For those planning early retirement....

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JBTX
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For those planning early retirement....

Post by JBTX » Thu Sep 07, 2017 8:39 am

For those seeking FI and with plans on retiring early:

1. What do you plan to do after you retire and how do you plan to pay for it? I often see people in here who leave very frugal lives. I am wondering what sort of post retirement activities fit into these austere personal budgets

2. Have you ever taken any significant length of time off during your careers?

Edit: also interested in how #1 has played out for those that have retired early!
Last edited by JBTX on Thu Sep 07, 2017 12:26 pm, edited 1 time in total.

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David Jay
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Re: For those planning early retirement....

Post by David Jay » Thu Sep 07, 2017 8:45 am

I am planning for baseline spending that matches my current take-home pay for the period from retirement to start of SS (age 68 minimum). I have no austerity plans.
Prediction is very difficult, especially about the future - Niels Bohr | To get the "risk premium", you really do have to take the risk - nisiprius

KlangFool
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Re: For those planning early retirement....

Post by KlangFool » Thu Sep 07, 2017 8:51 am

OP,

Plan to do:

1) Visit state and national parks, museums. International travel every now and then.

2) More cycling to local spots

3) Tai Chi, Yoga

4) Singing lessons.

Plan to pay for it.

1) My own investment.

KlangFool

mak1277
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Re: For those planning early retirement....

Post by mak1277 » Thu Sep 07, 2017 8:52 am

1 - I plan to continue my current lifestyle, which includes travel, hiking/backpacking, fishing, reading, watching movies/tv, volunteering, etc. I don't plan any changes to my budget or current levels of spending. All will be funded through investments at retirement.

2 - Longest I have taken off is 3 weeks, but that time was basically spent on vacation, so I honestly can't say how I will react to retirement. But I'm not worried about it. If I hate it I can always go back to work. The nice thing about financial independence is that you don't have to find a job that, per se, advances your career. If you need a job just to pass the time, almost anything will do.

CoAndy
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Re: For those planning early retirement....

Post by CoAndy » Thu Sep 07, 2017 8:54 am

I am mostly looking forward to things that either don't cost anything or have minimal costs. Sleeping in, long workouts, hikes with the dog, long leisurely breakfasts, reading, sampling new coffees, beers and cigars, camping, and of course some traveling.

livesoft
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Re: For those planning early retirement....

Post by livesoft » Thu Sep 07, 2017 9:10 am

Apparently hanging out on the internet, posting blogs and vlogs is what a lot of these people do. I'm amazed at all the hiking, backpacking, canoeing videos over on youtube. Give yourself a GoPro, a tent, and a sleeping bag, and you are good to go. People probably write books, too, but I'm not a big reader.

Anyways, it is easy to have fun without much cost and sometimes to even get paid to do so.

How to pay for it? I would use my portfolio to pay for it. Some people have a spouse whose name is Port or Portie, too.
This signature message sponsored by sscritic: Learn to fish.

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TheTimeLord
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Re: For those planning early retirement....

Post by TheTimeLord » Thu Sep 07, 2017 9:15 am

JBTX wrote:
Thu Sep 07, 2017 8:39 am
For those seeking FI and with plans on retiring early:

1. What do you plan to do after you retire and how do you plan to pay for it? I often see people in here who leave very frugal lives. I am wondering what sort of post retirement activities fit into these austere personal budgets

I am going to live off my savings and investments until FRA when I will get assistance from SS and a small pension. I have no plans for a frugal or austere lifestyle, just not a wasteful one. I am developing a list of things I would like to do some expensive, some cheap and some moderate. I am working to limit the effect of cost on my ability to do things. I think it would be a shame to work all these years just to quit a couple years early and live the rest of my life worrying about what I can afford. That said there is absolutely nothing wrong with a financially conservative (frugal) lifestyle, I am only aiming to be financially responsible.

2. Have you ever taken any significant length of time off during your careers?

Approximately a year after taking a package early retirement package from my previous employer. Totally bored after 6-10 weeks. Learned I need to plan my retirement before I start it.
Run, You Clever Boy!

avalpert
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Re: For those planning early retirement....

Post by avalpert » Thu Sep 07, 2017 9:23 am

JBTX wrote:
Thu Sep 07, 2017 8:39 am
For those seeking FI and with plans on retiring early:

1. What do you plan to do after you retire and how do you plan to pay for it? I often see people in here who leave very frugal lives. I am wondering what sort of post retirement activities fit into these austere personal budgets
Travel, hike, adventures. I plan to pay for it out of the assets I have saved working.
2. Have you ever taken any significant length of time off during your careers?
Yes, multiple times to travel, hike, have adventures.

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Pajamas
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Re: For those planning early retirement....

Post by Pajamas » Thu Sep 07, 2017 9:25 am

I think of financial independence more in terms of degrees than an absolute line that you cross into the promised land.

If you're doing well investing, by the time you're in your mid thirties or early forties, you are not so worried about losing your job or feeling like you need to work hard at making more money and you're able to take some time off between jobs. If you have ever worked for an organization that has had layoffs or other problems, you probably know people who were terrified that they would lose their jobs because they lived paycheck to paycheck and probably had a good bit of debt instead of wealth to fall back on.

Even when you are truly financially independent and don't have to work, you don't have to completely stop working. You might just choose to accept a part-time position or a position, employer, or location that you prefer that doesn't pay as much as some others.

Not everyone who retires early is scraping by on a tight budget, either. In particular, a few of the people who blog about financial independence and early retirement (Mr. Money Mustache is the first one that comes to mind) make a significant amount of money from their blogging. (Not a recommended plan!) Others made a lot of money working or selling a business or were simply able to invest very successfully.

Also there has been a ten-year bull market. A lot of financially independent people who live on a tight budget might not be financially independent after a market crash.

As far as what you do, you can do anything you can afford to do. Some people do a major lifestyle change and start traveling or farming or whatever, but it is more likely that your current activities would constitute the bulk of your future activities. And don't underestimate the pleasure of waking up without an alarm clock and rolling over a few times before enjoying a cup of coffee at your leisure rather than having to get up with an alarm clock, get ready for work, etc.

If you are a frugal person, it is more likely than not that you will continue to be a frugal person. People who aren't frugal probably don't become financially independent at the same rate as people who are frugal. There are occasionally threads here by people who feel like they should increase their spending because they can afford to do so but find it difficult.

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saveinvestbecomefree
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Re: For those planning early retirement....

Post by saveinvestbecomefree » Thu Sep 07, 2017 9:37 am

I spend a lot less than I earn (hence early FI) but I'm lucky enough to have had a high income so my spending provides a nice lifestyle that I certainly don't consider overly frugal. However, a lot my passions are relatively cheap but take time (spending time with my kids, cooking, climbing, biking, backpacking, reading, managing investments) and I hate wasting money so I do have a lot of frugal habits (that don't feel like sacrifices at all).

My investments will cover my expenses.

The only thing I don't have figured out is a "retirement" job that is fulfilling and helps others. When I build an ideal schedule, I still have 25-30 hours a week where I'd like to do something "productive". Very few early retirees seem to be satisfied with just a life of leisure and I doubt I would find it fulfilling either. At the same time, 50-60 hours a week and a lot of travel at my current job isn't an ideal balance either. Unfortunately good part-time options don't exist in my field and I'd like try something a lot different anyway. I don't depend on my "retirement" job earning any income. Having said all this, early retirement will be a big change so my thinking could be different once I'm actually in it but from what I've researched, this is fairly common.

Admiral
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Re: For those planning early retirement....

Post by Admiral » Thu Sep 07, 2017 10:01 am

In the recent podcast from Mad Fientist with Michael Kitces, Kitces made an interesting comment about the conversation that he has when he meets with clients who say they want to retire early. It's not about money.

Basically, the first thing he asks them is: "What are you going to do all day?"

This strikes me as a very good place to start, and is something I have thought about. My DW has no plans to retire before early 60s so for the first few years we will live on one salary. After that, it will be pension income and investments, and I anticipate a lot more travel, skiing for a lot of the winter, and volunteering.

keystone
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Re: For those planning early retirement....

Post by keystone » Thu Sep 07, 2017 10:15 am

1) I plan to do all of the same things that I currently like to do, except to a greater extent. This includes running, biking, hiking, smoking meat, watching movies, reading, etc. I don't really see any of this escalating my current level of expenses and by not working I would be saving on commuting costs.

2) In my 21 year working career, the longest I have ever taken off is 2 weeks and I can count on one hand the number of times I have taken off 5 days. Usually when I take off it is just a couple of days at a time. I don't really see this as an issue. I have never experienced boredom when not at work.

goblue100
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Re: For those planning early retirement....

Post by goblue100 » Thu Sep 07, 2017 10:26 am

JBTX wrote:
Thu Sep 07, 2017 8:39 am
For those seeking FI and with plans on retiring early:

1. What do you plan to do after you retire and how do you plan to pay for it? I often see people in here who leave very frugal lives. I am wondering what sort of post retirement activities fit into these austere personal budgets

2. Have you ever taken any significant length of time off during your careers?
1. Projected early for me is in about 4 years, at 60. I'd like to do some lengthy traveling, work in the yard more, and ride my bicycle more, multi day tours. I'm afraid all I'll do is watch more tv and argue with my wife. :shock:
I wouldn't say I live a very frugal life, I'd say mine is more average, but I personally would like to downsize around retirement. Less taxes, less insurance, more money to travel. I would fund the first 7 years from retirement accounts, and depending on how things look draw SS at FRA, or if things are going well try to defer until 70. I'm not sure I agree that people here are planning "austere personal budgets" in retirement, seems like everyone has more than one million to spend.

2. No. I was laid off in 1998 for about a month. I was kept busy looking for another job. I wish I was able to take a sabbatical from my current job. I would like to try 2 or 3 months off and see what it feels like. Unfortunately, I think their view is if they can do without you for a month, they can do without you altogether.
Some people are immune to good advice. - Saul Goodman

rjbraun
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Re: For those planning early retirement....

Post by rjbraun » Thu Sep 07, 2017 11:07 am

1. Similar activities to now: travel, exercise, read, cultural activities (museums, concerts), play a musical instrument, visit with friends, cook / go out to eat. Expect comparable budget to now.

2. I have had breaks in my career, certainly for longer than the 2-3 weeks or so others have posted about. In most but not all cases I was looking for another job. Still, I did try to take advantage of the greater schedule flexibility to engage in activities I couldn't always do while employed full-time (travel, exercise more, cook / shop for food, read, etc.). Also, as the number of breaks in my career accumulated over time, I think I perfected my ability to conduct a job search while also enjoying my (non-work) life. :wink:

While I don't think I've ever really lived paycheck-to-paycheck, early on in my career, especially, I felt the pressure to avoid or minimize any gaps in my resume. More recently, as I felt more confident about my ability to achieve FI, I suppose that pressure has waned. Another consideration would be the changing employment landscape over the past decade or so, whereby a job with long tenure with a single employer or two has become a thing of the past and moving around isn't necessarily viewed as a black mark.

rg422
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Re: For those planning early retirement....

Post by rg422 » Thu Sep 07, 2017 11:53 am

My wife and I plan to retire at 48sh; that's roughly the age when we'll meet OUR FI number; if we reach our number sooner, then we'll call it quits sooner. I work remotely, flexible schedule, so I do plan to work part time with the sole purpose of having insurance coverage - will typically take 8-10 hours a week.

I'm 33 and, although, I enjoy what I do for a living, I would rather be doing things I want to do on my terms - travel, cook, garden, tinker with my car, read, gun range, exercise, evening walks, fish, etc. Ultimately, just a slower paced doing things as we please. Yes, we can do these now, but not at the frequency we'd like and usually can only be away from work for a few days at a time. For sure, we'll be leaving a lot on the table in terms of "lost income" by retiring early, but it's a tradeoff we're planning on accepting. YOLO!! :sharebeer


We've each taken a few weeks off when our daughters were born and being away from work was great! These were essentially sleepless nights, but being home reinforced our want to retire early.

Richard

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Re: For those planning early retirement....

Post by alfaspider » Thu Sep 07, 2017 12:10 pm

1. I'm a man of a million hobbies, and I'd probably take up more if I had more time. Although I do plan on retiring early, I don't plan to sit on the couch or necessarily even stop working altogether. Although I wouldn't want to be a landlord with job duties to worry about, I'd be interested in managing a few rental properties after retirement, as I enjoy handyman work. They'd also provide a nice inflation hedge in retirement. I would not retire until my portfolio is big enough to pay for it without any additional income, however.

2. I took a few months off before I started law school. I never ran out of things to do and the time went by quicker than I would have liked.

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whatusername?
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Re: For those planning early retirement....

Post by whatusername? » Thu Sep 07, 2017 12:24 pm

JBTX wrote:
Thu Sep 07, 2017 8:39 am
I often see people in here who leave very frugal lives. I am wondering what sort of post retirement activities fit into these austere personal budgets
1. Just because someone lives frugally during their working years does not mean that they intend to do so indefinitely. I'm on track to retire early but I'm budgeting for annual expenditures of about 3x what my current annual operating budget is.

I plan to travel for a few years, likely living 3-6 months at a time in cities and places that I've always wanted to spend a significant amount of time in. I'd like to take classes at the local community college or nearby university in whatever subject strikes my fancy in a given semester. I'd like to volunteer as a "reading buddy" at the local elementary school and watch the kids grow. These are all within my prospective budget, and those funds come from diligent saving and prudent investing in the 25-30 years prior to the date I will retire.

2. Nope. Nearly three weeks has been my max, and it was great. I volunteered for a sabbatical if my company ever has a temporary slow down (it was an abstract discussion), but got funny looks from the head honchos. I guess they have people they'd rather get rid of than me in that scenario.

I like to think that I'm creative enough to find ways to occupy my time and satisfy my social and intellectual needs other than the 60-80 hours a week usually required by my career.

JBTX
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Re: For those planning early retirement....

Post by JBTX » Thu Sep 07, 2017 12:45 pm

Great responses so far!

I am in a position that wife and I have saved and I have worked "contract" off and on over my career. Its not something I set out to do, but it just happened that way and I milked the opportunities for as long as I could.

One of the results, which can be an upside and downside, is you can run into dead periods, either during the contract or between. Thus the context of why I asked the question.

Many years ago early in my career I was laid off after about 10 years, and I ended up not working 5 months before landing another permanent position. It changed my perspective on things a bit. I recall before that how glorious I thought it would be not to work. Once laid off, I did enjoy my time off, but after a while figured I would need work to keep me busy. Kind of the same thing contracting. I keep relatively busy when not working, have two teenage kids, but I do fritter away time a bit and from time to time get a little bored. If not for the temporary stay at home dad gig, I would have to come up with something to at least partially occupy my time, and something that does increase my level of spending.

Somebody mentioned the Kitces audio. I listened and thought the same thing. What are you going to occupy your time with?

Luckily my wife works and really likes her job and has good income, so I have some flexibility. Even so, we really have to watch our expenses if both not working, and we spend substantially more than many here. I have found when not working, in having more free time wanting to spend MORe. More travel, more eating out, etc.

JBTX
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Re: For those planning early retirement....

Post by JBTX » Thu Sep 07, 2017 12:52 pm

rjbraun wrote:
Thu Sep 07, 2017 11:07 am
1. Similar activities to now: travel, exercise, read, cultural activities (museums, concerts), play a musical instrument, visit with friends, cook / go out to eat. Expect comparable budget to now.

2. I have had breaks in my career, certainly for longer than the 2-3 weeks or so others have posted about. In most but not all cases I was looking for another job. Still, I did try to take advantage of the greater schedule flexibility to engage in activities I couldn't always do while employed full-time (travel, exercise more, cook / shop for food, read, etc.). Also, as the number of breaks in my career accumulated over time, I think I perfected my ability to conduct a job search while also enjoying my (non-work) life. :wink:

While I don't think I've ever really lived paycheck-to-paycheck, early on in my career, especially, I felt the pressure to avoid or minimize any gaps in my resume. More recently, as I felt more confident about my ability to achieve FI, I suppose that pressure has waned. Another consideration would be the changing employment landscape over the past decade or so, whereby a job with long tenure with a single employer or two has become a thing of the past and moving around isn't necessarily viewed as a black mark.
I can identify with this. I have worked contract off and one, and have minor gaps in the resume. The latest about 3 months since I took the summer off.

I don't really want to retire now, but the thing I absolutely hate about working the most is looking for another job and worrying about such issues. AndI hate more formal networking. Also I could be working again in a couple of weeks, or may not work again for another 3 months+. The uncertainty can be annoying.

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celia
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Re: For those planning early retirement....

Post by celia » Thu Sep 07, 2017 1:07 pm

JBTX wrote:
Thu Sep 07, 2017 8:39 am
1. What do you plan to do after you retire and how do you plan to pay for it? I often see people in here who leave very frugal lives. I am wondering what sort of post retirement activities fit into these austere personal budgets
If someone lived frugally during their working years, I don't see why they should have to leave that lifestyle, if they don't want to. In fact, it is hard to change your behaviors after doing something for so long.

But have you considered that one's living expenses often go down in retirement? After the house is paid off, the kids are on their own, and the retirement accounts are funded, what else is there to spend money on? <jk> :beer

Our activities are primarily our hobbies, some travel, and more community engagement (join local organizations and participate in their activities [which can include serving as an officer or giving presentations], visit older relatives and drive them to doctor appts, do taxes for low-income seniors, run a booth at the church carnival, work at the library book sales, serve on a city commission and jury duty, manage voting precincts, participate in neighborhood events, work as a volunteer for the Red Cross, host out-of-town friends and relatives, walk to local places while stopping to chat with someone who is outside, take classes at the local community college, plant a wildlife garden)
2. Have you ever taken any significant length of time off during your careers?
Sure, many people do. There was the whole year where DH and I were job-hunting after having been laid off during a bad economy. Then I took 4-6 months off every time a new kid came along. And DH took a few years off to go back to school for another career. But when you look at the big picture of your life's journey, these were just bumps in the road (so to speak).

curmudgeon
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Re: For those planning early retirement....

Post by curmudgeon » Thu Sep 07, 2017 1:31 pm

Recently retired, in my late 50's.

We plan to do quite a bit of traveling; several grandkid visits a year, maybe two ~4 week international trips a year. Also considering a RV for some extended US traveling. We downsized at retirement, and while the house is quite livable, it is 60 years old and there are plenty of projects of all sizes which will add some value and utility, and which I find satisfying to do. We are actually holding off on steady volunteer commitments for the first year or two to see how things shake out, though we do various ad-hoc volunteer projects.

Our travel style isn't high-budget, so the trips aren't as expensive as they might be for some. If it's been a bad year for our investments, we might cut back to one big trip from two. We have substantial taxable investments as well as tax-deferred, and also a significant wad of cash from the downsizing, so lots of flexibility on how we draw down. The downsize probably cut our net cash outlays for tax/ins/util etc by around $10K per year, which frees that up for other spending.

In my mid-40's I took 9 months off from working because I was burned out from the silicon valley rat race. Was considering whether to retire altogether then, but it would have meant a sort of MMM-style retirement. It was a nice break, but I realized that I wasn't ready to do it permanently, so I went back to work and enjoyed it enough to stay on for another 10 years. The decision to retire now was more nuanced, but it felt right.

DrGoogle2017
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Re: For those planning early retirement....

Post by DrGoogle2017 » Thu Sep 07, 2017 1:41 pm

I spend more money travelling. I'm hoping to take advantage of the early retirement years. Other than that my husband and I are taking classes, play bridge at the local senior center, lots of exercise. We are empty nested. Gardening is my hobby for years, so that's continue to be a time consuming activity.

The Wizard
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Re: For those planning early retirement....

Post by The Wizard » Thu Sep 07, 2017 3:03 pm

David Jay wrote:
Thu Sep 07, 2017 8:45 am
I am planning for baseline spending that matches my current take-home pay for the period from retirement to start of SS (age 68 minimum). I have no austerity plans.
Similarly here.
I traveled recreationally 4-6 weeks the last decade prior to retirement, more now...
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Elsebet
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Re: For those planning early retirement....

Post by Elsebet » Thu Sep 07, 2017 3:06 pm

At least for the first few months I am seriously just not going to have any plans at all, it will be like it was when I was a child and every day was filled with possibility because of the lack of schedule.

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Sandtrap
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Re: For those planning early retirement....

Post by Sandtrap » Thu Sep 07, 2017 3:17 pm

JBTX wrote:
Thu Sep 07, 2017 8:39 am
For those seeking FI and with plans on retiring early:

1. What do you plan to do after you retire and how do you plan to pay for it? I often see people in here who leave very frugal lives. I am wondering what sort of post retirement activities fit into these austere personal budgets

With age, I find quality of life and peace and harmony in things that money can't buy. Frugality and austerity are relative terms IMHO. Thus, whatever my investments and financial portfolio provides is far more than I care to spend, or will ever spend.

2. Have you ever taken any significant length of time off during your careers?

I've always loved work and tried to make money in things I was passionate about. So, for the most part, since I've always been a self employed businessman, I had no need for regular vacations or "time off" or "paid leave", and so forth, and was fortunate enough to take "days off" as I needed, which was rare. As for retirement, I have trouble grasping the concept as it sounds like stopping something that one might be passionate about. However, I do sometimes wonder how nice things would be if I had a "pension" :shock: .

Edit: also interested in how #1 has played out for those that have retired early!

Thank you for posting a interesting question. Hindsight is truly 20/20. J.

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KlingKlang
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Re: For those planning early retirement....

Post by KlingKlang » Thu Sep 07, 2017 3:41 pm

JBTX wrote:
Thu Sep 07, 2017 8:39 am
1. What do you plan to do after you retire and how do you plan to pay for it? I often see people in here who leave very frugal lives. I am wondering what sort of post retirement activities fit into these austere personal budgets
Edit: also interested in how #1 has played out for those that have retired early!
Laid off three years ago. I sit in front of my computer, watch my accounts at Vanguard increase, drink cheap bourbon, play StarCraft, and read/post to Bogleheads.org and Cleveland.com.

marcopolo
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Re: For those planning early retirement....

Post by marcopolo » Thu Sep 07, 2017 3:57 pm

We live well below our means, but not particularly frugally.
Plan to retire in less than 2 years, at age 52.

We are actually planning on our expenses increasing in retirement. We are planning to move from MCOL area to HCOL.
Part of the reason for the move is to be in an area where there is an abundance of outdoor activities, hiking, biking, kayak, considering training for triathlon. Volunteer work to give back a little and to meet new people in new locale. We do plan to travel more as well. I really do not worry about not having enough to fill the time. Actually more worried about burnout form all the things i am looking forward to doing with the additional free time. I am counting on my wife to throttle our activities a bit.

Investments to cover our expenses.

As for long breaks. Early in career took 4-6 weeks off a few times to travel around to Grateful Dead concerts.
Later, took several 4-5 week breaks to do major vacations: South America, Indian sub-continent, Australia, etc.
But, I think that is very different from taking extended time off and living your usual lifestyle.
Once in a while you get shown the light, in the strangest of places if you look at it right.

delamer
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Re: For those planning early retirement....

Post by delamer » Thu Sep 07, 2017 5:06 pm

The only "non-frugal" retirement activity that we are planning is travel. That will be more expensive than when we were working, because we have more time to travel. While it is possible to travel frugally, we are willing to pay for comfort and to see places that can't be reached on a low budget.

We have hobbies, but nothing expensive. Volunteer work is not expensive.

J295
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Re: For those planning early retirement....

Post by J295 » Thu Sep 07, 2017 5:20 pm

Retired at 53. Me, spouse, and dog at home. Kids grown up and living quite far away. Now age 58.

Golf (including tournaments), workout, help and hang out with elderly parents, visit patients in hospital and take them communion, work at free medical clinic, home visits to community members in severe financial distress and provide some financial aid, visit kids and grandkids in other states (including short term relocation for a few months to volunteer and help out with day care, etc.), home maintenance projects, etc.

Quite open to whatever comes along. So many opportunities that we didn't plan anything and aren't concerned about boredom.

PhysicsTeacher
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Re: For those planning early retirement....

Post by PhysicsTeacher » Thu Sep 07, 2017 5:25 pm

I hope to retire in my early fifties when I'll be eligible for a pension. I'm looking forward to long walks, bike rides, playing with pets, hanging out with my spouse, cooking great food, reading lots of library books, and having plenty of time to study whatever strikes my fancy. I'd like to volunteer with high school STEM and/or adult ESL programs. My hobbies are inexpensive.

I actually took summer vacation off rather than scheduling many weeks of graduate classes and professional development this year, and it was glorious.

hoops777
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Re: For those planning early retirement....

Post by hoops777 » Thu Sep 07, 2017 5:37 pm

Reading all of these posts has shown me how boring our life is :D
K.I.S.S........so easy to say so difficult to do.

BanquetBeer
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Re: For those planning early retirement....

Post by BanquetBeer » Thu Sep 07, 2017 9:58 pm

My planned retirement budget is 2x current spend based on investments. When I retire I expect to help fund college (if/after 529s are depleted). I expect to travel international a significant amount (>50%) during that time. After that probably come back and settle down in a apartment/condo somewhere domestic/fun (Colorado?) for a few years until grand kids come. Move nearby and be a [limited] part of that process. I think I would be more about retire international but I know how much parental help on a few things in your early years can mean (watch the kids, elder advice on a problem, help executing or supervising home projects/repairs so they don't burn a vacation day, etc)

Specific thing is exercise. Used to go 5x week before kids. Down to 1x and even miss that frequently enough. Would love to have time and schedule control to stick to a routine. Ideally 2x yoga, 2x workout, 1x run

I do have some concern about ambiguous 'I'll find a hobby' or 'get in shape' goals - when I say things like that it seldom happens. I doubt I'll be bored no matter what but I do have a plan.

As for experience - worked a year on 2week on/2off. Really enjoyed the 28 weeks off work that year. 2 international trips, Parades and events, saw family, etc.

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jabberwockOG
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Re: For those planning early retirement....

Post by jabberwockOG » Fri Sep 08, 2017 12:14 am

Retired 20 months ago at age 60. Loving every minute of it so far. We had always naturally and with minimal effort saved a lot of our income and lived below our means for so many years that it was very easy to transition to a low cost retirement lifestyle. One factor in keeping yearly costs low is not traveling much. We have traveled extensively in the past, but love our very comfortable home and are lucky to live in a beautiful area so we have zero motivation to deal with hassle, cramped dirty airplanes, crowds, risk, and silly expense that makes up most modern day tourist travel experiences. Seems a lot of folks think that taking trips is super important in retirement and that they will be missing out on a fun retirement unless they go on multiple domestic and international trips - arghh, I'd pay money to stay home instead.

Downsized to a much smaller town. Our days and weeks are totally consumed by daily exercise classes and racquet sports, volunteer work with a couple of local charities, community government and environmental issues participation, community gardening project, home and car projects, playing music, active participation on multiple forums, and an surprisingly active social life with other active retired couples we have befriended in our home town. Can't imagine being bored.

masterhoy
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Re: For those planning early retirement....

Post by masterhoy » Fri Sep 08, 2017 2:58 am

Hi, i just turned 52 on Monday and would love thoughts. Was a single mom who bought a home at 34. Late starter to investing (43) due to financial situation. I invested aggressively and paid extra on the mortgage so now my net worth is 410,000...mortgage balance is 38000. In 4 years the mortgage will be paid off and I have tenant income to cover all monthly bills. How early can I retire and would a reverse mortgage be a good idea? Also I will be SHIPPED eligible.

Coachrhino11
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Re: For those planning early retirement....

Post by Coachrhino11 » Fri Sep 08, 2017 6:58 am

rg422 wrote:
Thu Sep 07, 2017 11:53 am
My wife and I plan to retire at 48sh; that's roughly the age when we'll meet OUR FI number; if we reach our number sooner, then we'll call it quits sooner. I work remotely, flexible schedule, so I do plan to work part time with the sole purpose of having insurance coverage - will typically take 8-10 hours a week.

I'm 33 and, although, I enjoy what I do for a living, I would rather be doing things I want to do on my terms - travel, cook, garden, tinker with my car, read, gun range, exercise, evening walks, fish, etc. Ultimately, just a slower paced doing things as we please. Yes, we can do these now, but not at the frequency we'd like and usually can only be away from work for a few days at a time. For sure, we'll be leaving a lot on the table in terms of "lost income" by retiring early, but it's a tradeoff we're planning on accepting. YOLO!! :sharebeer


We've each taken a few weeks off when our daughters were born and being away from work was great! These were essentially sleepless nights, but being home reinforced our want to retire early.

Richard
I completely agree with this! Even if you enjoy your career, it's still for most having to be somewhere at a certain time everyday...rat race. I'm sure plenty have read Mr. Money Mustache, and yes he's Extreme considering he retired in 30's, but his premise is right on! Live life the way YOU want. I can think of tons of fun, free things to do where I live. I'm next to lake, nice pools, walks, not waking up at 4:50 every freaking day, leisure evenings with my wife cooking and relaxing, lots of library books, working out during my preferred time, the list literally goes on and on. We couldn't care less about cruises and expensive trips.

MikeG62
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Re: For those planning early retirement....

Post by MikeG62 » Fri Sep 08, 2017 7:23 am

Early retired at 53 two years ago (DW 2 years younger and has not worked outside the home in 25 years).

Lived well within our means while working (but far from frugally) and accumulated a large nest egg (saved consistently and religiously). We are now living off of that nest egg up to the level of our means and enjoying life immensely - spending more money now then when I worked. Would not have retired early without sufficient funds to live life in retirement the way we want - which includes extensive travel (doing what we want, when we want as often as we want). Zero interest in living frugally, but rather in living life to the fullest - chocked full of life enhancing experiences. We all only get one turn in life and we plan on maximizing that to the extent possible.
Last edited by MikeG62 on Sat Sep 09, 2017 8:17 am, edited 1 time in total.

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VictoriaF
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Re: For those planning early retirement....

Post by VictoriaF » Fri Sep 08, 2017 7:37 am

One common mistake retirees make is moving to a low-cost, low-tax area where there is nothing to do and any entertainment requires a long drive.

Upon retirement, I moved to the immediate vicinity of Washington, D.C. Here, I have access to enough free events to keep me entertained around the clock. Most people know about free Smithsonian museums, but there is much more than that. We have numerous embassies organizing free events. Many thinktanks offer free public lectures and seminars. Government agencies such as the FTC organize excellent free conferences. One can frequent the Supreme Court, the Capital Hill, and the Library of Congress, all of which are free of course.

Living within walking distance of places of interest and public transportation greatly reduces my reliance on the car. My car is now over 20 years old, I use it on average 3 times per month, and the cost of the gasoline and maintenance is minimal.

I travel a lot and participate in local activities that are not free, but that's beside the point. The point is that my quality of life in retirement is much higher in a higher-cost area, and the total expenses are not much higher.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

Coachrhino11
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Re: For those planning early retirement....

Post by Coachrhino11 » Fri Sep 08, 2017 8:02 am

VictoriaF wrote:
Fri Sep 08, 2017 7:37 am
One common mistake retirees make is moving to a low-cost, low-tax area where there is nothing to do and any entertainment requires a long drive.

Upon retirement, I moved to the immediate vicinity of Washington, D.C. Here, I have access to enough free events to keep me entertained around the clock. Most people know about free Smithsonian museums, but there is much more than that. We have numerous embassies organizing free events. Many thinktanks offer free public lectures and seminars. Government agencies such as the FTC organize excellent free conferences. One can frequent the Supreme Court, the Capital Hill, and the Library of Congress, all of which are free of course.

Living within walking distance of places of interest and public transportation greatly reduces my reliance on the car. My car is now over 20 years old, I use it on average 3 times per month, and the cost of the gasoline and maintenance is minimal.

I travel a lot and participate in local activities that are not free, but that's beside the point. The point is that my quality of life in retirement is much higher in a higher-cost area, and the total expenses are not much higher.

Victoria
Drove my Jeep with top down this morning and would never give it up in this lifetime for public transportation! I took enough public transportation in college to get me through the next life, but to each their own. Many people including my wife and I have no desire to live in large, crowded, expensive city in retirement. My MNL is more like you though, great thing everyone doesn't wish to live in smaller areas or they wouldn't be small.

Coachrhino11
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Re: For those planning early retirement....

Post by Coachrhino11 » Fri Sep 08, 2017 8:02 am

jabberwockOG wrote:
Fri Sep 08, 2017 12:14 am
Retired 20 months ago at age 60. Loving every minute of it so far. We had always naturally and with minimal effort saved a lot of our income and lived below our means for so many years that it was very easy to transition to a low cost retirement lifestyle. One factor in keeping yearly costs low is not traveling much. We have traveled extensively in the past, but love our very comfortable home and are lucky to live in a beautiful area so we have zero motivation to deal with hassle, cramped dirty airplanes, crowds, risk, and silly expense that makes up most modern day tourist travel experiences. Seems a lot of folks think that taking trips is super important in retirement and that they will be missing out on a fun retirement unless they go on multiple domestic and international trips - arghh, I'd pay money to stay home instead.

Downsized to a much smaller town. Our days and weeks are totally consumed by daily exercise classes and racquet sports, volunteer work with a couple of local charities, community government and environmental issues participation, community gardening project, home and car projects, playing music, active participation on multiple forums, and an surprisingly active social life with other active retired couples we have befriended in our home town. Can't imagine being bored.
Only 39, but this sounds perfect!

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TheTimeLord
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Re: For those planning early retirement....

Post by TheTimeLord » Fri Sep 08, 2017 9:11 am

jabberwockOG wrote:
Fri Sep 08, 2017 12:14 am
Retired 20 months ago at age 60. Loving every minute of it so far. We had always naturally and with minimal effort saved a lot of our income and lived below our means for so many years that it was very easy to transition to a low cost retirement lifestyle. One factor in keeping yearly costs low is not traveling much. We have traveled extensively in the past, but love our very comfortable home and are lucky to live in a beautiful area so we have zero motivation to deal with hassle, cramped dirty airplanes, crowds, risk, and silly expense that makes up most modern day tourist travel experiences. Seems a lot of folks think that taking trips is super important in retirement and that they will be missing out on a fun retirement unless they go on multiple domestic and international trips - arghh, I'd pay money to stay home instead.

Downsized to a much smaller town. Our days and weeks are totally consumed by daily exercise classes and racquet sports, volunteer work with a couple of local charities, community government and environmental issues participation, community gardening project, home and car projects, playing music, active participation on multiple forums, and an surprisingly active social life with other active retired couples we have befriended in our home town. Can't imagine being bored.
Very happy this worked out for you but judging by your description of travel you have gone to much different locales than I have for very different reasons. But one man's heaven is another man's hell. I am sure the majority of BH would find the activities I plan to immerse myself in during retirement as undesirable, uninteresting or overpriced.
Run, You Clever Boy!

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lthenderson
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Re: For those planning early retirement....

Post by lthenderson » Fri Sep 08, 2017 9:23 am

My idea of retirement is for my nest egg to cover all my expenses that I currently have, factoring in inflation, from now until death. I'm not counting on SS, and any savings from when my mortgage gets paid off or the kids finally leave the nest will just add to our slush fund. For us, the big wild card is healthcare but fortunately my spouse still enjoys her job and wants to keep working which gives us health benefits. I got burnt out five years back and quit for awhile. Five years later I still haven't gone back and don't know if I will at this point. Right now we are saving enough money to provide us with healthcare until we reach Medicare age and then we both can be fully retired.

I've been using my "retirement" to fix up houses, get involved in my community through organizations and politics and being a stay at home parent for my two kids. We also have six weeks a year that we spend on vacations.

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VictoriaF
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Re: For those planning early retirement....

Post by VictoriaF » Fri Sep 08, 2017 10:16 am

Coachrhino11 wrote:
Fri Sep 08, 2017 8:02 am
VictoriaF wrote:
Fri Sep 08, 2017 7:37 am
One common mistake retirees make is moving to a low-cost, low-tax area where there is nothing to do and any entertainment requires a long drive.

Upon retirement, I moved to the immediate vicinity of Washington, D.C. Here, I have access to enough free events to keep me entertained around the clock. Most people know about free Smithsonian museums, but there is much more than that. We have numerous embassies organizing free events. Many thinktanks offer free public lectures and seminars. Government agencies such as the FTC organize excellent free conferences. One can frequent the Supreme Court, the Capital Hill, and the Library of Congress, all of which are free of course.

Living within walking distance of places of interest and public transportation greatly reduces my reliance on the car. My car is now over 20 years old, I use it on average 3 times per month, and the cost of the gasoline and maintenance is minimal.

I travel a lot and participate in local activities that are not free, but that's beside the point. The point is that my quality of life in retirement is much higher in a higher-cost area, and the total expenses are not much higher.

Victoria
Drove my Jeep with top down this morning and would never give it up in this lifetime for public transportation! I took enough public transportation in college to get me through the next life, but to each their own. Many people including my wife and I have no desire to live in large, crowded, expensive city in retirement. My MNL is more like you though, great thing everyone doesn't wish to live in smaller areas or they wouldn't be small.
I would not mind to be in a Jeep on an African safari, but I don't consider sitting in a Jeep a worthwhile way to spend retirement.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

hoops777
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Re: For those planning early retirement....

Post by hoops777 » Fri Sep 08, 2017 10:57 am

The one thing this topic has proved is that people have their own interests and that one persons heaven might be another persons hell :D
I just retired rather unexpectedly at 65 and the highlight of my life is the two full days we spend a week babysitting our 3 year old grandson :)
K.I.S.S........so easy to say so difficult to do.

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jabberwockOG
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Re: For those planning early retirement....

Post by jabberwockOG » Fri Sep 08, 2017 11:56 am

hoops777 wrote:
Fri Sep 08, 2017 10:57 am
The one thing this topic has proved is that people have their own interests and that one persons heaven might be another persons hell :D
I just retired rather unexpectedly at 65 and the highlight of my life is the two full days we spend a week babysitting our 3 year old grandson :)
100% agree - One of the best things to see on a forum like this is significantly different views and perspectives of what it means and what is required to live a meaningful and fulfilling retirement. There is no right answer but there is certainly great value in seeing/hearing about other folk's unique experience and perspectives.

scrabbler1
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Re: For those planning early retirement....

Post by scrabbler1 » Fri Sep 08, 2017 12:33 pm

JBTX wrote:
Thu Sep 07, 2017 8:39 am
For those seeking FI and with plans on retiring early:

1. What do you plan to do after you retire and how do you plan to pay for it? I often see people in here who leave very frugal lives. I am wondering what sort of post retirement activities fit into these austere personal budgets

2. Have you ever taken any significant length of time off during your careers?

Edit: also interested in how #1 has played out for those that have retired early!
I retired nearly 9 years ago at age 45. For me, the best part of being retired is not having the long, awful commute I had in my working days, even as little as 2 days a week at the end of the 7 years of working part-time. e condition of retiring was that there would be no change to my day-to-day lifestyle. I'm not into traveling and my hobbies and activities are local and low cost.

I built into my retirement budget a cushion, or surplus, to handle any small, unforeseen expenses. If something arises which costs me some $$, I don't worry about it busting my budget.

If you want to read more about early retirement, there is a great forum like this one with a lot f members who discuss it. It is www.early-retirement.org .

hale2
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Re: For those planning early retirement....

Post by hale2 » Fri Sep 08, 2017 2:22 pm

VictoriaF wrote:
Fri Sep 08, 2017 10:16 am
Coachrhino11 wrote:
Fri Sep 08, 2017 8:02 am
VictoriaF wrote:
Fri Sep 08, 2017 7:37 am
One common mistake retirees make is moving to a low-cost, low-tax area where there is nothing to do and any entertainment requires a long drive.

Upon retirement, I moved to the immediate vicinity of Washington, D.C. Here, I have access to enough free events to keep me entertained around the clock. Most people know about free Smithsonian museums, but there is much more than that. We have numerous embassies organizing free events. Many thinktanks offer free public lectures and seminars. Government agencies such as the FTC organize excellent free conferences. One can frequent the Supreme Court, the Capital Hill, and the Library of Congress, all of which are free of course.

Living within walking distance of places of interest and public transportation greatly reduces my reliance on the car. My car is now over 20 years old, I use it on average 3 times per month, and the cost of the gasoline and maintenance is minimal.

I travel a lot and participate in local activities that are not free, but that's beside the point. The point is that my quality of life in retirement is much higher in a higher-cost area, and the total expenses are not much higher.

Victoria
Drove my Jeep with top down this morning and would never give it up in this lifetime for public transportation! I took enough public transportation in college to get me through the next life, but to each their own. Many people including my wife and I have no desire to live in large, crowded, expensive city in retirement. My MNL is more like you though, great thing everyone doesn't wish to live in smaller areas or they wouldn't be small.
I would not mind to be in a Jeep on an African safari, but I don't consider sitting in a Jeep a worthwhile way to spend retirement.

Victoria
Everyone is different. I spent enough time in DC that the free events you mention got old after awhile, and in any case were never enough to outweigh the negatives of the weather, crowds protesting different issues, traffic, issues with metro, crime, etc. I ended up in a place where the weather is usually good enough to be outside to enjoy the many free things you can do to maintain an active lifestyle.

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Devil's Advocate
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Re: For those planning early retirement....

Post by Devil's Advocate » Fri Sep 08, 2017 2:54 pm

Everyone is different. I spent enough time in DC that the free events you mention got old after awhile, and in any case were never enough to outweigh the negatives of the weather, crowds protesting different issues, traffic, issues with metro, crime, etc. I ended up in a place where the weather is usually good enough to be outside to enjoy the many free things you can do to maintain an active lifestyle.
That's the beautiful thing about this country. We are allowed to make choices like where we live and work. My views do not negatively affect your pursuit of happiness.

Personally I wouldn't enjoy living in the large urban area. Visiting sure. But peace and quiet is worth alot to my well being.

DA

Faith20879
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Re: For those planning early retirement....

Post by Faith20879 » Fri Sep 08, 2017 3:09 pm

VictoriaF wrote:
Fri Sep 08, 2017 7:37 am
... Here, I have access to enough free events to keep me entertained around the clock. ...
Just FYI, the Hispanic festival is on next weekend (9/16-9/17) at the Mall, wonderful dances, and food. Hope you are in town.

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VictoriaF
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Re: For those planning early retirement....

Post by VictoriaF » Fri Sep 08, 2017 3:12 pm

Faith20879 wrote:
Fri Sep 08, 2017 3:09 pm
VictoriaF wrote:
Fri Sep 08, 2017 7:37 am
... Here, I have access to enough free events to keep me entertained around the clock. ...
Just FYI, the Hispanic festival is on next weekend (9/16-9/17) at the Mall, wonderful dances, and food. Hope you are in town.
Thank you, Faith,

On the 17th we have the Bogleheads meeting with an invited speaker, viewtopic.php?f=9&t=139752&start=100#p3502820. But on the 16th I'll check it out, unless something else comes up.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

indexonlyplease
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Re: For those planning early retirement....

Post by indexonlyplease » Sat Sep 09, 2017 8:14 am

I retired last year for 3 months went back to work for 3 months then retired again at age 52. So my real retiremnet has been 8 months. Nothing in my life has changed except I don't get up early to go to work. Many years ago my wife's mom told us to save but enjoy life along the way. She was right because she died of cancer at 73 but she did enjoy life with my wife's dad. So we did travel, did our hobbies and raised the kids. Saving and investing along the way the best we can. Now in retirment still enjoying life and doing the same.

I have seen so many plan but then nothing changes except you don't go to work. Friend, family and kids keep you around. I don't plan to move because I enjoy South Florida. Expensive place to live yes but this was part of the retirement planing. Also, my wife still wants to work so we are going nowhere for now. But since she is a teacher we have always been able to travel during summer and holidays.

I think the most important part about retirment is to retire with close to the same income when you worked. This way you can still maintain the same lifestyle. I see to many sites about early retirement. Then you constantly have to worry about your investment making it and living off of $25,000 a year. That amount may be ok for some but going from 100k to 25k at age 40, I don't believe will be fun way to enjoy retirement. Also, many of those sites talk about early retirment but they don't tell you how they are making income from the blogs. We won't all be that lucky.

Longest time off while working would be one month vacation.

Retirement great so far.

I have decided to go back to part time instructing in my career. Part time with no weekly obligation will be a nice to spend time in the profession I enjoyed. Don't need the money just enjoy the job.

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