33 Trying to gauge how much longer to work
- Thread starter ShieldWolf13
- Start date
You're on a great path OP. Key us don't do anything stupid. These forums will provide adequate guardrails.
A lot of us in our 30s and 40s in the roughly 100k to 150k spending camp. Set your targets around age 50 and $3.5M (someone earlier said that too).
Setting specific goals like this should help your motivation. At least that's what I tell myself. 7 years and counting down! Best of luck.
A lot of us in our 30s and 40s in the roughly 100k to 150k spending camp. Set your targets around age 50 and $3.5M (someone earlier said that too).
Setting specific goals like this should help your motivation. At least that's what I tell myself. 7 years and counting down! Best of luck.
Kroeran
Full time employment: Posting here.
You can train yourself to take pleasure in almost anything, and training yourself to take pleasure in frugality and saving is worthwhile.
It will give you options and power. Decision space. Same with investing in your health. Same with investing in a broad social network.
Try real hard to figure out how to enjoy working. Find a gang for breaks and lunch. Find a boss with mutual respect. Find work that suits your personality.
Once you get close to financial escape velocity, you will hold the balance of power with your boss, have leverage, to trade with.
Filling the day post ER is harder than it looks. Not a ticket to paradise.
You need great weather, an interest in sports, some self employment activity, interaction with family and so on.
It will give you options and power. Decision space. Same with investing in your health. Same with investing in a broad social network.
Try real hard to figure out how to enjoy working. Find a gang for breaks and lunch. Find a boss with mutual respect. Find work that suits your personality.
Once you get close to financial escape velocity, you will hold the balance of power with your boss, have leverage, to trade with.
Filling the day post ER is harder than it looks. Not a ticket to paradise.
You need great weather, an interest in sports, some self employment activity, interaction with family and so on.
Vanbookie
Confused about dryer sheets
Charlotte retirement
I live in Indian Land. 69yo, retired at 63. I agree with others, you have no idea how much money a child will set you back over a lifetime, so keep working. Maybe change jobs, as maybe that itchy time to switch careers came earlier for me than 40 yrs old for me. Pay off your house. Wifey and I have a expense budget of $95,000 or so at age 69, and have greater assets now than 6 yrs ago. But I do not expect that to continue. We have lived thru and especially easy time to increase our wealth. Don't expect that to continue.
Vanbookie
I live in Indian Land. 69yo, retired at 63. I agree with others, you have no idea how much money a child will set you back over a lifetime, so keep working. Maybe change jobs, as maybe that itchy time to switch careers came earlier for me than 40 yrs old for me. Pay off your house. Wifey and I have a expense budget of $95,000 or so at age 69, and have greater assets now than 6 yrs ago. But I do not expect that to continue. We have lived thru and especially easy time to increase our wealth. Don't expect that to continue.
Vanbookie
WhenIsItTime
Recycles dryer sheets
- Joined
- Jun 20, 2018
- Messages
- 445
You are doing great! Congrat’s.
I was in a somewhat similar situation where in my final working years my annual savings ability was still significant to my net worth. I worked a couple more years to meaningfully reduce my expected WR, get kids college funds loaded before retiring, and ensuring my non-retirement portfolio could support me. I retired in late 40’s and wanted no risk of having to work again.
I’m budgeting $25k annually for healthcare for family of 4. I am sure everyone has a different opinion/strategy on this.
I was in a somewhat similar situation where in my final working years my annual savings ability was still significant to my net worth. I worked a couple more years to meaningfully reduce my expected WR, get kids college funds loaded before retiring, and ensuring my non-retirement portfolio could support me. I retired in late 40’s and wanted no risk of having to work again.
I’m budgeting $25k annually for healthcare for family of 4. I am sure everyone has a different opinion/strategy on this.
Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
If you believe the Bull market is winding down, how are you dealing with it? I'm pretty low equities so don't worry too much, but always like to know how others are preparing for a bumpier ride than we've had of late. Even at my age, I can still learn from others.
daylatedollarshort
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Feb 19, 2013
- Messages
- 9,358
When we had kids, DH worked while I stayed home. Evenings and weekends I took classes to brush up my tech skills after being in management and learn about something new called the Internet. When the kids got old enough to go to school I had the tech skills again to do contract work and we developed a couple of online businesses while DH worked a day job. We saved all the money from the small businesses and my contract work to ER. If the ACA had been in place back then for health insurance, it probably would have worked out for DH to drop the day job and do contract and small business work, too. After I left full-time work, former co-workers and vendors offered me some more flexible jobs, like coming back to work at my former employer as a contractor or part-time, contract work in my old industry for different clients and a sales job working from home. There's a lot of work options out there other than 8-5 with 2 weeks vacation.
If you don't like your jobs, can one or both of you work part-time, do contract work or develop a business? You have a big cushion if either option didn't work out so it wouldn't be too risky. What if you cut your spending and/or both did some combination of part-time, contract, small business or do what you love type work? You have a lot of options in between both working full-time at salaried jobs and both FIREing at your relatively young ages and never working again. You don't have enough to FIRE but you do have enough to to look for work you might enjoy more with more free time.
If you don't like your jobs, can one or both of you work part-time, do contract work or develop a business? You have a big cushion if either option didn't work out so it wouldn't be too risky. What if you cut your spending and/or both did some combination of part-time, contract, small business or do what you love type work? You have a lot of options in between both working full-time at salaried jobs and both FIREing at your relatively young ages and never working again. You don't have enough to FIRE but you do have enough to to look for work you might enjoy more with more free time.
Last edited:
