How to explain FIRE to (soon) ex-coworkers

[FI by 2024]

@ 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?

No they know I'm taking those things into account, they just can't fathom living on ~$50K per year (which is what my retirement will hopefully be, in 2016 dollars). And they also don't believe that the $15-20K per year I'll pull from investments will add enough either. Yes. They seriously don't believe a single adult can live on $65-70K per year. One guy I spoke to said he couldn't fathom anybody living on less than $100K per year. It makes you wonder what they think the enlisted guys with families are doing. They are seriously out of touch.

I'm looking at "never work for pay" retirement. Lots of volunteering and maybe opening up my own non-profit.

 

[brett]

The bottom line....the savvy ones will get it-they know the score and hardly need an explanation.

The others won't and no amount of explaining will make them really 'get it'. They probably never will.

Just say goodbye.

 

[dtbach]

Funny, I never got asked many questions when retiring from Mega-Corp but my wife who decided to work a couple of extra years as a receptionist at an Eye Clinic is getting all kinds of questions!

"How can you possibly retire?" She just tells them that hubby did an OK job, has checked the numbers (endlessly) and that "she can". She says its amazing how many stick stick out their tongue or grimace at her.

At least she says she is enjoying it. Only 11 days left for her.

But I'm the one who is nervous now. Can't sneak a cigar on the porch as often. . . .

 

[Retirement Nerd]

No they know I'm taking those things into account, they just can't fathom living on ~$50K per year (which is what my retirement will hopefully be, in 2016 dollars). And they also don't believe that the $15-20K per year I'll pull from investments will add enough either. Yes. They seriously don't believe a single adult can live on $65-70K per year. One guy I spoke to said he couldn't fathom anybody living on less than $100K per year. It makes you wonder what they think the enlisted guys with families are doing. They are seriously out of touch.

I'm looking at "never work for pay" retirement. Lots of volunteering and maybe opening up my own non-profit.

Yeah, it certainly sounds like most of the people you are talking to are still in the "make lots of money" mode. Maybe because of debt and the responsibilities of family (and just not knowing)?

Looking at the fact when you are retired you are no longer saving for retirement, means you do not need as much money as you once did. And again, having no debt is a huge deal. More than many people realize.

Volunteering is awesome. You can make your own hours and bounce around to different interests. Never a shortage for volunteers. Starting a non-profit, a noble cause indeed, but remember it's a passion that can quickly become full-time work that you will be married to. Not as easy to walk away or switch gears.

Thank goodness we have a site like this. I think many people here have felt the doubt from others. Especially those who have been fortunate to leave work in their 40's or 50's. No one seems to doubt it if someone is in their 60's and is retiring, but any sooner, and there are people who can't believe it and have serious doubts. It leaves you wondering, "Am I missing something?"

Looking just at your military pension, low cost retiree medical (which is a huge deal), and being able to pull $20k a year from additional sources, is great. Heck, with no debt, and depending on where you live, most people are having their living expenses covered on $25-30k (or even less) a year. Anything above that is "bonus"!

 

[JohnnyBGoode]

As a follow up, my boss and I let the team know today about my pending departure into "retirement". It was going to be concluded at the end of March, but I agreed (reluctantly) to do part-time throughout April - though it will be from home/our store and won't be too burdensome.

The reactions were quite interesting. There were actually some very sad reactions that I was leaving (which was touching for sure) and some heartfelt congratulations and good-natured jealousy.

But a common reaction was disbelief. Not that I was leaving prior to 65 (or whatever) of my own volition, but that such a thing was even possible. It was like most folks haven't even considered possibility of FIRE and/or are so deeply upside-down financially that is isn't within the realm of possibility.

 

[ugeauxgirl]

No they know I'm taking those things into account, they just can't fathom living on ~$50K per year (which is what my retirement will hopefully be, in 2016 dollars). And they also don't believe that the $15-20K per year I'll pull from investments will add enough either. Yes. They seriously don't believe a single adult can live on $65-70K per year. One guy I spoke to said he couldn't fathom anybody living on less than $100K per year. It makes you wonder what they think the enlisted guys with families are doing. They are seriously out of touch.

Yes- same for me. For years my colleagues have been laughing at what I drive (currently a Mazda6- I love it) as they all drive luxury cars. But I have been laughing all the way to the bank. I probably also have a more modest home, but everything I own is PAID FOR, which is why- even with 2 children we easily live on 60K per year (before taxes) and can afford to retire.

 

[athena53]

I'm socializing more now with an "alumni" group from the place where I worked before my final employer. Many didn't know I'd retired. I just tell them the politics got toxic at the new place and after 18 months I looked at my numbers and decided I didn't have to work for a living anymore so I quit. No one has asked for any more details.