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Old 08-11-2019, 10:56 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,854 posts, read 40,335,131 times
Reputation: 24161

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Quote:
Originally Posted by lieqiang View Post
This isn't true. Building wealth is a function of income and expenses, there is nothing unique to any particular path (working for wages, owning a business) that is some panacea for wealth building. If spending is less than income, growth of wealth will happen even if the extra is buried in the back yard.
Ok,. Let me know when you've buried enough 'highly taxed wage income'. SPARE CHANGE in your backyard to 'retire EARLY)

OP inquired about Fire,. So. The math will be very simple if spending less the OP earns.

Let's just say $20/ hr single earner income.
Back out the CoL.... Emergency fund, reserves for car and house, college funds, medical needs....
Add up all the EXTRA money, bury it in the backyard.

Subtract needs for 50 yrs of FIRE....

Seems working until only age 173 should bring FIRE

Perfect, just what OP was seeking.

I would suggest OP seek a different path to FIRE.

YRMV
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Old 08-12-2019, 12:00 AM
 
Location: Tucson AZ & Leipzig, Germany
2,461 posts, read 7,813,748 times
Reputation: 3789
I retired 20 months ago, at age 63, a little earlier than the age 65 that was used by my employer for pension calculations. It meant that my pension payment was slightly less than what I would have gotten at age 65, but I have good personal investment income coming in so I was not worried. That also meant I did not need to start social security, before my full retirement age (66 and 2 months).

My plan was to move to Europe and stay for a year or two, to have a chance to visit all the places that I wanted to during working years, but never had time to visit. It took over a year after after retirement to make all the preparations and arrangements, but I was able to make the move on May 1. I arrived here in Leipzig with one big suitcase, one knapsack and one bicycle (in a big bike travel suitcase). I moved to a furnished apartment on a month by month rental. My small amount of stuff remaining in the US are in a 5' x 5' storage unit in Tucson.

The first 3 months are off to a good start. Leipzig is a good place for a home base, especially for day trips. I can take a train to any direction on the compass and find an interesting destination within 1 or 2 hours. It is a bike riding paradise.

I just received my residence permit for Germany, valid for 2 years. This means I can go anywhere in the EU countries without worrying about a 90 day tourist visa deadline.

In November, when it starts to get dark and cold in Germany, I am thinking about a multi-month trip to France, Spain and Portugal. I can move out of my month to month apartment and take all my stuff with me. I don't have to pay rent for the months that I am not in the apartment in Leipzig. I am thinking about buying a used car, which would be pretty easy and not too expensive (5000 Euro?) It would make it easy to take my bike along with me, and go to smaller cities and towns where public transportation does not connect so well or so often. When Spring comes around in April, I'll return to my apartment in Germany. Or, I might to to Italy or the Balkans? Lots of choices
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Old 08-12-2019, 05:12 AM
 
87 posts, read 21,855 times
Reputation: 125
Quote:
Originally Posted by Beach Sportsfan View Post
Iím planning on retiring next year at 62 to do exactly that.
We are officially "semi retired" as of July 31! So excited for our new journey! 40 years in corporate life for my husband was enough...he "paid his dues" Selling our home in NY metro and headed to Orlando.
We both plan to work part time , husband is 62, I am 61. We are hoping to head to New Jersey shore for 6 weeks from mid July to end of August to spend with our sons, daughter in law, and future grands.
Cannot wait for the new phase of our life to enjoy each other, our families, and life while we are still healthy enough to enjoy!
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Old 08-12-2019, 10:50 AM
 
2,789 posts, read 6,463,926 times
Reputation: 2466
Quote:
Originally Posted by recycled View Post
The first 3 months are off to a good start. Leipzig is a good place for a home base, especially for day trips. I can take a train to any direction on the compass and find an interesting destination within 1 or 2 hours. It is a bike riding paradise.

I just received my residence permit for Germany, valid for 2 years. This means I can go anywhere in the EU countries without worrying about a 90 day tourist visa deadline.

In November, when it starts to get dark and cold in Germany, I am thinking about a multi-month trip to France, Spain and Portugal. I can move out of my month to month apartment and take all my stuff with me. I don't have to pay rent for the months that I am not in the apartment in Leipzig. I am thinking about buying a used car, which would be pretty easy and not too expensive (5000 Euro?) It would make it easy to take my bike along with me, and go to smaller cities and towns where public transportation does not connect so well or so often. When Spring comes around in April, I'll return to my apartment in Germany. Or, I might to to Italy or the Balkans? Lots of choices
This all sounds wonderful. Trying to talk my DW into something similar once we are empty nesters. In the meantime, I was able to do a 6 week trip on various Eurovelo routes last year. Germany was wunderbar for cycling
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Old 08-12-2019, 11:20 AM
 
7,903 posts, read 4,474,486 times
Reputation: 11772
Quote:
Originally Posted by beemee View Post
Anyone have thoughts on Retiring Early so they can travel, play or just chill...while you are still healthy. If you find you need more money later, get a little Job to support yourself!!
It's suprising how much we can live on if we are happy and don't feel the need to fill our lives with material goods etc..
Unfortunately, most people need more than "a little money" in retirement. Such things as health care coverage, pensions, IRAs, SS, etc. come in mighty handy! It's not about "having stuff"; it's about supporting yourself for the rest of your life. You may be unable to work in your later years, so don't count on that. Retire as soon as you have the financial security to do so. In the meantime, incorporate "play" in your daily life along with work. The two are not mutually exclusive...
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Old 08-12-2019, 11:48 AM
 
Location: On the road
6,153 posts, read 2,987,014 times
Reputation: 11870
Quote:
Originally Posted by StealthRabbit View Post
Let's just say $20/ hr single earner income.
We've found your problem.

They are indeed building wealth if their expenses are less than their income, but their income is somewhat low for FIRE. Retiring early is simple income versus expenses, it has nothing to do with whether you work for wages.
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Old 08-12-2019, 12:16 PM
 
Location: Massachusetts
17 posts, read 4,242 times
Reputation: 46
Thanks for all your comments, they are very enlightening.
I think we all have different needs and wants as we get older, but my thought process is that money and the material goods it can provide, does not entice me as much as control of my life.
I have always worked hard and invested money early on, I'm from a different country so was very aware of the opportunities in this country. I have secured my financial future to living more than humble, but not excessive. Owning my house outright also gives me a chance to travel and rent it while doing so. And the countries I plan to travel in are far cheaper per month than any income derived from property here. I also changed my mindset a few years ago and now work out of Faith (perhaps a little confidence too) rather than fear. I don't spend a lot of money, money to me does mean security, so I have invested wisely and diversified too. I have my own biz, so I know I can make money in future too... as I am a go getter... I'm just at a point in my life that this go getter is tired and needs to be a gone getter!

I respect all your opinions as they do have validity, however, I also encourage anyone who is in the rat race and unhappy to change their thinking. With Balance you can enjoy many facets of life.
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Old 08-12-2019, 12:19 PM
 
Location: Massachusetts
17 posts, read 4,242 times
Reputation: 46
So true... I work in an area of older people and look to them to learn about life, the positives and negatives of decisions.
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Old 08-12-2019, 01:07 PM
 
Location: Where the mountains touch the sky
4,971 posts, read 5,859,928 times
Reputation: 8476
I had always planned on a long retirement. Genetics in my family means I had to plan on supporting myself and my wife for at least 30 years after retiring, so I chose a job with an excellent pension plan, bought back a couple years to increase my monthly check, and had other investments.
I was planning on retiring at 62, but earlier this year I got the opportunity to buy a small ranch. Completely off grid, taxes for the 160 acres is $300/year, and there is excellent water and crop ground.
So I used one of my retirement accounts, and bought my dream. A ranch is a job, but I work for myself doing what I love.
So I retired from my tedious, mindless, unappreciated toil at the ripe old age of 57, and I've never been happier.
I won't start drawing my pension until age 60 to avoid penalties, but I don't need much anyway.
I did take a part time job for the insurance, but most of my time is mine now.

I spent 8 years in Uncle Sam's canoe club, so I've travelled the world. Been there, done that, so living quietly in a very remote area with tons of wildlife and no neighbors within a couple miles, raising my livestock and gardens, hunting, fishing, taking long walks with my dogs, it's a dream come true.

How could I regret retiring early???
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Old 08-12-2019, 03:21 PM
 
600 posts, read 255,563 times
Reputation: 1380
Quote:
Originally Posted by beemee View Post
Anyone have thoughts on Retiring Early so they can travel, play or just chill...while you are still healthy. If you find you need more money later, get a little Job to support yourself!!
It's suprising how much we can live on if we are happy and don't feel the need to fill our lives with material goods etc..
I'm thinking about it myself, so I certainly wouldn't frown upon it. My only concern is being able to afford healthcare. I would just advise a person to do an HONEST assessment of their savings and assets before making that decision.
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