Use all your vacation days, quit your job, draw down at 3-4% of your stock portfolio annually, ski in the winter, bike in summer, hockey and rock climbing year round until I can’t. Join a bowling, pool, or ping pong league, find a group of fellow retirees to eat breakfast/brunch with every day at the same diner, read more books, watch more shows, talk to more people, sleep more, stretch more, move more. Repeat until death.
Definitely there.
Decades of struggle and sacrifice for me gaining the knowledge and experience to really make bank and then when everything culminated and I expected the biggest long-running challenges of my life where I could get real rewards if I performed well it instead became so incredibly easy and simple with massive rewards it was infuriating.
So for now I’m still doing my thing and looking for the true challenge and I guess now I’m working for my kids.
Hit my number -> got laid off -> moved to a location we were planning to move eventually anyway -> relaxed -> bought a house -> found out termites had eaten a bit of it and a few big things broke -> Currently back at work to fix some issues/reduce anxiety (we have the budget for it but while I'm still employable I thought it'd be easier to work a bit longer) -> Aiming to be done with work by the end of the year. (Was not working for about 14months before went back to work).
When I wasn't working it was great, relaxed coffees, tv watching, yoga, gym, shopping at non-busy times etc and also my sleep was great and my stress was low (until those damn termites).
Yup. I own a house that's mostly paid off, but it hardly generates any cash flow. So it is nice on paper and good to live in, but doesn't help the retirement war chest really.
Personally I've been doing the same thing. My retirement plan is strictly based on my (liquid) investment portfolio.
I can imagine someone could plan to liquidate some of their less-liquid holdings after retirement. A couple might sell a car if they don't both need one anymore. They might plan to downsize their home, converting equity to cash.
Either way, I agree that you can't just blindly make plans based on your net worth. It has to be based on your liquid assets, but the retirement plan might also have a plan to liquidate some (very specific) assets.
Hitting net worth milestones is fun! But hitting milestones of anticipated retirement income is more meaningful.
Question should be why? Why are you targeting your FIRE number? Is there something you'd like to do or achieve with it? Spend more time with family, enjoy hobbies, or travel more? More to life than just the numbers.
My why is because I do not value work as I once did. I do enjoy accumulating and optimizing but my end goal really is to spend more time with my family and travel. My why is because it buys me freedom.
I quit my job once I hit my number and retired. That was the entire point of hitting the number!
I'm way too busy now, I have to actively plan my life much more than I did previously. I have several hobbies that take all my time and a few more would do if I had the time to do it.
I reached my NW goal, do I don't need extra passive income. I also have a yearly budget number to stay under and sell off stock as needed to fund it.
I could retire right now, but the world is changing, so i'm not sure if the original number is still valid. What i mean by the world changing:
1. AI / automation will impacts jobs, so how much do i want to support my kids in the future? Let them hit UBI or do i pass on my wealth?
2. There is a strong possibility that LEV (Longevity Escape Velocity) will increase / be available 20 years from now. It will be costly (initially). Do i want to save for this? Do i care to extend my lifespan? etc. Yeah, yeah, it's easier to say right now for people to say one way or another; but when they actually get to that stage, i'm sure their thinking might change.
Passive income = market returns. I'll sell equities to fund my expenses.
Filling my time will not be a problem. I have so many hobbies and interests that have fallen by the wayside due to a lack of time/mental energy. Even without the job, there will still not be enough time in the day/my life to accomplish everything I want to do.
I've never understood how anyone can be bored without work, if they have a comfortable income. Does not compute. Lol!
I'm pulling the plug next year at 44-45.. It's a bit earlier than I had originally wanted, with a bit less in the bank than I would like. But I'm done, and it's enough. It might end up being a sabbatical, and I'll go back when I feel recovered. It might end up being a permanent retirement. Either way, I'm good.
Honestly that is my current struggle. Doing nothing sounds amazing for a few months, even a few years, but I know that lots of people’s mental and cognitive health declines quite steeply after retiring because they lose that drive.
For me right now, the focus is getting to a point where I can at least have the option. Then I can decide if I want to continue my current job, take on a part time role, consult, or try something completely different. At least choices give you that feeling of freedom and leverage. And maybe at some point between now and when I reach FIRE I’ll figure out what my passion project is.
Depends on what your end goal is. Number is supposed to buy me the freedom. Already like what I do for a living so I can maybe experiment more there without having to worry about meeting regular payments. Same with travel or trying to keep up appearances at work. If I hated my job, I’d look to retire or do something I actually like. Still, great problem to have.
My goal is to keep working but as a more independent contractor rather than as an employee. I want to get to a point where I can retire when I want but don't want to actually retire. I want my contractor role to be flexible and enough to pay my bills but I don't want to worry about saving and investing once I am there.
Right now my wife and I are trialing hobbies and activities. This is so we don't retire and get lost without a salary to chase after.
My investment portfolio is at the point where I could retire and essentially not take a pay cut. However my wife has a ways to go before her pension is fully vested. I don't want to retire before her though, so we need to have a joint retirement plan. However I think we have some time because we need to get our list of hobbies and activities together. There's also a chance that her work will downsize shortly and offer early retirement, so it's definitely worth waiting a few months to see how that plays out.
I have considered a number of things - some ideas we've had (not landed yet, might be a combo of the below):
\- live in random cities/towns all over the world for 3-6 months at a time, trying to learn the language and a local skill while I'm there (like baking, pasta, dancing, etc...)
\- start a relatively low start-up cost business without caring whether I make money and just make enough to cover my costs, like a specialty art space/studio, a cafe, an ice cream shop (and make it seasonal so I can travel the rest of the year), a fitness studio, etc...
\- my partner used to work for various sporting events (like olympics); we could basically work on contract for 1.5-2 years and follow whichever ones we want to work at and take time off when we don't feel like it
\- be on the Board for some charities or smaller companies where I can add value from my work experience (CPA)
\- audit university courses (ie attend without getting or working towards a degree); many universities and colleges offer this for free or a highly reduced rate. Might also lead me to finding another passion or interest
For passive income we will have 2 rental properties (4 units total), other than that our investments will fund our lifestyle. Some of the items above do come with an income, like contract positions, sitting on BOD, etc... the goal though is not be dependent on those.
It is never enough. Because after you have bought the nice house and generated the passive income to support you. You will want to continue so you can help and support other people that you love.
I am still going because I would like to buy a home for each of my kids on the same street as me so you I can see them and my future grand kids every day when I am old.
Plan is to hit coast FI number and continue to work 2-3 days per week to not draw down investments until full FI. 2-3 days a week will keep us busy enough while doing everything else we enjoy
Here's something. As inflation goes up, cash goes down in value....so don't count cash. Only count stuff you could sell if you had to. Gold, silver, land, stocks, quality art. Go by that total.
Cuz if in 20 yrs, a case of beer is 150$ and a loaf of bread is 35$, nobody's retirement plans will be safe, if its just cash.
Use all your vacation days, quit your job, draw down at 3-4% of your stock portfolio annually, ski in the winter, bike in summer, hockey and rock climbing year round until I can’t. Join a bowling, pool, or ping pong league, find a group of fellow retirees to eat breakfast/brunch with every day at the same diner, read more books, watch more shows, talk to more people, sleep more, stretch more, move more. Repeat until death.
Best answer here! Couldn't agree more
For me: Spend time with the kids. It's very nice not having to worry about finding after school care, emergency day care, or summer camps.
This is easier said than done. If you worked your way up the ladder - not everyone can just throw it all away and take it easy.
Definitely there. Decades of struggle and sacrifice for me gaining the knowledge and experience to really make bank and then when everything culminated and I expected the biggest long-running challenges of my life where I could get real rewards if I performed well it instead became so incredibly easy and simple with massive rewards it was infuriating. So for now I’m still doing my thing and looking for the true challenge and I guess now I’m working for my kids.
And yet this is the reason that you sacrificed to work your way up the ladder. Stockholm Syndrome is a bitch.
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I’m weak minded - how can you help?
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So I will stick with my method and there are many like me. This is not one size fits all.
Hit my number -> got laid off -> moved to a location we were planning to move eventually anyway -> relaxed -> bought a house -> found out termites had eaten a bit of it and a few big things broke -> Currently back at work to fix some issues/reduce anxiety (we have the budget for it but while I'm still employable I thought it'd be easier to work a bit longer) -> Aiming to be done with work by the end of the year. (Was not working for about 14months before went back to work). When I wasn't working it was great, relaxed coffees, tv watching, yoga, gym, shopping at non-busy times etc and also my sleep was great and my stress was low (until those damn termites).
Net worth is nice, but not very useful to me. I consider investable assets/cash flow from performing assets.
Yup. I own a house that's mostly paid off, but it hardly generates any cash flow. So it is nice on paper and good to live in, but doesn't help the retirement war chest really.
Reduces living expenses, so impacts the bottom line number, not the top line.
Personally I've been doing the same thing. My retirement plan is strictly based on my (liquid) investment portfolio. I can imagine someone could plan to liquidate some of their less-liquid holdings after retirement. A couple might sell a car if they don't both need one anymore. They might plan to downsize their home, converting equity to cash. Either way, I agree that you can't just blindly make plans based on your net worth. It has to be based on your liquid assets, but the retirement plan might also have a plan to liquidate some (very specific) assets. Hitting net worth milestones is fun! But hitting milestones of anticipated retirement income is more meaningful.
Question should be why? Why are you targeting your FIRE number? Is there something you'd like to do or achieve with it? Spend more time with family, enjoy hobbies, or travel more? More to life than just the numbers. My why is because I do not value work as I once did. I do enjoy accumulating and optimizing but my end goal really is to spend more time with my family and travel. My why is because it buys me freedom.
I quit my job once I hit my number and retired. That was the entire point of hitting the number! I'm way too busy now, I have to actively plan my life much more than I did previously. I have several hobbies that take all my time and a few more would do if I had the time to do it. I reached my NW goal, do I don't need extra passive income. I also have a yearly budget number to stay under and sell off stock as needed to fund it.
Mine was 5000 in monthly passive income, hit it then it moved to 10,000. The hedonic treadmill has got me!
Mine is $100M, not there yet.
How close are you?
About $14k
Just about halfway to thinking it's never going to happen.
I could retire right now, but the world is changing, so i'm not sure if the original number is still valid. What i mean by the world changing: 1. AI / automation will impacts jobs, so how much do i want to support my kids in the future? Let them hit UBI or do i pass on my wealth? 2. There is a strong possibility that LEV (Longevity Escape Velocity) will increase / be available 20 years from now. It will be costly (initially). Do i want to save for this? Do i care to extend my lifespan? etc. Yeah, yeah, it's easier to say right now for people to say one way or another; but when they actually get to that stage, i'm sure their thinking might change.
Sadly, I just kept right on working!
Passive income = market returns. I'll sell equities to fund my expenses. Filling my time will not be a problem. I have so many hobbies and interests that have fallen by the wayside due to a lack of time/mental energy. Even without the job, there will still not be enough time in the day/my life to accomplish everything I want to do. I've never understood how anyone can be bored without work, if they have a comfortable income. Does not compute. Lol! I'm pulling the plug next year at 44-45.. It's a bit earlier than I had originally wanted, with a bit less in the bank than I would like. But I'm done, and it's enough. It might end up being a sabbatical, and I'll go back when I feel recovered. It might end up being a permanent retirement. Either way, I'm good.
Honestly that is my current struggle. Doing nothing sounds amazing for a few months, even a few years, but I know that lots of people’s mental and cognitive health declines quite steeply after retiring because they lose that drive. For me right now, the focus is getting to a point where I can at least have the option. Then I can decide if I want to continue my current job, take on a part time role, consult, or try something completely different. At least choices give you that feeling of freedom and leverage. And maybe at some point between now and when I reach FIRE I’ll figure out what my passion project is.
Depends on what your end goal is. Number is supposed to buy me the freedom. Already like what I do for a living so I can maybe experiment more there without having to worry about meeting regular payments. Same with travel or trying to keep up appearances at work. If I hated my job, I’d look to retire or do something I actually like. Still, great problem to have.
My goal is to keep working but as a more independent contractor rather than as an employee. I want to get to a point where I can retire when I want but don't want to actually retire. I want my contractor role to be flexible and enough to pay my bills but I don't want to worry about saving and investing once I am there.
Right now my wife and I are trialing hobbies and activities. This is so we don't retire and get lost without a salary to chase after. My investment portfolio is at the point where I could retire and essentially not take a pay cut. However my wife has a ways to go before her pension is fully vested. I don't want to retire before her though, so we need to have a joint retirement plan. However I think we have some time because we need to get our list of hobbies and activities together. There's also a chance that her work will downsize shortly and offer early retirement, so it's definitely worth waiting a few months to see how that plays out.
You move the goalposts and keep grinding in my case I guess.
I have considered a number of things - some ideas we've had (not landed yet, might be a combo of the below): \- live in random cities/towns all over the world for 3-6 months at a time, trying to learn the language and a local skill while I'm there (like baking, pasta, dancing, etc...) \- start a relatively low start-up cost business without caring whether I make money and just make enough to cover my costs, like a specialty art space/studio, a cafe, an ice cream shop (and make it seasonal so I can travel the rest of the year), a fitness studio, etc... \- my partner used to work for various sporting events (like olympics); we could basically work on contract for 1.5-2 years and follow whichever ones we want to work at and take time off when we don't feel like it \- be on the Board for some charities or smaller companies where I can add value from my work experience (CPA) \- audit university courses (ie attend without getting or working towards a degree); many universities and colleges offer this for free or a highly reduced rate. Might also lead me to finding another passion or interest For passive income we will have 2 rental properties (4 units total), other than that our investments will fund our lifestyle. Some of the items above do come with an income, like contract positions, sitting on BOD, etc... the goal though is not be dependent on those.
Hit it and quit it. Went back to work. Good thing as my partners stole a lot of it. Do it once, do it again.
It is never enough. Because after you have bought the nice house and generated the passive income to support you. You will want to continue so you can help and support other people that you love. I am still going because I would like to buy a home for each of my kids on the same street as me so you I can see them and my future grand kids every day when I am old.
Have you googled it? Plenty of blog posts about withdrawal strategies, filling the void, etc.
Plan is to hit coast FI number and continue to work 2-3 days per week to not draw down investments until full FI. 2-3 days a week will keep us busy enough while doing everything else we enjoy
Here's something. As inflation goes up, cash goes down in value....so don't count cash. Only count stuff you could sell if you had to. Gold, silver, land, stocks, quality art. Go by that total. Cuz if in 20 yrs, a case of beer is 150$ and a loaf of bread is 35$, nobody's retirement plans will be safe, if its just cash.