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 Thinking of retiring at 50. Would you do it?, Thoughts, comments, opinions please

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TShksgmy
post Nov 22 2019, 06:11 PM

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QUOTE(Ralna @ Nov 22 2019, 04:05 PM)
Ah, I think you missed my point. To me, Dr Teo's message is more on exploring "Thoughts of Life, Wealth, Success & Happiness", as the title of the video suggests. Ultimately, it's about finding out what truly matters to us (and what may hold us back). I believe life is much bigger than where we currently are/have experienced, right now. There's so much to explore. Being employed, somehow, restricts that freedom to explore.

I would say you and your wife are blessed enough, to have been together since Form 6, married early, and worked your way up steadily and safely to where you are right now, after thirty years of hard work together. It's a life that most people/couples would want to have.

***

I'll just share a bit more, on why your thread caught my interest. Read the following with an open mind:

» Click to show Spoiler - click again to hide... «

So yeah, I've just shared my future/retirement plan, and his too. Another refreshing (or perhaps, eye-opening) read for you. wink.gif
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Thank you for your clarification. I'll take what you've written to mull over - it's certainly food for thought. And congratulations on your upcoming wedding!
Here to buy
post Nov 22 2019, 07:50 PM

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ayam debt free currently. wife still have some ptptn hutang.
ayam not gonna retire until kids(If gods bless me with one) are ready.

This post has been edited by Here to buy: Nov 22 2019, 07:50 PM
TShksgmy
post Nov 22 2019, 08:37 PM

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QUOTE(Here to buy @ Nov 22 2019, 07:50 PM)
ayam debt free currently. wife still have some ptptn hutang.
ayam not gonna retire until kids(If gods bless me with one) are ready.
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You are still young bro. Masih panjang lagi perjalanan
hc7840
post Nov 22 2019, 09:10 PM

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QUOTE(ComingBackSoon @ Nov 21 2019, 04:11 PM)
Thats true.

I see my aunt every few month stay different country. End up tax resident of nowhere, no need pay tax from her global rental and investment income.
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Dude it doesn’t work that way. If she is not a tax resident of anywhere, it means the rental will be taxed at non resident rate which is a lot higher.
ComingBackSoon
post Nov 22 2019, 09:14 PM

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QUOTE(hc7840 @ Nov 22 2019, 09:10 PM)
Dude it doesn’t work that way. If she is not a tax resident of anywhere, it means the rental will be taxed at non resident rate which is a lot higher.
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That true for Malaysia. But the property is not in Malaysia.

And she has a bunch of other investment instruments.
hc7840
post Nov 22 2019, 09:24 PM

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QUOTE(ComingBackSoon @ Nov 22 2019, 09:14 PM)
That true for Malaysia. But the property is not in Malaysia.

And she has a bunch of other investment instruments.
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Oversea also same la. You try ask this rich ts.
They even withhold tax from interest of bank saving account.
TShksgmy
post Nov 22 2019, 09:34 PM

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QUOTE(hc7840 @ Nov 22 2019, 09:24 PM)
Oversea also same la. You try ask this rich ts.
They even withhold tax from interest of bank saving account.
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Yes, you’re actually correct - insofar as Australia, NZ and UK are concerned. I can’t pretend to know about the tax jurisdictions of other countries, so I’ll reserve my comments.
ComingBackSoon
post Nov 22 2019, 11:11 PM

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QUOTE(hc7840 @ Nov 22 2019, 09:24 PM)
Oversea also same la. You try ask this rich ts.
They even withhold tax from interest of bank saving account.
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Dude, just because you didn't know doesn't mean they don't exist. There are tax advisors all over the world making big money providing this kind of tax advisory services.

DYOR.




wtm0325
post Nov 23 2019, 11:06 AM


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Terima kasih kpd TS.. learnt a lot from this post hehe..
chen9
post Nov 23 2019, 11:10 AM

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How about working part time in Singapore , then take one or two long holiday a year to spend time in Aus ? I know one Japanese who has been spending 6 months every year in Malaysia and 6 months in Japan every year . Maybe that will work for you too !
I’m hustling too to achieve “ Work for passion not money “ too !
Congratulations bro , definitely winner in life
Ralna
post Nov 23 2019, 11:37 AM

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QUOTE(hksgmy @ Nov 22 2019, 06:11 PM)
Thank you for your clarification. I'll take what you've written to mull over - it's certainly food for thought. And congratulations on your upcoming wedding!
*
My pleasure. Thank you for penning your thoughts too, and for the congratulatory wish. biggrin.gif
TShksgmy
post Nov 23 2019, 01:03 PM

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QUOTE(chen9 @ Nov 23 2019, 11:10 AM)
How about working part time in Singapore , then take one or two long holiday a year to spend time in Aus ? I know one Japanese who has been spending 6 months every year in Malaysia and 6 months in Japan every year . Maybe that will work for you too !
I’m hustling too to achieve “ Work for passion not money “ too !
Congratulations bro , definitely winner in life
*
That's an excellent suggestion - and to be honest, one that I've toyed around with previously. I've been cutting my consultation hours down quite considerably since 4 to 5 years ago - and I only work 6 hours a day, 5 days a week, and 3 hours for another day. So, in terms of hours per day, it's actually very manageable - although, in truth, the clinic does suffer from frequent overruns and 6 hours usually stretch out to a full 8 hours, sometimes even more. The problem with my particular profession is that we need continuity of care - it's not something that I do for 6 months, then drop for 6 months - what if complications develop in my patients? Who will do the follow up? What if they need to come in to review their progress or condition?

So, although my wife and I travel at least 6 times a year, ALL our trips are limited to no more than 10 - 14 days away. In fact, the nightmare for me is coming back to a packed clinic, with impatient patients, all complaining that they've waited weeks for me to turn up to work. Not a feasible plan for me, sadly.

But thanks for the suggestion!
SUSLiamness
post Nov 28 2019, 03:40 PM

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Well, besides the obvious questions like how will you pay for your new aussie lifestyle.

The next questions you need to address is whether your passive income is sufficient to sustain your lifestyle at a modest 4% draw-down.

https://www.investopedia.com/terms/f/four-percent-rule.asp


If you want to learn more about early retirement, I highly recommend that you read up as much as you can on this reddit forum:

https://www.reddit.com/r/financialindependence/

If you want some solid advice, I would recommend you create a reddit account and transfer your post over there.

I would say that if you decide to move and live in retirement, you may have to consider not working your current job as being a doctor requires full-time commitment. and in that sense, you aren't retired but an expat working in Australia.

Also, there are two prominent terms for retirement:

1) CoastFI or Coast Financial Independence means you are all set for retirement without contributing a single cent to your retirement funds.

2) BaristaFI is when you have enough to cover your bills and you take up a less stressful or part-time work to make up the rest.

If you are at either point, then retirement is just a mindset and age is just a number.. If you want to retire by 50, I say do it. Go do things you'd enjoy like travelling or that aussie long drive trip. ( I did melb to perth with my brother and it was fantastic) - my dad also did perth to melb, shortly before he passed away. So yeah.. go live life a little.

This post has been edited by Liamness: Nov 28 2019, 03:53 PM
TShksgmy
post Nov 28 2019, 10:32 PM

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QUOTE(Liamness @ Nov 28 2019, 03:40 PM)
Well, besides the obvious questions like how will you pay for your new aussie lifestyle.

The next questions you need to address is whether your passive income is sufficient to sustain your lifestyle at a modest 4% draw-down.

https://www.investopedia.com/terms/f/four-percent-rule.asp
If you want to learn more about early retirement, I highly recommend that you read up as much as you can on this reddit forum:

https://www.reddit.com/r/financialindependence/

If you want some solid advice, I would recommend you create a reddit account and transfer your post over there.

I would say that if you decide to move and live in retirement, you may have to consider not working your current job as being a doctor requires full-time commitment. and in that sense, you aren't retired but an expat working in Australia.

Also, there are two prominent terms for retirement:

1) CoastFI or Coast Financial Independence means you are all set for retirement without contributing a single cent to your retirement funds.

2) BaristaFI is when you have enough to cover your bills and you take up a less stressful or part-time work to make up the rest.

If you are at either point, then retirement is just a mindset and age is just a number.. If you want to retire by 50, I say do it. Go do things you'd enjoy like travelling or that aussie long drive trip. ( I did melb to perth with my brother and it was fantastic) - my dad also did perth to melb, shortly before he passed away. So yeah.. go live life a little.
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Thank you for the helpful tips, and for the links. After reading through the 4% rule (and even applying the stricter 5% drawdown) feel somewhat more reassured than ever that - at least financially anyway - I’m well on track for a Coast Financial Independence upon retirement.

To add another layer of financial security above and beyond our existing retirement portfolio, I intend to continue working part time in Sydney - at least for the first few years post migration. To be frank, I’m doing this to keep my network of old University mates and peers alive - and also to keep my brain from rotting prematurely. I’ll explore the role I can conceivably play - either as a locum consultant at a local hospital, or run half day clinics at a classmate’s medical centre.

I do realize that this could potentially lead me right back where I started, and I find myself slithering down the slippery slope of the proverbial rabbit hole (in which case, I might as well just keep working in Singapore for far better money and have all that money buried with me when I die an early death from chronic overwork), so I will make sure that I don’t take on the type of position and responsibilities again, given this fresh start in Australia.

I reckon finding that exact point where work and life is perfectly balance, in harmonious equilibrium, could end up being my biggest challenge of my career to date!

hollyweed
post Nov 29 2019, 05:50 PM

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park..
KLthinker91
post Dec 1 2019, 10:54 AM

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That is a significant income

Why not put it to good use? Do something for a worthy cause for society

You may get more fulfillment that way than just travelling around (or, in addition to)

Don't just donate it, you never know what the charities may do with your money

You will have the additional satisfaction of seeing your money spent exactly how you wish

P.S. I concur with Liamness that your first priority should be financial independence

This post has been edited by KLthinker91: Dec 1 2019, 10:55 AM
TShksgmy
post Dec 1 2019, 05:33 PM

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QUOTE(KLthinker91 @ Dec 1 2019, 10:54 AM)
That is a significant income

Why not put it to good use? Do something for a worthy cause for society


Thank you for your comments. I’m not quite sure what you mean by that, but at present (pre-retirement), I already help out with charities in both a financial and physical sense. As mentioned, I am a regular donor to the Lion’s Community Service Foundation, and I help out with free medical consultation for their elderly social outreach program.

I’ve never been on any overseas humanitarian aid trips because I believe there are enough poor people in my adopted country of Singapore that I can help in my own way.

One of the conditions set out for the award of the FRCP was charitable and community involvement. As consultant grade physicians, it is an expected part of our career pathway to be involved in giving back to society in whatever capacity that we can and are comfortable with doing. This habit started partly in preparation of attaining my FRCP, and partly also because charitable donations qualify for an incentive of 250% in tax relief for the amount donated. Well, the FRCP was awarded to me in 2011 (I have been a consultant way earlier - since 2006), but I guess the habit of giving back stuck with me.

QUOTE
You may get more fulfillment that way than just travelling around (or, in addition to)


You are correct, I do get a lot of fulfilment from this, as well as teaching the medical under and postgraduate students.

These activities obviously take time away from my clinical practice and do impact negatively on the income the practice generates, but in my line of work, I’ve come to realise a long long time ago that there’s just so much more to life than money. I won’t deny it’s importance, but I will not elevate it above many other equally essential things that make life and living meaningful.

QUOTE
Don't just donate it, you never know what the charities may do with your money

You will have the additional satisfaction of seeing your money spent exactly how you wish


I trust the Lion’s Foundation. They’ve been around for years and years and I’ve seen first hand how they work. One of the district chairpersons is also a dear patient of mine, and she’s been my patient for nearly 15-16 years, and you’d think you can trust someone after knowing them for so long.

QUOTE
P.S. I concur with Liamness that your first priority should be financial independence
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I wouldn’t argue otherwise, my friend. One of the reasons why I can do what I do - and enjoy it - is because I’ve fulfilled Maslow’s hierarchy of needs and have moved up the pyramid. And to me, the basic tenet must first to be able to provide (and provide sufficiently) for my family and myself. We’ve been able to say that since we were 40 years old (nearly a decade ago).

mini orchard
post Dec 2 2019, 06:50 AM

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QUOTE(KLthinker91 @ Dec 1 2019, 10:54 AM)
That is a significant income

Why not put it to good use? Do something for a worthy cause for society

You may get more fulfillment that way than just travelling around (or, in addition to)

Don't just donate it, you never know what the charities may do with your money

You will have the additional satisfaction of seeing your money spent exactly how you wish

P.S. I concur with Liamness that your first priority should be financial independence
*
Thinking on how and when to retire is about whether one has sufficient funds to do it and how to occupy the time.

Not sure how donation need to be in the equation to make retirement more fulfillment.

TShksgmy
post Dec 2 2019, 07:35 AM

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QUOTE(mini orchard @ Dec 2 2019, 06:50 AM)
Thinking on how and when to retire is about whether one has sufficient funds to do it and how to occupy the time.

Not sure how donation need to be in the equation to make retirement more fulfillment.
*
It’s interesting that I’ve had more than one suggestion to “give” and/or “donate” ... I can’t help but be given the impression that many on the forum here think the wealthy became successful and rich because they skimped on doing charity or passed up the chance to donate.

It may surprise you that, despite Singapore’s well known kiasu culture, it has a LARGE DONATION-GIVING POPULATION (see page 7 if you want absolute figures). As mentioned, the way the taxes are structured, it’s actually beneficial to taxpayers to give and donate to charities of their choice. And many then pick up the habit and learn the joy of giving generously to worthwhile causes. My wife and I are no different - we give and will continue to give because it makes us happy to do so.

My retirement will not change that habit. If for whatever reason I feel I need to cut back on monetary gifts, being semi-retired, I’m sure I can find more than ample opportunities to consider giving charities the one thing I will have plenty of: time. And my wife and I will find worthy causes to support in Australia, as we did in Singapore. The poor and disadvantaged anywhere in the world are colour/race and religion blind. It’s the politicians and their mindless supporters that aren’t.
KLthinker91
post Dec 2 2019, 01:29 PM

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From: Cherasboy
QUOTE(mini orchard @ Dec 2 2019, 06:50 AM)
Thinking on how and when to retire is about whether one has sufficient funds to do it and how to occupy the time.

Not sure how donation need to be in the equation to make retirement more fulfillment.
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Well, there are really only 3 ways to occupy ones time

One, use the money to acquire more money aka continue doing a work of some kind which you enjoy, two, use the money entertaining oneself, three, use the money to benefit others

Personally I intend to do all three when I retire, but the majority part of it will be the third point, since I feel that the purpose of money is to use it to do good in the world.

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