Early retirement and how it might affect the kids.

So a few months ago the manufacturer of 70% of our sales went into receivership (something like chapter 11). I have said for a number of years that I will be done by 50, but this threw a wrench in that plan. We have made the decision (my brother and I who are partners in the business) to close the dealership. We are both confident that we can retire on what we have in assets and savings, but being only 46, I am just not sure what I am going to do long term. Short term I plan on taking some vacation time with the family where we can go for more than a few days during the summer months. Want to take a couple of weeks and go for a tour in an RV out west and out east. And winter will definitely include more snowmobiling. But one of my concerns is my kids not seeing that work is a necessary part of life. They are 10 now. I know I can easily go back to work, but we can live a pretty comfortable life without that. I have some opportunities with people I know to do some seasonal work helping with some farming, but other than that, which I am completely happy to do, I fear that my kids will not develop the kind of work ethic that i have and that was instilled in me by my dad. So how do i overcome this? I plan on having a pretty good sized shop at home in the next year, and may do some work from home repairing RVs, but it would only be the occasional unit besides doing some projects of my own.

Any suggestions?

 

Find something that keeps you busy and lets you be there for the kids. They have seen and learned about hard work already. This lets them see the payoff and the time spent together will be worth far more in the long run.

 

Take advantage of and be grateful to be in a position where you can be very picky about what you do to keep you busy from here on in. That's the plan for us. We are going to keep collecting a paycheck as long as someone wants to pay us but when these jobs come to an end we won't be running out to look for another one.

Find something you want to do because don't have to take something because you have to do so.

 

My kids are the same age. Your interactions/discussion with them will explain boat loads to them.

 

Local guy, who owns many McDonald’s stores, mows on the weekends with his son to teach him about how to run a business and the value of earning his way. The son should be 16, soon, and be able to drive himself around. But, huge admiration and respect for them.

 

Retirement is overrated, find something you enjoy, maybe start a new business on your own, something you can grow and pass off to your kids one day.

 

I faced a reasonable similar spot at age 40. Not quite the level of financial security, but close enough.

I found a ~30 hour a week job that I frickin LOVE (most of the time) and have been at it for almost 10 years now. Once, the company owner talked me into taking on a higher role. About a year of that reminded me why I stepped back.

Find something you enjoy doing but not full-time... and keep working for a while. Your sanity will thank you.

 

I’ve been thinking about the same thing. I can retire at about 49-50. I have more than enough to keep me busy, being a stay at home dad once my kids are off to college sounds ok to me.

 

Pizza delivery.

 

If you have been successful enough to put yourself in this position and you are introspective enough to ask yourself these questions... you don’t have anything to worry about. Do whatever you think is right. Your kids will be fine.

 

What he said.

Also, congrats

 

Good for you to be in that position, I'm almost 57 and I don't see that I'll ever be able to retire. Be dragging my ass out here until I'm physically unable to.

 

Whats retirement? By that I mean, can you ever really do nothing? I can't. Dont get me wrong, I know how to relax, turn it off, and more importantly, screw off, but I always have something going on. And ive heard that from plenty of retirees. You absolutely must have something productive to occupy yourself with.

As for the OP, like Steve said, it certainly seems like you've got your concerns covered. Your kids will be fine, as it doesn't sound like you'll sit idle for very long. One thing I try to show my kids is, theres more than one way to make a living, and be successful.

Success. What's that???

 

After being retired for a couple years I can say that you can travel, shoot guns more, fish, honey-dos, and a whole bunch of other shit you never thought you’d do. It’s fun! We don’t have any kids so YMMV.

 

Mow lawns. Get a good push mower, edger and a leaf blower, a used pick up and get out there. Start off with low investment and just enjoy it. Eventually you can get something bigger (a pro zero turn or rider) and a trailer.

That's what I plan on doing.

 

Shit, I love mowing grass. Thats not a bad idea.

 

Good for you, enjoy the fruits of your labour. I like the suggestion of starting a business with your kids cutting grass, and doing yard maintenance etc. Gets you out of the house and active, and teaches the kids some responsibility. There's also decent money in it too, and it could help pay for their education. My wife runs a yarn dying business, and the kids "help" out with it, and she pays them into an RESP. They don't really know what "money" is yet, but they're learning responsibility and they've almost already got more in an RESP than I do in my RRSP.....

I can't see myself retiring either. Maybe transitioning into semi retirement doing small production machining and fabricating etc, but never fully flipping the switch and taking up golf and traveling etc. I know a couple guys who do the grass/landscaping thing and they do alright.

 

well...that's awesome!

don't make a problem out of none. Once your kids don't want to be "insta" famous, they and you'll be ok.

Congrats!

 

Thanks for the congrats. Pretty happy to be in this position, but also a bit terrified.
The problem with mowing other peoples lawn, is they want it done every week. I plan on being gone for a week or 2 during the summer. That, and I really don't even enjoy cutting my 2 acres enough to want to do someone else's. I have a big zero turn, but I cut to get it done, not to look good. Ideally I could find a local machine shop that needs help the odd day here and there, as I was a tool and die maker before my career change. And I loved doing machining work, but it has been 15yrs since I have touched a lathe or milling machine. But again, I do not want a "job", just something to do. I have already had my farming neighbour tell me he can always use good help come planting or harvest, and I will probably take him up on that. I don't mind driving tractor once and a while.\

 

Buy yourself the equipment to set up you up as a nice machine shop, and start making things that interest you. Take in work to make it not just a hobby, and enjoy what you've created. If I won the lottery, I'd still be building shit.