Quote:
Originally Posted by tom2021
I am mortgage free, no debt, and a mid manager at an international corporation. Shall I go for the earliest retirement, freedom 55? I may work part time in the future, after enjoying a couple years of freedom 55, with good health.
Pro:
1. Do what I want whenever I want. Freedom 55.
2. Plenty things to do when I am in good health.
3. I don’t come home from work, grumpy.
Con:
1. Income cut to 50%.
2. May not able to afford another bimmer. The F25 stays for a couple years until maintenance is excessive for a retiree, who is not mechanically inclined.
3. So long to vacations, eat out at nice restaurants, afford to buy most of the stuffs I want.
4. Gone the prestige associated with the profession. I will be just a retiree.
5. May not able to find part time job years after early retirement.
The major issue staying on 5 more years on high stress job will be detrimental to my health.
I will have more money when I retire at 60, but who knows the condition of my health will be.
Any thoughts? Thanks in advance.
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Tom,
Not sure of the differences between the US and Canada so you should take some of this with a grain of salt. Like Social Security and health care.
You're gonna need to figure out what it cost you to live year to year. And then project that out till you and your wife are 100. Once you've done that figure out if you have enough income to meet those needs. 45 years of extra living can get expensive. FWIW, your items 2 and 3 in the cons list indicate that you may not be ready to go out just yet. Item 4 in you con list is in your head. Being retired is much more prestigious, especially at your age. And item 6.... if you're good at your job you'll have offers.
Not everyone's expenses go down as they retire. Some people decide to live it up a little and end up spending more. My wife wants to travel so our expenses will go up.
Another thing about being retired at 55 is what age are your friends? Are they stuck at work? Will you have friends to do things during the day when you want to go play?
It sounds like you might be better off finding a different job. Or perhaps a new career. Something that you enjoy doing. You may not earn as much as your middle management job, but you will be happier.
Good luck.