What do you think of the plan to save enough to stop working in the 30s, before going back to work in the late 30s to build up money again for retirement? - Seedly
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Anonymous

Asked 2w ago

What do you think of the plan to save enough to stop working in the 30s, before going back to work in the late 30s to build up money again for retirement?

When you're young, you have the energy but no time and no money. When you're old, you have time and money, but no energy.

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Malvin Tan WP
Malvin Tan WP
Level 5. Genius
Answered 2w ago

Very interesting questions, to be honest i've never thought about this even though i have heard that saying thousands on times. i dont think any novel idea will get accepted easily by people especially if those people are the HR on the other side of the table deciding if they should recruit you or the other guy "who is a much safer" choice. I guess you should specialize in a self-employed kind of niche role. I would add why not have bi-annual year long breaks ? seems like that would strike a balance between "intermittent retirement" whilst staying relevant to the economy

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Strike a balance. Stay relevant. Be like water. And survive. If you go all in and bet the farm, the likelihood of tragedy is high and risky.

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Lok Yang Teng
Lok Yang Teng
Top Contributor

Top Contributor (Jun)

Level 9. God of Wisdom
Answered 2w ago

I don't think that's a wise idea.

Firstly, being pragmatic, our earning power peaks in our 30s and with the added effect of compounding, it will greatly boost our wealth for retirement. So to stop work at that period and splurging it is just wasting all the effort in our 20s. To start from ground level at late 30s to prepare for retirement is an uphill task.

Secondly, one may become addicted to an unsustainable lifestyle in your 30s. Since you need to build your money again for retirement, I assume you will be spening the money for overseas trips, big ticket spending, etc. Without the money later on the sustain it, some may resort to debt and get into trouble.

Thirdly, we have no idea what hapens when we're in our 30s. Another pandemic could strike, natural disaster or something else. Without an income and out of the workforce for many years, one may not be sufficiently prepared for what is to come. Within the ten years, technology could change rapidly and one may be unsuitable for similar jobs (if they still exist) and will require retraining.

In my opinion, we should get a job we like and have passion for, a double bonus if it pays well. It is more likely for you to do better in something you like and in turn, be rewarded in terms of compensation. You will have plenty of time to do whatever you want later in life, why take a long break in the 30s?

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Question Poster

2w ago

You might not have the energy to do what you want later in life. Also, who knows when you'll die?
Lok Yang Teng
Lok Yang Teng

2w ago

I agree with you. As Aaron mentioned, balance is important. Allow for work-life balance so you dont need to sacrifice your income entirely to enjoy for a short period. In contrast, what if your lifespan exceeds your expectations and savings? What would you do then? If you're still having doubts about your financial goals, do consult with a trusted financial advisor.