When To Retire?

[Gweiloman]

I know this thread or something similar must have been done to death a thousand times or more so for those of you who are bored with it, feel free to just ignore and move on to the next thread.

However, I would imagine there must be some others like me who are wondering the same. I'm in my early fifties and work for a multinational in a regional role. This means lots and lots of travelling, around the region and globally as well. I would estimate that about 50% of my time is spent on the road, so to say.

I'm fortunate in that I'm entitled to fly business class and stay in 4-5 star hotels, all on company expense. Pretty much all other expenses incurred (transportation, food, drinks and other refreshments) are also taken up by the company so I hardly spend anything while I'm travelling. However, it does get very tiring, especially as I've been doing this for the past 20 years or so. I have a young son, 1 1/2 years old and I would need to seriously consider his schooling options. By all accounts, this would also have to be supplemented by home tutoring which would have to be undertaken by myself.

I have come to a stage whereby I'm seriously considering to retire in the very near future. Financially, I believe that I have sufficient to keep me and my family in our current, not lavish, but comfortable lifestyle. I have no debts, all accommodation and transportation needs are fulfilled by fully paid off assets. The big BUT is that the opportunity cost of giving up a nice salary sounds painful.This is really the only thing that is holding me back.

Just curious to hear what some of you considered when facing the same issue and how you reconciled yourself to no longer earning a paycheck when it is still within your means.

[yourauntbob]

Have you considered asking for an internal transfer to a position that requires less travel? Even if they move you to another country you will still be able to spend more time with your family and keep a salary coming in.

p.s. if you do retire, feel free to recommend me to your company as a replacement

[Scully]

My old man died two months before retrirement, if you can afford it then live your life, not just follow the sheeple.

[somtampet]

I retired at 50,similar job to you.My salary,gross,was aver 45,000 gbp per year,plus the usual commission,car,expensives like phone bills paid,internet paid for etc etc.

I have been living in Thailand for 9 years now,and i am 61 end of this month,feel great,very fit and get many compliments on how young i look,and no,not just off the bargirls lol lol.

If u can afford it my suggestion is go for it,as i have no regrets whatsoever,and 9 years in beautiful Thailand,warts and all.

[thehelmsman]

At 55 I'm in the same boat as you. Future cost of International Schooling is an additional cost to consider. I can understand its difficult to consider loosing a nice income. Life is just easier when you don't have to budget.

If retirement doesn't work out how easy will it be to get a similiar job and salary??

Good Luck.........

[CharlieH]

You should be working to live, not living to work. Think about your priorities, if you can afford it, then start living whilst you can still enjoy it.

Only you can really answer this question, but its your family that will live with the consequences of your decision.

Good luck.

[simon43]

You should be working to live, not living to work

You shouldn't assume that people do not want to work. For me, working is fun, not working is boring. I would dread a forced retirement. There is so much to do - both in work and leisure time.

Simon

[guzzi850m2]

My 3.5 year old son is not going on an international school and never will be, do we have to put our kids in such a school in order to secure their education?

I don't think so, I am also early 50 as OP and I intend to stay in Thailand until I die, so I hope one day my boy will end up in University here in Thailand and support his mother.

My son school is very good, over 90% ends on Uni. and they also learn how to behave themselves (polite and respect everybody), no students ride motorbikes to/from school and

they are where they belong during class hours, in the class and not out on the streets like you see some from public schools do.

Now just wait and see, the Visa brigade will soon be out in force and tell me I am a bad parent not to put him on an Inter. school, but I don't really care, I am sure it's good enough

what I am doing for him.

Regarding retirement, well that's more difficult, but as others also mention, enjoy life when you can.

I still work full time but I am more lucky than most as I only work 6 month a year (Oil off-shore worldwide), but I considering going down to 4 month a year and start to play golf as I am

also tired of my stressful job.

[saakura]

I am in a similar situation with my wife also in a equally good position earning almost the same, but i still like my work and travels to far corners, mostly short duration with all expenses paid. Giving up such a good job is indeed a very tough call. I can easily get back a similar job, but definitely not in thailand as the position will immediately be filled by a local on lower terms. I was lucky having joined long ago when local talent was scarce. By adjusting my schedules, i am still able to enjoy a lot of activities. School fees is the only major expense. If you are in good health and enjoy your work, i think you should adjust your lifestyle to suit your current needs, not necessary to retire so early unless you can get back the job.

Edited April 8, 2013 by saakura

[krisb]

I'm 37, been a tradesman for more than 20 years now and it hasn't made me rich but it has made me sore and tired. So now I'm putting into plans the life move of a somewhat early retirement at age 40, moving to Issan with my wife and daughter to do what I want. Still doing work, but no more back braking stuff. Sick of working to live. It's time to live to work!

Edited April 8, 2013 by krisb

[taff33]

Easy peasy, the answer is when you have enough money and when you have had enough of working only you can make that decision.

[rayongchelsea]

Single parent. Income 150k sterling per year, stopped when the kid finished international school.

Frankly I see no alternative to the top schools have experimented with a few. Traveling and leaving home almost made me sick at the end..

Retired at 53, now 57 but have taken a significant drop in my standard of living..pressure can come from adapting..lived in Thailand 30 years..much healthy, somewhat happier but it isn't a total panacea..

[transam]

You should be working to live, not living to work

You shouldn't assume that people do not want to work. For me, working is fun, not working is boring. I would dread a forced retirement. There is so much to do - both in work and leisure time.

Simon

We are all different. Some like the cash flow greed thing, some like the thank god l can now do sod all. We are all different.

[NanLaew]

The OP should disregard the perks and company paid expenses and other write-off's from his current well-compensated employment and focus on what percentage of his current daily family living costs are covered by his current salary and if the income from any investments can compensate the loss of the salary AND SUSTAIN A +30 YEAR RETIREMENT PLAN THAT NOW INCLUDES A +20 YEAR EDUCATION PLAN.

Does the OP's fundamental salaried job, basic skills and considerable work-related experience present any opportunities for freelance consulting from a 'retired' perspective? Some industries may require someone with advanced skills (and years!) for special or short-term projects, startups, shutdowns, mergers, etc.. In this regard, the OP should consider some research to see if working freelance through agencies to augment the retirement income is an option. Home schooling ones own should be challenging enough to keep the mind active but having an option to jump in-and-out of the work pool will also keep valuable skill sets alive and put a few bucks in the kitty.

The OP's prospective student is a few years away from formal schooling so for the moment, I would advise keep the job but certainly explore any opportunities within the current employment to free up more time; be it relocation, re-assignment or even taking a more junior position with lower compensation (less perks) if it gives more family time and is agreeable with the current employer.

Edited April 8, 2013 by NanLaew

[Neeranam]

Stressful job = early death.

I left a well paid stressful offshore engineering job when I was 28. Maybe some see it as irresponsible but I followed my heart to live in Thailand and have no regrets. I'll never be rich and haven't any pension paid into. But that's a big gamble. I'd be happy to live to 65 which isn't that far off- 18 years. I have a very low-stress job - 3 hours a day, 10 min from my house. I put my kids to an average private school and see them every day for hours. Too many bloody hours now with the school holidays but. It's strange how when wonderful things become commonplace they become, well, normal.

Edited April 8, 2013 by Neeranam

[mogandave]

I've been traveling as part of my work for quite a while. I am down to about 25% now (one week a month), plus 3-4 trips a year to the US for work and holiday. I've given retirement a good bit of thought and while I'm situated such that I could, I think I'll keep working for the forseeable future. It keeps be busy, and it is nice knowing I could pull the plug whenever I like. That's a freedom.

One big thing to consider is medical. I have great medical with the company, and I'd hate to lose it.

I got a kick out of the guy that said he'd be happy to die at 65. Wait until your 64 and let us know if you still feel the same way.

For me anyway, life keeps getting better and better.

[simple1]

I held a reasonable job in the IT industry in corporate & government sales for some MNC's. I have to say I personally got tired of the same old, same old, especially corporate politics. From your post you do not refer to company politics or the stresses of having to meet monthly, quarterly, annual revenue/profit targets and staff management; good for you if it doesn't stress you!

What I can say it was a great release to have been able to walk away and be in charge of my own day to day life, rather than corporate agendas. Other have already posted about retirement planning, quality of life expectations etc

[kevvy]

what do you want out of life, a long relaxing one or a stress one one the road i think there is only one choice.

[MrWorldwide]

I wish had a definitive answer, but I dont. I'm just going to get on a plane in April, 2014 and never set foot in Oz again. FWIW, I'll be 55.

[MrWorldwide]

what do you want out of life, a long relaxing one or a stress one one the road i think there is only one choice.

Might sound weird, mate, but neither of the above. I just know I've spent long enough hammering a keyboard while the boss pulls faces everytime some new decree comes down from on high. I'm over it, and I know I'm not the only one.

[mogandave]

I held a reasonable job in the IT industry in corporate & government sales for some MNC's. I have to say I personally got tired of the same old, same old, especially corporate politics. From your post you do not refer to company politics or the stresses of having to meet monthly, quarterly, annual revenue/profit targets and staff management; good for you if it doesn't stress you!

What I can say it was a great release to have been able to walk away and be in charge of my own day to day life, rather than corporate agendas. Other have already posted about retirement planning, quality of life expectations etc

Oh, I get a little stressed, but I don't get caught up in it like I used to. If it was fun, we'd have to give them the money.

[Gweiloman]

Have you considered asking for an internal transfer to a position that requires less travel? Even if they move you to another country you will still be able to spend more time with your family and keep a salary coming in.

p.s. if you do retire, feel free to recommend me to your company as a replacement

I am basically head of the region (Far East) and reporting directly to HQ in Europe so unfortunately, any internal transfer would mean a posting to Europe which would not suit me at all.

At 55 I'm in the same boat as you. Future cost of International Schooling is an additional cost to consider. I can understand its difficult to consider loosing a nice income. Life is just easier when you don't have to budget.

If retirement doesn't work out how easy will it be to get a similiar job and salary??

Good Luck.........

Thanks. Yes, life is easy without having to budget or worry about minor bills. International schooling is a major cost of course, but I'm personally divided as to the real benefits of it. The world in 20 years time is going to be very different from the world that we live in today and I don't see current curriculum doing a good job of preparing the youngsters of today to be successful AND HAPPY in years to come. I went to a very mediocre government school myself and I believe that personality, character, mindset and intelligence plays a much bigger part in being successful in life than any sort of academic qualification.

My 3.5 year old son is not going on an international school and never will be, do we have to put our kids in such a school in order to secure their education?

I don't think so, I am also early 50 as OP and I intend to stay in Thailand until I die, so I hope one day my boy will end up in University here in Thailand and support his mother.

My son school is very good, over 90% ends on Uni. and they also learn how to behave themselves (polite and respect everybody), no students ride motorbikes to/from school and

they are where they belong during class hours, in the class and not out on the streets like you see some from public schools do.

Now just wait and see, the Visa brigade will soon be out in force and tell me I am a bad parent not to put him on an Inter. school, but I don't really care, I am sure it's good enough

what I am doing for him.

Regarding retirement, well that's more difficult, but as others also mention, enjoy life when you can.

I still work full time but I am more lucky than most as I only work 6 month a year (Oil off-shore worldwide), but I considering going down to 4 month a year and start to play golf as I am

also tired of my stressful job.

I'm very interested in this school that you are talking about - would appreciate a PM on this. My job, like every other, is stressful but I can deal with that fairly easily. It's just the time spent away from home (and the whole rigmarole of travelling) that's starting to grate on me. It would also be nice to play golf again - my last game was back in September 2012 - and even then, I really struggled to break 90.

Easy peasy, the answer is when you have enough money and when you have had enough of working only you can make that decision.

The problem is that no one can really say how much is enough. I intend to deal with that by adjusting my standard of living according to my means. Thousands of people have to do this everyday, I'm maybe slightly more fortunate in that my adjusted standard of living would most likely still be fairly comfortable.

[Gweiloman]

Single parent. Income 150k sterling per year, stopped when the kid finished international school.

Frankly I see no alternative to the top schools have experimented with a few. Traveling and leaving home almost made me sick at the end..

Retired at 53, now 57 but have taken a significant drop in my standard of living..pressure can come from adapting..lived in Thailand 30 years..much healthy, somewhat happier but it isn't a total panacea..

That's a good point about being happier. I have also discovered that there are many activities that bring a big smile to my face that costs very little money. On the other hand, I know a lot of richer folks but to me, they seem much less happy than I am (currently).

The OP should disregard the perks and company paid expenses and other write-off's from his current well-compensated employment and focus on what percentage of his current daily family living costs are covered by his current salary and if the income from any investments can compensate the loss of the salary AND SUSTAIN A +30 YEAR RETIREMENT PLAN THAT NOW INCLUDES A +20 YEAR EDUCATION PLAN.

Does the OP's fundamental salaried job, basic skills and considerable work-related experience present any opportunities for freelance consulting from a 'retired' perspective? Some industries may require someone with advanced skills (and years!) for special or short-term projects, startups, shutdowns, mergers, etc.. In this regard, the OP should consider some research to see if working freelance through agencies to augment the retirement income is an option. Home schooling ones own should be challenging enough to keep the mind active but having an option to jump in-and-out of the work pool will also keep valuable skill sets alive and put a few bucks in the kitty.

The OP's prospective student is a few years away from formal schooling so for the moment, I would advise keep the job but certainly explore any opportunities within the current employment to free up more time; be it relocation, re-assignment or even taking a more junior position with lower compensation (less perks) if it gives more family time and is agreeable with the current employer.

Thanks for your very good points and comments. In reality, even without the perks of the travel, my current living costs are only about 10-20% of my current income. As such, I'm able to put aside quite a fair bit in savings as well as capital guaranteed investments and annuities. While this might seem like a good thing, it is exactly because of that that the thought of giving up that sort of income would undoubtedly "hurt".

An expensive education plan will of course make a significant dent under any given set of circumstances. I am making certain provisions to minimise the damage as much as is possible.

Stressful job = early death.

I left a well paid stressful offshore engineering job when I was 28. Maybe some see it as irresponsible but I followed my heart to live in Thailand and have no regrets. I'll never be rich and haven't any pension paid into. But that's a big gamble. I'd be happy to live to 65 which isn't that far off- 18 years. I have a very low-stress job - 3 hours a day, 10 min from my house. I put my kids to an average private school and see them every day for hours. Too many bloody hours now with the school holidays but. It's strange how when wonderful things become commonplace they become, well, normal.

Tell me about it. 3 years ago, I was on a business trip with a client to Paris. He was only 3 years my senior. He suffered a heart attack and passed away in the hotel in the middle of the night, leaving behind a wife and 3 daughters, aged 12, 16 and 18. This was the moment that started me seriously thinking about early retirement.

[Gweiloman]

I held a reasonable job in the IT industry in corporate & government sales for some MNC's. I have to say I personally got tired of the same old, same old, especially corporate politics. From your post you do not refer to company politics or the stresses of having to meet monthly, quarterly, annual revenue/profit targets and staff management; good for you if it doesn't stress you!

What I can say it was a great release to have been able to walk away and be in charge of my own day to day life, rather than corporate agendas. Other have already posted about retirement planning, quality of life expectations etc

Fortunately, there is very, very little company politics in my job. It is unlikely that I can be replaced by any of my counterparts and vice versa (detailed and indepth knowledge of the market that we operate in is a basic requirement of the job). The next step up the corporate ladder for me is my boss's job and as that's currently based in Europe, it holds no interest for me. I'm totally unconcerned about meeting targets - in some sense, if I get removed for failing to meet my targets, then the decision's taken out of my hands which I would consider a blessing in disguise

I wish had a definitive answer, but I dont. I'm just going to get on a plane in April, 2014 and never set foot in Oz again. FWIW, I'll be 55.

Good luck. Hat's off to being brave and seeing it through.

[Loptr]

A topic near and dear to my heart, as this decision has been thrust upon me within the last week. The MNC where I work is going through a re-org and about 40% of the employees are going to get the boot. I am not on the "list" of those to go and they don't want me to leave, but I was made an offer late last week that if I am going to retire in the next 1 - 2 years, then I could go now and receive a package which would basically negate me having to work for the next 2 years to receive the same compensation, along with vesting of options I have in the company, plus a nice pension. My departure would also save someone else on the "list" from getting the boot.

I have contemplated "how much is enough" so many times that I can't count them. I've run every scenario, every destination, every variation and all the numbers tell me that I can pull the plug anytime I want and live a reasonable life anywhere in the world. And even better lifestyle should I return to Thailand or anywhere else in SEA. What you cannot foresee is changes in the future, although you can second-guess yourself to death. I just can't seem to get past the cognitive dissonance I am having about starting the next chapter of my life. When you have worked your entire life, contemplating an end to it is difficult. I am in a senior management position with a MNC, with all the perks that go along with it. The flip side is that it is an extremely high-stress position and I put in roughly 60 hours a week. I enjoy what I do, but have been at this career for 30+ years I am getting tired. I'm in my mid 50's, no wife, no kids, no debt. I am just plain tired of the rat-race and my home country as it is swirling down the porcelain convenience faster than you can say boo, but I haven't been able to make myself pull the trigger and lay the shovel down. This offer from my company makes the decision a no-brainer, so it looks like I will be joining the ranks of vagabonds in pursuit of the 9th level of consciousness.

[Gweiloman]

You should be working to live, not living to work. Think about your priorities, if you can afford it, then start living whilst you can still enjoy it.

Only you can really answer this question, but its your family that will live with the consequences of your decision.

Good luck.

Thanks. I do work to live and have a good life to show for it as well. Seeing the world, eating in fancy restaurants, staying in 5 star hotels - a lot of these wouldn't have been possible if not for my job, so no regrets there. I just don't want to sit back one day and regret having missed out on a lot of family life, especially with my son.

[Gweiloman]

I am in a similar situation with my wife also in a equally good position earning almost the same, but i still like my work and travels to far corners, mostly short duration with all expenses paid. Giving up such a good job is indeed a very tough call. I can easily get back a similar job, but definitely not in thailand as the position will immediately be filled by a local on lower terms. I was lucky having joined long ago when local talent was scarce. By adjusting my schedules, i am still able to enjoy a lot of activities. School fees is the only major expense. If you are in good health and enjoy your work, i think you should adjust your lifestyle to suit your current needs, not necessary to retire so early unless you can get back the job.

You are indeed lucky to have a spouse that contributes (financially) as much as you do, that makes making difficult decisions slightly easier.

[Gweiloman]

I'm 37, been a tradesman for more than 20 years now and it hasn't made me rich but it has made me sore and tired. So now I'm putting into plans the life move of a somewhat early retirement at age 40, moving to Issan with my wife and daughter to do what I want. Still doing work, but no more back braking stuff. Sick of working to live. It's time to live to work!

Good luck to you. Thailand, and Isaan in particular, has a need for qualified and competent tradespeople so I'm sure it would not be too difficult to find jobs and projects that you enjoy doing. Just make sure that the necessary permits are sorted though!

[Gweiloman]

I've been traveling as part of my work for quite a while. I am down to about 25% now (one week a month), plus 3-4 trips a year to the US for work and holiday. I've given retirement a good bit of thought and while I'm situated such that I could, I think I'll keep working for the forseeable future. It keeps be busy, and it is nice knowing I could pull the plug whenever I like. That's a freedom.

One big thing to consider is medical. I have great medical with the company, and I'd hate to lose it.

I got a kick out of the guy that said he'd be happy to die at 65. Wait until your 64 and let us know if you still feel the same way.

For me anyway, life keeps getting better and better.

I don't think he means that he wants to die at 65. Rather, if that's when it happens, he will accept it. I understand his thinking. Death is not a matter of if, it's a matter of when. It's now how many days you add to your life but how much life you add to your days that counts.

I can't imagine how sad it must be if whilst lying on our deathbed, we regret not having done the things that we wanted to do or should have done, for lack of time.

[Gweiloman]

A topic near and dear to my heart, as this decision has been thrust upon me within the last week. The MNC where I work is going through a re-org and about 40% of the employees are going to get the boot. I am not on the "list" of those to go and they don't want me to leave, but I was made an offer late last week that if I am going to retire in the next 1 - 2 years, then I could go now and receive a package which would basically negate me having to work for the next 2 years to receive the same compensation, along with vesting of options I have in the company, plus a nice pension. My departure would also save someone else on the "list" from getting the boot.

I have contemplated "how much is enough" so many times that I can't count them. I've run every scenario, every destination, every variation and all the numbers tell me that I can pull the plug anytime I want and live a reasonable life anywhere in the world. And even better lifestyle should I return to Thailand or anywhere else in SEA. What you cannot foresee is changes in the future, although you can second-guess yourself to death. I just can't seem to get past the cognitive dissonance I am having about starting the next chapter of my life. When you have worked your entire life, contemplating an end to it is difficult. I am in a senior management position with a MNC, with all the perks that go along with it. The flip side is that it is an extremely high-stress position and I put in roughly 60 hours a week. I enjoy what I do, but have been at this career for 30+ years I am getting tired. I'm in my mid 50's, no wife, no kids, no debt. I am just plain tired of the rat-race and my home country as it is swirling down the porcelain convenience faster than you can say boo, but I haven't been able to make myself pull the trigger and lay the shovel down. This offer from my company makes the decision a no-brainer, so it looks like I will be joining the ranks of vagabonds in pursuit of the 9th level of consciousness.

You're right in that this is pretty much a no-brainer, save for one aspect. What will you do next?

In my case, I have a young family so that takes up a large part of the social calendar. Coupled with my hobbies of riding and touring on my bike, golf, DIY projects etc, I will struggle even if retired to find the time to fit all these in. However, you're single. That's a whole different ballgame. I'm sure you will not spend all your waking hours sitting in a barstool somewhere.

How do you intend to spend your time?