Gwen Merz was fresh out of college in 2014 and working an information technology job she hated when she decided early retirement was the answer. She put aside every dollar she could, saving as much as 70 per cent of her income so that she could quit when she was 35.
Now 30, Ms Merz thinks she may have saved too much. Her job and life goals have changed but most of her $300,000 savings is in retirement accounts that cannot be touched without tax penalties. If she could do it over, she says she would either save less aggressively or put some of the money into a taxable investment account with less strict withdrawal rules.
“I would pay a little bit more in taxes on my salary but I would have that money available for me,” says Ms Merz, who lives in St Louis.
Retiring at 30 with $2 million sounds great. But I have nothing to do and nothing to be holding on to
Some people save prodigious amounts so they can retire early or because they are worried they will not have enough for a comfortable retirement. But aggressive saving can have significant and sometimes unexpected costs, which is why it is important to strike the right balance between saving for the future and living your life today.
On Fire, but less so
Many people struggle to save anything for retirement, so the idea of saving “too much” may seem absurd. But there is a movement known as “Financial Independence, Retire Early”, or Fire, that promotes saving enough to gain control over how you spend your days long before typical retirement age. Some Fire bloggers retired in their 30s from well-paying jobs by dramatically cutting their expenses and saving half or more of their incomes.
Saving for a 20-year retirement is difficult enough. Planning for one that lasts 50 years or more often requires extreme frugality both before and after retirement, as Fire adherents try to make their money last.
The Fire movement inspired Ms Merz to set her initial early retirement goal. After finding a more enjoyable job and buying a house, Ms Merz has, however, throttled back her savings goals and now plans to retire at 55. One unexpected bonus from saving less aggressively: she is less stressed about money.
“I always felt like I could do more since there were people online doing more than me,” says Ms Merz. “I really put myself under a lot of unnecessary stress and strain.”
Certified financial planner Malcolm Ethridge does not try to talk his clients out of the idea of retiring young. Many work in high-paying but demanding jobs in technology or finance and are feeling burnt out by 80-hour work weeks.
“You are getting compensated well for the time you are putting in but it is not sustainable,” says Mr Ethridge. “There is only so long you can burn both ends of the candle before it disappears.”
Instead, he encourages them to save enough so they can switch to work they are more passionate about, such as teaching, working for a non-profit organisation or starting a business.
“It is not so much ‘I hate the job’ as ‘The thing that I do for a living takes a tonne of my time and I do not feel like it makes the world that much better off’,” says Mr Ethridge.
Working at least part-time in retirement can not only reduce the amount you need to save but it also gives structure and purpose, he says.
“Retiring at 30 with $2 million sounds great. It makes me sound like I have conquered the world,” says Mr Ethridge. “But I have nothing to do and nothing to be holding on to.”
Even while she was saving most of her income, Ms Merz says that she still enjoyed occasional splurges such as trips to Australia and Ecuador and a $4,000 sewing machine for her quilting hobby.
Some super-savers, by contrast, are so focused on their futures that they neglect their present, says certified financial planner and physician Carolyn McClanahan.
As someone who has worked in hospital emergency rooms, Ms McClanahan knows that the future is not guaranteed.
It's making certain that if they found out they were going to die tomorrow, that they would be at peace with what they've done
“We see people that die way too soon or get some serious illness that totally changes the trajectory of their lives,” she says.
She says while people must save enough to live comfortably after they retire, they must also start to work on their bucket list of experiences long before they quit work.
If they love to travel or spend time with their families, for example, she recommends that they not wait until retirement to start.
“It is making certain that if they found out they were going to die tomorrow, that they would be at peace with what they have done,” she says.
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
match info
Chelsea 2
Willian (13'), Ross Barkley (64')
Liverpool 0
COMPANY%20PROFILE
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
BIO
Favourite holiday destination: Turkey - because the government look after animals so well there.
Favourite film: I love scary movies. I have so many favourites but The Ring stands out.
Favourite book: The Lord of the Rings. I didn’t like the movies but I loved the books.
Favourite colour: Black.
Favourite music: Hard rock. I actually also perform as a rock DJ in Dubai.
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
RESULTS
West Asia Premiership
Thursday
Jebel Ali Dragons 13-34 Dubai Exiles
Friday
Dubai Knights Eagles 16-27 Dubai Tigers
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
The%20Crown%20season%205
%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EImelda%20Staunton%2C%20Jonathan%20Pryce%2C%20Lesley%20Manville%2C%20Jonny%20Lee%20Miller%2C%20Dominic%20West%2C%20Elizabeth%20Debicki%2C%20Salim%20Daw%20and%20Khalid%20Abdalla%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWritten%20by%3A%20%3C%2Fstrong%3EPeter%20Morgan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%20stars%3C%2Fp%3E%0A
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Full Party in the Park line-up
2pm – Andreah
3pm – Supernovas
4.30pm – The Boxtones
5.30pm – Lighthouse Family
7pm – Step On DJs
8pm – Richard Ashcroft
9.30pm – Chris Wright
10pm – Fatboy Slim
11pm – Hollaphonic
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
