How to explain FIRE to (soon) ex-coworkers

[JohnnyBGoode]

Thank you everyone for your responses! I expect it will be equally smooth at my w*rk, but it was good to hear how it went for you.

 

[Amethyst]

I got, "I'm envious! Take me with you!"

and

"Are you coming back as a contractor?"

and

"You're too young to retire" (meant as a compliment, not a criticism. Nobody really thought I was too young).

 

[jollystomper]

Congrats on your plans. I am also targeting giving the same notification around the March/April timeframe. The main thing I have observed, for those ant my job who already FIREd. was that they did it quietly and humbly. Most gave simple answers - as mentioned above - to "what will you do now?" They never discussed their financial situation - even when some nosy pressed, the most they would say is "we are going to live modestly, we think we'll be fine". I'm going to follow their lead.

 

[Meadbh]

I think most people in the workplace understand that they are not owed any detailed explanation about a retiree's financial details. If they think otherwise, they are being nosy.

 

[mystang52]

I/we was/were blessed, and am/are eternally grateful. The plan came together.

Along the same lines, my response was merely "we've been fortunate." Never got a follow-up question to that response, and it avoided any discussion of LBYM.

 

[CardsFan]

I worked in an engineering environment. My peers were around my age, some are close, others need more time, but all were supportive, and asked few questions.

I was actually more impressed by some of the younger ones, who "get it". They save, LBYM and want to retire early. Hopefully future members here!

 

[mrfeh]

Nobody asked me anything about dough.

Just the usual;

What are you going to do?
Are you going to move?

Stuff like that.

+1

Cut down to 16 hrs/week last year. Thought it was interesting that people referred to me as "semi-retired" instead of "part-timer".

Nobody brought up finances.

 

[euro]

Everyone handles things differently. For me, it didn't really bother me what others thought or said. I made the final decision to retire on a weekend, told my boss and his boss on Monday, and started making plans to turnover my job to others almost immediately. When people asked, I just told them the truth.... I felt like it was a good time to retire and I was fortunate enough to be able to handle it financially. I was really looking forward to more free time with my family and I wished them all the very best. I've actually kept up with several of them and still enjoy talking to them. No one asked intimate financial questions and I would have just politely refused answers if they had.

BTW - Congradulations that you can ER!

Pretty much exactly how it went for me.

 

[Retirement Nerd]

I'm kind of in the same boat. My goal (12 months to go and counting), is to retire from my profession and continue doing various things that interest me. Semi-retirement is what I am shooting for. I am already hearing the questions from people I have told. Like, "What are you going to do?" My answer: "Whatever I want."

I have some ideas, but all of them center on things that are outside my current profession (where folks usually retire from one place and just move to another similar place with similar headaches and demands).

I haven't told my co-workers yet, but I can think of at least one that will likely be jealous. But the reality is, that person probably has bills and responsibilities that are making him miserable. I can't control that.

 

[ugeauxgirl]

I've about decided that I'm going to tell the people I like the truth- maybe we'll have a conversation about it. The people I don't like I'm going to reply that I have decided to be a stay at home mom- which I have found to be a conversation ender (to my mostly male colleagues anyway)! That might not be an option for you though!

 

[Done]

I told coworkers I was focusing on my real estate and investments, and most were excited for me. Some figured out that this would require much less time and asked the obligatory "What will you do all day?" Only a couple wanted to know my secret, to which I replied, "Buy real estate... a long time ago," before going into a better explanation. I was careful to not refer to this period as retirement, but if others called it that I just chuckled. How great would THAT be?

 

[tfudtuckerpucker]

I've been asked this question (what do you do all day?) a lot lately. I think most people don't really want to know what you do during the day, but rather they are thinking what they might do in retirement. I have prepared a short list of things that I share. And then maybe ask them what they might do all day when retired, or what they do, now they are retired. Occasionally I might respond with "Why do you ask?", to help them clarify why they are asking, and to help me understand why they are asking. Do they want some suggestions on how to navigate this new part of their life?

A few people don't realize it's an inherently intrusive question, and continue to probe. Unfortunately it's usually a relative. "No, what do you DO all day?!" I haven't used this answer yet, but I might try it out sometime.
"Well you know, it's a real problem. Since I retired I've found I've become a real busybody, and feel the need to pry into other people's affairs. Do you think I should see a counselor?"

 

[kaudrey]

All -



Yes, I can say I will be w*rking at our small business, but there is no way folks won't know it is a tremendous pay cut compared with profitable high-tech firm and wouldn't be an option for them if they were in my shoes.


Thanks!

Why would they need to know this? If you don't want questions, I would just say exactly that - "DW and I have a small business and I want to dedicate myself to that."

 

[Retirement Nerd]

I've about decided that I'm going to tell the people I like the truth- maybe we'll have a conversation about it. The people I don't like I'm going to reply that I have decided to be a stay at home mom- which I have found to be a conversation ender (to my mostly male colleagues anyway)! That might not be an option for you though!

@ugeauxgirl - You know, I'm just silly enough to use that line ("To be a stay at home mom")!

I am also considering, "To go live under a bridge." or "Going to become a sugar daddy."

 

[socca]

"Going to become a sugar daddy."

Or: "Going to look for a sugar mommy"

 

[Retirement Nerd]

Well there's a thought.

 

[brett]

I do not understand the need to say anything....other than goodbye it's been a slice. What is there to explain?

Your co workers can figure this one out by themselves.

 

[Souschef]

I tell them I will be living in a trailer down by the river (Thank you Chris Farley RIP).
What I do not tell them it is a paid for brand new manufactured home in a +55 well kept mobile home park. It is near (but not too near) the Santa Clara River.

 

[Nords]

Question for you already-FIRE'd types. How did you deal with questions from co-workers? Right now my boss and the CEO both know, but we will keep it under wraps for a few more weeks.

The short answer is that your FIRE announcement will separate your co-workers from your real friends. In a good way.

The best way to avoid office ambushes is to very publicly spread the word about your last day in the office, but then leave very early that morning... or even the afternoon before. You can always meet people somewhere else for lunch or coffee, and the ones who care will make the effort to show up.

 

[UnrealizedPotential]

All -

I am making good progress on my FIRE plans. My plan is to w*rk until end of March/Mid April and then "retire" to work in the Small Business my DW and I own. It probably will be a fair bit of w*rk as well, but will be much more flexible and no more working for the "man".

I've been fortunate enough to work in high-tech for my career and have been part of two acquisitions and one IPO - all of which resulted in stock, options, or both. That, plus LBYM and conservative financial planning have put us in a good position. I am 50 yo, so not super young, but clearly ahead of most Americans (though not necessarily those on this forum )

Question for you already-FIRE'd types. How did you deal with questions from co-workers? Right now my boss and the CEO both know, but we will keep it under wraps for a few more weeks.

I don't mind sharing financial details here, but I really don't need folks at w*rk knowing my business. But the fact I can FIRE kinda puts my finances out there for all to see and discuss. How did you all handle it? I expect there could be a variety of reactions and good-natured ribbing, but some resentment as well? The folks here are all quite nice, but I generally would prefer to stay kinda under the radar - doesn't seem like it will be possible.

Yes, I can say I will be w*rking at our small business, but there is no way folks won't know it is a tremendous pay cut compared with profitable high-tech firm and wouldn't be an option for them if they were in my shoes.

Would love to know your strategy/approach. Or if this has been asked, a pointer to relevant threads as well.

Thanks!

I did not explain anything to anyone. So I let my leaving do the talking.

 

[kcowan]

There were always rumours about my wealth because I had a huge house and a classy car as well as Hugo Boss suits. Aside from the cars, a personal extravagance that happened to pay off, all the other items were savings strategies.

The other LBYM items was never obvious at work.

 

[Retirement Nerd]

I'm not retired, but when I talk about my FIRE plans I get one of two reactions. The small percentage that know what FIRE is congratulate me and assume I'll be good (I'm military, so our pension is outstanding). The vast majority of people, though, immediately launch into "you don't know what you are talking about, you haven't yet realized how expensive life is (I've been living on my own for 17 years), your plan will never work" yada yada yada. I actually would prefer for someone to ask numbers questions so I could spread some knowledge, but instead it's a lot of ignorance and assumptions that is quite frankly a little insulting.

@ FI 2024 - My guess would be they are assuming since the military often covers living expenses (e.g. BAH, BAS), your colleagues think you are not taking into account your retirement check is going to be less than your over-all take home active duty pay. Take in account there are people who retire from the military with debt (at least with a mortgage and a car payment), and there also, your co-workers are thinking you aren't understanding the big picture. The simple math is: if all your living expenses are lower than what you are bringing in, you're golden.

Are you looking at semi-retirement or trying for full fledged "never work again" retirement?

 

[ugeauxgirl]

Actually I think its the general reaction from people who assume the standard plan (save 10% and work till you're eligible for social security) is the only way to do it. I work in financial services- all of my colleagues either do or should know how this works- and I get that same reaction. One older colleague asked me (with an incredulous expression) if I was sure I had enough. After 20 years doing this for a living? Yeah, I am sure. Thanks for asking.

 

[Big_Hitter]

^ try 20%

 

[Retirement Nerd]

Actually I think its the general reaction from people who assume the standard plan (save 10% and work till you're eligible for social security) is the only way to do it. I work in financial services- all of my colleagues either do or should know how this works- and I get that same reaction. One older colleague asked me (with an incredulous expression) if I was sure I had enough. After 20 years doing this for a living? Yeah, I am sure. Thanks for asking.

You have a point. Many people just don't know step 1 of what they need to focus on financially. Couple this with the fact the articles you often read are about retiring at 65 or older, and most folks accept the fact that 65+ is where you'll need to be in order to retire. I think also because 65 is when Medicare kicks in.