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Old 06-08-2021, 11:48 AM   #21
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I was FI at 40. Owned my own business. Sold my firm and retired at 57 when going to work had shifted from fun to pain. Money was never the issue. You are only on this earth for so long........

Have not been bored a day since retirement and I am enjoying every moment.
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Old 06-08-2021, 12:03 PM   #22
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Originally Posted by Car-Guy View Post
Depends on what your (my) definition of FI is...

If I wanted to just "get by" I probably could have retired at 45 to 48... Comfortable at 50 to 52, Fat Fire at 55 to57, greedy fire ~60.

I was just over 60

Why, greed!
This is pretty close to my answer, with slightly different ages.

When you have a LBYM lifestyle, FI can be pretty easy to achieve! But I've added more and more "luxuries" (like traveling and eating out more than we do now) to our retirement budget over the years, and now we could probably achieve all of those, but we've got large OOP tuition payments for another three years, and our 529 will run out in one year. Rather than withdraw early from our nest egg, I've decided to keep working, as I do like what I do.

tl;dr version: It depends.
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Old 06-08-2021, 12:32 PM   #23
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Originally Posted by OldShooter View Post
This is not a financial question to be dealt with using data and logic. This is a relationship question where data and logic are nearly irrelevant.
+1

To the OP, you cannot force anyone to retire, even if FI. If they like their job, and are happy with the circumstances, that is fine.

According to Megacorp financial planners, we were FI in 2012. On the one hand, it making working a lot easier - being FI when you enjoy your job is a good "safety blanket". For me it meant being able to take more risks (which led to more income) since my attitude was "worse case, the project fails, they fire me, I'm still FI".

One the other hand, you are FI at a certain income/expense level, and I decided I wanted more than FI at a "good" spending level, I wanted FI at an "extravagant" spending level (or "Fat FIRE" or "Pleasingly Plump FIRE" or whatever one wants to call it ). So I continued to work - again, easy with a job you like - for another 6 years.

I understand using "when the kids are through school" as a marker, I did the same thing. It made sense for us to pay school costs from current income rather than have to factor them into retirement expenses.

So, really, this is less about "why continue to work about FI" and more about getting on the same page with one's spouse on this topic.
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Old 06-08-2021, 01:49 PM   #24
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I am "retired" and have been since DK1 in 2010. I work now part time because I like it and I'm starting my own business and it's perfect. I'd drop it in a hot minute if he wanted. So we've been single income for years. DH well I'm not sure where he is. Before he said 2034 when the kids finish college since we were close and have been getting closer to FI.

Like scrabbler, we always said around 55 because of kids. Now due to some stuff we have a lot more than expected and we are fat fire. We probably could have retired a few years ago Lean FIRE, but we are worriers. Plus we want to pay for a lot for the kids. Yep kids are set up with college and I believe wedding, house, car.

I will also add we had discussed helping the parents out and if DH works we are going to be buying them houses both sets so I guess that's another thing. He has hemmed and hawed about working because I think he wants to do that buy and set up the parents more comfortable. Not that either set needs it, they both have pensions and free medical for life. But he wants them to be extra comfy. So any extra we've been discussing now buying homes where they are that they can downsize and keep it in their portfolios and live free on our dime. So we are not FI if we want to support the parents. But working to 2034? Yes we'd have a ridiculous number and can support the parents along the way.
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Old 06-08-2021, 02:12 PM   #25
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We were FI about 5-7 years ago depending on definition.
I'm pretty set on retiring next year. The missus is likely retiring in 8 more years.

We've kept working for a handful of reasons:
  • Addition layers of security.
  • Retirement goals beyond our current spend: Travel more/half the year, ability to take care of/spoil our parents, etc.
  • DB Pension: The missus has a DB pension which she feels is a waste if she doesn't build it up to a certain point.
There are some vanity numbers I've wanted to hit in my own portfolio and at work. I've hit some this year and will hit the rest when I plan to retire next year so pulling the trigger won't be an issue for me.

On the otherhand, in additional to the pension benefits, the missus says she can't visualize what there is to do retirement. She also does't fully understand what our nest egg can generate in terms of retirement income even though I regularly explain it to her. (She's not a numbers person and I complain she doesn't have vision. )
I'm kind of hoping she'll see what a great time I'm having in retirement (even though I'll be stuck doing all the housework ) and decides to jump onboard.
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Old 06-08-2021, 05:35 PM   #26
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I will also add we had discussed helping the parents out and if DH works we are going to be buying them houses both sets so I guess that's another thing. He has hemmed and hawed about working because I think he wants to do that buy and set up the parents more comfortable. Not that either set needs it, they both have pensions and free medical for life. But he wants them to be extra comfy. So any extra we've been discussing now buying homes where they are that they can downsize and keep it in their portfolios and live free on our dime. So we are not FI if we want to support the parents. But working to 2034? Yes we'd have a ridiculous number and can support the parents along the way.
I can understand this. One reason I kept working after "technical FI" was to be available to help my mother. She was fine - survivors pension and SS spousal benefits from my Dad, paid off home, some savings and investments - but I wanted (and the rest of my siblings felt the same) to be available in case she needed anything. Her passing became another emotional factor to point me towards RE.
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Old 06-09-2021, 02:00 PM   #27
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Got the number and we are solid but not retiring. FIRE number hit box checked but DH isn't ready. I like to think I might be able to convince him 2030. I think we need to see how the years for our kids and parents play out and he may decide to call it a day. 2030 seems so long away.
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