[‎‎USER]

Decision Time: How do you know when to go?
I have run the numbers multiple times and added a lot of buffer to them.

Yearly spend right now is around $50,000. Assuming that I start covering my own healthcare, make it $62,000.
Common FIRE wisdom says I need $1.6 million, but I’m at $2.75 million.

My planned number was a $100,000 / year retirement, so I will have a very conservative SWR even right now.

Question is, how do you know when it’s time to call it quits and just RE.

The job is lucrative, I just hate it.

[Mike]

That moment where you said you hate the job. That’s when. The whole point of FIRE (IMO) is to never spend anymore of your time doing a job you hate.

I can go on about never setting an alarm clock ever again, never being a slave to an Outlook calendar, etc.

But, whats the point of busting ass and saving all that just to go to a job you hate?

[Felix]

You didn’t mention your age but I was pondering the same mid 2023 at 50, single, female…with help and encouragement from here I took the plunge because I was burnt out.

At that time I was worth $2.65M …two years later my NW is $3.28M and I have ZERO regrets.

I enrolled in a Masters program for something I’ve wanted to learn so I’m super busy – I will never make money doing what I’m learning but I don’t care!!

I was so stressed and worries when I asked this question, and this amazing community offered me so much encouragement and I’ve never looked back.

Don’t get me wrong – this April when my NW took a $600k dump I did question not working but it was my first dip and I survived – didn’t sell, kept steady and happy I did.

I also thought I would spend 50K but I spend around $80k and it’s all good.

[Andrew]

You sound like you’re there. The money is just a tool. Use it to buy back your time.

[Lauren]

Is it possible to take a leave of absence or possibly FMLA to take a break and see if that time off will give you a different perspective on the job?

If not, you mathematically seem to have what you need so then the question becomes what have you considered for how you will spend your time?

Also, if your current job holds any time-vested benefits (pension, profit share plan, etc.) is there a time in service category you need to meet in order to qualify for that payout I would take that into consideration.

[Evelia]

Before retiring, I spoke to several friends that retired and seemed to be living fulfilling lives. One question was how did you know when to retire.

Basically, the FI part was met but it surprised me when they said you will know when it’s time, when you don’t enjoy even the commute to work, when you had enough with bs.

Then I asked what are your plans for your time. Some already had passions to follow (travel, volunteer work, ailing parents, etc,) others were taking courses to learn a new craft/job and do something they enjoyed (massage therapy, landscaping, interpreting, ceramics, etc), others were focusing on their heath or children.

It will look different for each person. Before retiring from work, I read How to Retire Happy Wild and Free and it has made a huge difference.

It helped me to do just that. Best of luck!

[Andy]

Remember….retire TO something, not FROM something. Don’t retire simply to escape a job you dislike. Make sure you have meaningful things lined up.

Critical to have purpose when you walk away or you’ll be bored/lost/depressed 6-12 months later.

I’ve seen it over and over.
Sounds like the $ is there so focus on your next chapter’s purpose.

[Robert]

I have said this a number of times; however, I do not mind repeating it again. There is “no one-size-fits-all” to FIRE, and that includes when to do the RE part of FIRE.

Every situation is different; every person has to choose what is best for themselves and their family.

In looking at your situation; my question to you is not simply are you financially ready to retire… Because it would seem that the answer to that questions is “yes.” my question to you is, “we know what you were retiring from; but what are you retiring to?” In other words, what are you gonna do with your life after you retire?

As far as “ how do you know when it’s time to call it quits?” Another lawyer I knew told me back in 2012, “Robert, you’ll know when it’s time.”

Granted that answer is somewhat vague, and potentially not very helpful; but I believe it does speak to the issue of “when do you know?”

As an analogy, in my case, while I’m indeed at the FI part of FIRE, I know full well that I’m not psychologically ready to retire.

And I probably will not be psychologically ready for several years. But that is just me.

I like what I do, and I like the people I do it with, and my management is incredibly supportive.

On the other hand, you have indicated that you hate your job. To me that’s a pretty clear signal that you wanna be out of there as soon as possible. Okay…..

I understand that. But my question for you is …. what comes next?

[Marcelo]

The book “Designing your Life” could be a good source of guidance – it was written by two Stanford professors that teaches design thinking classes and helps people prototype your next phase in life.

I am a Audible fan so I listened to the book a couple of times

[Sheryl]

Leave and do a trial retirement now. If you choose to go back to work in some capacity later then you’re doing it for yourself not for the money.

You have enough to retire comfortably, why wait.

[Jatin]

how are you planning to use 2.7mil and how you plan to invest it? Just curious how you think this through.

[Jason]

Based on numbers, your fine. And you said one of the key words which already gave you the answer you’re looking for.

You used the word “hate” as part of your current situation.

RE and switch the hate word with enjoyment and freedom.

[Author]

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