One year left of this cubicle life. This is the time when all of those crazy questions start to pop up. “What the hell am I doing?” or, “This is crazy. I can’t afford to lose my paycheck!” or, “I’ll be bored out of my skull! Gotta stay sharp. Gotta stay working!” If I’m going to retire early at this time next year, I have some homework to do before I drum up the courage to quit my job.
Anecdotal evidence points to a number of early retirees reaching financial independence, only to linger on at their work. Others, like my friends Fritz and Gwen, set their targets and exited stage left when their big day arrived. Part of me is leaning towards what the Green Swan suggests in his excellent write-up: Why not stick around for another few years (or even 5!) and build up your stash some more?
What Holds Us Back from Breaking Free?
There’s a handful of hangups that would give most of us pause before giving our notice. For one, there’s the constant and steady stream of money flowing in. You’ve been churning paychecks for years and years. You think all the sudden you’ll just walk away from payday? What about those nice benefits, like health care, cheap life insurance, stock purchase plans, and employer co-funded accounts (401K and HSA)?
Every other week there’s a nice, tidy sum of money that magically pops into the checking account from the job you’re ansty to walk away from. You’ve been chain smoking paychecks for years. There’s no patch you can slap on your shoulder to break this addiction.
Routine is another factor. This might surprise you, but humans love routine. We tend to function best when we have a predictable pattern to follow, day in and day out. Sure, give us sufficient breaks to recharge on weeklong vacations. Great! But give yourself six months and you’ll start getting a strange, unexpected 9-to-5 itch.
We spend our days in cubicle land fantasizing about sleeping in on Mondays and taking naps in the middle of the week day. We joke with our colleagues about “being in the Bahamas” when we’re caught not paying attention on conference calls. Oddly, when it’s time to walk away from the grind and that cursed cubicle, we start to lose focus and direction. Our pattern is no longer there to keep us on the rails.
Do you worry about a loss of prestige when you hang up your career? It’s a real thing. Those who’ve risen up in the ranks have these little imaginary stars on their uniform shoulders, like a dime store army general. Quit your job and the only people you have influence over are the kids, and even they start to give you sh*t for being unemployed. What’s an early retiree to do? I know I know – get a dog I guess.
Loss of status can be a hard thing to adjust to, particularly if you’ve enjoyed a healthy climb up the corporate ladder. I suspect this is why former presidents have typically worked just as hard after leaving office, to keep up some level of authority after their White House days are over.
How to Muster the Courage to Quit
The good news is this. For many, if not most, retirement does not suck. The earlier you quit, the easier it is to adjust to a life without steady paychecks, cubicle routine, and loss of status. Consider it an incentive to retire early. Before you get so addicted to work that you can’t possibly imagine sitting around the house all day (a common dilemma for those in their late 50s and 60s), consider my friends, the early retirement.
- The earlier you retire, the easier it is to transition to a different life. You haven’t been strapped to that seat so long that you’re clueless when your freedom finally arrives. “Routine rigor mortis” has set in. In my case, by the time I retire early, I will have been in the workforce a good 25 years. That’s certainly long enough to have grown accustomed to cubicle life. Imagine 45 years – which is the now standard retirement age of 67.
- The earlier you retire, the less of a hit you take to your ego. Over time, our work defines us. In many ways this is a good thing. We learn how to tackle different challenges, how to work with and get along with others. We learn new things and “keep sharp” by competing with peers. Eventually you attain status through a series of promotions. When you retire, “poof!” you’re simply “Honey” and “Dad” (or “Grandpa”). Nothing wrong whatsoever with those titles, but you may feel like one leg of the stool is missing.
The x-factor in all this is the money. Building up your stash until you’re Financially Independent (FI) is the most important thing you can do. F-You! money. And the single easiest way to reach that goal is to invest 50% or more of your income, avoid silly debts and frivolous spending, and super charge your earning power.
Cubicle alternatives for butt placement: Exhibit A.
Next Steps
I’m still toying with, or engineering, my daily routine when retirement arrives. Some of the things I’ve been longing to do more of:
- Exercise an hour each day
- Take a nice half hour nap
- Dedicate more time to the blog
- Read books
- Be outside – walk or bike to errands
That list alone constitutes at least one half of a working day. During the next 12 months of the countdown to freedom, I’ll be watching my friends who’ve already retired a little more closely. I want to learn what tactics they’ve come up with, to avoid boredom and the longing for paychecks, prestige, and routine.
By this time next year, there will be no more mortgage payments. Our cash flow situation can then support our 50K – 60K per year annual expenses. I already know I’ll miss the paycheck. But having the rental business and this blog, I’m not worried about losing any sense of routine. As for prestige? I’m nowhere near executive status at my day job, so nothing sacrificed there…
I’ve had an office for all of four years during my tenure in the workaday world. It’s not all it’s cracked up to be. Granted, farting with the door closed has its perks. Will someone start a blog called “Abandoned Office”?
Questions for the audience:
- Do you have any hang-ups about quitting your job?
- Do you know how you’ll spend your days in freedom?
- Are you even planning to retire early?
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I obviously don’t have the courage yet to fully quit bcause of healthcare insurance worries. But I mustered up enough courage to half-quit. Baby steps
You’re my poster-child for Semi-Fire. I might follow in your foot steps when the time comes.
I had those qualms 3 years ago when I left work. I was a well known public figure and I liked being in the news and knowing the influential business and political leaders in our little state. Oddly, because I consult a little nothing has changed. So while I am retired 6 out of 7 days, the one day of consulting has kept my brand alive. If I stop the side gigs someday, then I will have to face that loss of mini-celebrity status.
I think you need more items on your list. You need some that are focused on helping others. I don’t always enjoy my volunteer work, which is a substantial time commitment for me, but it matters to the people I help. And it makes me better and more content. All in all my slightly early retirement is even better than the career I loved.
That’s helpful background, Steve. Shoot – with just 1 day out of 7 working, you can have the retired “good life” and still keep an income stream open, while feeling useful and important. Can’t overlook this stuff.
I definitely plan to add to the list. I’ve always stated on this topic that volunteering will play a part. Plus raising kids will factor-in, granted, they’ll be in grade school. Oh yeah, I have a couple of bathrooms to remodel too. 🙂
i quit a couple of good jobs when i was younger for good reasons. when i was 30 i quit to move to new orleans for a mini-retirement. i somehow knew early on that life was short and it was just me to worry about. i quit one with nothing lines up 15 years ago to combine forces with the future mrs. me. they were both good moves and by making them it feels easier to keep working at 50. the biggest thing for me is not knowing how to spend my time as i need a couple of “dry runs” where i take a week off with no travel just to feel it out. this job doesn’t suck and it’s a big ol’ science lab with a/c and not a cubicle. i’ll be following closely, mr. cubert.
Mr. Smidlap! No cubicle? You’ve got it made in the shade! (or least, the air conditioned room?)
Definitely keep us in the loop. I know Fritz at the Retirement Manifesto has written about mini “test run” retirements, using vacation weeks to test the waters. I think it’s a good idea. I’d try it this year if I hadn’t burned through my days with travel!
Quit my corporate job 31 years ago to start an engineering consulting practice. It has been an absolute blast, and I would do it again in a heartbeat.
Was it retirement? No, but it WAS freedom from the cubicle and all the attendant corporate BS. On second thought, maybe it was a form of retirement. And while now winding down in my 70s, I still do 6-8 projects a year — of my choosing. Keeps me professionally engaged and even brings in beer money.
Did I miss the paychecks? No. While the business income fluctuated, I drew a modest salary and watched expenses like a hawk. Banked the profits in investments and tax deferred retirement accounts. To begin, I stashed away enough to go six months without pay, but never needed it. Was back to my old paycheck level in a year, and exceeded it soon after. Was fully financially independent a few short years later.
Did I miss the routine? Hell no. As a consultant, every day brought something new and challenging. No more boring and useless meetings. No more cleaning up messes created by someone higher up the food chain. Rather, did interesting work that helped improve things for my clients.
Did I miss the prestige? Are you kidding? Never needed it, and am often bemused by those who do. Maybe that is why I was never a good corporate rat.
Not bragging – just offering some encouragement for everyone. And trust me, Cubert — you won’t be bored. Rather, you will wonder when you ever had the time for a full time job. You may even wonder why you didn’t make the move earlier. Best wishes as you transition to your new life!
Very helpful, Daryl! I need to hear from people bringing “No”s to the discussion. I personally think my sole hangup will be the paycheck part. Maybe more the health care insurance benefits.
You’re a great example of Semi-FIRE. I might have to look into jumping into consulting myself!
If you are thinking of consulting, join me for my free monthly teleconference at JumpToConsulting. Been having some fun with this new project. Also check the post on “Consulting in Retirement” on the sidebar.
And don’t worry about the health care benefits. Just shop around for a high deductible policy, and self insure the nominal stuff. Did that here for many years.
I do wonder if you’ll even feel like napping once you get there. Do you nap on vacation? I feel like the urge to nap more comes from the overwhelm of trying to do too much all the time, and less that we need it every day.
Now that I’m an old man in my 40s, compounded with small children, naps are like GOLD. Even on vacation I try to sneak them in. They are the best on weekends but often at work I wish I could snooze for even 20 minutes to recharge my afternoon.
Naps have been studied and are actually very beneficial for your health and should be a necessity vs. luxury!
https://www.sloww.co/nap/
I have been thinking about this a lot lately. I have been slowly downsizing my work life so that I can rid it of all I don’t love. Lately I have been using bursting (quick intense brief periods of work) to be both productive and make room for leisure activities like walking, reading, and writing. It has worked out pretty well.
Bursting – I like that! Thanks for sharing, Doc G. I like my sabbaticals with a sprinkle of work. 🙂
I’m a coward, but don’t have the necessary income streams in place to make it last. With your rental and airbnb empire, I think you could make it work in a heart beat. 🙂
Nah you’re far from a coward, Erik! Give it time. Once you’ve hit a magic number in the early retirement math, you’ll see that courage shoot right up.
I could imagine this being a huge decision and the temptation for “just one more year” has to be incredibly strong. I think when my time comes that’s going to eat at me a little bit too. I’ve never had to worry about a paycheck coming in every two weeks and losing that could be a huge mental block!
It is strong indeed. In fact, I’m pouring over my magic spreadsheet and reviewing scenarios where I front load the 529s, pay off the 2% student loans, etc. So yeah, the paycheck would be huge in knocking out more monthly expenses and making our cash flow situation more cushy. Sigh…
I left the rat race a year ago. So I can report that “retirement” is going well. I do work two days a month, but that’s enough for me.
When I was younger and with my fears in control of my life, I would panic at the thought of losing a job without something else lined up. But as I got older and more in control of my life, I realized that under normal circumstances that ANOTHER JOB WILL COME ALONG, IT ALWAYS DOES! So I gave up the fear, and if the job was too annoying, I just quit. Took a few weeks but always would find another.
I think this is the typical adjustment learning curve for most between their 20s and 40s. I’m feeling similarly – that I’m in control of the situation (finally!) This dynamic also helps with avoiding the Monday blues. Over time, you learn to appreciate your Sunday/Sunday evening like any other day.
I recognize Sandcastle, that place is delicious! I am absolutely counting down the days until early retirement (679 days to go!). I have a side hustle that I could expand and many other plans, so definitely not worried about being bored or lack purpose. I might even get a part time job doing something I wanted to learn about anyway, like working at Bachmans so I stop killing everything in my yard. Or Kowalskis because I love food, could be a fun way to turn hobbies into some income.
I love that place! And after living here as long as I have, had no idea until this past weekend how big and nice that beach is.
679 days?? That’s super short!
You’ll have to join the next little gathering we have – mainly a few bloggers at happy hour, but we should open it up to local FIRE seekers!
would love to join a gathering! I always seem to have plans or be traveling when they happen, but hope to make it to one soon.
Quit the job! Time > Money. Your time is finite. And, you don’t know how much you’ll get.
“How about a midlife crisis? After all, you never know when the middle of your life is.”
If you live to the current average lifespan, your entire life will be 1% of recorded history.
https://www.sloww.co/recorded-history/
I do like getting my paycheck! Having just come back from a vacation, I think I will have plenty to do (I always seem to) but I plan to keep on working some (blog, side hustles or whatever I fell like doing).
To me this is really what financial freedom is all about, not whether I am ready to retire or not , but to do WHATEVER I WANT:)
I like that a LOT. The freedom to do whatever we want is the goal. Gotta work to stay sharp. But choosing the kind of work and being your own boss is a major upgrade.
I’m more on a mini-retirement, but I am never at a loss for things to do. I volunteer, I’m getting my yoga certification, I read, workout… the list goes on. Sure, the lack of a paycheck is something to get used to, but if you’ve prepared it’ll be a minor blip in what you spend time thinking about. Read about my decision to quit my job here: http://altitudeadjustment.blog/2018/05/10/investments-in-happiness/
Mini-retirements can be golden. I had something like that for a year while pursuing my MBA after a lay off. I definitely enjoyed waking up to no alarm clock!
It actually makes me think – If quitting is a pain (due to all or any of the reasons you mentioned), should you quit? You could work a bit longer if you don’t mind working. Take it one week at a time… After all, you can leave any minute. You can just leave the rest to charity.
If I were FI now, I would quit. Without a doubt. Until you get to that state of mind, there is nothing wrong with continuing. As long as you don’t decide to stay for “one more year”, but decide to quit anytime you want, it could be great…
Right! This point reminds me of Mr. Money Mustache’s advice to consider down shifting first. See if you can work part time after reaching your FI goal. I may put in my own request in about 6 months.
One year left! You’re going to hit the finish line well before us, which means you’re entitled to a lazily made dinner the next time you’re in the valley of the sun.
I tend to think we’ll do the one more year thing for, well, more than one year. My work at home job is pretty cushy and Big ERN has scared me right the hell off the 4% rule, so now we’re pushing for 3.5% AND paying off the mortgage, so our plans are, um, adjusting.
It will require as much courage to quit as it will to acknowledge that I have some issues in being seen as a man with no job. And what if my wife works! I say that only half in jest, because she does want to work and I’m actually worried what the neighbors will think.
Maybe a little therapy will be money well spent: get over my hangups, and maybe I can hang up the cleats a bit earlier. 🙂
Well… We’ll see! This is a highly aggressive timeline. I may opt to request part time at that point, and still work to drill away at our 2% student loans, or front-load the kiddos’ college aid. We’ll see how fed up I am come next July!
I really appreciate the offer and would love to visit. You guys are in AZ, right? And have a pool?? 🙂
Nothing wrong with adjusting the plan as you close in. Mr. 1500 Days stuck around a bit longer and it’s worked out alright for that guy. (and he still doesn’t give a rip what the neighbors think!)
Short answer, no. There are far too many outflows that require inflow of cash. The short term break that I’m on right now helps to review the perspective at how things will be when I do finally stop working for money. I hope to have the courage to stop though, when our outflows will not require any additional paid-work, rather everything covered by our investments. In about 4 (optimistically) to 6 (over-cautious) years.
It is all about that cash flow, isn’t it?? Well, that and healthcare…
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