"Retire" early...?

[Crossroads]

This is a serious thread, but I'll throw myself to the wolves in General :-)

I'm 40. Have been doing Wintel infrastructure stuff since Uni, mostly app delivery / virtualisation related, most of it architecture / design / project delivery and most of it as a contractor, probably at the top of what people with my skills tend to earn.

For the last few years I've enjoyed very little about my job compared to the time before that. Perhaps I haven't been quite as "hands on" but ultimately I think I might just have had enough. Maybe I'm a bit too bitter, twisted and cynical.

I am fortunate enough that I've been sensible in terms of lifestyle and spending and I am in a position where I have enough income from a property and savings to see me through for the rest of my days and leave the kids a couple of houses should I choose to.

So I could just stop right now. Sure it wouldn't be a fantastic money worry free lifestyle, but I'd have more a month than many, with just household bills (no mortgage). I've sort of been trialling the monthly spend for the last year or so and it's doable.

Why don't I? Not sure... fear of the unknown. A worry that after I've got my long list of household jobs done I'd be bored and crucially, if I wanted to work again after a period out I'd struggle.

Has anyone been in a similar situation? What did you do? I've thought about "dumbing down" after the current gig (IB, mainly hands off strategy work) and going for a 3rd support type role, see if that brings the buzz back. I've looked at various permie roles doing something a bit different. I've thought about how not working would give me more time at home, with kids, be better for my health and so on.

Anyone have any stories to share? What did you do? Did it work out?

[ctdctd]

Don't underestimate the amount of cash you will need - especially if you have kids!

Also. you will need to find something to do unless Jeremy Kyle is your dream - and doing stuff and not getting paid for it costs money!

That's the sensible answer - now, are you MF's sockie?

And do you like gladiators?

[Fronttoback]

I retired at 40 after gigging very hard for a long time. I lasted 6 months and in that time almost became an alcoholic. I started working again, and appreciated what work provides other than money. I have now decided I never want to retire. It's a matter of planning what work to do next, to make it appropriate to the age and lifestyle. Work is good.

[ctdctd]

I would describe myself as semi-retired now partly due to not needing the cash desperately, partly due to health and partly due to hating IT but not having a decent plan B!

The more gaps I have, the harder it gets to keep the skills current which limits the gigs I can apply for - however, so far, getting a gig has not been a problem. Legacy stuff will need supporting for a while which will see me done - but I'm got a few years on the OP.

My current gap is 6 months which included major home re-working and it feels about the right time to do something invoiceable again - if only to get back the overspend!

[Fronttoback]

One problem is that you've probably grinded very hard to master your skill and get into the top rates, and then sustain that long term. That takes drive.

Then you can retire at 40, but what will your income be? Unless you have a few million stashed then you're going to be living retirement with an income the same as a guy who has a reasonable job, not a great income. OK, he works and you don't - but many people enjoy work and have fun away from the kids. You have 20 years good work left in you. In 20 years those that didn't retire early will have passed you by. And what have you got to show for your early retirement? A beer belly, a suntan and good golf swing.

It's contra to the attitude that has put you where you are. You have reached the destination that you set sail for 15 years ago. And now you're here the sad fact is, you cannot stop grinding - unless you have something better to do. Without a strong plan it's doomed to failure. If you have grown up kids it would possibly be different because you can try and live the youth you spent child rearing- travelling and partying. But at 40 it's not as much fun.

My advice is keep working but choose a different career, and your financial base facilitates that.

[scooterscot]

Go half way, find something part time.

Currently working part-time until well into next year. It's great. Not bored; spend much more time with family.

You are what you do. Might be more than a shock to wake up one day to resist that temptation to work. At least that's my impression. Even with part time hours I'm always looking to sell that extra time when I don't need to.

[mudskipper]

You're having a midlife crisis.

That means you've got half your life to go still - you sure you're ready to hang up your boots?

[Paddy]

At 40 you should be having a mid-life crisis. Make your work interesting by going to the local massage parlour at lunch times or to go an S&M dungeon.

You will need a lot of dosh to retire at 40. You will need to consider that your health and fitness will deteriorate in your sixties onwards. Things will get very expensive. You can pay up to £60 an hour for a French maid.

[ChimpMaster]

At 41 and my plans for 'retirement' have been put off due to a contract extension. Previous posts I have responded to on this subject will have more details but generally I feel the same as you. 20 years of IT and mostly I have had enough. But I think a few months out will be good and possibly provide a much needed boost to get us back into working mode. I am planning to either leave IT altogether or try my hand at an interesting (relatively senior) permie job; the best bit will be that I don't have to give a damn about the money and can therefore relax into or out of the career.

My 'retirement' plan is fairly well formed now and the funding is there to provide decent income. Nothing magical, but part of my semi-retirement plan is to work on bigger and better things at a leisurely pace, and these will provide much more income if it goes as I would like.

And really, it's not 'retirement'... it's just having the option to not work or to be able to choose your work or to be able to tell that one awful client that you won't be coming back tomorrow.

Kids are increasingly expensive as time goes on, so make sure your funds/investments allow for that!

And remember: it's very difficult to adjust when you retire from something with nothing to do or no plan forward. So make you ultimately have something to retire to.

[greenlake]

I am fortunate enough that I've been sensible in terms of lifestyle and spending and I am in a position where I have enough income from a property and savings to see me through for the rest of my days and leave the kids a couple of houses should I choose to.