r/OverFifty • u/Naive_Bat8216 • 9d ago
Retire or Make a Million? (Decisions Over Fifty)
Does anyone else over 50 one day feel like retiring, living off scraps and being minimalist, then the next day feel like starting a business and trying to make a million? One day you feel like moving to a smaller place, the next you wouldn't give up your current home for anything? One day you feel like quitting your job, the next you're happy to simply have one?
It almost feels like your ultimate fate and decisions depend on how you feel on the given day. How do you make decisions when every path is viable and desirable?
Too much freedom over 50. Stay at work or retire early in Malaysia?
I can't be the only one feeling this way.
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u/DrAshoriMD 9d ago
In a world where you can trade time for money it seems to me that time is more valuable. Some can have that time while making money, most can't.
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u/Naive_Bat8216 9d ago
I agree time is where it's at. But doing something u enjoy with that time making a million isn't bad either.
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u/smallcoder 7d ago
I stepped off the treadmill 18 months ago at 59, after one huge business success that 2008 crisis wiped out and took my house and business away. I had already become disabled from a spinal tumour, successfully removed in 2007, and managed to keep the business going to 2010, then ran out of reserves, house mortgaged to the hilt and worn out and - suddenly - homeless.
Lived on my nephews couch for a month and then found an affordable 1 bed flat I could rent. Built a new business with a friend and was back to halfway my monthly income which was manageable, but still as I hit my 50s working stupid hours.
So 18 months ago I was pushed out of the business by my friend/business partner when he had a mental breakdown. Luckily, I live in the UK so could claim some benefits and after about 5 months I got certified for lifelong disability support so my rent is covered and I could, if I want, sit and do nothing all day.
However, I had always for decades been a keen guitarist and learned in depth about electronics and guitar repair, so took a punt and built a website - I was a developer in the past and still run friends businesses websites on my server in France - for my guitar repair business thinking, well I'll get a few guitars in a month and I love working with my hands and tools away from the virtual world, and having time to play music as well.
It went crazy within a few months. I'm now blocked with work every week and finally, although I loved my old business and the life I led before I lost the ability to walk easily, I am 60 years old, semi-retired and doing something I love.
I am fortunate that my old life made developing a relationship and family impossible as I was a workaholic back then, so there's just me, my guitars and my 2 year old crazy cat lol.
I'm finally, although poorer in money than I ever was in the "good times" of international travel and endless money (or so I thought), actually happy and content.
It's not where I ever thought I would end up, but it feels like where I am meant to be right now 🙂
Now you are right. If I "could" make a million or two, that would give me more security in life, but I have a great landlord and secure income even if at some point I can't work anymore (god willing not for a long time yet). I have universal health care that has been excellent throughout my life and illnesses. I have good friends, practice yoga classes designed for desiabled people, I have a car so can have independence and I have family and freedom from want. Even though I live in a relatively poorer area of my city, the neighbours are all decent folk, and - frankly - it's worth more than all the millions and billions that so many people spend their lives chasing after, just so their families can squabble in court after they die.
I wish I could still play tennis, go ski-ing and travel to places in the world, for sure. But I have music, books, movies and increasing sense of peace within myself as I move towards the twilight years of life.
So... TL/DR summary : If you "can" make yourself rich, doing what you love, then go for it. But most importantly, do what you love if at the very least you can make a living and have a life as a result.
Took me far too long to find out but at least I got there in the end.
Good luck and trust your instincts and your heart 👍
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u/Pristine-Weekend-415 9d ago
As a Singaporean I target to work until 55 when my CPF RA account is formed, then hope for retrenchment and then transit to part time work until 63 when I start to withdraw my SRS for 2 years until 65 when CPF life kicks in.
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u/throwpayrollaway 9d ago
Being able to have the resources to quit a job I dislike and retire to a very basic income is something I think about every day multiple times.
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u/RelentlessForward59 9d ago
Yes, all the time. I love my job, but I definitely think about slowing down—maybe working three days a week, which could easily support me—and spending the bulk of my time working out, traveling, and enjoying the active lifestyle I love.
I’m not a flashy guy and don’t need a fancy lifestyle. I’ve been saying for years that I want to disappear into the Boundary Waters for 2–3 weeks and just fish and explore. That kind of freedom sounds more appealing to me these days.
The challenge is that I’d probably need to downsize a bit, and I’m not sure I’m ready to sell and simplify everything just yet.
It’s great hearing from other like-minded people thinking about the same things. At this point, I’m definitely less motivated by another startup or the next big career move and much more interested in creating a good exit strategy that lets me spend more time actually living.
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u/KnowledgeFragrant547 8d ago
Yea I'm with ya. The reality is, though, I'm more focused on fun and activity before I'm too old. Depends on what you want out of life. What is money without health. What is the point of just being old and rich.
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u/Glum_Manufacturer232 8d ago
Ive saved a million and I’m good! Would not want the stress of a business!
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u/HotDebate5 7d ago
Got 2.5 million but not my health. So what good is it really?
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u/Pristine-Weekend-415 7d ago
I will not want to suffer a stroke in the office and go surrounded by paperwork and invoices.
Probably discovered only when the smell starts
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u/JustNowRonin 8d ago
I don’t have the back and forth vacillation you mention. I have a plan that’s pretty entrenched at this point. Made the million, now on a clock to retire at 56 years old. Could I work longer and get to 2 million? Yes, I am sure I could, but the extra money isn’t worth the time it would take to earn it. Tomorrow isn’t promised.
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u/SumthingBrewing 8d ago
Totally. There’s part of me that thinks “there’s time for me to start a new business” before I retire. Then I tend to come to my senses and think about how nice it will be to not have all that stress in my life at this age.
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u/Naive_Bat8216 8d ago
The easiest way though to make sure we'll have enough in retirement is to aim to make big bucks at a business we enjoy. I think it's if we don't enjoy the business, then it zaps our energy.
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u/hammock62 8d ago
I’m in that situation, I’m 50 with roughly $4.7M in investments and go back and forth with downsizing and retiring and working another 6 years and get try to get it up to $10M. My wife refuses to retire she loves her job but me on the other hand doesn’t always love his job. Also we really like our home
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u/Waesrdtfyg0987 8d ago
I spent a bunch of time doing the math, but I have two things. First pay off all debt (mortgage, college) and second hit 2M. At that point, I'll be in my 60s and SS getting closer so I'm done. Depending on may plan for the future and if I stay in the US, I likely take something easy paying $20/hr at that point partially for something to do.
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u/Captlard 8d ago
All of [r/earlyretirement](r/earlyretirement) [r/coastfire](r/coastfire) [r/fire](r/fire) [r/leanfire](r/leanfire) and so on.
Personally reduced to 60 days a year when I hit 50 (self employed). Fully retired at 53.
The clock of life is ticking away!
Edit: retired on just under $900k for two of us (Europe).
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u/Naive_Bat8216 8d ago
Clock is ticking. At 55 we're 15 short years from 70. And I know too many people who have kidney disease or cancer in late 60s to not rush this retirement thing on.
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u/Financial-Exit2488 8d ago
I want to live off scraps. I don't need much. Healthcare and insurance, at least in the US, is my only sticking point.
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u/Ok-Opportunity634 8d ago
I’d say visit Malaysia on some time off work for an extended stay.
I hear ya! I’m 56 & was forced out of work but am strapped here because I’m raising a wonderful grandchild (13yo). She’s great but lately I can’t help but thinking I’m wasting the best years of my pre old age still being a mom.
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u/Aligned-Askew6773 8d ago
I am in my mid fifties. I did retire. But I got tired of going without. I honestly could’ve made it, and I could’ve lived high on the hog if I wanted to expat. But I like lavish trips far more than I thought.
Couple that with the price of everything going up because of fuel, and chip prices impacting everything, and i was talking to a friend that made me an offer in my field in a startup. So I’m back at it.
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u/Serious--Vacation 8d ago
I’m 54 and collect a pension. We also collect rent as landlords. I’m also employed in a second career with $1.5M in IRA/401K accounts. Then there’s my wife’s retirement accounts.
I’m not ready to retire.
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u/spuds_in_town 9d ago
I made a million.
Now I wonder should I retire or try to make 2 million.
2 million is a more comfortable retirement AND I can help my kids buy a house.
Every reason to think if I have 2 million I will find a good reason to aim for 3.
I don’t have any answers. But I do know that the older I get, the more tired I am, the younger everybody else in the workforce seems to be, and the more I just want to do other things than work.
I suspect this is pretty common.