FIRE? Unless you hate or are bad at your job, isn't work the best part of life?

HeyYeah

I'm not a fan of 'very early' retirement as I think that the years between 30-60 are for most people your 'money making years' and you need to capitalise on the income you can earn. If I hate my job or find it unsatisfying then I move on and do something else, hopefully getting a salary bump along the way. I put effort into learning new things and keeping on top of topics.

On the Rational Reminder podcast, I think it was on the 5% Rule episode (but I could be wrong), they were pointing out that most people actually end up retiring before they expect to due to ill health, redundancy etc.. Then once you lose your job later in life, it can be difficult to get another one because age discrimination does exist (even more so for women).

I'm 53 and have always tried to strike a balance between doing what I enjoy and saving for retirement (hoping to retire between 58-62).  The last thing I want it to have regrets on my death-bed and be thinking 'what did I do with my life?'. I have prioritised having amazing holidays (not necessarily luxurious ones, but visiting remote places), but not possessions like expensive cars or racing bikes . For others I'm sure it's the opposite.

I could probably retire now and live frugally but where's the fun in that? I was relatively badly off when I was young and I don't want to go back to having to worry about the cost of a tin of baked beans.

barnstar2077

HeyYeah said:

I'm not a fan of 'very early' retirement as I think that the years between 30-60 are for most people your 'money making years' and you need to capitalise on the income you can earn. If I hate my job or find it unsatisfying then I move on and do something else, hopefully getting a salary bump along the way. I put effort into learning new things and keeping on top of topics.

On the Rational Reminder podcast, I think it was on the 5% Rule episode (but I could be wrong), they were pointing out that most people actually end up retiring before they expect to due to ill health, redundancy etc.. Then once you lose your job later in life, it can be difficult to get another one because age discrimination does exist (even more so for women).

I'm 53 and have always tried to strike a balance between doing what I enjoy and saving for retirement (hoping to retire between 58-62).  The last thing I want it to have regrets on my death-bed and be thinking 'what did I do with my life?'. I have prioritised having amazing holidays (not necessarily luxurious ones, but visiting remote places), but not possessions like expensive cars or racing bikes . For others I'm sure it's the opposite.

I could probably retire now and live frugally but where's the fun in that? I was relatively badly off when I was young and I don't want to go back to having to worry about the cost of a tin of baked beans.

But the whole point is that you don't retire until you are financially independent, so you don't have to worry about not working during your "money making years."

Also, what if your deathbed comes during those same years, and you regret not doing the things you wanted because you were working?

The decision is a very personal one.  It depends completely on what you consider important.  For one person it might be expensive holidays and fast cars, for another it might mean time to go fishing and spending time with their family and friends.  It is going to be different for everyone, there is no blanket right thing to do.

Dead_keen

RogerIrvine said:

... but get the impression that tax-considerations or, even worse, a failure of imagination lies behind this FIRE goal.

Completely agree.  Tax was a big consideration (it was my day job) and I had a complete failure of imagination as I just couldn't see how I could possible have as much freedom while working.  So I retired at 53.  

QrizB

jamesd said:

FIRE becomes prudent saving when it ceases to allow financial independence or retirement before commonplace retirement ages, meaning in the UK around a couple of years before state pension age. Not a formal definition but a pragmatic one. In some jobs there can be an earlier work pension age and that might be taken as normal, with FIRE being an age earlier than that.

And I guess part of the reason for this thread is that FIRE covers everything from retiring at, say, 60 (which until fairly recently was the normal retirement age for half the population and is a reasonable aspiration for many) and retiring at 30 (which, barring inter-generational wealth transfer, needs exceptional skill or considerable luck).

LV_426

marlot said:

When I was made redundant at 49, having a savings base behind me helped.

I was able to move into a job I fancied, even though it paid about half my previous salary.

Still retired at 55 though.  Mostly because the boss changed and I was was being pushed in a direction I wasn't interested in going.

What's the old saying - most people don't quit their job, they quit their boss. How true, it's happened to me several times.

HeyYeah

But the whole point is that you don't retire until you are financially independent, so you don't have to worry about not working during your "money making years."

Also, what if your deathbed comes during those same years, and you regret not doing the things you wanted because you were working?

The decision is a very personal one.  It depends completely on what you consider important.  For one person it might be expensive holidays and fast cars, for another it might mean time to go fishing and spending time with their family and friends.  It is going to be different for everyone, there is no blanket right thing to do.

As you say, it's a very personal decision. I think growing up without much money made me very cautious and I'm giving my perspective.

I think saving up every penny and not 'living your life' as you are so focused on becoming financially independent is when you'd regret that lifestyle, if you were unfortunate enough to die young. As I say, for me it is about finding a balance between enjoying life now and saving up money for retirement. It also means finding a job which you genuinely enjoy and taking a few gambles in your career to try new things.

I'm hoping to retire at 60 which is impossibly young for most people, so I know I'm one of the lucky ones. 

mark1959

I quite enjoyed my job for 41 years after leaving school at 16, but when the chance came to retire at 57 [i was always planning on retiring late 50s] due to relocating 30 miles away across the pennines  i took [another] voluntary redundancy.
Can't say i've ever regretted it more than 5 years ago now.

HeyYeah

Voluntary redundancy at 57 is the dream scenario

steampowered

I am fortunate in that I genuinely enjoy my job.

However, I do not enjoy the stress that comes with it. And I suspect after 30 years I will be quite ready to do something else! I am still planning an early retirement. 

Chickereeeee

Most people need, and seek, agency (the ability to act independently and make their own choices) and relevance (their actions have a noticeable  impact on their immediate surroundings and/or the outside world). Most jobs provide you with little of either, which is why many people are unhappy at work. When 'retired' you can have far more agency (money permitting), but struggle with relevance. An extreme example would be boxers, who, having earned heaps of money before retiring,   try to return to the ring after a few years.

The examples given by OP are of people with a lot of both agency and relevance when employed. They can suffer from loss of relevance if they retire.