How do you retire early without a guilty conscience?

[athena53]

As for participating in the economy, isn't supplying capital by investing one's lifetime of savings in the markets an important service and contribution? Or is buying a mountain of plastic crap made in China the only way to participate?

Ah, but investment income is "unearned". Just look on any tax form. (I prefer to call it non-wage income.)

Most of us still contribute to the economy in retirement. Just take a look at the Travel board and the Health board (even those of us who are healthy tend to spend a lot on supplements, gym memberships, bicycling equipment, etc.). And some of us still splurge on occasion. The 2 pairs of Western boots I bought last weekend were made in the USA, bought from a bricks-and-mortar store in TX and sold to us by a very competent saleswoman who gave us good advice on how they should fit. I hope she made a nice commission.

 

[marko]

Around these parts, trust-funders are fairly common. They tend to be LYBM-ers so it's not unusual to see someone with a famous family name driving some old heap, and living quietly but comfortably.
( I wonder if having that multigenerational "pension" dulls the need to show off?)

So seeing a 40 yo without a job (and never really had one) is not questioned or saddled with the guilt-trip.

 

[Chuckanut]

Well, your parents may one day be very glad you're rested up and no longer tethered to a j*b when they need someone around.

+1

I love my parents, but it is amazing how quickly they forgot what it is like to have to go to a job 5 days a week, and get most other things done on the weekend. They also forgot how precious a few weeks of vacation a year are.

 

[Dog]

@Chuckanut, sounds like my in-laws :-/


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[ExFlyBoy5]

Well, your parents may one day be very glad you're rested up and no longer tethered to a j*b when they need someone around.

Funny you mention this. Although retired, I do have things to do and I keep myself quite busy. My Dad, however, thinks that my new j*b is to tend to his every need which is a bit bothersome since he is still quite able to be independent and figure things out on his own.

A phone call will often go like so:

Me "Hello?"
Dad "Are you busy?"
Me "Yeah, a little bit. Is something wrong?"
Dad "Oh I'm sorry. Let me ask you (insert some stupid question here)"

I wish I knew of a polite way to tell him to bugger off, but I feel obliged.

 

[marko]

Funny you mention this. Although retired, I do have things to do and I keep myself quite busy. My Dad, however, thinks that my new j*b is to tend to his every need which is a bit bothersome since he is still quite able to be independent and figure things out on his own.

I wish I knew of a polite way to tell him to bugger off, but I feel obliged.

That's nice of you.

Since my RE, I look at helping out with mom's minor (daily) problems as now having the time for the opportunity to help the woman who had to deal with all my crap for 20+ years....I was not an easy child.

I know that one day, that phone will stop ringing, so each day is a gift.

 

[Ally]

You've done a great job of setting yourself up to retire early and I wouldn't worry about what others think. I bet they are trying to make you feel guilty, because they are envious! I am getting ready to retire in June and my husband has been retired for a year. He has a nice pension, with survivor's benefits, which makes it possible for us to do this. Not to mention, we are also frugal and drive 10 year old cars. I don't feel guilty at all and you shouldn't either. You've earned it.

 

[Teacher Terry]

Marko, you are very wise! I miss both my parents dearly & sure wish I could still be helping them)

 

[AndyS]

In 8 months I turn 50 and eligible to retire (FERS firefighter). INTJ personality type, the youngest of 4 siblings and the first one to retire. My pension will equal my sister’s fulltime income and about 80% of brother’s income. They think I am crazy to give up a well-paying, secure job. Half-jokingly referring to me as lazy, cheating the system and getting away with something I don’t deserve. Co-workers (many living paycheck to paycheck) don’t want to hear how I intentionally lived well below my means to ensure I could retire early.

In addition to the guilty conscience, I’m fretting over not I have enough money after retiring, which seems silly. If I never work again and my investments matched the inflation rate, I should have $45,000/year net until I’m 90 yrs old. That’s $13,000/year more than what I am living on now. In 2008 I took a 4 year sabbatical (aka post-divorce, mid-life crisis, shortly after securing my 20 years as a firefighter), with no pension, small savings, no health insurance and no guarantee of any PT income. I managed just fine on $30,000/year PT income. Now I am expecting a pension that guarantees I can maintain my current spending in addition to a healthy nest egg and that same PT income potential and yet I’m worried about money. What the heck happened to me?

The Numbers:
· Personal: Single (divorced in 2006 and no, he does not qualify to get any of my pension), no kids, one awesome dog, painfully frugal, fit and healthy.
· Salary: $76,000 + $20,000 OT. Twice my needs.
· Current expenses: $32,000/yr, $2650/mo (based on 6 years of religious tracking)
· Debt: Zilch, zippo.
· Savings: $120,000 cash, $300,000 IRA/401K (mutual & L funds). Yes, I should have more, but I am playing catch up after the divorce.
· FERS Pension: $40,500 gross, $32,500 net after St/Fed tax and health ins. Includes COLAs.
· PT Income potential: $20,000-30,000/year for 6 years.
· Housing: I rent a 2 BR house w/ garage on 5 acres for $800/mo. Utilities inc.

Retirement plan:
· Travel more. Road trips to visit family/friends, camping/hiking, exploring. I don’t anticipate a significant increase in my expenses, except for car/moto gas & maint and 2-3 month cheap vaca rental.
· A couple of months each winter in Mexico or other warm locale, camping or short-term rentals, as I did during my work sabbatical.
· April thru October in current location to facilitate PT work which could be more that planned due to established work connections.
· Keep renting, I know it seems silly to pay rent for a house I’m not using year around, but it’s a great situation that would be hard to duplicate for the price. And I don’t want to live out of a storage unit or a suitcase.
· Initially, pull $6,500/yr. from savings to supplement pension for a total of $39,000/yr, $3250/mo. for $600/mo more than current.
· Save PT income until reaching a cash total of $150,000+, likely to occur after 2-3 years. After that enjoy the rest of the income (or more likely, keep saving since I find it hard to spend money indiscriminately).
· After age 56, consider using savings to buy a small place/condo where I can settle into full retirement. Or not.

Make sense?? See any wholes in my logic? Muchas gracias.

I retired FERS at 50 about five years ago with no guilt whatsoever. Afterwards I had a job with a govt contractor for about 10 months that really kind of s*cked so I swore off working for anyone else forever.

But I'm not the kind of person who feels like they always have to be doing something productive or actively earning money somehow.

 

[irishgal]

Funny you mention this. Although retired, I do have things to do and I keep myself quite busy. My Dad, however, thinks that my new j*b is to tend to his every need which is a bit bothersome since he is still quite able to be independent and figure things out on his own.

A phone call will often go like so:

Me "Hello?"
Dad "Are you busy?"
Me "Yeah, a little bit. Is something wrong?"
Dad "Oh I'm sorry. Let me ask you (insert some stupid question here)"

I wish I knew of a polite way to tell him to bugger off, but I feel obliged.

Oh wow are we sharing the same dad? I get the same thing, I'm still working and traveling for work. My dad will call or text and say to give him a call- since my mom is terminally ill I usually call right away and it is usually something like "we planted roses in front of the house and it took all day". Ugh....


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[Walt34]

But I'm not the kind of person who feels like they always have to be doing something productive or actively earning money somehow.

There are several of us on the forum busily (?!) perfecting the art of loafing, goofing off, putzing around the house, and in general accomplishing as little as possible.

Think of it as achieving Wally's dream.

 

[ExFlyBoy5]

Oh wow are we sharing the same dad? I get the same thing, I'm still working and traveling for work. My dad will call or text and say to give him a call- since my mom is terminally ill I usually call right away and it is usually something like "we planted roses in front of the house and it took all day". Ugh....


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Perhaps! Don't get me wrong...I love him more than anything and almost always it's not a bother to field his calls or requests. And I do know the day will come when the calls and crazy chain e-mails will stop and I will long for these 'annoying' days again.

Sent from my mobile device so please excuse grammatical errors.

 

[Romeretiree]

They just jealous


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[CarlosV]

Shelnut,

Nothing to feel guilty about although I know what you mean. I retired at 52 with an indexed DB pension that pays me $4,300 after tax and medical dental premium have been paid. It can make for awkward conversations with friends and acquaintances who have to work another 15 years or so. So, I don't feel guilty,but a bit awkward...It gets better with time though, especially as you move closer to the typical retirement age yourself.

In reading your post, it looks like you are in good shape and have a plan. Even with a somewhat reduced income it all comes down to how much one spends being more important than how much one makes. Pull the trigger if you haven't already. Regards.

 

[sengsational]

Romeretiree, Interesting choice of a first post. You might consider going into Hi, I am... - Early Retirement & Financial Independence Community and making a post. Your user name sounds like the post might be interesting.

CarolosV, That looks like a tidy set-up...not many of those left!

 

[LinCella]

I find that other people like me to feel guilty. I also have a pension from a local government agency and there are people who think I'm living the life and that I don't deserve it. I worked for 28 years at low pay and hardly any room for advancement. I also put in to my retirement. I know I'm lucky, very lucky.

I never complained when all the dot.comers were making tons of money and now I get grief from them.

Stay away from those that throw that shade on you and enjoy retirement!

 

[LinCella]

<---------loafer here! And loving it!

 

[Henry Lili]

I feel bad at times for my long term GF who is not FI and works at a job she hates. That said, when guilt slips in I recall the financial decisions she made over the years against any advice I gave (to the tune of "who are you, my Father") and the times I clearly stated that I had no intention of working "to the grave." So, I continue to cover our housing and she covers her personal expenses. If anyone should be upset it should be me If she stayed on the path she was on when we met, we'd be discussing how many weeks to spend down south in the Winter and other such things. But, no. No end in sight for her dependence on a JOB. And any FI for her would be on me and drive a too high WD rate at this point, 48yo, for my level of comfort.

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[brewer12345]

First, thank you for your service as a Forest Service firefighter. I appreciate what you did for all those years both on the level of savings lives and stuff, but also because your efforts preserved some of the beautiful landscape here in God's country.


Don't feel guilty. You earned it. Besides, once you have had some time to rest and recover you will be amazed at what takes your fancy. Often it is stuff that is wonderfully helpful to friends, family, neighbors, community, etc. Get on with the next chapter of your life, one in which you are only accountable to yourself.

 

[Hyper]

I'd like to have a nickel for each time I was told "can't take it with you so might as well spend it"

 

[razztazz]

I'd like to have a nickel for each time I was told "can't take it with you so might as well spend it"

Me too. I decided to spend it all. Very slowly. Over 40 or 50 years