I am 53 so I am approaching that age where early retirement begins to look good. I have read much and discussed it with many retirees, and the consensus seems to be 1)retire from work so you can start another, more disired second career; or 2)dive into a hobby you want to get more involved in. Those that do not remain active in something are usually unhappy and live a shorted time than those that are active in some activity they like.Whether it is a second careen you have always wanted, or getting almost professional at what has been a hobby, or becomming involved in various activities in your community; you need a reason to get up in the morning and goals to accomplish. If you do not plan this as carefully as you plan you finances, you will be very disappointed in your retirement.
I am 53 so I am approaching that age where early retirement begins to look good.I'm a-few-decades-and-then-some-younger than you are, but it started to look good to me a loooooong time ago!--AF
I am 53 so I am approaching that age where early retirement begins to look good.. . . and it looks even better after you do it!Some personal observations from someone just a little ahead of you:you can start another, more desired second career; or dive into a hobby. . .In spite of all the planning [it helped], the first several years were a transition. After working continuously for probably 40+ years, it's hard to actually believe you don't have to any more: I considered:1. I might be able to market my experience and skills into a 6-figure income in the private sector, but it would mean . . . work - a commitment to a company and its goals, an expectation that I'd actually be at work once in a while and produce, adapting to someone else's culture and dress code, and the like. No, that's what I left. I guess more $$ isn't the carrot.2.) My own business. That would mean. . . work. Know many small entrepreneurs that aren't working 60-80 hrs/week to stay afloat? 25 yrs ago went thru the experience of “being my own boss” and found out first hand it can be over-rated. Actually, I have decided I can do a limited am't of consulting w/o trying to compete with the big guys and w/o the same commitment of time and funds for advertising, marketing and such. If you can build own what you've done in your last career, it makes things simpler - do what you know.3.) I have more hobbies and interests than I have enough time for, even in retirement. A 6-figure income would buy me a $4K guitar, but not help me play any better; it'd buy me a $3K carbon fibre road bike, but no time to ride; it'd buy more tools, but they don't build things by themselves; it'd give me more travel money and options, but less time to do it.4.) Most jobs/activities cut into the time you have for family, friends and loved ones. If this is to be an important part of your life, retirement allows you to schedule more time with others who don't live the same flexible lifestyle.I realized that I may be around for as many years as I spent in my career - almost 30 yrs, so the next 30 will be devoted to a variety of pursuits, interests and activities that keep me productive, happy and mentally stimulated - all of my own choosing. I'm sure that the specifics may change over the years, but the basis will remain what retirement has come to mean to me - life choices from a very large menu.
PorkyDon said,I have read much and discussed it with many retirees, and the consensus seems to be 1)retire from work so you can start another, more disired second career; or 2)dive into a hobby you want to get more involved in. Those that do not remain active in something are usually unhappy and live a shorted time than those that are active in some activity they like.Whether it is a second careen you have always wanted, or getting almost professional at what has been a hobby, or becomming involved in various activities in your community; you need a reason to get up in the morning and goals to accomplish. If you do not plan this as carefully as you plan you finances, you will be very disappointed in your retirement.I recently read a book called "What Do You Want to Do When You Grow Up?" by Dorothy Cantor, as part of my preparation for FIRE. Here are a couple short extracts from the book. The actual source cited by the book is shown in bold. I thought these were good concepts to consider as we prepare for FIRE.Six dimensions of adult well-being (Carol D. Ryff – Univ of Wisconsin):1. Self-acceptance2. Positive relations with other people3. Autonomy (independence)4. Environmental mastery (being in control of your own world)5. Purpose in life (goals and direction)6. Personal growthIn addition to the above dimensions to consider, I think leisure activities can also be very satisfying. Here's a set of criteria for selecting a leisure activity.Characteristics of a satisfying leisure endeavor (Manpower Education Institute):· A beginner can attain a sense of accomplishment· Basic skills can be mastered readily· Real proficiency can come with practice· It has so many facets that it doesn't become tiresome· It is within your budget· It enlarges a skill you already possess· It offers opportunity for self-development· It provides a change of pace from your routine· It can be practiced all year long· It represents a blend of several activities· It can be pursued in spite of some physical limitations· It puts you in touch with other people· It provides challenges to improve or grow or become more proficient in an area of interestThese are probably fine for "active" activities. Golf, for example, almost satisfies all of these IMHO, except that I'm not sure about the "real proficiency" part. <grin> Playing bridge or cooking for friends would also work for me, personally, but I think that "passive" activities like reading books, watching movies, going to theater, and listening to music can also be very satisfying, so the characteristics cited above are clearly not the only ones that one could use.Hope you find this useful as something to think about.bill2975
DANCE satisfies them all! Sorry Golfwaymore.FoolKath( who prefers dance over golf any time!)
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Ana