[Alexandra]

I used to think that I would retire by age 50 or 55. But two years ago my husband changed jobs. In this new job, his client base will continue to pay dividends in the future for very little work. So he plans on NOT retiring anymore, or at least not fully retiring until he really can not work any longer (due to illness or strange circumstances).

Now I am re-thinking my retirement plan. When I dreamed about early retirement, it was with my husband at my side. Now, why would I want to retire when I would just be spending each day alone, not travelling together like I had planned. So my plans have changed. Instead of working very hard for a short period of time to amass as much money as possible and then leaving the work world forever, I am thinking about working not hard at all, and staying much, much longer.

I can't be the only one whose retirement plans have changed. Who else has had to rethink their retirement strategy, and why?

 

[FrugalTrader]

I used to think that I would retire by age 50 or 55. But two years ago my husband changed jobs. In this new job, his client base will continue to pay dividends in the future for very little work. So he plans on NOT retiring anymore, or at least not fully retiring until he really can not work any longer (due to illness or strange circumstances).

Now I am re-thinking my retirement plan. When I dreamed about early retirement, it was with my husband at my side. Now, why would I want to retire when I would just be spending each day alone, not travelling together like I had planned. So my plans have changed. Instead of working very hard for a short period of time to amass as much money as possible and then leaving the work world forever, I am thinking about working not hard at all, and staying much, much longer.

I can't be the only one whose retirement plans have changed. Who else has had to rethink their retirement strategy, and why?

I think that when someone finds true fulfillment in what they do on a day to day basis, they forget about early retirement or it simply gets delayed.

For me, even when we reach financial independence, I'll probably still "work" in some capacity, but on ventures that I truly enjoy.

 

[Jon Chevreau]

This is a good topic and thanks for starting it, Alexandra. It certainly calls to mind the famous line from John Lennon's final album (Double Fantasy): "Life is what happens to you while you're making other plans."

I don't know if the 2008 market crash counts as a "life event" but Desjardins Financial Security and other financial firms have released surveys showing baby boomers who were approaching what they thought would be retirement have delayed it by five or six years.

Of course, I wrote a whole novel that stresses the difference between "Retirement" and "Financial Independence", which I contract to "Findependence" in Findependence Day.

I guess you could say Findependence corresponds to the so-called "First" or Semi-Retirement as people shift down gradually from the five-day-a week 48 week a year corporate grind to Phased Retirement. Later, when you're in your 70s and 80s and your mind and/or body really does prevent you from earning an income, you can "retire" in the old classical sense of the word.

But if you love your work, I'd suggest that your real goal is Findependence, not classic stop-cold-turkey Retirement. You can read for free chapter 1, the table of contents, the foreword by TD Waterhouse SVP Patricia Lovett-Reid and some testimonials about the book here:

www.financialpost.com/fd

I'm biased of course but here are a bunch of mostly positive reader reviews at Chapters Indigo online site:

http://www.chapters.indigo.ca/books/Findependence-Day-Jonathan-Chevreau/9780981110400-AllReviews.html

 

[CanadianCapitalist]

I'm still planning on retiring by 55 (in the "findependence day" sense; not quitting cold-turkey). But I agree with the opinion that life happens. We had planned on having 2 kids but now have 3. That obviously affects the plans a little bit but I still think 55 is achievable. Then again, two decades is a long time -- who knows what will happen in the meantime.

 

[Jon Chevreau]

Here's what I wrote when I turned 55 last year. I also blogged on it and hoped to show the photo of a "55 without the freedom" birthday cake but unfortunately it appears to have been deleted from the blog archives.

But you get the idea:

http://www.financialpost.com/personal-finance/wealthy-boomer/story.html?id=61e78e5a-47c5-4d83-8867-2480261d1355

 

[mfd]

Everything is on track right now but then again I'm in the early stages of my journey. I'm guessing I won't know anything until kids come a long

 

[Ben]

Everything is on track right now but then again I'm in the early stages of my journey. I'm guessing I won't know anything until kids come a long

Word for word for me as well. The uncertainty of kids are the main reason I resist creating complicated scenarios for when I can retire (or reach findependence for Jon, you shameless promotor ).

Just doing the best we can every day right now taking care of the pennies, and letting the dollars take care of themselves.

 

[AdamW]

Word for word for me as well. The uncertainty of kids are the main reason I resist creating complicated scenarios for when I can retire (or reach findependence for Jon, you shameless promotor ).

Just doing the best we can every day right now taking care of the pennies, and letting the dollars take care of themselves.

That's the hard part of planning for an early retirement, it's not easy to project out 20+ years. Investment returns, inflation, life ... things sometimes take a turn you didn't expect they would. You need to roll with the punches and live each day to it's fullest.

Alexandra, just because your husband changed his plans and wants to work longer doesn't mean you guys can't still travel and enjoy yourself if you decide to retire. From the sounds of it his job seems to be low maintenance and maybe he can take a decent amount of time off!

 

[PTDBD]

Not life events so much as political meddling have changed my retirement plans. The most important was the total elimination of income returns all the way from GIC's. Savings Interest, Bonds, and especially Income Trusts. We have been herded into the stock market. Sure, it bounced back 50% but that benefited mostly those trading houses who had to make the market on the way down. They took the correction way too far and then rode the bungee back up before most of us trusted it. Now there are rumblings of charging tax on all trades. Great, bring it on...that will ruin me totally.

 

[411guy]

I don't know if the 2008 market crash counts as a "life event" but Desjardins Financial Security and other financial firms have released surveys showing baby boomers who were approaching what they thought would be retirement have delayed it by five or six years.

.....www.financialpost.com/fd

.....http://www.chapters.indigo.ca/books/Findependence-Day-Jonathan-Chevreau/9780981110400-AllReviews.html

I am one of those who is being forced to lengthen my semi-retirement phase because of the meltdown. My wife and I had planned to pull up stakes and retire in Mexico fairly soon.....but that has been delayed.

I have found Findependence Day quite a useful read. I'm at that phased retirement stage right now. When my wife and I can get early CPP and hoping retirement savings recover by then, we're off to warmer climes. In the meantime, we're studying Spanish and exploring on-line businesses we can indulge in while in Mexico to supplement (vastly reduced) living expenses. For now, we're hanging on to work we have over here.

By the way, any suggestions on embarking upon on-line work that could supplement retirement living expenses?

 

[brad]

By the way, any suggestions on embarking upon on-line work that could supplement retirement living expenses?

I have several semi-retired friends who bring in income by doing translation work. In Mexico there is probably some demand for translating Spanish publications to English (you wouldn't want to try translating English to Spanish unless you're a native Spanish speaker). You obviously need a good working knowledge of Spanish to be able to do translations, but you don't have to be totally fluent -- a good dictionary and some good native Spanish speaking friends to verify your translations with or ask questions could help you get started.

Of course another option for online work to bring in extra income is blogging. If you're a good writer and can come up with useful material, you can make decent income as a blogger -- J.D. Roth of Get Rich Slowly is a fulltime blogger and is making a lot more money than he did as a manager of his family business (a box manufacturing company); I think he said at one point his blog was bringing in $60K/year, all from people clicking on those little Google ads, which amazes me because I've never clicked on one of those in my life. Obviously a lot of people do.

 

[411guy]

Thanks, Brad. I think, rather than hijacking this thread, I will start a new one dealing with this topic. I will start with your post if you don't mind.

 

[wendyc.fulk]

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I can't be the only one whose retirement plans have changed.

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