{ "media_type": "text", "post_content": "I just had dinner with some old friends and they are about to retire early. Part of their plan is to downsize their home, get a small condo and travel for 9-10 months a year. Does this seem crazy? I just can’t imagine it. I guess they figured the cost would be about the same but wouldn’t you miss the relationships. Wouldn’t your kids feel lost without having a sense of home? Anyone thought about this?", "post_id": "609cca39056d6200219441ae", "reply_count": 28, "vote_count": 9, "bowl_id": "5b3f7377ab53db00136f7b4c", "bowl_name": "FIRE Financial Independence Retire Early" }

I just had dinner with some old friends and they are about to retire early. Part of their plan is to downsize their home, get a small condo and travel for 9-10 months a year. Does this seem crazy? I just can’t imagine it. I guess they figured the cost would be about the same but wouldn’t you miss the relationships. Wouldn’t your kids feel lost without having a sense of home? Anyone thought about this?

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Not crazy to me. What’s crazy is that someone can toil away at a job they don’t like for 30-40 years to retire with their bodies breaking down and a modest nest egg.

likeuplifting

And a huge house they only sleep in and otherwise never see because they work so much.

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That sounds freaking awesome.

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Tell them I said, thanks for the idea!

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How old are the kids?

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We are all in our early 50s. Their kids are early 20s. Obviously kids wouldn’t go with for most of it and they would meet up for vacations or holidays somewhere in a rented house I guess. I just remember going back to my childhood home and seeing my kids visit my parents at that home when they were young, holidays, etc. I think we would miss all that tradition. But at the same time it seems really sexy. They are planning to start this December with a month in a small town in Austria, then a couple weeks in an all inclusive in Mexico, then a month an apartment in Guatemala, then a month in Costa rica, then Vegas, then Thailand, then San Diego. Florida. Early summer in Michigan, late summer in Portland, Fall in New York, then Europe again. Something like that. I don’t know it just sounds so.. exhausting and lonely, yet exciting and free. Don’t get me wrong. I love to travel but I’m not sure I get it. But I am intrigued. It was interesting that they figured it out financially and once you get to a certain level of house and cars, memberships, etc. They are paying something like a baseline of 15k or more just for the house, cars, etc not including food. Plus they have a bunch of help around the house. So looking at travel with just lodging and travel, they figured they can do it for around $200-300/day. They already have a condo in Florida that their parents left them so they would use that as a home base initially. And then look to maybe buy something at some point when they find a place they like. They aren’t super wealthy. I’m guessing they have about $1m of equity in their primary and maybe another $5-7m in other assets. They are paying for their kids grad school but they are almost done. One is in law school. The other is doing something like physical therapy. So they are going to be fine. I know the wife has a couple pensions plus social security but those don’t start until 65. I’m not sure how they will handle inflation if they keep doing this. But anyways. It is interesting isn’t it.

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Personally, I wish my parents would do this. I think they think we would miss going back to our house but we would rather they travel and enjoy new experiences. We’re together in that house less than 5% of the year

I am nowhere near the level of wealth of your friends so take my comments with that in mind. It does sound a bit crazy to me. Given that they aren’t super wealthy, downsizing is a high risk gamble that they can support their children through any future life event without actually having the space to house them. All the UHNW people I know have bought their kids fairly decent sized homes and condos, but even so, there have been instances where a daughter or son had to move back in due to divorce.

funny

Madfientist talks about this on his podcast (I believe it’s his “Third Year of Freedom” or maybe “Fourth...” episode) saying he and his wife discovered they only like to travel like 1 month a year instead of months at a time every year. P1, do you have a plan to fire?

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Yeah I think it depends on your goals and personality. I’m a big proponent choosing to work rather than having to work. I personally believe I’ll continue working until I pass. With that being said I’m setting myself up where I take a 3 month sabbatical each year. This could increase or decrease depending on when my kids get older. I’m always curious how this affects the kids in the sense of did the parent set it up to where there kids won’t have to work either when they get older. At least if they do have to work for a little while they’ll see the potential advantages of working to maintain financial freedom.

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That’s pretty much how I plan to retire. I don’t even want to maintain a primary home (what’s the point with incurring carrying costs if no one lives there). And I would stay in a city/country a few months at a time because a few weeks aren’t enough to experience what a city has to offer.

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I traveled for 12 months straight out of college on $5k. It’s easier than you think.

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Condo fees increase more than inflation. The difference is that the price of a condo is lower, especially smaller ones relative to a house. If you buy new build then the maintenance fee that is stated is usually understated and it has to rise. At the start the reserve fund has to be built up, then it becomes an old building. Either way fees rise. You also have the board, property manager and at least one crazy person, usually more. Simplifying your life does have advantages as does moving to a LCOL city. These can usually be better financially than going down the condo route.

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How old are your friends? Seems like youthful thinking that may run into problems in practice (kids, health, family). Sound like they want to keep busy in retirement and this is their outlet.

"$8M isnt super wealthy". "The other great unwashed can eat cake cant they".

That’s smart

BucketListFamily on insta has done this for several years. Their kids are thriving. I'd do this in a heartbeat.

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