I think I'm FIRE'd but not sure

[WD40 or duct tape]

Hi all! My first post! I finally signed up after lurking for a lot of years!
My question is - Can you consider yourself FIRE'd if you are still a shareholder and on the board of your company - or do you have to be "gainfully unemployed"? I resigned my post as President / CFO in 2019 and became a "non-working" shareholder. I'm still getting salary/benefits and still own my stock (not so patiently waiting on a buyout). No daily responsibilities, but I still answer the occasional question from the new President and CFO. Soooo, am I FIRE'd? or semi-FIRE'd?

 

[brokrken]

I would say that you are definitely retired. Many corporate Board members are.

 

[pacergal]

Sounds to me like you are retired.

What really matters is if you think you are!

 

[Katsmeow]

FIRE has 2 parts to it. Financial Independence and Retire Early. Those are separate thing that you can have one or both of them. Do you need the salary/benefits in order for you to have enough money for the length of your retirement plan. If the answer is no, then you are Financially Independent. If you need that money then the answer is no. (You can enjoy having the money without needing it of course).

Whether you have retired early depends. Many people here feel that if you earn any money that is not completely passive such as answering occasional questions then you aren't retired. I think it doesn't matter and if you think you are retired then you are retired. When I left full-time work I continued to work very part time for my prior employer. Some of this may be just a matter of how much time you spend on it. If you spend 20 hours a week answering questions that might be different that if you spend 2 hours a month.

I also know people who retired from a career and then get a "fun" job in retirement just to occupy them that they don't need the money to be FI. Some people consider that retired, others do not.

I don't think think it matters what anyone else thinks. It matters how you feel about it.

 

[Aerides]

If you dig around, you'll find there are some folks here who believe you are absolutely not retired if you do any work for pay. Whether that's 1 hour per month or 10, whether that's a shadow of your old job or not.

So it depends on how strictly you wish to define the word retired. For a lot of folks, perhaps they have some part time side gig hobby thing that brings in a few bucks but they are doing it more for social/fun stuff, and not for income.

f you depended on payment from this board for your retirement, then that's usually where most would tip away from even a broader definition of retired (ie, your board paycheck stops you have to go back to work), but if you could kiss it goodbye and not break a sweat, eh.

And that is all that matters. If it's good enough for you, it's good enough!

 

[Markola]

^^^^^ +1 Aerides. The Internet Retirement Police forbid anyone from describing themselves FIREd from ever again trading any of their time for any money, no matter how enjoyable or creative the pursuit. One may not have a second act after leaving the full time career if it involves receipt of revenue for that second act. There is only the on/off switch. No dimmer switches allowed.

 

[Montecfo]

If you feel retired then you are. Congratulations!

No, go forth into the land whereupon you dwell and enjoy your retirement!

 

[WD40 or duct tape]

^^^^^ +1 Aerides. The Internet Retirement Police forbid anyone from describing themselves FIREd from ever again trading any of their time for any money, no matter how enjoyable or creative the pursuit. One may not have a second act after leaving the full time career if it involves receipt of revenue for that second act. There is only the on/off switch. No dimmer switches allowed.

Thanks for the responses all. Markola your "Internet Retirement Police" comment made me chuckle!

I guess the reason I asked the question was I really don't feel the FREEDOM (shouting from the mountain tops) feeling I was expecting - I'm sure its because of the lingering ties to the company. Although I'm "FI", I guess I'm not "RE" quite yet.

Big picture, who cares, I never cared about labels before, why start now?! It's a beautiful Friday and I'm about to go clean some fish for an older neighbor (I must have misplaced the invite to catch them )

 

[38Chevy454]

I agree, for all but the most technical of definitions you are retired. Enjoy the time, and hopefully that buyout of your shares and a replacement of your board of directors spot can come sooner than later.

 

[rodi]

Sounds mostly retired to me. But the internet retirement police might not agree. Some statements I've seen.

- not retired if you have kids at home.
- not retired if you have rental income.
- not retired if your spouse works.

... Since I considered myself retired when I had the first two. I get annoyed by the internet police. No longer going to work or collecting a paycheck was enough for me. Our rental is a granny flat on our lot - with the same tenant for 7 years... Spend at most 20 hours average per YEAR - and that includes cashing the rent checks.

But - if your board duties require a significant time involvement... then maybe not. Only you can determine what significant is.

 

[Koolau]

If you are free to do what you want, when you want (not required to be or do something you do not want to do):

If you have enough assets/income to meet your needs without doing anything you don't want to do:

You are retired though YMMV

 

[Markola]

^^^^^ Hear, hear, Koolau! +1,000.