[kavensri]

Originally Posted by suresh_gs

Even Maths was and is my favourite subject. You can enroll in URBAN PRO where there is demand for tutors.
In the current situation where majority of the parents go to work, not all kids are sharp enough to digest what is being taught in school. In such situations, your knowledge will come in handy.
You can charge substantial amount for tutoring kids.

Hey thanks for letting me know about this URBAN PRO. I will definitely give a try. Thanks again.

[DigitalOne]

As per my calculations, I am financially secure for an early retirement. But more than the finance part, I am scared of the boredom. I work in a MNC IT product company and work here is not as stressful as in IT services (where I have worked before). I do enjoy the casual company of my colleagues, occasional outings, evening drinks/dinners etc. I intend to work till they kick me out, which I know can happen anytime.

[kavensri]

Originally Posted by DigitalOne

As per my calculations, I am financially secure for an early retirement. But more than the finance part, I am scared of the boredom. I work in a MNC IT product company and work here is not as stressful as in IT services (where I have worked before). I do enjoy the casual company of my colleagues, occasional outings, evening drinks/dinners etc. I intend to work till they kick me out, which I know can happen anytime.

I am in same boat as you, working for an MNC Product company. Work here is definitely less stressful compared to ‘core’ IT sector jobs. As long as work is there, we are safe. But again, I really don’t know how long we will continue having this work.

[shankar.balan]

Originally Posted by DigitalOne

As per my calculations, I am financially secure for an early retirement. But more than the finance part, I am scared of the boredom. I do enjoy the casual company of my colleagues, occasional outings, evening drinks/dinners etc. I intend to work till they kick me out, which I know can happen anytime.

What does “financially secure” mean in the context of “interest based income yielding corpus” ? It is a relative thing, I think.
Boredom - if one had plenty of hobbies and outside interests one will never be bored.

Me, I also love the place I work largely because it is something we’ve been a part of from the “start” and I am extremely fond of all my colleagues - without exception.

But, there comes a “tide in the affairs of men”, which in my case needs to be “taken at the flood” - I want to devote most of my time in the very near future, to family, friends, golf, extensive holiday travel and experiences, pets, reading and my “Fiddling with cars” hobby.

Thing is, all this costs a lot to be able to indulge in, consistently.

And thats why this debate about how much is “enough” and how early is “early”, given the inflationary influences, possibility of falling interest rates in the future, med care needs etc.


So the three main queries remain unanswered still -

how many years? - ok maybe lets assume 30 years from now, for now.

So whats a fair Y-o-Y inflation rate assumption?
And whats a fair Y-o-Y interest rate earning assumption?

[sunilch]

Originally Posted by deadguy25

What about forced retirement?
I was eased out of my job on 01-October-2019, after close to 15 years at one place. A total experience of about 17 years.

Sorry to hear about that my friend. Check our the "Jobs" thread here.

Originally Posted by SideView

Interesting discussion.What is preventing the insurer from suddenly increasing the premiums to unreasonable amount once we reach 60? Or once we start claiming too much?

Nothing will prevent the insurance company to raise your premium to an unreasonable amount once you reach 60 or in the year next to the one when you max out your coverage. But here are the benefits of taking an early cover:

1) Life is uncertain. A sudden illness due to an unknown reason, a lifestyle disease or an accident can happen anytime and your current employer cover (let us say it is in the range of 5-10 lacs) may prove to be insufficient. With young age and a healthy body your premium will be low (counting the tax benefit as well). The cover will help in this case and won't pinch much.

2) If the company raises the premium by an unreasonable % you could possibly:
a) Port the policy to another company with a lower premium
b) Complain to the Insurance ombudsman
c) Take the company to court. Not saying you will win but you will have a chance to do so and you may/may-not win.

3) You will be able to continue to have a policy/cover in case you suffer from something major before you retire and otherwise you may not get a cover at all.

However, if you do not take an external cover early then:
1) Premiums will be FOR SURE SUPER HIGH when you try to take on after 60.
2) Companies will have a 'Take it or leave it' attitude for your needs as they know that the possibility of you putting a claim is high.
3) There will be a no claim period of say may be 2 years initially where you pay the premium but can't claim anything. This the case currently with many companies.
4) Any preexisting condition will not be covered in your new cover that you take.
5) They may deny you a cover altogether if you suffer from anything major before asking for a cover. This has happened with my Father and so I am speaking from my personal experience.


So in short the benefit of taking a cover early is applicable only if you do suffer from something major during your hay days. Else your premiums will be dead investments. But the whole point of taking an insurance is just that

[srsrini]

Originally Posted by DigitalOne

As per my calculations, I am financially secure for an early retirement. But more than the finance part, I am scared of the boredom. I work in a MNC IT product company and work here is not as stressful as in IT services (where I have worked before). I do enjoy the casual company of my colleagues, occasional outings, evening drinks/dinners etc. I intend to work till they kick me out, which I know can happen anytime.

I have been there and done that... all of that! It is great to know that you have reached Financial Independence. If you want to make this 'Retire Early', a key factor to consider would be what you would do with your time. In many cases, you may come up with a way to spend part of the day in a satisfying endeavour. And if you also build a set of professional contacts here it would help with the casual company part too.


I would use this response to mention a different, related topic. There is a sub in reddit called FIREIndia - it has some interesting discussions and many of the readers of this thread may want to have a look. If you do, my profile there is SriNivesh.

[FrodoOfTheShire]

Originally Posted by pseudo_coder

Anyone doing Amway or similar network marketing for early retirement?

On a similar note, has anyone here ventured out into some kind of side business or tried out any alternate source of income in addition to their full time job? Might be for early retirement or to take some pressure off their full time job.

[m8002?]

Originally Posted by srsrini

I would use this response to mention a different, related topic. There is a sub in reddit called FIREIndia - it has some interesting discussions and many of the readers of this thread may want to have a look. If you do, my profile there is SriNivesh.

Interesting forum and thanks for pointing it. Its really surprising to see people in low 20s talk about early retirement!! Wish I had done the same in my 20s.

[Latheesh]

Originally Posted by srsrini

I would use this response to mention a different, related topic. There is a sub in reddit called FIREIndia - it has some interesting discussions and many of the readers of this thread may want to have a look. If you do, my profile there is SriNivesh.

Ha ha..after going through this thread I came across reddit sub you mentioned. I had gone through the your AMA thread yesterday and had a doubt that it is you.

Forget RE, what is the target we should consider to be just FI? Is saving a corpus equivilant to 25 times of current annual expense enough?

[for_cars1]

Originally Posted by m8002?

....Its really surprising to see people in low 20s talk about early retirement!! Wish I had done the same in my 20s....

It is exactly what you mentioned just 'talk'

I remember my IT colleagues when they were in their mid/late 20s talking about early retirement once they hit 40. Of course it never happend in all instances.

Even now I come across other colleagues in their 40s talk about early retirement 'soon'. Nothing wrong with that fantasy, the fact is that it will remain wishful thinking.

(In the IT context) People may leave their
job if they have a sustainable alternate source of income and have a passion to do something else (rare cases) or due to layoffs (quite common these days) or health reasons.

Everyone will continue to be in their IT jobs as long as they can because of the simple fact that the vast majority of IT folks will never be able to make that big enough corpus that will enable them to maintain the same lifestyle that is possible with a regular salary. There are just too many commitments.

[pseudo_coder]

The reason most salaried people can't make a corpus sufficient for retirement is that the corpus is a moving target.

We start earning say 30k per month, and we think a corpus of 1 crore would be enough. Then when our salary increases to 1 lakh per month, we increase our expenses proportionally and also increase the require corpus target.

[srsrini]

I had made some sporadic comments earlier in this thread that talked about my plans for 'early retirement'. In the past few days, there is more activity. Without reference to any particular discussion, I am sharing some pointers on my journey. I hope that they would be useful.

Some stats...

• 51 year old male – software industry
• Wife a few years younger. Works as a teacher (salary not included in the financial plan)
• 2 kids – in Classes 12 and 9 as of 2019; no other financial dependents
• Living in Bangalore, house paid for (a long while ago)
• Kids’ college (plus some years of school), postgrad, marriage all happen during planned FIRE
• Achieved FI in 2017/18 - ahead of plan
• No changes to lifestyle - live in the same house, kids go to the same school, do the same hobbies, etc. etc.

I did not use any of the guidelines like 30X, etc. I had written earlier about my approach to calculate the living expenses corpus. To this cashflow, I added the requirements for all other goals related children. This gave the full corpus that I should target.

With a load of helpful factors, I got to the corpus by the end of 2017. I then took the plunge of leaving my corporate job.

And YES, it is possible to achieve early retirement in India - how 'early' will depend more on your approach and less on actual income.

[sagarpadaki]

Quite insightful articles; I am a follower of Freefincal on youtube as well as website .I like the no-nonsense, practical and brutally honest information i get from Pattu and other contributors to the blog.

[Latheesh]

I think it is better to rename the thread title to The Retirement/Early Retirement Planning Thread

[sindabad.sailor]

Retirement at 40 was my dream too since my 20s.

In the quest to do something different, I chose to be marine engineer when IT was everyones first choice pre Y2K days. Growth in shipping is a lot faster, remuneration wasn't bad either. Soon I was happy man being able to weld, used lathe machine, play with electrical circuits and still talk management lingo etc all in the same role.

Eventually I was given an option to be a ship manager in Europe. While it was successful stint for me, two things happened there. One - I realised that I was close to planned retirement age and Second - I realised that while I could be good in corporate environment, it wasn't pleasant. The Powerplant culture inside me was finding the Powerpoint world really hollow.
I decided to walk back and return to the world I enjoyed more. Choosing to go down fetched me chance to work on some emerging technologies in shipping. Close to the target age, decided to stop running the race and work only for fun without thinking/worrying much about growth and money.

Sitting-home-doing-nothing, was going to be impossible. Teaching was a passion always and hence decided to switch to teaching. Having worked with some cutting edge technology fetched me some related premium teaching roles.
After almost an year into it, I am truly enjoying the relief of the retirement aka stress free life and still remain excited about the limitless new learning opportunities. For the right skill set, it is surprisingly not bad economically. Now days I am more into human psychology and didectics than hammer and spanner, which is the best part of the switch.

Money wise, I think I am way too off some corpus figures discussed here. I think that I would return to motherland and my village in few years time, I am certain that I would be able to live much simpler life thereafter which should be manageable with much less corpus and with little land of my own to grow your own food.

Retirement plan almost ended up in career switch for me but I can vouch that teaching is way more fun than any high adrenaline jobs.