Wondering if there is anyone on here that has retired early (FIRE Movement)

[Crusader]

My wife and I are into "FIRE" and it has been good and also bad.

I'm currently under 40 and plan to retire at 55. We've technically reached "FI" but "RE" is a different part of the equation. We also set a retirement number but each milestone we hit that number gets bigger.

Until I turn 40 we're keeping our foot on the gas for savings and after that we plan to relax a bit. Go fully remote with a more relaxed role and moving back to a home town in the mountains. Focus on the cruise control portion of the ride instead of accelerating wealth like our goal has been the past 10 years.

My personal downside to FIRE is that I'm incredibly focused on numbers. Even though we hit our "FI" number I haven't been able to adjust my mindset and spend more. I'm worried if I quit any earlier than 55 I would be stressed about the money I wasn't earning. I am not sure if I would get bored, but I sure as hell would be thinking about "if I worked one more year I could buy this much more stuff or make this much more money"

I'm somewhat in the same boat conceptually, though I'm in my early 60s and will retire a year from now. Wife and I have been extremely frugal our whole married life, zero debt, pensions and good SS coming, and a very healthy nest egg that given our lifestyle, may not have to be tapped into until RMDs in my early 70s. BUT, given my mentality and past lifestyle, I am going to have a bit of an adjustment at retirement, allowing myself to spend and be less frugal, to really enjoy retirement and loosen up the purse strings so to speak. Sounds kind of strange, but that's where I am. I guess it's kind of a good place to be, better than not having enough or having to work a lot longer because of a shortfall or being unprepared financially.

 

[NRA4LIFE]

My wife and I had one goal in mind. That was to live no different in retirement as when we were working. We paid off our house (critical for early retirement) when I was 45. We bought all our long term large ticket items while still working also. I've been out almost 7 years and my wife 9. We have barely even touched our savings. My wife's SS kicks in next week and mine in 2 years. Our nephews/nieces are going to be very wealthy when we croak.

 

[Crowmangler]

I'm working towards this as well. I have far too many hobbies/ passions than I currently have time to do so that is one thing I'd like to improve on. Pretty much all of them are physically demanding so I don't wanna have to wait till I can't do what I love/ want to do.
Youngest will graduate high school in summer of 2027 & I'll be 55 so that's the target goal. I started them both a 529 plan when they were born so hopefully that will cover at least the first half of their college.
In my opinion life is about spending time with those you love, enjoying experiences & serving others, not about owning material things.

1 Timothy 6:6
But godliness with contentment is great gain.

 

[fishslap]

I’m 44 and should be able to semi retire at 48 and fully retire at 50. 50-60 will be living off personal investments. I might stay full time until 50 which will give me a nice extra cushion based on my annual savings and retirement contributions.

 

[NCTrees]

Glad to hear some one is like minded! I am in Canada so it is a bit different for health care


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Health care is the one piece of the puzzle that I don’t have an answer to, and will probably be what keeps me working in some capacity well into my 60s. If it’s good up there that’s a game changer. When I was your age it never crossed my mind. But give it a decade or so and that may change.

One thing to keep an eye on as you’re entering later career stages is how automation and AI could impact your trajectory. With an apparent lower percentage of the able workforce participating, businesses that can automate will do so. It’s going to hit both white and blue collar sectors, in odd ways most aren’t thinking about. Do you’re best to insulate yourself from those changes.

On another note in many sectors the 50+ age demographic is smoking hot and is opening up opportunities for people to work part time post “retirement”at really good rates. Not sure that’ll stay the norm but it’s helping a lot of my associates pad their coffers and stay busy enough to keep sharp in their skill sets. In other words if your employer or sector is having trouble finding help it may present an opportunity for you to pull the ripcord when you want. Then, contract back to them them or their competition as an independent consultant working terms you both agree upon.

 

[Wrench]

I've been so close a few times....but then inflation scares the crap out of me.

We've been debt free for 5 or 6 years and written checks for all of our vehicles/boats....but there's some golden handcuffs in my face now. If I tough it out for 12 more years my insurance is paid for life and I can have 5 digits a month to play on.

That's a hard one to walk away from after living through a few economic cycles of boom and bust.

Being debt free was awesome but doing that and not working would be awesomer.

 

[MattB]

My wife and I retired at 52. Early retirement was a long-time goal for us, and the elevated assets values coming out of the pandemic accelerated our plans.

It was a tougher transition than I had anticipated shifting from a very busy and generally rewarding career to being a full time husband and parent.

My wife had a good approach, saying every day in retirement must be lived with purpose. Otherwise, you just fall into the trap of my parents generation where retirement for many just meant “waiting to die”. Sitting in the recliner and watching TV all day every day is a terrible existence.

 

[Gutshot007]

Certainly wise to plan the best you can . I have seen people totally foolish with their income and i've seen people so tight on their financial "goals/plan" that they could not enjoy life at all until the goals are met at age 45 or whatever . Personally try to enjoy every day of life given . I am thankful i have a job i like and it challenges me daily . It is part of me ,but not all . I have family , hobbies and other endeavors . It would be an awful daily existence to hate a job so much that you have it marked on the calender 13 years ,3 months, 9 days, 18 hours and 32 minutes until i retire. Im sure some have to do it . The other thing is plan all you want , life has a way of throwning a wrench in things . Talk to someone that themselves or family member has health problems , the market takes a dive or other adversities of life. Good luck- different strokes for different folks

 

[Dos Perros]

In my opinion life is about spending time with those you love, enjoying experiences & serving others, not about owning material things.

1 Timothy 6:6
But godliness with contentment is great gain.

 

[2-Stix]

We are different people with different drives. I have worked 50-60 hour weeks for the last 25 years. I am 45. I have a young family, a few more business goals and family to steward. I think I can be done at 60. I run my own business. What I find is a good balance is I try for 8 weeks off a year. I no longer work over 40 hours and over staff my construction company to enjoy what I have worked so hard for freedom wise. Work has challenges, relationships, accomplishments and creative that I enjoy. Its knowing yourself and what you want. I will stay very busy in retirement with projects. My house is paid off, so is my small rental and office building. I have no debt, very low overhead and enjoy life with less stress now. That was the goal. It came early...but I can't live off what I have now.

Take time along the way. Hit some goals (paid off house) and slow down enjoy life along the way. I know I can't physically do what I did in my 30's anymore. So taking time along the way I find is key.

For the bible thumpers...the bible never discusses retirement. I think we are to stay active with our time paid or not.

 

[MCS]

I'm 43 now and I started working towards retirement a few years ago. I think I can have my basic expenses covered in 2-3 more years.

I sold my house in Oregon and moved to Tulsa. I purchased my current home with cash and have started buying rental properties. I looked at the fire movement a lot and saving money and putting it into VTSAX would have taken too long. Since moving I'm looking into draining my retirement to purchase more rentals. Why live off 4% when you can live off 12% that you can get from rentals.

 

[ianpadron]

I've been so close a few times....but then inflation scares the crap out of me.

We've been debt free for 5 or 6 years and written checks for all of our vehicles/boats....but there's some golden handcuffs in my face now. If I tough it out for 12 more years my insurance is paid for life and I can have 5 digits a month to play on.

That's a hard one to walk away from after living through a few economic cycles of boom and bust.

Being debt free was awesome but doing that and not working would be awesomer.

Now just imagine if you had financed the toys and pumped that extra lump-sum $$$ into appreciating/cash-flowing assets that would have paid for those toys...

This is where the Dave Ramsey plan misses big time...velocity of money.

 

[2-Stix]

Now just imagine if you had financed the toys and pumped that extra lump-sum $$$ into appreciating/cash-flowing assets that would have paid for those toys...

This is where the Dave Ramsey plan misses big time...velocity of money.

I understand your point and agree. Dave Ramsey is all about safety and debt free. Not about a full investment strategy. He states that very often. If just about freedom of debt first and foremost.

 

[ianpadron]

I'm 43 now and I started working towards retirement a few years ago. I think I can have my basic expenses covered in 2-3 more years.

I sold my house in Oregon and moved to Tulsa. I purchased my current home with cash and have started buying rental properties. I looked at the fire movement a lot and saving money and putting it into VTSAX would have taken too long. Since moving I'm looking into draining my retirement to purchase more rentals. Why live off 4% when you can live off 12% that you can get from rentals.

This guy gets it.

"Tax advantaged" retirement accounts exist solely to ensure the feds continue to get a piece once folks drop out of the work force, and offer basically non-existent velocity.

Owning real estate and other cash flowing assets and leveraging the equity you build to buy more is the quickest way off the hamster wheel for the avg. Joe who doesn't have a multimillion dollar business.

 

[roymunson]

It can certainly be done, my concern is, 15 years ago when I was starting into the work force, if you had $1 million, you were home free. Now I'm concerned that 10x that won't be enough 10 years from now.

I'm blessed enough to have a good income, time freedom, and i enjoy what I'm doing. I'll have a couple businesses to sell when I punch my ticket too...But I've seen a lot of people who thrive from the "action" at work flounder when they don't have that action anymore. They replace it with spending and tear thru what they need to last them to the end.

If I could check out right now, I wouldn't. A bored version of myself is not a good version. I feel I'm called to somethiig higher and have been given the job/career to impact people with it. So I'll keep plugging until I've reached that.

 

[roymunson]

I'm 43 now and I started working towards retirement a few years ago. I think I can have my basic expenses covered in 2-3 more years.

I sold my house in Oregon and moved to Tulsa. I purchased my current home with cash and have started buying rental properties. I looked at the fire movement a lot and saving money and putting it into VTSAX would have taken too long. Since moving I'm looking into draining my retirement to purchase more rentals. Why live off 4% when you can live off 12% that you can get from rentals.

That's a good outlook. Just don't call rentals "passive income". I'm in the service world and have seen what nonsense residential renters do to homes they don't own. It may be good money, but it's not passive. I'd rather go to work. But that's just me.

 

[livingandlearning]

I'm 43 now and I started working towards retirement a few years ago. I think I can have my basic expenses covered in 2-3 more years.

I sold my house in Oregon and moved to Tulsa. I purchased my current home with cash and have started buying rental properties. I looked at the fire movement a lot and saving money and putting it into VTSAX would have taken too long. Since moving I'm looking into draining my retirement to purchase more rentals. Why live off 4% when you can live off 12% that you can get from rentals.

I've had the same thoughts and after doing both, I'll say the VTSAX route is much more passive approach. Dealing with tenants as well as the physical rental itself can be a pain. One could make the argument that you can hire a property manager but that eats into the 12%.

Do you think you may have a different approach if you started with VTSAX at 23 instead of 43? Compounding can be your best friend or your worst enemy.

 

[roymunson]

I understand your point and agree. Dave Ramsey is all about safety and debt free. Not about a full investment strategy. He states that very often. If just about freedom of debt first and foremost.

Dave put my wife and I on the same page. But Dave is like Weight Watchers for dieting. It'll work, but it works best for those who need a black and white plan. Nothing wrong with it. And most who follow it had a super bleak outlook before Dave. So this is better. But there's more than 1 way to skin a cat

 

[wingmaster]

This guy gets it.

"Tax advantaged" retirement accounts exist solely to ensure the feds continue to get a piece once folks drop out of the work force, and offer basically non-existent velocity.

Owning real estate and other cash flowing assets and leveraging the equity you build to buy more is the quickest way off the hamster wheel for the avg. Joe who doesn't have a multimillion dollar business.

Tax-advantaged retirement accounts include Roth IRAs, which doesn't give the government a penny after you pay the initial tax. Health Savings Accounts don't give the government a penny at all if spend on health expenses. It's a pretty obvious strategy for a young person to put money in those accounts. I think dissuading people from tax-advantaged accounts is pretty horrible advice.

 

[ianpadron]

Tax-advantaged retirement accounts include Roth IRAs, which doesn't give the government a penny after you pay the initial tax. Health Savings Accounts don't give the government a penny at all if spend on health expenses. It's a pretty obvious strategy for a young person to put money in those accounts. I think dissuading people from tax-advantaged accounts is pretty horrible advice.

What's the income cap for a Roth? How much can you put in per year? How long does one need to stay on the hamster wheel maxing a Roth until legally allowed to touch that money?

If you think telling people to take charge of their own retirement strategy and not have the feds dictate when they can use their own cheddar is misguided...then sure, terrible advice

If you want to pump $6k a year into your Roth, be disallowed once you surpass the income limit, and then not be able to touch your own money til you're 59.5 years old...have at 'er.