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What to do when I retire in 12 years?

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  • #31
    How much is enough ?

    My rule: enough so I don't ever have to fly economy over 4 hours again.
    Even better, take a cruise ship to or from your destination.

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    • #32
      Business class is the way to fly for sure!

      However, just looked the other day for flights to New York. Ranged from $15k to $22k return for my wife and I. Think we'll be going economy this time, as just can't justify spending that much for 32 hours in the air.

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      • #33
        ^ Yep.
        You can do 40 days New York to Auckland on the Queen Elizabeth starting from about NZD 25k for a cabin.

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        • #34
          Originally posted by gavinc View Post
          It wasn't that hard - we live on about $36,000 per year, sold a property that was giving us grief and the interest and principle from that is enough to give us $36k per year until we reach 65.
          This whole conversation is very close to my heart.
          I am working through this at the moment.
          How can you live on $36k/yr? We are doing a Europe trip this year - 9 weeks. I expect to pay ~$50k.
          Then there is the Canada trip later this year for probably another $20k.
          I have estimated I need ~$100k/yr to retire doing what I want (Travel). That will reduce as time moves on I expect. Probably end up with less travel on trips - 2 weeks in one place sort of thing.
          But $36k?
          The RV idea sounds interesting - not having to pun-pack and pack all the time.
          Also a villa somewhere nice for a month with day trips sounds appealing.

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          • #35
            Originally posted by ScottSI View Post
            Retirement keys, all very serious.

            I know a range of retired investors and they all do things differently depending on their personalities, here are a summary of some of them as I have learnt a lot from them. Some are into toys some are not, some travel, some don't.

            1 - Retired at 39, couple, had 3 residential, 2 commercial, now only holding 2 commercial. Have 110 acres inland, have massive gardens and tinker. Complete an overseas trip about every two years and a few NZ trips every year, have Bach at beach.

            2 - Retired at 55, large expensive house, flash car, 2 trips at least a year overseas, lot of tramping, social group stuff. Selling down residential portfolio as they get older and using the cash, holding commercial properties.

            3- Retired at 56, cashed out and holds all funds in bank. Has 200 acres and raises runt beef cows for pocket money. Very social, whitebaits for a couple of months a year, 1 overseas trip every year.

            4 - Retired at 60 in theory but still active. Has big house, car, boat, Bach etc. Spends most of their time at Bach, socialising or seeing grandkids. Still investing as that is their thing.

            5 - Retired at 60 (last year), and heading off to Europe for a year. They have bought a campervan, holding residential properties for income.

            6 - Retired at 44, has large lifestyle property, still holds property in South Auckland, goes overseas most years and when in NZ tinkers in his sheds, self manages.

            A lot of them seem to join walking groups, garden groups, or have sheds and land to play on. Most do some form of travel but generally stay in modest accommodation and fly economy.

            All are self made investors also, and they all earn more in retirement than I did working as a school teacher thus why I started in property to build my retirement fund.

            One thing everyone of them has said to me "I wish I had done this sooner!"

            Regards

            Scott
            Awesome stuff!!!

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            • #36
              Well, interesting views. I travelled extensively before retiring and to be honest, everywhere you stay as tourist it might be beautiful - but as soon as you start adapting you feel the same problems.

              It is not money, it is not the destination - is about the network of people you care about, that is where you are “home”. My home is currently Wellington. But as soon as I found somebody who can manage my business here I’ll shift my home - work on it already. It is not desirable for me to live in transit somewhere for the rest of my life.

              Lifestyle is not only a matter of finance, it depends how fit you are with age and how easy you can integrate where you spend most of your time. Lots of people I know in my age are not fit enough to live towards their dreams, that is why I did the important trips before retiring.

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              • #37
                Great discussion - we want $120K per annum. I can't see us actually retiring though - certainly not in our 60s - we work for ourselves as it is so we'll continue to do so for as long as we can. Later on we'd work less hours per week and I'd like 2 x 4 wk o/s holidays per year.

                cheers,

                donna
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                BusinessBlogs - the best business articles are found here

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                • #38
                  klauster - agree with everything you said there. After a few months of travel you want some normality. Visit a few friends etc.
                  Also, constantly being on the move can be tiring which is why I felt a little later we would probably just stop in one place for a while - while being weeks not months or years.
                  We have already travelled extensively so know how it works and what suits us - and everyone is differant.
                  Age and stage really.

                  donna - to expand on davo36's statement, retiring doesn't have to mean sitting in a rocking chair doing nothing - to me it means being financially free to be able to choose what I want to do not what I have to do.

                  Everyone is differant - friends of ours have no desire to travel at all. Their choice and will make for a cheaper retirement for them.

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                  • #39
                    Originally posted by klauster View Post
                    It is not money, it is not the destination - is about the network of people you care about, that is where you are “home”. .
                    Agree completely.

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                    • #40
                      Originally posted by Wayne View Post

                      donna - to expand on davo36's statement, retiring doesn't have to mean sitting in a rocking chair doing nothing - to me it means being financially free to be able to choose what I want to do not what I have to do.
                      I am inspired by those who have been financially free for decades and say they have no desire to retire. The very word 'retire' scares me - I turn 50 this year and that's scary enough! I guess 'retire' just means changing it up - being able to elect how you spend your time etc and if you love what you do keep doing it.

                      cheers,

                      Donna
                      SEARCH PropertyTalk, About PropertyTalk

                      BusinessBlogs - the best business articles are found here

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                      • #41
                        Originally posted by donna View Post
                        I guess 'retire' just means changing it up - being able to elect how you spend your time etc and if you love what you do keep doing it.
                        that's basically the way I see it - choices.

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                        • #42
                          Originally posted by Wayne View Post
                          T
                          How can you live on $36k/yr? We are doing a Europe trip this year - 9 weeks. I expect to pay ~$50k.

                          Then there is the Canada trip later this year for probably another $20k.
                          I have estimated I need ~$100k/yr to retire doing what I want (Travel). That will reduce as time moves on I expect. Probably end up with less travel on trips - 2 weeks in one place sort of thing.
                          But $36k?
                          The RV idea sounds interesting - not having to pun-pack and pack all the time.
                          Also a villa somewhere nice for a month with day trips sounds appealing.
                          We did Europe in 2005 14 weeks, 100 Euro per day, approx $20k NZD at the time.

                          6 months in the US, $100 per day = $18,000 for the 6 months plus flights - have done this twice now.
                          The key is the RV, it will cost us (sales loss) say $12,000 over 3 trips of 6 months each $4000 per trip divided by 180 days = $22.20 per day.

                          Each to their own, we certainly don't scrimp but not into big toys, flashy hotels, eat out occasionally.
                          Here is an approximate budget I did - hope it pastes ok. If anyone sees something I missed please let me know.
                          Item Monthly Yearly
                          Electric $100.00 $1,200.00
                          Telephone & Internet $75.00 $900.00
                          Rates $216.00 $2,592.00
                          House Insurance $90.00 $1,080.00
                          Groceries $650.00 $7,800.00
                          Booze $100.00 $1,200.00
                          Car Insurance $80.00 $960.00
                          Fuel $150.00 $1,800.00
                          Car Repairs $100.00 $1,200.00
                          Car Rego $30.00 $360.00
                          Eating Out $70.00 $840.00
                          Trips $100.00 $1,200.00
                          Water Rates $50.00 $600.00
                          Medical $100.00 $1,200.00
                          Dental $100.00 $1,200.00
                          Sky TV $80.00 $960.00
                          Hobbies $100.00 $1,200.00
                          Flights $300.00 $3,600.00
                          Lunches $50.00 $600.00
                          Yearly holiday $1,000.00 $12,000.00



                          Totals $3,541.00 $42,492.00



                          Without Overseas holiday $2,241.00 $26,892.00

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                          • #43
                            Originally posted by ScottSI View Post
                            One thing everyone of them has said to me "I wish I had done this sooner!"
                            Exactly. The one regret which can not be remedied is waiting too long. Doing it sooner rather than later is something which needs research and budgeting. Budgeting is not​ my strong point.
                            www.3888444.co.nz
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                            • #44
                              thanks gavinc - food for thought.
                              Our holiday does include 2 cruises and a land trip and certainly wouldn't be typical.
                              Must run up a budget for what we spend - haven't done it for a few years.

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                              • #45
                                Wayne I can carry your bags for free on your trip if you like?????
                                Plan and invest wisely - You only get one life so make the most of it!

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