Over the last six or so months I've been actively working on my final solution exit strategy from the workforce; I started working at the age of 13 years old, so about 126 years ago, and after all the twists and turns life brings and a lot of hard work am in a position to confidently think about stopping work; I've worked hard for it, made some great financial decisions and a few bad ones, and feel well-placed to dare to think about ceasing work altogether. It's not going to happen in the next week or two but being the thinking I am I like to plan ahead and that's where I'm at now, planning ahead.
I've travelled extensively abroad and domestically and yet I find myself thinking about doing even more and with my exit from the workforce looming closer and closer I have been doing a lot of thought around travel and having the means (money) to do it; it's one of my key focus-points. However, there's appropriate housing and maintenance, ongoing general living expenses, medical costs both known and unexpected, insurances, clothing, vehicles, entertainment and other such things to consider and trying to extrapolate those costs over the next 25 or so years is pretty difficult, but essential...and I've worked around adding in the ability for flexibility also.
I've done a (pretty mega) spreadsheet with complex formulas that allow me to key in different numbers and show resulting figures; it took a while to set up but it's really nifty because with a few clicks I can run various scenarios and at a glance see how specific changes will impact me and I've even built in some formulas around inflation. I'm pretty proud of the spreadsheet, but far more enthused about what it's telling me.
In it are all the expenses I expect (based on my expenses now) including a margin for error meaning unexpected things; that last is really cool also as I can change one cell and the formula changes everything else allowing me to run various models based on different ideas and scenarios. When I do that, I save them separately, file-named accordingly, to refer to when needed.
What I'm seeing is that I've worked hard enough in my life to have the chance to stop working altogether and to enjoy a comfortable, yet not extremely extravagant, lifestyle with the ability to travel overseas and domestically, replace vehicles when needed, enjoy some entertainment and hobbies (my hobbies are kind of costly ones at the moment and that's unlikely to change, and look after my health and live in a comfortable home in a location of my choosing. Is there any more to life? Not really I think.
I don't know what "the final solution" will be, there's many moving parts and so many decisions to make, but what I know for sure is that I'm ready for it and deserve it in my opinion - I have given a lot of myself over my lifetime and while I enjoyed a lot of benefit along the way feel it's time to be a little selfish with my time.
It's exciting to think that in the not too distant future my time will be one hundred percent my own and that I'll be in control of my life. It would have happened five years ago but, as always, life happens and a few things went wrong, but I learned, doubled down on my efforts and here I am looking ahead to what is going to be a whole new chapter. I have about a million things I want to, and will, do and every intention to work on that list with vigour...until I keel over and die. Sure, things can go wrong again but the lessons I learned from the past means I'm more savvy now and have all bases covered; one learns quickly about risk-mitigation when adversity strikes right?
Design and create your ideal life, tomorrow isn't promised - galenkp
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I would wholeheartedly recommend retirement as soon as is possible. To quote Oscar Wilde "I have always been of the opinion that work is simply the refuge of people who have nothing whatever to do."
Yep, I concur. I find it really sad (and quite pathetic/unimaginative) when I hear people say they'll keep working because they don't want to get bored. Seriously? I have a gazillion things to do, so many things I'm not doing now through lack of time, and I can hardly wait to get on it.
I've worked hard to get into the right position and it's looming although still a little while away...getting prepped is important and something that has to be done ahead of time; one only gets one shot at doing it right.
Hi Galen, congratulations. Being so close to stopping working makes me very happy for you. And I'm glad to hear that you have a great life ahead of you (of this I had no doubt). I'm also kicking around retirement, but I'm still far from the point where I want to be. I'm working towards it, though.
Regards.
You're back now?
It's been a work in progress for a little while now man...let me think...oh yeah, I started planning in 1983 when I was 13. Lol.
It's been a long time coming mate, I've put in a lot of life and look forward to taking some back. I've got a short way to go but it's not too far off and now is a perfect time to get positioned for the rest of my life.
I hope all is well.
I am back and full of energy. And reading this post has given me more positive energy. Now, back, I will messing around here.
I hope you had a good trip, enjoyable and all, and that you have a nice weekend.
The trip has been very good, I needed some distance on some issues to make some decisions. I enjoyed a lot these days and the decisions have been made.
I also wish you a great weekend, at least, a great end of Saturday and great Sunday. Mine is starting now and so far so good 😀.
That sounds wonderful !
I long to do the same, but I have started over too many times and when the time came I should be able to let go, I didn't think I had enough to do so. I dream of every moment of a day and night being my own. I still think on it once in a while, but finding a much cheaper way to live is what I'm always trying to figure out. :)
Your plan to travel sounds like it should be a lot of fun. It seem like you've worked very hard from the stories you have told, so I'm sure you really DO deserve it.
I've had to start over twice financially but even then some of the better decisions I've made helped limit the damage,one one occasion anyway, the second time nearly ended me.
I don't want to presume to know it all but having a need over want ethos has been instrumental in my situation; not that I've Nat have. Ice things, I do, I just look after them and don't waste money on "needing" the latest stuff all the time. Of course, income and investment plays a big part.
I hope you can manage to get things on track as far as the cost of living, that's a huge factor.
I don't live expensive, never have, but these days even living small costs a lot or I think it does. I am debt free (at this moment, you never know the surprises tomorrow brings) and although I treat myself some, it is not big treats. I didn't have a lot to save till the last several years. I'm not meaning to be whiney about it or the such, but I'd love a little freedom before I kick the old bucket.
Sounds like you figured yours out pretty well. I love seeing when things work out for others. :)
I agree, living cheaply is getting harder and harder and being extravagant? Well, that's for the lucky few I guess. I actually think it has a lot to do with the way a person thinks and feels meaning that if a person can find happiness in simple things, nature, good company and such, then they're on the right track. I think you're one such person and I know I am also.
That’s awesome. I’m hoping to retire in 2 years …. But if Bitcoin keeps pumping it might be much sooner. I also want to travel more.
Let's hope it's sooner!
I've worked hard all my life and am pretty focused on taking my time back (not needing to work) and all the things I want to do. I've got a good life now to be honest, but having to front up to work every day, even work I love doing...enough is enough. "Goooooooo BTC!"
I've met lots of elderly couples who purchased a vessel but could never leave their home port because one of them had health issues. Everyone has told me to never wait — we only have one life (unless you believe in reincarnation), so you should enjoy it.
Exactly right.
So many people avoid this topic and process, probably mostly out of fear because of how unprepared they are and that it's easier to stick their heads in the sand but it really isn't the best way to go. Confront and address it and the later stages of life can be awesome. I'm not all that old, still rockin' it and that seems like the perfect time to further enjoy the life I've created (through hard work) by getting my time back and living my best life.
I believe that if you can do it, it is well deserved, it has been a lifetime of effort and now it is time to enjoy the fruits, enjoy life and have that time available for whatever you want to do.
As for the spreadsheet, it brought back memories when I studied excel and stuff... and when I was teaching classes on it, fond memories. As well as my spreadsheet....
I've worked hard enough for it and the good decisions I've made together with that effort means I can do it...so I'm planning and am focused on the day it happens.
Enjoy life, it's wonderful!
One of the things that trips me up is "What if I live to be 100?" - Given you're 133 years old, and you're planning to live until you're 158... but what happens if you live another 40 years? Does the final solution still work?
I've built in contingency plans for sure, all part of that glorious spreadsheet I made and yep, all good. Here's the thing though, with my health condition it's very highly likely I have under 20 years from the time of writing this comment. So yeah, I've got bases covered.
Amazing!
I'm sorry to hear that... but I guess the very dark silver lining is that you don't have to plan as much and it inspires you to retire earlier to enjoy your remaining years. All the women in my partner's family seem to live to 95+ and that is weirdly hard to plan for financially.
Knowing that the end is coming makes me live and enjoy life much better in the present; I think it's works to a person's benefit to acknowledge that time isn't endless...but works to one's detriment if one dwells on that end point rather than living life as best they can. It's a motivator for me.
If that will benefit your peace for yourself then it will be a great decision. You work hard for it, now you are reaping the fruits of your hard work. Leaving in peace and doing what you love is far greater than stressing your life to achieve more.
Yeah, I think so too. Have you put any thought into your own financial security when your older?
Yeah, that is really a nice feeling knowing 'til you grow older you will not suffer. Congratulations for having that status right now.
I would love to be financially secured just like you when I'm older, so for now I have to work hard 😊
That's right, hard work and good decisions is the key...maybe a little good luck too.
Thank you 😊
I'm at the point where I am starting to consider retirement too. At least in theory. I have a feeling it is going to be harder to accomplish in practice. Good luck with all of your scenarios and calculations!
It's difficult here, a minefield of things to navigate but I've done the really hard work already, meaning I've put myself into the right financial situation over the last 40+ years. Now just got to get the figures right moving forward and navigate the paperwork. It's good though, a good feeling.
That's awesome. I am really happy for you. I definitely need to make sure I have things set up ahead of time for me. I don't want to be one of those people who didn't save enough and they have to go back to work.
That's been my fear (and motivator) all along. So many people just float through life oblivious and say things like I might not even get to enjoy my plans down the track so why focus on it and then...they're financially ill-prepared and have a miserable later stage of life. That's not me.
I actually told my wife a while ago that we better live to see our retirement because we are missing out on a lot of money now to be prepared for then.
Congrats on the milestone/stage of life! On my way there too! :)
Hopefully you're well prepared for the next chapter.