Going back to read the OP, then the reply by CaseInPoint, I saw that I missed something the first time.
The issue here is that some people are trying to see
a) If it would be possible to retire early, YET also keep their spending levels the same as when they still draw a salary.
b) If there has to be cutback, then it appears to the same people that it may be a miserable life in poverty.
Am I correct?
To answer the question a) one has to differentiate one's income level, and one's expenses. Most of people who ER limit their expenses, so that 1) they can save, and 2) to limit their spending level so that ER becomes feasible.
Many of younger members here, for example Firedreamer and Marquette, have told us how they have been able to save much of their income. But I will take myself as an example. In a previous good year, my main salary at a megacorp plus some outside moon lighting work earned me close to $200K that year. Ignore my wife salary for now. If we conditioned ourselves to spend all that money (or what was left after tax), we would need $5M in order to retire (at 4% withdrawal rate). But if we spend all of what we make, how do we save up $5M?
So, obviously, reducing expenses serves two purposes: a) allows you to save and b) reduces your expenses so that ER becomes feasible.
As for the feeling that the reduced expenses will make you feel miserable, that is a very personal thing. I do not feel deprived. Most of the members do not think so, either.
So, to answer the OP and CaseInPoint, it is true that it is VERY tough to be able to retire early, AND have income (read expenses) level same as when you work. Short of winning the lottery, or being able to hit the jackpot on the stock market roulette, or inherit a lot of money, I do not see how.
If you want to maintain high expenses as if you were working, in most cases you would have to work. It's that simple.
What I have learned is this: some people want to work and spend, and some people do not want to work and are willing to cut their expenses as the price to pay. Neither group should pick on the other. If you want to spend and not work, please tell me how (no illegal, nor immoral answers please)
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PS. Forget about ER. How about just R? Does any pension plan pay 100% COLA of full-time pay?
And I found myself in a subgroup that is willing to work if it is part-time, interesting, well-paid and no BS. In bad economic times, that may be non-existent, so I am preparing myself to join the ER group in a moment's notice.