Stopping work early with big change to lifestyle?

ermine

Marine_life wrote: »

I think everyone imagines their retired self as their younger self and they (probably) do not take into account declining health / ability.



It a fine balance

It is. And thankfully I have decent health, but I did foresee that working too long would drive me round the bend

Every day you live you are getting 24 hours closer to to the end of your life. There's a balance point to be called, for those lucky enough and rich enough to call it. You and I have had that privilege. Your privilege is far more in money, but I've been living it for the last five years, arguably I've had the edge in time, and they ain't making any more of it.

You're younger than I. Do what you believe in. From what I've seen of people, living their values is the greatest gift of life. All else is window-dressing IMO. Having the choice is a gift, but you have to throw the switch...

justme111

sure , too much money would very unlikely to be a bad thing.
spending time doing something while one would rather do something else for that buffer being left as inheritance and estate admin fees would definitely be a very bad thing .

Marine_life

justme111 wrote: »

sure , too much money would very unlikely to be a bad thing.
spending time doing something while one would rather do something else for that buffer being left as inheritance and estate admin fees would definitely be a very bad thing .

That is definitely true (the bit about inheritance tax).

I suspect the challenge for a lot of people is that (1) They don't really like work (but they don't hate it) and (2) There's a few things they like doing (but you couldn't call it a passion).

So they get stuck in a fog of wanting something (anything) that is fulfilling thatneither work nor early retirement can deliver.

Anonymous101

Marine_life wrote: »

That is definitely true (the bit about inheritance tax).

I suspect the challenge for a lot of people is that (1) They don't really like work (but they don't hate it) and (2) There's a few things they like doing (but you couldn't call it a passion).

So they get stuck in a fog of wanting something (anything) that is fulfilling thatneither work nor early retirement can deliver.

I think you're spot on with this. I'm only really just starting on the early retirement path even though I'm 36. But having thought about it quite a lot recently I think that "retirement" is not the right word for it. "Financial independence" is a better description.

For me if I could get myself in a position where in my late 40's I don't need to earn the same money as I do now then thats my goal achieved. Volunteering, working part time or even just less hours or closer to home are all options I'd like to have. Its about giving yourself options and not choosing between an all or nothing approach.

That freedom then allow's you to find something that is actually rewarding without focusing on the amount of money it pays.

AnotherJoe

Anonymous101 wrote: »

I think you're spot on with this. I'm only really just starting on the early retirement path even though I'm 36. But having thought about it quite a lot recently I think that "retirement" is not the right word for it. "Financial independence" is a better description.

For me if I could get myself in a position where in my late 40's I don't need to earn the same money as I do now then thats my goal achieved. Volunteering, working part time or even just less hours or closer to home are all options I'd like to have. Its about giving yourself options and not choosing between an all or nothing approach.

That freedom then allow's you to find something that is actually rewarding without focusing on the amount of money it pays.

Indeed, this is why many blogs talk about "FIRE" - Financial Independence Retire Early.

IME once you have the FI, a lot of stress goes as you dont feel so trapped, plus many other options open up.

So its better to start from the viewpoint / plan of FI, and then decide if you want to RE (whatever "retire" actually means).

Have you read the Mr Money Mustache blog?

Anonymous101

AnotherJoe wrote: »

Indeed, this is why many blogs talk about "FIRE" - Financial Independence Retire Early.

IME once you have the FI, a lot of stress goes as you dont feel so trapped, plus many other options open up.

So its better to start from the viewpoint / plan of FI, and then decide if you want to RE (whatever "retire" actually means).

Have you read the Mr Money Mustache blog?

I think its a better way of thinking about financial planning. Perhaps even have the FI number as a goal in the early years but as you become closer to this number my thoughts are that any pressure you were previously under would start to lift. You don't actually have to reach the number to have sufficient F-you money. There's always the option of doing something less stressful and less time consuming.

Yes I've read the MMM blog which is excellent. He's pretty hardcore and while I agree with his principles my opinion is that there's a sliding scale of how badass you want to be and he's probably more extreme than I'll ever be. I've also listened to all of the MAD FIentist podcasts which has led me onto lots of other blogs and resources. The whole thing is kind of like going down a rabbit hole! Fantastic stuff!

Marine_life

Anonymous101 wrote: »

I think you're spot on with this. I'm only really just starting on the early retirement path even though I'm 36. But having thought about it quite a lot recently I think that "retirement" is not the right word for it. "Financial independence" is a better description.

For me if I could get myself in a position where in my late 40's I don't need to earn the same money as I do now then thats my goal achieved. Volunteering, working part time or even just less hours or closer to home are all options I'd like to have. Its about giving yourself options and not choosing between an all or nothing approach.

That freedom then allow's you to find something that is actually rewarding without focusing on the amount of money it pays.

I think the FI piece is probably the MOST important aspect - I think a lot of people "hate" the job they're in because they feel trapped (by the need to earn money) which stifles and saps energy because of the fear of losing the job.

Once you have FI then freedom returns.

I'm exactly in that position. I needed to retire (I committed to one day a week) in order to break a cycle of long hours and relentless pressure. But now there is no pressure I actually feel liberated.

Now....what can I do with that liberation ;-)

justme111

Marine_life wrote: »

That is definitely true (the bit about inheritance tax).

I suspect the challenge for a lot of people is that (1) They don't really like work (but they don't hate it) and (2) There's a few things they like doing (but you couldn't call it a passion).

So they get stuck in a fog of wanting something (anything) that is fulfilling thatneither work nor early retirement can deliver.

exactly. so there could be too much money- it would be when in a pursuit of it one continued in a fog like above described needlessly.

ermine

Marine_life wrote: »

(2) There's a few things they like doing (but you couldn't call it a passion).

So they get stuck in a fog of wanting something (anything) that is fulfilling thatneither work nor early retirement can deliver.

Sir, you ain't put enough work into finding your passion. Read some Joseph Campbell, a decent amount of Carl Jung, maybe a little bit of Gail Sheehy's New Passages, and !!!!!! get on with what the second half of life is all about. Each day you dither in the crossways because you haven't got quite enough money or you can't featherbed your kids quite as much has you'd like you're running out of 24 hours of lifestream.

You're rich enough to have the choices in life, and you'll never be as young as your current self. If that doesn't light a fire under your backside, nothing ever will... Tempus fugit and all that.

Sarastro

I'd think it really important to do something meaningful even if that were paid far less. I don't think I could cope with 'scraping by' for 20 odd years until pension starts with nothing to do.