I’ll start this by saying I reserve the right to change my mind. But this is where things stand today.
This is obviously going to look different for everyone. Maybe I can’t even call my plans “FIRE” (Financial Independence Retire Early) because I highly doubt I won’t be doing some sort of work when we reach our goal.
To be sure, at this point in my career, I do not want to continue my employment with the federal government until minimum retirement age (MRA), which would be 57 for me. I’m aiming for 45.
I’m weighing the options as to just how long I want to stay in. How long will it really take to reach our goal? How do I plan for forfeiting our health benefits? How much money would I leave on the table with a deferred pension after 10 years of service?
Lots to consider, but while I plan, I also enjoy dreaming.
My husband quit his 9-5 on December 31 after years of total burnout.
He was able to take a full month off to recharge (working a small, undemanding part-time side hustle) and is now looking at a career change.
It’s honestly the accomplishment I’m most proud of (other than our debt-free two-week excursion in Europe a few years back).
People looked at us like we were crazy when he told them my husband quit his job with nothing lined up on the back end. I realize that most people accumulate responsibilities as their income increases over time. Taking unpaid time off just isn’t an option when you have substantial mortgage, credit card, and car loan payments. For some, I think it’s just the fear of the unknown.
His ultra-mini retirement taught me a couple of things. For one, it wasn’t that hard. Saving up takes time. Learning to budget takes time. But it can be done. It just might take some longer to prep. We couldn’t have accommodated this ten years ago.
Second, it illustrated that jobs are tools, but there are ways to get out of the golden handcuffs. My job pays great and provides top-tier benefits. I’m using that salary to help us plan for the future and doing the work to plan for what we will lose when I leave.
Third, I love having him at home. Despite some of the horrendous large-scale effects of the pandemic, in our tiny little world, we have realized we like this slower pace. It’s helped form our idea of what type of lifestyle we want to craft.
I won’t speak for my husband, as he is even newer to the concept of financial independence.
For me, here’s what I’m working towards in the next ten years:
We live in a smaller home on a larger property with more privacy. It has enough sun in the right spots for me to be able to cultivate gardens successfully. Maybe we’re on the water. Maybe we have a dog or cat.
In the mornings, I get up and get things ready for the day, cooking breakfast, tidying, small chores, whatever needs to be done.
On most days I’ll work passion projects for much of the day. Maybe I’ve scaled my tiny (right now, just me) business into a larger team. We don’t need the money, it’s just an intellectual pursuit.
I’m working to turn it into a well-oiled machine and get the right people and processes into place to where I’m more of a hands-off owner.
Or maybe I just work at Starbucks.
Either way, retirement won’t always just be this little house. We spend about 3 months of the year traveling. We visit family and national parks. We hop over to Europe again to tour the countryside. We rent nice but reasonable places and allow ourselves enough time to get into that pace of life in that place and learn about what makes it unique.
We consider extending visits within the US. We may decide Wyoming looks like fun for 2-3 years. An Appalachian cabin might be nice for another few years.
We keep it manageable, but the key is flexibility and being able to say “why not?” If our family wants to meet us in Cancun for a week, we can simply run the numbers to determine how we can manage it. Or maybe we say no. If we want to spend a week in Nashville hopping around country music bars, sure, let’s go.
No matter what, there’s not real question of IF it can be done. It can, one way or another.
What does FIRE look like for you?
-K