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Additional Posts in FIRE Financial Independence Retire Early
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I don’t understand posts like this being made in the FIRE bowl. If you can’t imagine a fulfilling life without working, FIRE is not for you and I’m not sure why you would be in this bowl.
My primary aim with FIRE is the FI, but have wanted to RE since college. I am now 30 and plan on retiring no later than 45. Perhaps I will keep a fun part time job if I find one, but I don’t want to be forced to work (hence my emphasis on FI). There are so many things to do in life that i cannot imagine being bored. Simply reading all the books on my backlog would probably take a lifetime.
Can I send you a text??
I retired at 45. My wife has never worked and I have 3 kids between the ages of 8 to 18. One of the biggest concerns I had when retiring was that I felt that much of my adult identity was wrapped up in terms of my career. I thought I would miss the validation I got from work. The ego boost you get for being recognised as being the best in your field.
Two years into retirement and I am absolutely loving it. I do some volunteer work and very limited consulting work just for fun. Yes I miss my team but I still see them every 3 months or so, and the best part is that my team still want to hang out with me even when there is no career or financial incentive for them to do so. I get to go to the gym 3 times a week without it feeling rushed. Most importantly I get to spend time with my kids and do stuff with them while they still want me around and I am physically fit enough to do so.
What I do not miss is the performative aspects of work and office politics.
I guess the point of my response is just to say that there can be a rewarding life after your career and the fear of missing work might be your own ego getting in the way of that life.
Well said and the best reason for retiring early. When my father’s generation was working they didn’t even THINK about retiring before they had to… generally 65 years old. (My dad RIP was born in 1932).
He loved his work and he was hands down the BEST at what he did).
I think people who are FI should volunteer - you gave a lot give to those less fortunate in terms of life lessons and work experience. Let’s raise the expectations to those around us
So, anyone in that arena want to help an old 54 decrepid that can and will work diligently to secure his and his family's future?
This bowl skews HENRY and late 20s / early 30s, and those people tend to live the "delayed life plan."
This bowl helps HENRY’s to be more FIRE focused. Instead of “Financial Independence”, they start valuing “Retire Early”.
Now they are HERE (High Earning, Retire Early) focused.
Life is definitely expensive depending on how you live it, and decisions such as 'having kids' and 'where to live' can make it even more so.
If your life is in a big city and you are raising 2 kids, your life is a lot more expensive than a person working remotely with no kids. And if said person is 30 and in theory can be remote forever, then you are also living very differently.
Ultimately it boils down to, what do you want out of life? Because many want more, and with lifestyle creep comes the ability to either not retire, or delay retirement plans.
Subject Expert
I may wind up working longer than I have to partially or mainly because of the example it will set for my children. I'm not sure I want them to see me retire before they go away to college.
I've thought about that too, but I think that "working" doesn't have to mean being a 9-5 employee and answering to a boss.
What’s NW?
Coach
Net worth
Plan to retire at 65. If you can go sooner, BONUS!
Why? Few years back my 50ish year old boss took early retirement and had a stroke within 2 months. It was quite the wake up call.
I don't need the lifestyle I have now once I retire, and hope I can find a reasonable and secure strategy.
I feel the biggest challenge in RE is health insurance particularly for a family. It can take a healthy chunk of your FI.
Im in my early 50s will retire at 60. I can afford to and I should still have enough energy and interest to do what I want recreationally; and I'll o some me consulting periodically to keep the brain active But retiring at 40 - its prime career time and having a good time for 40 years will be expensive and become boring i would think.
Or a difference of planning - I'm your age and no where close to being able to retire - will be working till 70
Ask yourself, "Why can't I imagine retiring that early in life?" Is it because you don't REALLY believe that you'll be able to? Is it because your identity and ego are so tied to having a job that you'd feel insecure without one? Is it because you really enjoy your work and don't want to stop because it's so fulfilling? Is it because you don't have much of a purpose outside of work and just need something to do to avoid wasting away?
Most people do their job because they need to financially support themselves. They aren't fulfilled by the work. The work doesn't give them purpose. They do it because it's an attractive way to make money. I'm one of those people.
My goal was to create enough financial cushion in my life to be able to walk away from the burden of doing things that I don't care about, when someone tells me to, because I need the money. I want to spend as few of my best years as possible living like that, so when I had enough saved, I quit in my 30s. I don't think that I'll ever go back to that life. I'll work here and there, when I find things that I like, and I'll quit with no hesitation when I don't. My life is MUCH more enjoyable now because it's MY LIFE, not the grind that you have to go through just to get by.
2M NW is a nice nest, however, it's not enough for 1 person to live on in retirement, especially at your ETA with a spouse and kids. Statistics showed over 35 yrs ago that for 1 person in good health would need 12M NW to retire comfortably. That was over 35 yrs ago. So sorry to say, but unless you were born with a platinum spoon in your mouth of OLD money, 2M NW will only touch the surface of health-care. Don't do it. You'll go thru that as quick as you can say retirement. I promise you. I had 19M NW, I'm in good health, however, my home is now worth 1.2M, trying to sell is insulting when the market is slow and offers aren't where they need to evenbreak even. It's a new day no matter what your age is and social security won't be around. Invest wisely my friend. Different generation. I hope they're investing wisely or living way below their salary which includes several roommates, not enjoying their lives and eating Ramen which will stroke them out with high BP, diabetes, high cholesterol and major consumption of alcohol or drugs by the time they get there at . It used to be a realistic moment. Not anymore! The difference is really real but neither side will live comfortably if they expect to live past 68. I'm living it now.
Excuse me? $12M net worth for 1 person to retire comfortably? LOL. Ok. The top 1% household net worth in USA today is about $11M. Your math isn’t mathing, either today or 35 years ago.
I’m in my mid 40s how is one able to retire in the day in age? It’s so expensive. I’m till struggling. I want to know what other ppl are doing in there careers to be able to retire so soon??
Subject Expert
Usually earning much more than typical for their age, saving a whole lot of their income, and investing in the stock market.
I am 40 Years old, and have roughly 415k in retirement.
I make 100k/annually and have been saving 25% of my paycheck in retirement since 18.
My goal would be to retire as early as possible (50s) but I don't see that happening anymore...
I most likely won't be able to retire till around 60, but by that point I should have plenty in retirement to allow a comfortable life.
I made horrible money (sub 30k) with no 401k options till. My young 20s... Didn't break 50k till about 27. and didn't hit 100k till 38.
I should clarify, I saved 25% of my paycheck in 401k options when they existed.
40s might be a little young but it could be that they will not HAVE to work in a job for financial security. They could work at a job because they like it or its more voluntary or even perhaps part time. Also, a lot of people that are approaching retirement say are in say their 60s, may want to work however are laid off and not able to find work in their field, too experienced for entry work and could have enough money to retire and are considering it. Again, not because they really want to be due to being forced to.
Hey
Am hiring anyone