The Phase of ER - Long Time ERers input wanted

[dex]

So I passed my one year ER date this month and I really haven't experienced any surprises. But I’m I sure I don't know what ER has in store for me and that is what I'm interested in learning.

The idea of this thread is to come up with the phases of ER and hopefully it will become a "Best of" for those thinking of ER. So the input by long term ERers would be helpful.

I would suggest you past my list into your post and add and subtract your thoughts from there. As you can see I really haven’t learned how to write. So I hope you get the idea; if not post a question.

Someone could probably take these ideas and incorporate them into a book.

As you can see I can get to Early Retirement Phase 2 but not much further.


A phase is the learning you encounter along the way. It is not a “how to”.

I. Pre - ER
A. Oblivion – working – no thought about ER
B. You realize that a change is needed – but what needs to change has not been identified
C. Explore options to make life happier – What changes might make work more palatable
D. Identify the change really needed - that continuing to work until 62 is not for you
E. Explore if ER is for you and Plan ER – self education; financial, social; and plans for post work life
F. Establish a date for ER and let tell everyone
G. Waiting for the date to become a reality – work begins to loose its importance in your life

II. Early Retirement
A. Phase 1 – Immediately After ER
1. Freedom – no more routines
2. Wrestle with “Buyers Remorse” did I make a mistake – fears creep in

B. Phase 2 – Initial Period after ER
1. “The Check List” do the things you always thought you wanted to do
2. Learn to slow down and allow yourself to savor life
3. Bliss and gratitude for your ability to ER
4. Lulls and boredom - they happen.
5. It sinks in that this is your life and it is your responsibility

C. Phase 3 – Middle Period

D. Phase 4 – Pen Ultimate Period

E. Phase 5? – Ultimate Period - Master of RE - You are realizing your full potential as a human being.

[REWahoo]

dex, after recently passing the two year mark, I can accurately define only two phases: Before ER and After ER. After is better...much better.

[Martha]

I am not a long term retiree, it has been only 6 months. But sometimes things don't work out at all like you would expect. Life intervenes.

[donheff]

Two an one half years in - my check list would be different. I think experiences will vary dramatically depending on when and why someone ER'd.

[cute fuzzy bunny]

Martha sure has it right...life does intervene a little bit.

I'm into six years.

I've had these phases...

- Woo hoo! I'm on vacation for a year! Beach time!!!
- Woo hoo! I dont need to go back to work for a while, maybe never!
- Guess I need to make my portfolio a little less risky.
- Doing all the stuff I've always wanted to do!
- Holy crap, look at the market going down! Good thing I got more conservative!
- Woo hoo! If I downsize a little I can still never go back!
- Woo hoo! Look at this firecalc thing and all these other ER people...they all say I dont ever have to go back!
- Looks like I should readjust my portfolio towards index funds and asset allocation from managed and concentrated funds.
- Woo hoo! Look at the market going up!
- Holy crap! Woo Hoo! i'm married!
- Woo hoo! I'm having a son!
- Looks like I should readjust my portfolio to accommodate a part time working wife and upcoming college expenses...
- Woo hoo! We're upsizing the house

[LOL!]

When do you get to the point where you don't need a checklist?

[cute fuzzy bunny]

I didnt until someone asked for one

[ScottFromUtah]

I'm a year away from ER (actually not that much early, age 63½), but I'm already going through some Pre-ER phases.

• Dream: How would it be to ER?
• Indecision: Yes I can, no I can't, yes I can, no I can't...
• Physical challenges: My atrial fibrillation, DW's planar fasciitis, etc. These things push us toward ER.
• Run the numbers: FireCalc, budget, retirement spreadsheets, ad nauseum.
• Decision: We will retire July 2008.
• Excitement: Woo hoo, we are actually retiring
• Buyer's remorse: What if things don't go well? Will we run out of money? Will we have the physical health to accomplish our post-ER goals?
• Full or partial ER? Will we cut ties with all our income-bearing activities? We decide that we would quit our university jobs but continue our part-time textbook writing (which is currently worth about $100,000 per year).
• Acceptance: We will adjust our writing, our portfolio, and our spending as we go to make sure we can finance our retirement and accomplish our post-retirement goals.

That's as far as we've gotten, with a lot of emotional ups and downs in between.

[Helena]

I just retired last month and I am still adjusting to all the free time...
it seems like I am only on vacation... or in a nice dream and the
alarm clock will soon wake me at 6am.

[kcowan]

I. Pre - ER
A. Oblivion – working – no thought about ER
B. You realize that a change is needed – but what needs to change has not been identified
C. Explore options to make life happier – What changes might make work more palatable
D. Identify the change really needed - that continuing to work until 62 is not for you
E. Explore if ER is for you and Plan ER – self education; financial, social; and plans for post work life
F. Establish a date for ER and then tell everyone
G. Waiting for the date to become a reality – work begins to loose its importance in your life
H. The date arrives and I am home. Do I want to start something new that is gainful? Not.

II. Early Retirement
A. Phase 1 – Immediately After ER
1. Freedom – no more routines
2. Wrestle with “Buyers Remorse” did I make a mistake – fears creep in
3. Work the network outside work to see what is happening.

B. Phase 2 – Initial Period after ER
1. “The Check List” do the things you always thought you wanted to do
2. Learn to adjust your style and also allow yourself to savor life
3. Bliss and gratitude for your ability to ER
4. Lulls and boredom - they happen.
5. It sinks in that this is your life and it is your responsibility
6. Struggle with "making a contribution" with all your skills & experience
7. Learn how to politely decline offers of gainful work

C. Phase 3 - Experienced ER
1. Making a contribution to ER Boards
2. You have a regular routine
3. You are traveling and making new friends and experiences
4. You help out real (as opposed to virtual) friends where you have needed skills
5. You tell inquisitive friends that you are a "Private Client Portfolio Manager" or that "You got up with nothing to do, and by the time you went to bed, you only had half of it done."
6. While you remain charitable, you refuse to lend or invest money with anyone (but you offer sympathetic advice and a little time if it will help).
7. You have confidence is your investment strategy and start to think about longer term wealth management.
8. You start to think about special things that you can now afford within your SWR target.

[kcowan]

I tried to follow the instructions and found that not all the items applied to me but decided that it is better to include extra stuff rather than delete anything, After all, it is a checklist, not a story.

I am 5 years into ER. I had always planned to retire around 2002 and the events made it convenient. It has not been entirely without bumps. Especially DW who got her identity our of her business success. She went part-time in 2002 and fulltime in 2004.There might be a whole different checklist for when one spouse ERs and the other doesn't. Maybe that could be CFBs task?

[dex]

" A phase is the learning you encounter along the way. It is not a “how to”."
The idea of this isn't a check list.
Kcowon - thanks

[friar1610]

I've been RE'd for 4 years. These are the phases I went through:
- Knowing I was ready to do so and finally doing it;
- Getting involved in a meaningful activity a couple of days a week (in addition to all the fun stuff);
- Having my wife retire and dealing with (both the joys and inconveniences of) both of us being around the house together a lot more;
- Planning for and then executing a move to a different state;
- Settling into life in the new state.

Today I tutored an illterate adult in the morning while my wife went to yoga class. When I came home, I went for a power walk. After lunch we took our kayaks to the lake and paddled for an hour+. I went to town for a haircut. We had dinner and now I'm posting while keeping one eye on the Red Sox-Cleveland game. All in all, not a bad day.

jtmitch

[CyclingInvestor]

I. Pre - ER
A. Working steadily, max out 401k, save additional $$, learn to invest - no
particular goal, you just know its a good idea
B. Still working steadily, dividends on savings start looking impressive, start
thinking about when the dividend line might cross the earned income line
C. Still working steadily, dividends could be lived on in a stretch - first thoughts
of FI, employment worries dissolve, start thinking ER might be possible
D. Still working steadily, pay off mortgage to make a big shift in required income,
start looking at non-financial aspects of ER, hanging out on message boards
E. Now ready for ER, work steadily for a few more years to 'top things off', or
until next time work sucks, whichever comes first

II. Early Retirement
A. Phase 1 – First three months - euphoria
1. Take a couple months to let the magnitude of how great ER is to sink in,
no big decisions
2. “The Check List” do the things you always thought you wanted to do
3. Learn to slow down and allow yourself to savor life

B. Phase 2 – Middle Period
1. Start making big decisions - relocation ? buy or rent ? big travel ? new big toys ?
2. Keep in good health - exercise, eat healthy, regular check-ups

[Eagle43]

Well, pre-retirement, I was never going to retire.
But I Did.
Post-retirement, I'm never going back to w*rk.
And I Shall Not.

I have adjusted well, and now rarely even think about the people I knew in that other life, much less the irrelevant goals, mission statements, deadlines, boring meetings, etc. Ya see, now I've made myself sick. I'm gonna need to adjust again. Where's my coffee?

[aenlighten]

I. Pre - ER
A. Working steadily, max out 401k, save additional $$, tracking your income and net worth, no particular goal, you just know its a good idea

II. Early Retirement
First three years - looking for work, planning on another career, keep options open, controlling expenses, studying investing, writing a financial plan, arriving at the SWR and realizing that is already greater than your expenses

Next three years - Unsure you really want to retire, continue to look for work because it is what you have always done, develop a routine, experience a few deaths, realize how much you hate looking for work, decide there are better uses for your time, unsure you really want to return

III. Mid Retirement
Realize there is more to life than work, more to retirement than money, decide it's time to move on and plan your future (or whatever that is now that you really don't have to do anything), live in the moment