If you had the money to retire at 30, your savings would be invested and on an average year your earnings would cover your expenses. You would have health insurance, so no worries there. The only catch is that you would have to keep your expenses at 65% of what you spend right now. Would you take it, or would you rather work a few more years for a better lifestyle and financial security?
For sure no. I don’t want to live frugally for the long term. I played that game in college and I’m not excited to go back.
If living on 65% of my current income was possible.
If I had that little I would be homeless, not retired.
But by 30 most people have already contributed way more than they will ever consume by existing peacefully.
I don’t think I could keep my expenses at 65% of what I spend now because I already spend as little as I can since I’m trying to save up for an early retirement. I’d love to retire as early as possible.
I would have retired at 16 if I could.
I don’t think you would keep up with inflation
Fuck yeah. Nothing’s more tiresome and stultifying than the whole work routine. That’s time you’re never getting back.
The whole idea of retiring at 65 after you’ve been squeezed like an orange that’s been sent twice into the press, just to “enjoy” your failing body, failing senses, failing brain in your twilight years is absurd.
If you can retire at 30, hell yes do it.
I am older than 30, but am literally facing this decision right now. I have chosen the latter: work for more years for better lifestyle and financial security. My job isn’t too bad, so I don’t have a huge push to walk away.
I’m planning to scale back my career in a few years, but most likely part-time or seasonal work rather than full-on retirement.
I’d do it, but retiring early = doing my hobbies instead. Long days writing books, making art, volunteering, and pet sitting. Retiring would just mean working the jobs I want instead of the ones I have to.
Healthcare costs grow rapidly as you age, and have been outpacing inflation in the US. If your remaining money is only keeping up with inflation over time, you are very likely to fall behind later in life, when job opportunities are more scarce, and less lucrative.
If you can make changes to live more frugally now, and work a year or two more while your money is growing in the background, you will be much better off long term.
I have numerous family members that have lived a long time, and eventually faced severe health issues, so I expect that in my future. I will work until my retirement savings are more than I need for my current lifestyle, and then cut back on certain things to do my best to prepare for that eventuality.
Personally, no. You’re barely an adult at that point. If you have the privilege of a disposable income at thirty, splurge and enjoy yourself. Treat yourself to new experiences.
I wasn’t even out of school yet.
I’ve heard of people being kept back a year but damn my dude
Did a PhD. Those take time.
Yeah i figured as much but I like my jokes
65 percent of jack shit is not enough to live on my guy.
Good point, but also my question is pointless if you are already living frugally, because that would basically be “would you like more time and money?”
Yes I would like more time and money thank you
Can I get like 3 time and 1 money and… uhhh… a chocolate shake.
If I could retire right now at 38, and kept my expenses at 100% of what they are right now, I’d still be choosing which bill can wait a week and a half past the due date to make sure we can all eat.
65% and we start drawing straws for who gets eaten this week.
I think this question varies greatly depending on your current salary, if you have dependents, and what your cost of living looks like.
Instead of hypotheticals, am Auatralian. I (m) retired at 35 and divorced/moved at 45 and lived frugally in a mud brick cabin, off grid (solar and septic) on a dirt road in the bush, for a decade with my new (f) partner, she worked part time 2 days a week, grew lots of our own food, rode our MTBs on fire roads and trails, hiked, kayaked, swam in the river (we could cycle to) on hot days etc etc. Never thought we were missing anything, quite the opposite.
My small untouched share investments compounded hugely. As well as that, I only took 1/2 the dividends to live on, the outer half were reinvested as well,
A series of unfortunate events (aka mega bushfire) saw us buy an apartment in the city near the beach to get our heads stright just before covid lockdown, lived car free there etc , sold that 2 years ago and made a ridiculous profit, bought a place in a small rural village in the back of bumfuck for way less. No flood risk, no bushfire risk and it gets decent rainfall.
Now I have more money then I know what to do with…by that I don’t mean I am a billionaire, I mean living frugally becomes a habit so my shares and income have grown and grown. I now donate 25% of my investmwnt income to charities, 25% is reinvested.and I.use the other 1/2 to live on.
My parter works 4 days a week for 6 months of the year, then has 6 months off completely. She wants her.own independent income etc
My only regret was not being brave enough about retiring earlier. I missed those years of freedom and wing get them.back. Am now 60.
No major health issues?
Healthcare is free, so doesn’t matter.
Free-ish, but also you can’t live off grid in the bush with major health issues.
No flood risk, no bushfire risk and it gets decent rainfall.
As a fellow Australian - where the heck did you find this unicorn of a location?! I’ve been house-hunting (well, land-hunting, really) for over a year, and everything seems to come saddled with a bushfire overlay, flood overlay, or both. I’ve pretty much resigned myself to being stuck in a bushfire zone.
(Note: not asking for you to dox yourself with the actual location, though I am deeply curious.)
Damn, sounds like a dream
A dream with spiders.
Fellow Australian, I retired at 33, which was 10 years ago now.
It’s crazy how quickly you adjust to living frugally, and spending any money just seems wasteful and unnecessary.
