th gear still remaining. Retiring before 65 seems quite unambitious to me.
Click to expand...

I think there is more to life? If you have no interest in doing other things with your capital fair enough carry on! I just don't see myself 8 to 5 5 days a week. I think the main thing Is that its rare for a person to be actually doing there true calling for work. Most people end up in the not so optimal careers and stay stuck.

The way I see it you are In a position to throw away what ever you currently do. That gives you an huge amount of psychological power. You don't have to work, you are most likely in the rare position that you work because you enjoy the work you do. For most people they do the work to pay the bills. They can't throw away the job, they don't get the opportunity to say stuff the job I'm currently doing I actually enjoy xyz (which may also be a career) so they stay stuck as mentioned above. Until you are in a position of power over your finances and financial security you can't do the above.

Life for me is also more about work, yes pur parents taught us to stay in school, get an education and get a good job. There is so much more out there in the world, I have so many thing is would like to do but can't or don't due to time being occupied. Life for me is about experiences and family, generally work consumes to much time to get to enjoy those two things. Maybe my job one day will become something I love, even if it does I would then ensure it doesn't consume 5 days of my week as there are other things that the time could be shared with.

Hopefully it makes sense.
 
Last edited:
For me I am just interested in getting to the point where my passive pays my bills. From there I would like to branch out and experiment with some business ideas but in a way that doesn't risk my family. Only my time.
 
cerebus said:
What is this obsession with wealth accumulation about? Is there a point where what you have is enough, and can't possibly make you any happier than you already are?
Click to expand...

I am intellectually stimulated by doing business, interacting with ambitious like-minded people, doing deals, innovating. Accumulating wealth is a by-product of this process. But then it extends further, you create jobs and security for other people and families and a safety net for your family and generations to come. Beats planting a vegetable garden at 41 hands down.

Would hate to set an example to my 8 year old boy as a retired veg gardener at 41 as opposed to a businessman and accumulating wealth in the process.
 
RR777 said:
I am intellectually stimulated by doing business, interacting with ambitious like-minded people, doing deals, innovating. Accumulating wealth is a by-product of this process. But then it extends further, you create jobs and security for other people and families and a safety net for your family and generations to come. Beats planting a vegetable garden at 41 hands down.

Would hate to set an example to my 8 year old boy as a retired veg gardener at 41 as opposed to a businessman and accumulating wealth in the process.
Click to expand...

A retired vegetable gardener at 41 is not the model of lifestyle anyone is proposing. If I had the passive income to retire there are plenty of things I'd occupy my time with and a number of those would even derive income. I've just always wanted to garden is all.

The value of retiring early is to have that time to spend with your family and pursue the things you love. Not everyone envisions a life of work as the ideal possible way they want to spend their limited time on earth. I probably won't be able to retire early myself, but I totally get why someone would make that choice. I can say however that if I had more money, barring some traveling I'd like to do, my lifestyle and expenses wouldn't change drastically - so what would the extra money accomplish for me, if not merely shortening the time I need to clock in and out?
 
J
cerebus said:
A retired vegetable gardener at 41 is not the model of lifestyle anyone is proposing. If I had the passive income to retire there are plenty of things I'd occupy my time with and a number of those would even derive income. I've just always wanted to garden is all.

The value of retiring early is to have that time to spend with your family and pursue the things you love. Not everyone envisions a life of work as the ideal possible way they want to spend their limited time on earth. I probably won't be able to retire early myself, but I totally get why someone would make that choice. I can say however that if I had more money, barring some traveling I'd like to do, my lifestyle and expenses wouldn't change drastically - so what would the extra money accomplish for me, if not merely shortening the time I need to clock in and out?
Click to expand...

Each to his own I guess. Having no ambition or drive is fine and should not be frowned upon.
 
RR777 said:
J

Each to his own I guess. Having no ambition or drive is fine and should not be frowned upon.
Click to expand...

Again, why can't you conceive of ambition and drive being divorced from a context of money making? An active early retiree could be immensely driven in productive directions like:
- Building their own home or more
- Traveling globally
- Helping the community through civic projects, charity, etc
- Exercising outdoors and reaching peak physical fitness.
- Actually raising a family by being with them, rather than hoping to set an example for them by proxy but practically letting others do most of their raising.
- Mastering skills in creative arts and physical handyman abilities that most people never get the time to try.
- Read a library of literature.
- Engaging in local politics without the inventive of money to influence you.

That's just off the top of my head.
 
cerebus said:
Again, why can't you conceive of ambition and drive being divorced from a context of money making? An active early retiree could be immensely driven in productive directions like:
- Building their own home or more
- Traveling globally
- Helping the community through civic projects, charity, etc
- Exercising outdoors and reaching peak physical fitness.
- Actually raising a family by being with them, rather than hoping to set an example for them by proxy but practically letting others do most of their raising.
- Mastering skills in creative arts and physical handyman abilities that most people never get the time to try.
- Read a library of literature.
- Engaging in local politics without the inventive of money to influence you.

That's just off the top of my head.
Click to expand...

Agreed. Ambition is not only about climbing as far up the corporate ladder as possible, or having multiple business interests.
The stay at home parent can be incredibly amibitious, in terms of how they raise their family, run a household, get involved in making a difference in their community.
 
Seems that a lot of people have issues with people being (or striving to be) financially free. It might be that they are jealous that they are not in a position to work to something like this or just can't wrap their head around the concept. I like to refer to it as financial freedom now instead of early retirement as people equate retirement to sitting on a couch with 'poppet' and wasting away while watching Clientele Life advertising on SABC 2.

I honestly cannot tell you the range of outrageous responses from people when I say that I want to retire early. "Why would you want to do that?" "Why do you want to sit around all day doing nothing?" etc etc. I can honestly say that working until you can't anymore has become so entrenched in peoples minds they physically and mentally are no longer able to fathom that life is not about just going to work Monday - Friday.

These same people don't understand that you could have a large chunk of your life back to do what you want. If you really enjoy your job after reaching your financial freedom goal, then great, go work. If you want to take 2 months off work then you can do that to; not really an option when you living paycheck to paycheck though. Want to sleep in or have a hangover, no problem when you're financially free. When living from paycheck to paycheck you have to make that "I'm sick" phone call to work. Want to go watch your sons soccer game at 2pm, oh wait you can't because you have to be at work... I could do this all day.
 
I saw this quote which I like ....

Those who live paycheck to paycheck are slaves. Those who carry debt are slaves with even stouter shackles. Don’t think for the moment their masters don’t know it.
Click to expand...
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X