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How early to FIRE?
Old 12-14-2012, 08:17 PM   #1
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How early to FIRE?

Hi all, I've been playing with FIREcalc and have come up with 3 viable scenarios:

a) retire around 40 and continue my current LBYM lifestyle (fairly frugal but still enough to travel a bit and have some fun)
b) wait until mid 40s and retire with a larger buffer above my current lifestyle, for example being able to afford longer/more regular travel
c) wait until around 50 and be able to enjoy a significantly better lifestyle than i afford myself today

I'm currently early 30s so this is all very hypothetical at the moment, but i'm probably leaning towards somewhere in the middle of these options as a target. On the one hand work is quite stressful, but on the other i'd like my retirement to have no stress at all financially!

I would be interested to hear if other members of the community have had similar thoughts, and for those that have already FIRE'd, which option did you go for.

Thanks
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Old 12-14-2012, 10:27 PM   #2
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Quote:
Originally Posted by pablohk View Post
a) retire around 40 and continue my current LBYM lifestyle (fairly frugal but still enough to travel a bit and have some fun)
b) wait until mid 40s and retire with a larger buffer above my current lifestyle, for example being able to afford longer/more regular travel
c) wait until around 50 and be able to enjoy a significantly better lifestyle than i afford myself today

I'm currently early 30s so this is all very hypothetical at the moment, but i'm probably leaning towards somewhere in the middle of these options as a target. On the one hand work is quite stressful, but on the other i'd like my retirement to have no stress at all financially!
I'm currently 36, and still have a decade or so till I'm FIRE'd. At this time, I'd be leaning towards the middle option. My big hesitation on everything is that I'm currently single, and a wife (and kids) would likely give me a different perspective on things (i.e. being willing to slave away for just a few extra years for a few things for them). But, the big unknown is just what my (and DW's) future lifestyle would be like.

My bit of advice for you - you mention that travel would be one of your 'big things' (as it would be with me). If traveling is really far and away your goal to do while you're FIREd, I'd suggest you think about what types of traveling you'd be doing, and what your schedule/lifestyle would be like when not traveling.

It could be that you could reach the middle option, and realize that once you're on top of the FIRE mountain, all of that crap you once couldn't stand seems so laughable, since you have the ability to walk from it all without worries. And/or, perhaps you could find a part-time opportunity to let you have a hell of a premium travel schedule and itinerary (that you would have in the third option), while letting you go to part-time in your 40s and still have a bit of time to enjoy the semi-retired life.

On the other hand, if you have tons of things you can't wait to be doing besides traveling if you were FIREd, then I'd personally pick the middle option and call it quits for good.
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Old 12-15-2012, 04:24 AM   #3
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Yes, I have had similar thoughts and went from option b) to option c). I am 47.

There is nothing wrong with changing your mind.

Quote:
Originally Posted by pablohk View Post
Hi all, I've been playing with FIREcalc and have come up with 3 viable scenarios:

a) retire around 40 and continue my current LBYM lifestyle (fairly frugal but still enough to travel a bit and have some fun)
b) wait until mid 40s and retire with a larger buffer above my current lifestyle, for example being able to afford longer/more regular travel
c) wait until around 50 and be able to enjoy a significantly better lifestyle than i afford myself today

I'm currently early 30s so this is all very hypothetical at the moment, but i'm probably leaning towards somewhere in the middle of these options as a target. On the one hand work is quite stressful, but on the other i'd like my retirement to have no stress at all financially!

I would be interested to hear if other members of the community have had similar thoughts, and for those that have already FIRE'd, which option did you go for.

Thanks
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Old 12-15-2012, 06:18 AM   #4
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I may be off base here but I would think at your age you would want to concentrate on finding an occupation that you truly enjoy. Like you I like to travel so I took my show on the road, so to speak. After 30+ years and reaching FI awhile back I feel more in control than ever. Now for some reason I don't feel any urgency in RE. However I know if the situation changes and I have to deal with stuff, I can walk out tomrrow.
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Old 12-15-2012, 07:19 AM   #5
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Originally Posted by obgyn65 View Post
Yes, I have had similar thoughts and went from option b) to option c). I am 47.

There is nothing wrong with changing your mind.
Yes, wait and see. Keep your options open.
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Old 12-15-2012, 07:31 AM   #6
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Thanks all

The plan for now is to keep doing what i'm doing, work hard and save as much as possible. When it gets a bit closer i'll see how i feel
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