Semi-FIRE: Anyone else slowing down but not stopping yet?

[Markola]

I don’t see any discussions, lately at least, dedicated to folks planning to do some paid work after they quit the full time rat race, so I thought I’d start one. I’m not one to espouse the glories of “w*rk”, believe me, but DW and I aren’t quite rich enough to quit earning while also maintaining our preferred lifestyle. However, we are in a financial position to cut back on the stresses of full bore professional careers and are, in fact, actively doing so. Here’s what it looks like to us and I’d be very curious about others’ experiences:

Me: 54, managing 11 people in a revenue line profession, getting tired of working in bureaucracies and their ever increasing goals met with ever decreasing resources. ‘Nuff said, bucket full, want a change.

DW: 56, Quit her management job in 2017 out of total frustration and burnout, took a year off to detox then picked up some completely different, intermittent, solo-contributor work doing survey research at about 20 hours per week average, mostly from home in her PJs, earns about $25K/year. She is really, really good at it and is far happier and healthier.

No kids, only mortgage debt, fairly low cost of living Midwestern city.

Basics of our formal financial plan: We understand DIY financial planning but have evolved to happily work with a Vanguard Flagship Personal Advisor for personal reasons I could go into later, because I know it’s a controversial topic here on the Forum. That plan is very detailed and calls for:

- Me to leave my job in mid/late 2020 (May I say “YAY!”?)
- I turn 55 this year, so will deploy the Rule of 55, which I’ve verified with HR Benefits. DW is already using the Rule of 55.
- We both take a sabbatical for 2021 focused on pent-up travel desires.
- In 2022 we start a 7-year semi-retirement with a goal of earning $85,000 gross for our household in addition to portfolio draw. Since DW earns about $25K, I need to earn about $60K.
- Plan assumes we pay out of pocket for health insurance during the years until DW and then I reach Medicare at 65. For the numbers to input, our Vanguard planner had us complete their health cost projection tool.
- Plan projects us taking SS at 70.
- Plan shows we should keep the mortgage.
- Plan includes $15K year for travel.
- Includes 80K/ year living expenses, increasing with inflation.
- All of Vanguard’s sophisticated software projects 98% success rate. Replicating our plan in Personal Capital Retirement Planner backs that up. Both have inflation projections that are much greater than our experience has been year to year based on my several years of diligent tracking of all expenses in YNAB.

The plan only tries to look out in detailed fashion about 5 years, recognizing that conditions change. There remain lots of levers to pull to keep the plan on track:
- We could earn more than $85K and decrease 7 years to 5 or so.
- I could get a j*b with health insurance, further decreasing portfolio pressure.
- We could change our lifestyle, sell or rent out our house, move to a different location or even country.
- etc. etc. etc. Lots of levers.

Even though our continued management career tracks have become unappealing, we are still interested to earn and be engaged, albeit it on our terms. I could see staying on in my field, as many people like me do, in consulting or solo-contributor roles. My field is such that the problem is not finding jobs or consulting gigs, it’s finding the more rare situations that are actually positioned for success. DW is already finding her semi-FIRE niche outside of her traditional profession.

So, that’s our current situation, which seems different than most of the posters’ here who have achieved or are aiming for “full stop.” Actually, we too are aiming for full stop, but in a gradual manner. Is anyone else on a semi-FIRE track? What are others’ experiences and plans, please?

[Teacher Terry]

We semi retired 8 years ago. I teach a online college class and do a little consulting. My husband does engineering project management jobs when they come along. I am 65 and have no plans to stop.

[mountainsoft]

We are hoping to retire in 2023. I run my own software business from home, and am planning to continue at least in a limited capacity even after we retire. On the other hand, my niche in the market has been on the decline for years, and I've already scaled back to cut costs. So far business is still going fairly steady at a low level, but only time will tell if it's still going when we retire in a few years. I've been doing this 23 years already and really enjoy it, but if it finally fizzles out I'm Okay with that. I'm not counting my income in our retirement plans.

[dcoy]

I am in a similar situation. Totally burned out with mega Corp, but I have two kids and a stay at home wife so expenses are high. FIRE calc looks good if I pull the trigger in 2021, but with two young kids I feel better if I continue to pull in some income for the next 5-8 years. Chances of me being canned in the next 12 months from mega is high. I am a dinosaur in a young persons field (tech), but mentally I’m fine with that. So for now I am not stressed at all and when the axe comes down I’ll simply find something else for a few years....or not.

[Tekward]

I semi-retired 5 years ago as an independent consultant. The first two years were busy with ~40 weeks billable (striking while the iron is hot). Instead of IRA withdrawals I was socking it away via solo 401K which was pleasant.


I'm in a comfortable coast mode now. Last year I billed 6 weeks, blocking out months for travel and volunteering. Now I do consulting & training mostly to stay engaged and contributing.


IMHO it is not w*rk if 1) you enjoy it, 2) you control the schedule, 3) you don't need the money (FI). I just want them to value my time as much as I do.

[davebarnes]

I did this.
Started to downsize self-employment income at 67.
Took Social Security at 68.
Went to 95.6% retired at 70.
Wife (62) works part time and nets $2K more than taking SS. She likes the work.
All the models say we are good until age 96.

[lakerunner]

I retired last April. I gave 6 weeks notice on a Monday. On Thursday, the head of another group asked to talk with me. He offered me a part time consulting role. 16 to 20 hours a week. 95% from home. It has worked out great. Unfortunately, I have done so well, that the budget for the project has tripled for the next 2 years. I have explained that for something so large, they need a full time, employee to oversee it. Not me. So starting in March, I will turn the reins over to someone else, but stay on in a technical role at an average of 8 hours a week for the next year.

This was not planned, but has allowed me to go from full time to half time to 20% time over 2 years. I will be done working at 62.

[Koogie]

I semi retired 4.5 years ago by downsizing my small business (firing about 80% of the customers and taking on a partner). I still make enough to equal our yearly spending.
Currently work about 2.5 days a week, about 40 weeks a year.

I "hope" this can continue about another two years.

I've really enjoyed it. The pace of life is much better and my stress and aggression levels have really declined. I've also been able to spend more time with family and especially my elderly mother.

Also taking the time to develop some hobbies prior to full ER.

[ExFlyBoy5]

Fully retired a little over 5 years ago. Went to law school and passed bar exam. Didn't really think I would do anything as a lawyer but some volunteer/pro bono work but I have had quite a few people reach out looking for legal assistance. I am debating whether I want to take on any paid w*rk at all since I don't need the $$$. Then again, if they are willing to give me some $$$ to help 'em out, I don't know that I want to say no to that, either.

I value my free time and am quite hesitant to take on any paying clients as this could/would effect my free time. I still haven't decided what to do about it....

[youbet]

Quote:

Originally Posted by Markola Is anyone else on a semi-FIRE track? What are others’ experiences and plans, please?

You need to know yourself and do what suits you. Hearing about what others did will be interesting but what is right for someone else could be hell for you.

In our case, I pulled the plug 100% at 58 yrs old when Mega shut down most manufacturing (moved it offshore actually) and canned many of us. DW, who was a teacher in a high demand specialty, retired but worked part time in her field for a few years since she had many unsolicited, attractive part-time offers.

I worked at a full sprint until the day the security guard came and walked me out the door after which, I stopped working cold turkey. DW tapered off. Do what works for you.

[Scubamax]

Left full time work at age 50 in 2014. Promised myself not to chase the next shiny object on the job front. Had a couple of nice consulting gigs that came my way as initial job opportunities but did a test drive on each as a consultant and decided I did not want to go back. Good choice.

Co founded a company thereafter (in a somewhat unrelated industry) which kept me busy initially and less so over the past couple of years and now that just got sold to another firm which I have been advising, albeit informally, but should turn into billable time this year. So still have a limb in the water and when people ask what I am up to I say “part time semi-retired”. Might get busier, or perhaps not. Works for me for now.

[Tiger8693]

ExFlyBoy - Did you pay your way through law school or was it some other kind of deal?

[HtownRose]

I started my bridge-to-retirement job at age 49 after my previous employer discontinued retiree medical (I would have been eligible at 55). I work part time as a reservations rep for an airline. It comes with medical, dental, vision, 401k match up to 9% & profit-sharing. I'll be eligible for lifetime flight privileges at 59 & retiree medical at 61.5 if nothing changes.

[Markola]

Enjoying all the responses. I don’t detect a lot of common denominators except that everyone’s situation is different and that people forge ahead in life regardless of what comes at them. Thanks!

[scrabbler1]

I worked part-time for 7 years with the same employer after I stopped working full-time in 2001 after 16 years of FT work. For me, that was a bigger change to my everyday life than ERing after the 7 years of PT work.


Regaining control of my personal life while working PT was huge. This included doing some new activities and resurrecting others I hadn't done in many years. I was also able to do my routine errands on weekdays instead of on the far busier weekends.


Fully retiring in 2008 eliminated nearly all of the scheduling conflicts which arose when I tried to fit into my week all the non-work ("fun") stuff I wanted to do around the 2 or 3 days I had to work. I was able to expand on some of the fun stuff, too.

[MarieIG]

I want some time with no employment whatsoever to see how it feels.

In theory a part-time job sounds great, but I would have to be careful with that. If I returned/ stayed with my current employer, there would be a danger of part-time pay for full time work.

Also, at the beginning of my career, I did some part-time work and didn't like it. I was watched every minute to ensure my hours were productive. I don't need that nonsense at this point in my life; and don't know that I want to start my own business.

[Montecfo]

I always envisioned I would return to tax (my first career) as a retiree. But as several have said do not need the $ and value my flexible schedule.

All the part time jobs I have seen seen way to involved for the time they want to pay you for.

I could do a gig at some point, maybe.

One oddity is people trying to help me find contract or other CFO jobs. Umm, I retired to not do that...this does not compute to so many.

Similar to ExFlyBoy5, I am satisfied helping friends and relatives with their taxes and other financial consulting for free at least to this point.

[Markola]

Whatever I do, once I’m free and the Gap Year is done, I want to try to be free geographically. I have compiled a list on my phone over the years of probably 150 ways to make money in semi-FIRE but am prioritizing those that minimize time in someone else’s building.

[ExFlyBoy5]

Quote:

Originally Posted by Tiger8693 ExFlyBoy - Did you pay your way through law school or was it some other kind of deal?

Most of it was covered by scholarship and the rest via Uncle Sugar (aka GI Bill).

[Twize]

I'm cutting loose my biggest and least liked customer this year so that should allow me to cut back to working 3 days a week. Gives me more time to do things I want to do. I'm 47 and enjoy what I do but also enjoy other things as well.