Rich_by_the_Bay
Moderator Emeritus
I'm a few years away from FIRE but quite a few posts around here go something like this:
I am ready to retire, but just got a raise/promotion. While I figure I can exit now, that extra year would by me an additional $$$ and sick leave; never hurts to have a little extra in the retirement buffer account; the house is just 2 years from payoff; my SO's pension will go up another 5%; really should wait another year to strengthen the safety net...
You get the picture: no matter when you FIRE, there is always some set of reasons why you should wait "just one more year." Yet this also seems like a psychologic trap - you can always justify waiting, and in the meantime precious years of FIRE go slipping away. In the end, you will never have complete reassurance about your finances when you retire.
So, how did you know when you have reached the proverbial point of diminishing returns? What told you the time was right? I guess I'm not looking for a number, but rather a strategic or emotional "perfect storm" for cutting the cord. Or is it really as simple as when the money and lifestyle align?
I am ready to retire, but just got a raise/promotion. While I figure I can exit now, that extra year would by me an additional $$$ and sick leave; never hurts to have a little extra in the retirement buffer account; the house is just 2 years from payoff; my SO's pension will go up another 5%; really should wait another year to strengthen the safety net...
You get the picture: no matter when you FIRE, there is always some set of reasons why you should wait "just one more year." Yet this also seems like a psychologic trap - you can always justify waiting, and in the meantime precious years of FIRE go slipping away. In the end, you will never have complete reassurance about your finances when you retire.
So, how did you know when you have reached the proverbial point of diminishing returns? What told you the time was right? I guess I'm not looking for a number, but rather a strategic or emotional "perfect storm" for cutting the cord. Or is it really as simple as when the money and lifestyle align?