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|Subject: Re: A Key To Early Retirement||Date: 7/18/2002 11:14 PM|
|Author: peteyperson||Number: 70755 of 852788|
On this side of the pond, you have to have paid off any mortgage by age 65 and you are legally not allowed to work beyond that age. You would not be able to borrow for a 30 year mortgage at age 60 and the only kind of work you could easily do would be something part time and minor for a few extra coins in yer pocket.
At 40 I hear people start to say that it's hard to change jobs. At 50 over here it's almost that you are passed it at that age and many people at that age would not try to change jobs for fear of long term unemployment. I'm unclear how much of this is a fear and what is a reality, but I have met a good many 40-50 who have expressed concern at a relatively young age. Of course paradoxically, the high consumption lifestyle one of image over substance, debt living over debt free living is in full effect in London where a tiny apartment in the suburbs costs $280k.
We're a two income household economy which for single income singles is a nightmare to navigate, from the property mortgage multiples you need to find to the cost of shopping for one in an expensive city. A recent personal finance book I saw on Amazon.com was entitled ' Miserly Moms : Living on One Income in a Two-Income Economy ' which I thought was most apt!
Don't give up on the power of fashion to influence when people retire just as it influences how much house they buy and how often they buy new cars. What makes you think people will decide not to retire just because they can't afford it by some objective measure?
I have one good friend who bought a house a couple of years ago on a thirty year mortgage that he could only afford by working. Then he retired a year ago at age 62. He knows that he can't maintain this high cost lifestyle for more than a few years, but he's doing it anyway.
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