Yes, I think what your planning is very doable. Plus, if you start with only $35k a year spending you have room and time to slowly add some lifestyle creep. If your withdrawal rate starts at 2% over time your portfolio will keep growing and growing which will make it easy to increase spending as you age.This is a general question. I dislike and almost hate my job and was wondering if I could retire today at age 43 with about $1.75M net worth. I am very frugal and have spent about $25k per year for more than a decade. Only recently has my cost gone up to $35k.
I intend to move to a cheap location to keep cost down.
I’ve read about a number of FIRE movement retirees like Mr money mustache and others who were able to retire very early. Of course these bloggers are not really retired making a lot of money, but I intend to TRULY retire for many decades.
Is this realistic as a frugal single person? I would like some thoughts from bogleheads.
Another point is that my time is limited on this planet and I value freedom and time doing what I want over money.
I’d rather be free for an extra 5 healthy years over having an extra $500k when I die. Poor genes run in my family so early retirement is important for me. I don’t anticipate that I’ll be healthy or alive at 80.
There are a few vocal bogleheads who think one can never retire no matter what. They can’t understand life on only $35k/yr expenses. They will always say you should keep working. Feel free to ignore them. But, make sure this isn’t just a midlife crisis kind of thing and you really want to quit. Being out of the workforce too long may make it difficult to find a job with comparable income. Maybe you can find a part time job as a way to test the retirement waters.
Either way, congrats on your success and good luck on whatever you decide.
Last comment: We were able to retire in our early 40s just like you. I was getting pretty burned out at work. I chose the semiretirement pathway and it was a great decision. Working a little keeps me grounded. Plus we now have a bunch more money, spend more, and generally have a more comfortable life. For now, we have no plans of stopping part time work.
Statistics: Posted by EnjoyIt — Sun Mar 17, 2024 7:48 pm — Replies 9 — Views 429