At what age do you plan to STOP. Plan to retire?

18 Replies

At what age do you plan to STOP. Plan to retire?

Bear with me and entertain with me on this one.  It is an honest question.  And since I'm asking for your honest answer, I will give you mine as well.

When I was in my teens I figured I'd be a millionaire by the time I was 21 and had contingency plans to guarantee it if necessary. (FAIL)

When I was in my 30's I determined my END date to be the age of 55.  Turn the key, end the J.O.B. and live with whatever I had accomplished, may it be rich or poor. (FAIL, didn't have a plan therefore I had planned to fail.)

When I was in my 40's I joked with all those around me that I will retire at 95 along with all of the rest of my colleagues, and everyone, literally EVERYONE agreed! (FAIL, not funny)

When I turned 50 the above turning 95 joke was not funny anymore.  I finally was going to have to grow up.

I am currently 54.  

I finally have a plan.  I just found it on the internet.  It is a 30 day plan.  What is yours?  Wish me the best :)

I guess it depends on how you define "retirement." For me, when I quit my 9-5 W2 job and invest in real estate full-time, I will consider myself retired. I am in the process of creating an in-depth business plan to determine exactly what I need to do to get to this point. My goal is to "retire" from my 9-5 job on my 27th birthday, which is a little under 2 years out!!

Good luck with your 30 day plan to retirement! Do you mind providing BP with your 30 day plan? I am sure there are a lot of other members, including myself, that would love to hear about it and to see if we can apply any of the steps to our own quest to retirement!

Theo from Cincinnati,

First, let me congratulate you.  You are 25 years old.  You have already set your date to be on your 27th Birthday.  This is not only impressive, but absolutely crucial!  Set the date and KEEP IT!

Now, for myself..  I suppose I am a slow learner.  I thought that I knew everything at 15 years old, so by the time I was 18 I knew, that I knew everything. (FAIL).

Anyhow, I have 8 children.  Me and the wife started early.  Very proud of each and every child.  Very productive, all working, schooled, no jail time, good tax paying citizens.  Kicked them out at 18, every single one grew up knowing this rule, work hard, (play hard is fine too, just have to work hard to get there). Get a job, get a place to live and make something of yourself.  Basically get yourself into the workforce.

....  but what you are accomplishing, is what I failed to teach my children (and I'm trying to make up for that now...)

... but if I could have taught them a different lesson it would be what you have learned and that is: "Get into the Workforce and work hard early............

.. and then get the F^#K out!" (retire.)

Most appreciation to you Theo.....  fantastic on your retirement date!

Hi Anthony,

That's kind of like asking how much money is enough! I enjoy going out every day and meeting new people talking about their dreams and goals, and helping them achieve them. Why would I want to stop doing that? So my answer to your question is when I can't get out and do what I love.

George

George Hermann, Halstead Property, LLC

Originally posted by @George Hermann :

Hi Anthony,

That's kind of like asking how much money is enough! I enjoy going out every day and meeting new people talking about their dreams and goals, and helping them achieve them. Why would I want to stop doing that? So my answer to your question is when I can't get out and do what I love.

George

Thank you George, and yes, I used to believe the same for the longest time.

In fact, I have taught all of my children 'Do what you LOVE and the MONEY will follow'... and emphasized that's what's important.  If it provides crazy amounts of money or little amounts of money it's not important.  Just do what you LOVE.

But through the years I have learned that doing what I LOVE just makes people want me to do it more...  Since I Love doing it, I ended up being good at it.... so people are willing to pay me more that 40 hours of work per week, in fact it can exceed 80 hours easily.  People know that I love it, are willing to pay for it, and I keep on doing it.

What I realized was that there was a limit to how many hours there are in a day, a week, month and a lifetime....

....  and that's when I realized I wanted to live at Walt Disney World.  It's not that I love it.  It's that I want it.  And in order to achieve this, I have to stop doing what I love.  It took me awhile to figure it out.  But I will have to stop working, because time is limited, and I can't achieve this 'Disney' goal if I continue to do what I love.  

Thank you so much for your post.  It's great.

In my opinion retirement is a mindset. I quit my 9-5 job at 26.. my goal is to work 15-20 hours a week while making millions by the time I'm 40... as for fully 'retiring..' probably never. I'll get way to bored. 

Originally posted by @Nick Britton:

In my opinion retirement is a mindset. I quit my 9-5 job at 26.. my goal is to work 15-20 hours a week while making millions by the time I'm 40... as for fully 'retiring..' probably never. I'll get way to bored. 

 PERFECT!

Absolutely perfectly said.  I am of the same mindset.  I will be doing the same, ....  just at Disney World.

In the REI world, a smart investor honors the cycle. You stop when the market tells you to stop. When the market changes, then you start back up. Being active in REI over muliple cycles, you hopefully learn that simple lesson.

While you may not rehab when you are 60, you instead will hire a competent crew to rehab your property for you... but all depending on the market cycle. Remember 7-8 years ago? Real estate was DEAD.

Swim against the current and you will get really tired for no gain. Flow with the current, and with little energy you can get far ahead. In my younger years, I 'swam' 5 miles of Ohiopyle PA with virtually no exertion. Swim 5 mile UP the Yough... (can't spell) and you'll be dead.

I "retired" years ago when the market got insane. Am I out of REI? No. Am I buying? No. I am "holding" and selling parts of the portfolio. But when the cycle changes... I'll be back.

Originally posted by @Chris Martin :

In the REI world, a smart investor honors the cycle. You stop when the market tells you to stop. When the market changes, then you start back up. Being active in REI over muliple cycles, you hopefully learn that simple lesson.

While you may not rehab when you are 60, you instead will hire a competent crew to rehab your property for you... but all depending on the market cycle. Remember 7-8 years ago? Real estate was DEAD.

Swim against the current and you will get really tired for no gain. Flow with the current, and with little energy you can get far ahead. In my younger years, I 'swam' 5 miles of Ohiopyle PA with virtually no exertion. Swim 5 mile UP the Yough... (can't spell) and you'll be dead.

I "retired" years ago when the market got insane. Am I out of REI? No. Am I buying? No. I am "holding" and selling parts of the portfolio. But when the cycle changes... I'll be back.

 I really, really like this post. It is very telling to someone like myself (perspective investor learning as much as he can). 

Guess I'm going to continue learning and saving capital from my W2 job until I can find somethign that makes sense.

OP, I am currently 34. I want to be employer independent by the age of 40. By that I mean work for myself. By the age of 45 I want to be able to do what I want when I want, within reason.


I "retired" years ago when the market got insane. Am I out of REI? No. Am I buying? No. I am "holding" and selling parts of the portfolio. But when the cycle changes... I'll be back.

 WOW,  Again, Excellently said.

This post has provided me with much more intelligent responses and discussion than I expected.  I am very thankful.  Thankful for every lesson that you folks are teaching me.

I plan to start easing into retirement at age 50, and to fully call it quits at 52. I am 36 now.  At 52 I should have enough passive income from buy and hold rentals, dividend income and my wifes pension to live a very comfortable life without working.  

Medium logo lf re cire box white bboxRussell Brazil, Associate Broker w/ Long & Foster | [email protected] | (301) 893‑4635 | http://www.RussellBrazil.com | MD Agent # 648402, DC Agent # SP98375353, VA Agent # 0225219736, MA Agent # 9052346 | Podcast Guest on Show #192

OP, I am currently 34. I want to be employer independent by the age of 40. By that I mean work for myself. By the age of 45 I want to be able to do what I want when I want, within reason.

Chris,

Thank you so much for your thoughts.  You already know many of mine..  but since you shared, I will share a little more.  I was convinced to start my own business by 30, but didn't do it until I was 32.  I was able to do pretty much want I wanted to do ever since..  (AFTER WORK!)...    now let's be clear, what I want and what you want may be very different things.  Maybe, I just want to eat daily and an 88 cent meal works for me.  Also, I said 'After Work'.  And so I still work daily and quite a bit.  I can remember first opening my first business and working for an entire year EVERY SINGLE DAY except Christmas, and New Years.  Our policy, a common practice in malls, was to be open from 9AM to 9PM daily, except on Sunday ours closed early at 6PM.

I LOVED SUNDAYS!  I got to leave at 6PM...  but I never really went straight home.  It gave me a couple hours to purchase supplies 25 miles away at Sam's club for Toilet Paper and Paper Towels.  Those were the 'Happiest Times!'.

The above story is TRUE.  I respect that story, from myself and anyone that has a similar story.  But I WOULD NEVER DO THAT AGAIN.  Because truly, it was every single day for 363 days.  I look back on it as a sacrifice that had to be made, but one that I will never do again.

Anyhow....  you are currently 34.  How about being independent and working for yourself at 34!  Just simply reading your post already tells me your'e capable of doing it.  Don't wait until you're 35.  It's already in you.  Keep me posted on the adventure please.

Rock on!

Originally posted by @Russell Brazil :

I plan to start easing into retirement at age 50, and to fully call it quits at 52. I am 36 now.  At 52 I should have enough passive income from buy and hold rentals, dividend income and my wifes pension to live a very comfortable life without working.  

 Russell,

Neat plan.  Ease into it at 50 and finish at 52.  Being 36 now, tells me that you have thought this through .... and probably have a spreadsheet laying out all of the details.

I really wish I would have thought this through as well as you have.  I didn't have a spreadsheet at 36 or 46....  but I do have one now.

Anyhow...  I like your plan, but am curious what your number is?  What is ENOUGH passive income, and dividend income, and pension income.  What's the number for you at 36?

I'm simply curious because I didn't have one then and barely have one now.

...  appreciate every piece of knowledge that I gain from all of you.....

------Anthony

@Anthony Newbold My number is $150,000 in passive income in todays dollars. So when I get to that the nominal number will be different, but that is in real terms.  Also all three sources of passive income I should have have their built in inflation protection. I could likely retire sooner if I wanted to move to a cheaper part of the country, but I rather like where I live.  Also since my wife will draw her pension when I am 52, that is sort of the end game date.  If we retired before that, then her pension would not start until 10 years later, as she is only allowed to draw it before 62 if she finishes 30 years of service.

Medium logo lf re cire box white bboxRussell Brazil, Associate Broker w/ Long & Foster | [email protected] | (301) 893‑4635 | http://www.RussellBrazil.com | MD Agent # 648402, DC Agent # SP98375353, VA Agent # 0225219736, MA Agent # 9052346 | Podcast Guest on Show #192

My answer: I have no idea. I like what I do on my day jobs, and I like making my rental income. I like flipping properties. I also like traveling and sleeping until 11. My wife calls me the Renaissance Man.

I am a couple of years younger than you but I can't possibly imagine what is contained within your 30 day plan unless it involves corporate robbery or life insurance policies. 

I think retirement should be a number, like Russell says.  From there, pick a date and design your plan around that.  x# of doors per year, increasing each year is a typical way to do it.  Shoot for it...if you miss it, you can continue until you hit your number.  

Example: Russell says 150K per year.  Assuming 150 dollars per month/door translates to 1800/yr.  150000/1800 = 83.3   Russell needs 84 doors.  (Noted that cashflow will increase as properties are payed off...so life will get better!)  

84 doors

4 this year

8 next year

16 the year after that

25 the year after that

31 the next.

Russell is done in 5 years.  

Now comes the hard part.  Making that happen.

My number is $150,000 in passive income in todays dollars. So when I get to that the nominal number will be different, but that is in real terms.  Also all three sources of passive income I should have have their built in inflation protection.

Thank you Russell,

Thank you for sharing your number.  I know you didn't have to.  But it is great information for me and all of us that are reading this thread. 

I am a couple of years younger than you but I can't possibly imagine what is contained within your 30 day plan unless it involves corporate robbery or life insurance policies. 

 JD,,  having read several of your posts I respect you very much......

....  I must share that my 30 day 'Internet' retirement plan was in 'Jest'.

I simply wanted others that were reading this post to learn from my 50 years of mistakes..  and that there is no 30 day plan.

... unless it involves corporate robbery.  Love reading your posts and replies. :)

Originally posted by @Steve Marshall :

I think retirement should be a number, like Russell says.  From there, pick a date and design your plan around that.  x# of doors per year, increasing each year is a typical way to do it.  Shoot for it...if you miss it, you can continue until you hit your number.  

Example: Russell says 150K per year.  Assuming 150 dollars per month/door translates to 1800/yr.  150000/1800 = 83.3   Russell needs 84 doors.  (Noted that cashflow will increase as properties are payed off...so life will get better!)  

84 doors

4 this year

8 next year

16 the year after that

25 the year after that

31 the next.

Russell is done in 5 years.  

Now comes the hard part.  Making that happen.

 DAMN!  Fantastic Response.....!  YES!

I actually laid our the same thing!...  (x) amount of doors = NET REQUIRED= what you can afford to buy next = NET GAINED= next month do the same thing =  5 YEARS!  

Now, I wrote out mine for each and every month for 60 months, each and every property.......  I love what you just wrote, because I can relate to it so much!  And then lastly, you add the 'HARD PART'......  and that is the making it happen part.

I LOVE IT!  This forum is so full of positive and forward looking people.  It is so much a pleasure for me to read these after work.

Probably the most important thing I've read thus far was the 'Making it Happen' part.

That's the TRUE difference between those that succeed and those that don't.  That's all there is.  That's the ONLY difference.

Because we all have the SAME deals before us.  EVERY SINGLE ONE OF US.  Has the same deal......  especially on this forum, all should know this.

The TRUE difference is making it happen, and there are THOSE THAT DO!,  and Those That Don't.

Stay Tuned!

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