A member of my community shared with me a Taiwan-based discussion on early retirement.
Unfortunately, this discussion is in Chinese, so my non-Chinese friends might have to skip this one.
The host brought together a psychologist, a retired retirement blogger, two financial experts and a recently retired media personality to discuss early retirement.
You can watch the 1-hour discussion here:
Both the host and guest asked some good questions which explored various early retirement nuances. This includes how much preparation they did, whether they have retirement regrets, and the push and pull factors of retirement.
About three of the guests have retired.
The news media personality has retired for five short months and reflected upon his experience living through a bear market at the start of his retirement. He retired with NT43,750,000 in the US portfolio. Before retiring, he used his employed status to borrow more money to plough into the market, only to see his portfolio drop more.
Another shared her FI plan, which involves a dividend income strategy with an NT20,000,000 target to draw NT120,000 income based on a 6% dividend yield. Apparently, it is not difficult to find stocks that yield 5-6% in Taiwan.
Aside from that, this discussion is suitable for those who currently hold good jobs to see why older Taiwanese professionals want to retire early and their retirement experience.
Here are some exciting parts of the discussion I picked up:
- Many of the guests on the program manage their money SEPARATELY from their spouses. So when they FI, one spouse usually independently FI while the other works.
- Find out when they first felt the need to retire/ not work.
- Why did the lure of retirement become greater?
- When you retire, you lose a lot of your previous excuses about certain aspects of life.
- Your spouse may think that you are very free and may consistently chide you for not doing some housework.
- One of them successfully did extensive planning before taking a plunge. The other did not figure out how much she needed and how much she could spend, which stopped her from thinking about planning for any extensive travel.
- After you retire, telemarketers would hang up on you after you tell them you are retired because you are not their target market anymore.
- The psychologist shared Australian research, which shared that you might be more susceptible to depression if retirement is not voluntary. Some may find it hard to fall asleep because their mind is occupied with unjust grievances before they are forced to leave.
- There may be many that worked in Taiwan’s thriving semiconductor industry who enjoyed great benefits but exchanged that for their health.
- The guy who retired felt that many of his peers don’t dare to leave the company and they just needed a trigger. When he announced that he is retiring, his batch of working counterparts eventually all left.
- “What is the difference between jumping into a fire or shit hole?”
- An illustration of the potential income from Taiwan’s pension system for an average work after accumulating for 35 years. Just like us, taking out the money earlier is recommended if you are afraid the pension system will one day collapse!
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