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Some ideas to get you started: Get a therapist to separate work from who you are and value. Draw boundaries btw work and personal. Get your portfolio reviewed by FAs to confirm you’re financially ready. Experiment with hobbies and interests. Get comfortable with ambiguity and no/loose objectives. Practice being present. Create a bucket list.
Congrats and keep us posted how you’re doing
We hit FIRE last year and left our jobs (late 30s). It was unnerving at first; you get over it after a month and then realize how exhausted you were. I’m still recovering from burnout. Make sure you have a spend plan and do not exceed it. 3.5-4% safe withdrawal is what we live on. Otherwise, look at it as a way to heal and try to extend your life as much as you can; good health is the only way to buy time back.
My partner and I were both in emerging tech development. I was on track to make partner in my company, and my partner was on track to make CEO. Also, we were early crypto investors. We ducked out and cashed out because we looked at the opportunity cost between losing our health, raising our family, and making more money than necessary. We were into the 8 figures to be confident enough to make that choice, though.
Obviously a lot of things played well in our favor. Even if it hadn’t, I’d say crank early for 10-15 yrs in a high paying job, despite the environment, to get on pace for FIRE. Then look for a less toxic one until you make FIRE.
"I am so stressed when thinking about not having a job and the security of a steady income"
This very much sounds like you don't actually have enough... enough can very much just mean for your mental comfort with the life change, NOT just do you actually have enough dollars to covers your needs.
I probably have enough right now at 50yo to retire, but I would not be comfortable from a stress perspective like I will in 5-8 years time. So the plan is to go another 5 years at least, and 10 years at the absolute max. Things might change, but this plan isn't causing me any stress.
Let's say you have $3M but are still stressing... would you be stressing the same if you had $30M? I am certain the number doesn't need to be $30M... but maybe you would feel a lot better at $5M vs $3M.
OR consider that FIRE isnt actually going to make you happy... I get wanting to retire asap, but if its causing stress, you need a new "after work" plan that won't.
Maybe your FIRE is to get out of the work you do now and do something different that pays less, something smaller, something on the passion side, maybe part time, maybe just volunteering so you have a place to be if not an income... there are lots of options.
Subject Expert
Sometimes people feel stressed even though they really do have enough. :)
But yes, sometimes people feel stress because they actually do not have enough.
I would suggest "CoastFI" for a while. Get a job that is less hours / less stress but still has health insurance and can cover your basic needs. Don't save excessively but let the current investments grow. Focus on developing an identity outside of your job. Volunteer. Do things that you really want to do.
The mental side of retirement is important - many people experience depression initially because of the loss of identity and daily structure. So don't go cold turkey and use this phased approach so you get to a better place in 1-2 years, then decide if you want to fully retire.
I speak from experience - I could've retired a couple of years back but I chose to pivot into education. Less stress and gives me basic benefits while being "useful". My plan is to retire in about 2 years from now - it will be a good time to do it. So I went from crazy hamster wheel to slow walk treadmill, and then eventually the freedom to do what I want.
I hear Costco provides health coverage, and if you can get into teaching that also has benefits. Maybe do some freelance work but cover your own benefits. Most of my fellow teachers have their main teaching gig but also do some freelance/ side hustles
Feeling the same way. The mental prep is what I’m struggling with as well. Trying to put in place community and hobbies to retire to instead of just retiring from work.
It may help to start by moving away from binary thinking - look for taking a step back and see how it feels.
@MD1, @G1, do you mind sharing your FIRE number and the annual expenses. Trying to understand the number that feels financially safe.
Subject Expert
At that WR with 80% equity you have 30% chance of being broke in 30 years and nearly 50% at 50 years in US historical data. Probably higher looking forward. Be careful.
I don't have any advice, but this is a really high quality problem to have. Congrats
I'm 50 and FIREd 3 years ago. In the final year before I retired, I put my full salary straight into an account I couldn't touch. Instead, I lived on my income from other sources that I would have to rely on in retirement (for me that was primarily rental income). And I knew I was ready because it wasn't difficult. I have other investment accounts that I could pull from (classic ~4% distribution) but didn't end up needing to (and haven't since I retired).
Senior Manager 1 is right. It's unnerving at first and took me a full 2 years to unwind (I'm in the Sandwich generation right now so that doesn't help). I've found activities and friend groups to keep me quite busy, including getting much healthier.
A right time investment in rental units (pre COVID) is one the smartest and safest FIRE route - steady cash flow with value preserved.
My experience is that a million $invested around COVID, generates a steady income of 80-90K/year.
Though that route is not very lucrative for the new investors, as same investment today will generate 45-50K, with a risk of losing value.
Subject Expert
If it would make you miserable to retire, don't! Stay at work!
And, keep working on it until you would not be miserable. People here have given you a lot of good ideas. I think that another good thing to do is think about what other goals you have in your life beside work, and how you could use your time to serve them. When you know how you will spend your time and why, that will probably help some.
Maybe you want to write books, make clay pots, or run for office.
I am currently feeling just the opposite way. I have left my job a couple years ago around age 45. I have done some easy part time work during that time, travelled extensively, and enjoyed usually a less stressful life. After some boredom and slight desire to earn more money, I applied for an interesting corporate job just to check. Now the interviews are progressing, I am feeling pretty stressed about going back to work and leaving this easier retired life behind.