Ask Lemmy

If living on 65% of my current income was possible.

If I had that little I would be homeless, not retired.

But by 30 most people have already contributed way more than they will ever consume by existing peacefully.

Yes.

My initial response was Hell yeah! But, then I remembered my job will pay for the kids college, so I'd be crazy to make that trade.

For sure no. I don't want to live frugally for the long term. I played that game in college and I'm not excited to go back.

I would have retired at 16 if I could.

I live frugally now.

I also just like to work. I don't plan to ever retire.

No, work is nice tbh. I might do 35 hours instead of 40 a week at some stage but full on retirement at 30 doesn't sound appealing at all to me.

I'm not retiring until my house is paid off and I can include at least 1 large vacation a year into my budget. Those two things will probably happen simultaneously, but I've never heard of anyone paying off their mortgage by 30 in my life.

I would, but it's not possible since I don't have millions of dollars in my savings account.

I am older than 30, but am literally facing this decision right now. I have chosen the latter: work for more years for better lifestyle and financial security. My job isn't too bad, so I don't have a huge push to walk away.

I'm planning to scale back my career in a few years, but most likely part-time or seasonal work rather than full-on retirement.

30s are prime earning years – stick with it for a bit longer.

My wife and I spend about 25% of our pre-tax income on childcare. Cutting that, plus another 10% other places would be fine.

When I was approaching 30 I was looking forward to kids, and that wouldn’t be sufficient to raise them.

In a couple years though ….. once they are through college so I’m done with those payments and child support, living on 65% of my income would be easy.

No.

My mortgage and childcare are like 80% of my outgoings. Once the mortgage is gone and kids in school maybe

I don't think you would keep up with inflation

Depends on if I could afford to own a scrapyard/pick and pull first. As a welder and machinist, thats basically a playground for me. If I ain't working, ill still be making. Otherwise, yes. I don't spend much now as it is, but growing my own weed would probably drop me below 65% by itself.

It depends on what you mean by current spending. I'm putting almost a third of my pre-tax income into savings already. If you mean I can live off of 65% of my default post-tax salary, sure. That probably wouldn't change too much from my current expenses, and I would love the free time. If you mean 65% of what's left over after my normal contributions, then that would be pretty tough. I consider my current lifestyle to be relatively frugal, so that would be very hard.

I'm actually trying to achieve the FIRE lifestyle, so the goal is getting to the point where average post-tax returns on investments is at least annual expenses. But I can't do it by thirty.

Fuck yeah. Nothing's more tiresome and stultifying than the whole work routine. That's time you're never getting back.

The whole idea of retiring at 65 after you've been squeezed like an orange that's been sent twice into the press, just to "enjoy" your failing body, failing senses, failing brain in your twilight years is absurd.

If you can retire at 30, hell yes do it.

If I had the money to retire at 30, I'd be so much richer than I am now that even 65% of that would still be more than I'm getting now. But if I was the kind of person who earns that much, would I be content with that? We'll never know.

I'd try, but my shopping addiction would get me in trouble.

No questions asked, as long as I got to keep my current house to live in and not move back to the house I lived in at 30.

Nope, 65% of what I make now is barely subsistence. It would be nice for a few months, but quickly become boring

I'd do it, but retiring early = doing my hobbies instead. Long days writing books, making art, volunteering, and pet sitting. Retiring would just mean working the jobs I want instead of the ones I have to.

Invested in what ? What's the magic trick that won't leave you with nothing in the next 10 years.