Page 1 of 2 12 LastLast
Results 1 to 15 of 21

Thread: Quitting work and retiring a bit early.

  1. #1
    Join Date
    3rd May 2010 - 18:46
    Bike
    ZX14R, KX500E16, CR500R
    Location
    Westbridge
    Posts
    877

    Quitting work and retiring a bit early.

    Just turned 63. Had enough of bloody shift work now . Thinking about pulling the plug. 22 months till the big day.

    What do recommend in terms of $$ in the bank required and equity etc.

    I read a lot of stuff online too. Many different views there. Be nice to sign off early and have some 'me' time.

    I don't have any loans or mortgage and, I'm a single man now , a recent widower. Cheers in advance.

  2. #2
    Join Date
    29th July 2020 - 20:26
    Bike
    Suzuki GSX-s1000F 2016
    Location
    Napier
    Posts
    128
    The dollars in the bank thing.....everyone will be different but more is better than less.

    I quit after thirty eight years straight and then did casual work until Covid arrived in 2019...wish I had a bit more in the bank for sure.

    As a mate said, "if you are not making it, you are spending it"

    As long as you are debt free and can stick to a budget you are ok.

  3. #3
    Join Date
    7th January 2014 - 14:45
    Bike
    Not a Hayabusa anymore
    Location
    Not Gulf Harbour Either
    Posts
    1,491
    Quote Originally Posted by Stylo View Post
    Just turned 63. Had enough of bloody shift work now . Thinking about pulling the plug. 22 months till the big day.

    What do recommend in terms of $$ in the bank required and equity etc.

    I read a lot of stuff online too. Many different views there. Be nice to sign off early and have some 'me' time.

    I don't have any loans or mortgage and, I'm a single man now , a recent widower. Cheers in advance.
    My FiL took an earlyish retirement (about 12 months) - I made a joke to him that he would be back working in less than 6 months.

    He lasted 3 months...

    That said - He is now working at a much lower stress job (going from a manual job with high risk elements, to something cruisey), has an understanding with the Boss that he doesn't need the job per se - so if he wants to take off early on a Friday to go enjoy a weekend, he is going to etc.

    Essentially the money goes into his Beer and Hobby fund, the Job keeps him fit and mobile etc.

    In terms of hard financials - that would be a question for your personal accountant or financial advisor.
    Physics; Thou art a cruel, heartless Bitch-of-a-Mistress

  4. #4
    Join Date
    3rd February 2004 - 08:11
    Bike
    2021 Street Triple RS, 2008 KLR650
    Location
    Wallaceville, Upper hutt
    Posts
    5,196
    Blog Entries
    5
    Hitting 65 and being able to access Kiwisaver to pay the house off made a big difference to us. I kept working as the money was good and getting the superannuation was a cherry on top. Then some time after covid the company failed and I was out. Now I am in that sort of limbo of enough money to live "pretty ok" but not enough to do the big ticket items (eg RE ride to the Himalayas in India). If you can find enough to keep occupied and money isn't a problem you should take the "me time". As your recent experience shows (most painfully), no-one is guaranteed tomorrow.
    it's not a bad thing till you throw a KLR into the mix.
    those cheap ass bitches can do anything with ductape.
    (PostalDave on ADVrider)

  5. #5
    Join Date
    8th January 2005 - 15:05
    Bike
    Triumph Speed Triple
    Location
    New Plymouth
    Posts
    10,201
    Blog Entries
    1
    If it's an option you could ease into retirement. I went to a four day week for a year or so before quitting. National Super covered the day off. Others I've spoken to did similar.

    Apply for Super a month or two in advance. They don't do back pay.

    Check with the IRD before you retire, you don't want to be getting a bill from them.
    There is a grey blur, and a green blur. I try to stay on the grey one. - Joey Dunlop

  6. #6
    Join Date
    31st March 2005 - 02:18
    Bike
    CB919, 1090R, R1200GSA
    Location
    East Aucks
    Posts
    10,480
    Blog Entries
    140
    The only thing I'd say, is you're potentially a long time retired. You wouldn't want to get a long way in, and find you're running short of funds. Those stories of pensioners eeking out an existence, saying, I've worked all my life, it shouldn't be like this... it's grim.

    I'd say it's better to earn while you can (especially if you have a good employer and say, it suits both sides to work part time) coz no-one knows what the hell the govt will do next, or what will happen in the world.
    Quote Originally Posted by Jane Omorogbe from UK MSN on the KTM990SM
    It's barking mad and if it doesn't turn you into a complete loon within half an hour of cocking a leg over the lofty 875mm seat height, I'll eat my Arai.

  7. #7
    Join Date
    3rd February 2004 - 08:11
    Bike
    2021 Street Triple RS, 2008 KLR650
    Location
    Wallaceville, Upper hutt
    Posts
    5,196
    Blog Entries
    5
    Think more about the money thing - A reverse annuity mortgage (heartland bank) would free up quite large amounts of cash and if you are not that concerned about leaving it all to the kids, why not?
    it's not a bad thing till you throw a KLR into the mix.
    those cheap ass bitches can do anything with ductape.
    (PostalDave on ADVrider)

  8. #8
    Join Date
    4th October 2008 - 16:35
    Bike
    R100GSPD
    Location
    Wellington
    Posts
    10,167
    re the monies who knows? You can estimate your outgoings but of course inflation is going to keep making everythng more expensive.
    I retired a couple of years ago.I was working 4 days a week before that. We were a small team and i got on well with everyone. I havent missed the work but i did miss the people a bit at first.
    You got to have an interest that involves other people IMHO. Motorcycles are good for that. In your case you must already be a bit lonely? I belong to a 4wd club and do a lot with them. I am pottering around catching up with overdue house maintenance and clearing overgrown gardens.
    You can free up some cash perhaps by downsizing to a smaller house. Not sure about reverse mortgage thing,no one knows how long retirement is gonna be...thats the hardest thing about how much $$ you need. Make a plan for the interim(ie potential big outgoings) and do it .

  9. #9
    Join Date
    25th January 2008 - 17:56
    Bike
    Africa Twin! 2018 all the fruit!
    Location
    New Zealand
    Posts
    4,353
    Had a major health scare at 62, decided to go to a 4 day week, boss was brilliant, then we moved to Taupo, so I've effectively quit at 62.5, been here 2 and a bit years to date.
    Loving every minute, got mates to talk to, swim with and ride with, wife is still working but won't have to in another couple of years.
    We're not rich, got a good pile of cash in the bank, own a nearly Million $ house. Owe no one anything, 2 bikes mine and her indoors, a new, ok 1 yr old, but bought new hybrid a few other toys and belong to 3 local clubs, other than the Cossie or the RSA.
    You are a long time dead, cut your losses and get into enjoying what you want to do for a change.
    Every day above ground is a good day!:

  10. #10
    Join Date
    8th January 2005 - 15:05
    Bike
    Triumph Speed Triple
    Location
    New Plymouth
    Posts
    10,201
    Blog Entries
    1
    Quote Originally Posted by pete376403 View Post
    Think more about the money thing - A reverse annuity mortgage (heartland bank) would free up quite large amounts of cash and if you are not that concerned about leaving it all to the kids, why not?
    When I was discussing options with the bank manager prior to retiring reverse mortgages came up. He said that problems were such that the bank was then considering not offering them anymore. People were living longer than they expected meaning the house may be sold out from under them. Anyhoo the bank doesn't offer them anymore.
    There is a grey blur, and a green blur. I try to stay on the grey one. - Joey Dunlop

  11. #11
    Join Date
    20th January 2010 - 14:41
    Bike
    husaberg
    Location
    The Wild Wild West
    Posts
    12,063
    Quote Originally Posted by Stylo View Post
    Just turned 63. Had enough of bloody shift work now . Thinking about pulling the plug. 22 months till the big day.

    What do recommend in terms of $$ in the bank required and equity etc.

    I read a lot of stuff online too. Many different views there. Be nice to sign off early and have some 'me' time.

    I don't have any loans or mortgage and, I'm a single man now , a recent widower. Cheers in advance.

    Just do what makes you happy.
    Most people I know miss the social aspect and daily connections with people when they retire. I have been told to retire in the summer as it makes it more fun. As you are not house bound and can go out and do stuff.
    I know a few people that do some volunteer work, to fill the hole add the social aspect and it's also great for the soul.
    Myself, personally, I intend to work an extra year or three. One to get used to living on the kiwisaver and pension, two so I will have at least a years salary as pocket money, as I want to still enjoy my hobbies I will need the $$$$ to pay for it.
    As others haven mentioned dropping a day or two a week might be a good compromise rather than going cold turkey
    I know a few companies that are nearly entirely all staffed by dads army.
    I still intend to work a side hustle for some additional pocket money. We will also still run cattle for additional pocket money.



    Kinky is using a feather. Perverted is using the whole chicken

  12. #12
    Join Date
    22nd October 2002 - 11:00
    Bike
    Sold
    Location
    Coromandel Town
    Posts
    4,415
    I'm 77 now and retired at 60. No regrets as I was pretty much burned out. Consulted back to my company for a year which was useful financially but I didn't enjoy it. Financially, we live on my company pension plus state pension and that takes care of everyday stuff. We also have some managed investments which we don't touch, just let it accrue and that will principally be for our kids.

    In retirement, I spent nigh on 10 years doing voluntary coaching with the Institute of Advanced Motorists which was good for me too and also helped coach local senior citizens with basic computer skills (Senior Net). Since retiring from motorcycling a couple of years ago, sea fishing with my wife, mountain biking and a classic car have helped to fill the motorcycle void. Unfortunately, I ran out of talent on the MTB a month ago when I snapped my femur on a knarly trail. Should have known better. Overall though, early retirement was the right thing to do in our circumstances as I've never had to say "If only.......".

    It was a bit of a step into the unknown to take the plunge but you only get one crack at life

  13. #13
    Join Date
    4th October 2008 - 16:35
    Bike
    R100GSPD
    Location
    Wellington
    Posts
    10,167
    Quote Originally Posted by husaberg View Post
    Just do what makes you happy.
    Most people I know miss the social aspect and daily connections with people when they retire. I have been told to retire in the summer as it makes it more fun. As you are not house bound and can go out and do stuff.
    I know a few people that do some volunteer work, to fill the hole add the social aspect and it's also great for the soul.
    Myself, personally, I intend to work an extra year or three. One to get used to living on the kiwisaver and pension, two so I will have at least a years salary as pocket money, as I want to still enjoy my hobbies I will need the $$$$ to pay for it.
    As others haven mentioned dropping a day or two a week might be a good compromise rather than going cold turkey
    I know a few companies that are nearly entirely all staffed by dads army.
    I still intend to work a side hustle for some additional pocket money. We will also still run cattle for additional pocket money.
    agreed about the summer thing.My last day was just before xmas of that year. I did find Winter more difficult esp when there are days in a row with rain etc

  14. #14
    Join Date
    25th June 2012 - 11:56
    Bike
    Daelim VL250 Daystar
    Location
    Pyongyang
    Posts
    2,625
    Quote Originally Posted by pete376403 View Post
    Think more about the money thing - A reverse annuity mortgage (heartland bank) would free up quite large amounts of cash and if you are not that concerned about leaving it all to the kids, why not?
    Like many other kiwis I thought these were the go to option. However personal experience of family friend and media stories mean read the fine print and do your maths. It’s not quite as simple as it appears.
    Just like a normal mortgage you still own the house, so your paying insurance, rates and upkeep etc.
    The bank charges interest on the money they are paying out to you just like how a normal mortgage clocks up interest. If you end up living longer than expected (who’d have thought that was a problem)or the property value drops significantly you’re in a bind.
    Some good lenders will limit how much the will reverse lend to help you avoid this.

    I was late to the saving game so I’m not looking forward to it all but 15-20 years to play catchup.
    Every great cause begins as a movement, becomes a business, and eventually degenerates into a racket - Eric Hoffer

  15. #15
    Join Date
    3rd February 2004 - 08:11
    Bike
    2021 Street Triple RS, 2008 KLR650
    Location
    Wallaceville, Upper hutt
    Posts
    5,196
    Blog Entries
    5
    Quote Originally Posted by pritch View Post
    When I was discussing options with the bank manager prior to retiring reverse mortgages came up. He said that problems were such that the bank was then considering not offering them anymore. People were living longer than they expected meaning the house may be sold out from under them. Anyhoo the bank doesn't offer them anymore.
    While I wouldn't dispute what your bank told you, it would seem that to be left in the situation described you would have to live into your late 90's or more, property values would have sunk to a negative and the amount borrowed would have to be close to the total value of the property at the time the loan was taken out. When I looked into the Heartland offerings, (thinking about the Indian bike riding trip) the maximum amount loaned is around a quarter of the RV, so between the residual amount and capital gain, the odds of that as described happening are slim.
    it's not a bad thing till you throw a KLR into the mix.
    those cheap ass bitches can do anything with ductape.
    (PostalDave on ADVrider)

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •