Conundrum - When to retire? How much money is enough?

[umbanda]

I retired at 62 because I got cancer. Move to Thailand and get cure......but always thinking why I do not retired long before...when I can.

What is my message?....If you can retire young...do it..because you do not know if you will have time or health to enjoy life after retiring older...

[stickylies]

I retired at the age of 35 when i had saved enough til i'm 60 (living here as well as in the west, 25 years garanteed). I'm not expecting any forthcoming inheritance (i don't come from rich family). carpe diem. if i don't find extra cash after i'm 60 (and broke) i'll ask "my" government for money. they have never let anyone starve sofar. don't worry, be happy.

[stickylies]

I retired at 62 because I got cancer. Move to Thailand and get cure......but always thinking why I do not retired long before...when I can.

What is my message?....If you can retire young...do it..because you do not know if you will have time or health to enjoy life after retiring older...

i hope u are better... and i agree in full. my mother died several years BEFORE she intended to start enjoying life. she always said she wanted to do this and that once all kids had left the house. she never made it. a pitty as i remember her as "serving" only, never being served. of course she did enjoy serving husband and kids, but she should have enjoyed the other side of life too, imo.

Edited October 11, 2013 by stickylies

[ExpatJ]

You can always make more money. You can never make more time.

How many people kept on chasing a "few more bucks" so they could "enjoy" their retirement and then their health goes to hell or they drop dead and never ever got to do all those things they dreamed of doing when they retired.

It seems to me that a lot of people seem to think that retirement is all about how big a pile of money you have. While obviously anyone with a brain wants to try and make sure they have adequate money to live and enjoy their retirement there are many who seem to think that he who dies with the most money somehow "wins".

In spite of a lot of the so called retirement experts I have found that I need a lot less money to make me comfortable in retirement than I did working my butt off...in fact when working so much I would often just piss away a lot of money to "reward" myself for being stressed out and under pressure so much of the time.

Part of being financially ok in retirement to me has been the joy of rediscovering so many things that I enjoy that are FREE. Like long walks, riding a bike, working in a garden, reading books etc. Life is about more than making and spending money in the pursuit of "happiness".

I retired at age 52. Many of my friends are still working away at age 65+. A lot of them by working an extra 13 years have more money than I do. But frankly I wouldn't trade my last 13 years of experiences and adventures in retirement with any of them for their bank account.

Everyone is different but my best advice is don't make your life all about money and don't keep putting off your dreams of what you will do, what hobbies you will pursue when you retire.

The graveyards are full of people whose tombstones might read: Coulda Shoulda Woulda.

Those of us with kids would consider dieing while working until a bit older and putting away lots of cash that would go to our kids and grand kids as a BIG win!

[GuestHouse]

I retired at the age of 35 when i had saved enough til i'm 60 (living here as well as in the west, 25 years garanteed). I'm not expecting any forthcoming inheritance (i don't come from rich family). carpe diem. if i don't find extra cash after i'm 60 (and broke) i'll ask "my" government for money. they have never let anyone starve sofar. don't worry, be happy.

This is know as the 'I know my rights but not my responsibilities' option - do what you want and dump the consequences on the tax payer.

[stickylies]

I retired at the age of 35 when i had saved enough til i'm 60 (living here as well as in the west, 25 years garanteed). I'm not expecting any forthcoming inheritance (i don't come from rich family). carpe diem. if i don't find extra cash after i'm 60 (and broke) i'll ask "my" government for money. they have never let anyone starve sofar. don't worry, be happy.

This is know as the 'I know my rights but not my responsibilities' option - do what you want and dump the consequences on the tax payer.

sure. exactly like i worked for 17 years and paid for retirees, jobless people, sick people, political asylum seekers, etc. u think i complained? never. this is the game and the game was invented ages before me. meanwhile i'll be living fully self-sufficient for 25 years. not paying taxes, nor taking 1 cent from taxpayers/state. no kids, no responsibilities except myself, no complaints...

[FiftyTwo]

I retired at the age of 35 when i had saved enough til i'm 60 (living here as well as in the west, 25 years garanteed). I'm not expecting any forthcoming inheritance (i don't come from rich family). carpe diem. if i don't find extra cash after i'm 60 (and broke) i'll ask "my" government for money. they have never let anyone starve sofar. don't worry, be happy.

This is know as the 'I know my rights but not my responsibilities' option - do what you want and dump the consequences on the tax payer.

Off topic now,

But I would rather SL had my taxes than the army, trident or Somalia.

(please feel free to insert the boondoggles of your choice, if you don't like mine)

It's not as if the UK government has much idea of it's 'responsibilities'.

Back on topic,

The time to retire is before you die, and have enough life and health left in you to enjoy a few years.

[nong38]

If you wait until you are really sure, you will always do one more year just to be sure. If you have set your goals early enough and they have been met then another year to contemplate and re check your data should tell you. I aimed at 60, exceeded my goals and went at 60.5 and no regrets, you cannot buy time and the older we get the more precious time becomes. Our bodies change, our abilities to move receedes, our energy levels decrease, but, we are all different, only you can decide when the time is right for you to say that all folks, time for me now.

If you are 56 you probably have 25 active years left, if you avoid the idiots on the road, that takes you to 81, take it from there you might have a good few years after that, how to make sure the funds will fit.

[FiftyTwo]

If you wait until you are really sure, you will always do one more year just to be sure. If you have set your goals early enough and they have been met then another year to contemplate and re check your data should tell you. I aimed at 60, exceeded my goals and went at 60.5 and no regrets, you cannot buy time and the older we get the more precious time becomes. Our bodies change, our abilities to move receedes, our energy levels decrease, but, we are all different, only you can decide when the time is right for you to say that all folks, time for me now.

If you are 56 you probably have 25 active years left, if you avoid the idiots on the road, that takes you to 81, take it from there you might have a good few years after that, how to make sure the funds will fit.

Way overestimate, I don't see many over the age of 70 having much fun anywhere.

OK, so there are a few, but they are the exception, not the norm.

I'm putting down 52-65 as probably the best and most enjoyable years of my life.

[robertson468]

Had a great and stimulating job in the UK, which paid reasonably well and was very happy with my lot, but particularly enjoyed my weekends doing various activities with Wifie and Family. Visited Thailand and decided I wanted every day to be a weekend in this lovely Country, so retired. Sure I was financially secure and having been here for 7 years now, am even more financially secure, oddly enough, now earning more than I did in the UK through various investments. I love weekends in Thailand that run from Monday to Sunday!

[kevozman1]

An interesting thread. I am some way off seriuosly thinking about this from my own perspective but some interesting points made in this thread. I think for myself when it comes to such an issue I will try and balance pragmatism with my free spirited side. The feeling of freedom and adventure is fantastic but also you do not want to end up in a complete miserable spot (Pattaya condo jumpers come to mind).

Good luck to you sir.

[KhunOr]

I'm 46 and I don't intend to retire at all - not because I'm a workaholic but because I really can't imagine doing less than I already do.

I work from home for a few hours each day Monday to Friday so if I had more free time than I already do, I'd probably go insane.

A bit off-topic, I know, but I think this is an important warning: many retirees die a few years after retirement. Psychologists believe it's out of sheer boredom and/or a lack of purpose in life. If you do intend to retire, make sure you have a busy, productive second life in mind otherwise you will go crazy or suffer from depression and lose your will to live!!!

The studies that show this to be the case are all based on samples of folk who were employed for a 'lifetime' in full time 9-5 type jobs. Similar studies also showed that those who retired early outlived those who retired late. This is a very important factor.

Furthermore the statistic did not apply to people who were self employed and owned businesses.

The take-away from this is that those who are able to create stimulus in their lives tend to outlive those who find being creative alien or difficult. It is sad but true.

[HerbalEd]

What about if your are lucky and live to be 96? Can you afford to provide yourself and your significant other with a good life for forty more years? That's a long time. Or maybe you're not as lucky and live to 86. That's still thirty years of supporting yourself without a job..

And don't forget the the two things that most people either don't think about ... or don't give realistic attention to:

1- You are most likely going to lose or have to spend significant money along the way that you did not plan on ... and there are dozens of possible scenarios of how that can happen.

2- As the years roll by ... ten years ... and esp. twenty years ... and esp. esp. thirty years from now ... you money will absolutely not have as much buying power as it does today. Think about bread costing $12 or $15 a loaf. Don't believe it? Then spend some time in Goole and see what bread, or milk, or gasoline, etc. cost thirty years ago.

So when you sit down and plan how much money you'll need in the years ahead ... do so with the value of your money in the future and not just with today's money.

When it comes to retirement remember one of Murphy's Laws: It's going to require money than you think it will.

And my advice ... FWIW ... is if you don't hate your job, hang in there for a few more years. Or figure out how to semi-retire and still make some money. And if you're an American, don't take your social security until you're 70 so that you get 100% of what your qualified for.

[IsaanUSA]

are able to work and save about $6,000 a month

If you are able to save $72,000 per year, that means your salary should be over 100k, so I would guess you might have a stressful or high pressure job. But if you can save $72k epr year, I think you hould continue working that job as long as you can, even if it's only another couple years. That's an extreme amount of money to be able to save/invest each year. You are a 1%'er. Most people in the world don't earn what you are able to save.

Keep at it!!

EDIT: I should say that I did not read any of the replies in this thread, so I don't know if you covered your career information already.

Edited October 11, 2013 by IsaanUSA

[Banzai99]

This topic has been discussed on numerous occasions.

Only about 300,291 times.

[SeabagsFull]

Health has a lot to do with it.

I turned down a $120K+ annual IT job in SF at 48 to head for Thailand with no plans. I also chose to skip investing $50K in Martha Stewart stock that was ridiculously undervalued at $8 a share (two years later it was near $30). Why? I felt that I wouldn't be alive five years later, & if I somehow was, my energy levels would be comatose & I'd never really get to enjoy retirement.

For me, at least, the decision was a godsend. The freedom of a stress-free life in Thailand (not to mention the much younger soul-mate I met shortly after arriving) rejuvenated my spirits enough-so that I'm still kicking nine years later, & with a new-born to boot. I only have my pension & VA disability; all my money went into my house. But I'm happy & want for nothing.

If your health is good & you have no mitigating feelings about your ability to live a long life, then waiting a couple of years to save some good money will give you more choices in the LoS. E.g., you can buy a beautiful house in Phuket; that is, if you want to live in a farang-populated village. On-the-other-hand, if you want to go all out & engulf yourself in all things Thai (e.g., avoid the expensive villages), then you'll need more of your youthful energy (meaning, retire now) & not-so-much the extra savings.

[David48]

This topic has been discussed on numerous occasions.

Only about 300,291 times.

... as has the question to the age of the posters here on Thai Visa ... though it didn't stop you asking earlier this year ... age-of-posters

We may get a little weary of repeated subjects ... but newbie's don't know what's been discussed before and heaven forbid ... you might read a new comment or opinion.

Sure, when some asks 'Where is the best place to get a dental implant in Bangkok' ... and the following week, someone asks the exact same question... I'll refer the previous OP.

But this sort of question is more opinion based and I have enjoyed reading the replies, especially those by GuestHouse.

Each to their own I guess ...

.

[Banzai99]

This topic has been discussed on numerous occasions.

Only about 300,291 times.

... as has the question to the age of the posters here on Thai Visa ... though it didn't stop you asking earlier this year ... age-of-posters

We may get a little weary of repeated subjects ... but newbie's don't know what's been discussed before and heaven forbid ... you might read a new comment or opinion.

Sure, when some asks 'Where is the best place to get a dental implant in Bangkok' ... and the following week, someone asks the exact same question... I'll refer the previous OP.

But this sort of question is more opinion based and I have enjoyed reading the replies, especially those by GuestHouse.

Each to their own I guess ...

.

You have over 8000 posts, I bow to your experience .

[truckerjoe]

Money in the bank, house nearly paid off, a pension, 56 and fit, now is the time to do it, retire and enjoy life.

I have a friend aged 50 who has done well for himself, assets of over $100 million in property, and an income of over $25,000 a month, and a big luxury house,

But still drives a 7 year old Merc, and hasn't been on holiday for 8 years, he starts work in the office at 6am and sometimes is still there at 10pm, he is now a slave

to the money, when is enough money enough?

I have told him many times take a break, go on holiday spend some money, better still sell some of your assets and retire, travel the world and enjoy your life,

but I know he never will.

I would say this is a very good time for him to retire, before the long hours take their toll, and all that amassing of a fortune end up having been for nothing!

I

somebody who has assets worth $100 million which yield only 0.3% per annum needs to work hard

Sorry forgot to add the 25k per month is his salary for running the family Taxi company and Tyre and Exhaust center, he has never told me

what is his income from his property investments..

[Banzai99]

, especially those by GuestHouse.

.

Who does not live in Thailand, like you, he does not live here.

[Banzai99]

Money in the bank, house nearly paid off, a pension, 56 and fit, now is the time to do it, retire and enjoy life.

I have a friend aged 50 who has done well for himself, assets of over $100 million in property, and an income of over $25,000 a month, and a big luxury house,

But still drives a 7 year old Merc, and hasn't been on holiday for 8 years, he starts work in the office at 6am and sometimes is still there at 10pm, he is now a slave

to the money, when is enough money enough?

I have told him many times take a break, go on holiday spend some money, better still sell some of your assets and retire, travel the world and enjoy your life,

but I know he never will.

I would say this is a very good time for him to retire, before the long hours take their toll, and all that amassing of a fortune end up having been for nothing!

I

somebody who has assets worth $100 million which yield only 0.3% per annum needs to work hard

Sorry forgot to add the 25k per month is his salary for running the family Taxi company and Tyre and Exhaust center, he has never told me

what is his income from his property investments..

eeerrr, Naam is our resident Millionaire, do not even dream about being in the same league, kow chai bor ?

[bocceball1]

Retirement has been an off and on thing for me....I first retired when I was 34. Quit a HIGH paying job (Trial Lawyer) because first wife divorced me (she needed time to think) and it hit me like a frying pan to the head. Did a re-evaluation of my life at the time and asked the big question "What is it all for?" Answer to me was nothing if your not happy! Found out that going from a high paying job (and spending like a crazy drunk....new car every 3 years, big house etc) that all we really need is a roof over our head (whether a rental etc...for me it was going into a fixer-upper ...found my new passion), clothes on your back (started buying my clothes at second hand stores, or Ross.etc.), Using clip out coupons for food and other household items, bought only used cars (3-4 years old with low miles....and now would keep at least 5-6 years)....

You know....I was happier ....had all the same stuff ...just on a different level...but now I was able to enjoy life. My new career (if you can call it that, as I loved it and only had to answer to myself) was buying fixer-uppers (real estate)....Did extremely well ...buying low and selling high....Sold everything (except my lake home and some rental properties that provide me with my income) in 2004 (Great timing...right before the bust) moved to Thailand where I met my wonderful wife

and Now doing the same thing with her .....developing property here in Thailand on a small scale. Love doing it ...do it at my own pace...so not sure if I'm still working or retired because its something I enjoy doing and look forward to waking up to do.

Good luck to all thinking about retiring ....but don't think too long for it may be too late!

[pomchop]

What about if your are lucky and live to be 96? Can you afford to provide yourself and your significant other with a good life for forty more years? That's a long time. Or maybe you're not as lucky and live to 86. That's still thirty years of supporting yourself without a job..

And don't forget the the two things that most people either don't think about ... or don't give realistic attention to:

1- You are most likely going to lose or have to spend significant money along the way that you did not plan on ... and there are dozens of possible scenarios of how that can happen.

2- As the years roll by ... ten years ... and esp. twenty years ... and esp. esp. thirty years from now ... you money will absolutely not have as much buying power as it does today. Think about bread costing $12 or $15 a loaf. Don't believe it? Then spend some time in Goole and see what bread, or milk, or gasoline, etc. cost thirty years ago.

So when you sit down and plan how much money you'll need in the years ahead ... do so with the value of your money in the future and not just with today's money.

When it comes to retirement remember one of Murphy's Laws: It's going to require money than you think it will.

And my advice ... FWIW ... is if you don't hate your job, hang in there for a few more years. Or figure out how to semi-retire and still make some money. And if you're an American, don't take your social security until you're 70 so that you get 100% of what your qualified for.

Taking social security at 70 instead of 62 means your break even point is between 80 and 81 years old. In other words the increased benefit amount you will get by waiting til 70 will take you 10 + years to recoup / break even on the money you would have gotten from taking it at 62. Since life expectancy for most baby boomer males is about 78 unless you live longer than 81 you would lose money by waiting til 70....and that does not include whatever interest / fun you might have made by taking it at 62. So if you wait til 70 and die at 76 it is a bad decision.

Everyone I suppose has their own idea as to how long they "might" live but for me taking it at 62 was the correct choice.

[bocceball1]

I'm 60 now. Feel like life has given me an extra 7 years ....why ....No male member of my family has lived past 53 (heart disease ....father, grandfather, and uncles all died at 53)...At 53 I went to the hospital to find out had 2 blocked arteries...had stents put in. As said, now 60 ....but at 62 going to take my social security ...2 reasons....not sure how much longer I have (if fact none of us do notwithstanding statistics)...and not sure the US gov. is going to be able to fund in the future!

I'll take the money now and run!

[umbanda]

An interesting thread. I am some way off seriuosly thinking about this from my own perspective but some interesting points made in this thread. I think for myself when it comes to such an issue I will try and balance pragmatism with my free spirited side. The feeling of freedom and adventure is fantastic but also you do not want to end up in a complete miserable spot (Pattaya condo jumpers come to mind).

Good luck to you sir.

Again..talking about Pattaya...Pattaya is just a famous spot in Thailand..and not for the best reasons. Pattaya is not Thailand!

[Dakling]

To the OP,

If you have a house, pension income and no debt you should be fine. Rent the house out if you are in an area where that is possible and come on over. Try not to burn too many bridges though because living here full time is different than coming on holiday. Over time, small irritants you may not have even noticed on your visits will start to wear you down. If there is anyway you can manage to reduce your job so that you can split time 50-50 between countries that might be the way to go (expensive option but maybe the best lifestyle). Make sure you have a parachute plan to get back home if it all goes tits up on you.

Once you are here for a few years you can decide if you want to cut the lifeline and sell the house back home.

You can live pretty well (though not lavishly on about $2,000/month here). Be sure to consider inflation as it seems higher here than North America though I can't quote exact numbers. If you wan't to move to Issan and live in a village, drink Lao Kao, eat frogs and offal, you can get buy on very little money but most don't really want that lifestyle. If you want to live in a nice condo in Pattaya, eat western food everyday, drink in bars regularly, sample the local specialty, travel, etc. you will need much more than $2,000/month (think double or triple).

At the end of the day you are the only one who can sort your own priorities.

Good luck with whatever you choose to do.

[thaibeachlovers]

I retired when I couldn't stand the scum management anymore. There's only so much bullying one can take before doing something that will get one fired, and possibly arrested.

I only hope karma deals to them though, as they seem to get away with it all the time.

As to how much money one needs- it's never enough to stop working before the pension kicks in, but sometimes one has to just do it.

[thaibeachlovers]

What about if your are lucky and live to be 96? Can you afford to provide yourself and your significant other with a good life for forty more years? That's a long time. Or maybe you're not as lucky and live to 86. That's still thirty years of supporting yourself without a job..

And don't forget the the two things that most people either don't think about ... or don't give realistic attention to:

1- You are most likely going to lose or have to spend significant money along the way that you did not plan on ... and there are dozens of possible scenarios of how that can happen.

2- As the years roll by ... ten years ... and esp. twenty years ... and esp. esp. thirty years from now ... you money will absolutely not have as much buying power as it does today. Think about bread costing $12 or $15 a loaf. Don't believe it? Then spend some time in Goole and see what bread, or milk, or gasoline, etc. cost thirty years ago.

So when you sit down and plan how much money you'll need in the years ahead ... do so with the value of your money in the future and not just with today's money.

When it comes to retirement remember one of Murphy's Laws: It's going to require money than you think it will.

And my advice ... FWIW ... is if you don't hate your job, hang in there for a few more years. Or figure out how to semi-retire and still make some money. And if you're an American, don't take your social security until you're 70 so that you get 100% of what your qualified for.

Taking social security at 70 instead of 62 means your break even point is between 80 and 81 years old. In other words the increased benefit amount you will get by waiting til 70 will take you 10 + years to recoup / break even on the money you would have gotten from taking it at 62. Since life expectancy for most baby boomer males is about 78 unless you live longer than 81 you would lose money by waiting til 70....and that does not include whatever interest / fun you might have made by taking it at 62. So if you wait til 70 and die at 76 it is a bad decision.

Everyone I suppose has their own idea as to how long they "might" live but for me taking it at 62 was the correct choice.

Had I kept working, the stress would probably have killed me, so I'd rather retire early and have an enjoyable life without much money, than work longer to have more money to leave in my estate.

[David48]

, especially those by GuestHouse.

.

Who does not live in Thailand, like you, he does not live here.

Banzai99 ... if you are going to quote ... don't quote selectively.

You were almost banned once for this type of negative BS before ... up to you if you want to push the envelope again.

People talk ... but they never talk well of your name.

.

[David48]

Must admit ... would be sort of nice, if the OP, freejack, came back to comment.

Some well meant commentary here designed to help you ... nice to have your feedback ...

.