Quote:
Originally Posted by GGG
About 60k per year plus CPP/OAS so 1.2 million with paid off house retire at 50 or so.
An interesting question is that you could double your net worth in exchange for 7-10 years of time. At what point does that become too large of a trade in terms of life left vs work.
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I have spoken to many colleagues and friends who retired early (before 65). Without exception, not a single one of them was happy about making that decision. Boredom being cited as the most common reason. Underestimating the costs was the close second. As one of them said, "after the initial "yeah, I can do anything I want now" excitement, there comes "why bother getting out of bed?". In order to retire early and happy, one needs to be healthy (first) and busy (second) with things they want to do which fully occupy their days, weeks and years. Financial capacity to do the above is a variable calculation based on the cost of doing those things until you hit the age of physical incapacity to do/enjoy them. Most people tend to grossly over-estimate their capacity and ability to enjoy things later in life based on what they enjoy when being younger. Traveling to Nepal could be fun at 22, but physically exhausting, dangerous and financially ruinous undertaking at 70. I enjoy photography, golf, collecting, music, fine dining. I might think now that I can enjoy all of that when I am older. But that's just a wild guess. Wanna make G-d laugh, make some life plans.