As someone who has been relying on freelance gigs for the past 15 years, my obvious answer to @ericvancewalton’s Memoir Monday latest prompt would obviously be the right time to retire is as soon as you can possibly slam that office door and never look back. Yet, it all depends on what you are willing to sacrifice and, even more important, what exactly are your retirement plans?
Early retirement is somewhat of a novel idea in my country, where most people just follow the norm and work mindlessly till they reach retirement age, so I had to do some research. My first impression is that the FIRE (financial independence, retire early) movement, which apparently took off in the ‘90s is mostly a pipe dream, meant to keep people in the rat race until they’re no longer useful in the workforce. According to data, only a measly 3% of Americans manage to retire in their 40s, with, in my opinion, enough good years to enjoy life. Another 6% manage to escape between 50 and 55, with another 11% going into some sort of retirement between 55 and 59. Actually, many people in the 55-59 age bracket are forced into retirement by layoffs and illness. Another shocking study says that Gen Z youngsters consider 60 as a good age to retire “early”. 60? Really? Well, when you’re in your 20s you cannot imagine what 60 looks like, so we’ll just leave them to dream on.
All articles on early retirement point out you must be willing to sacrifice if you want to retire before 65. Some say saving 25% of your income should be your goal. With the current inflation and dim economic perspective, for most people putting aside or investing 25% of their monthly income seems not doable. But you’re welcome to try, focus on the goal, be a model worker and we’ll see what happens.
My main objection to this FIRE thing is that you risk ending up an empty shell of your former self well before you reach your desired retirement age. Years of slavery will do that to you. For starters, you’ll be afraid to trade jobs because financial insecurity is contrary to your goal. Better keep your head down, put up with an insufferable boss and a mind-numbing job than putting your retirement goal at risk. Be a good slave and you may be rewarded with a few extra years of watching the sunset on your porch! We’ll even throw in a six weeks cruise during which you can stuff yourself silly. (Unless you get seasickness and cannot hold anything down.) Seems like ample compensation for your 30-40 years of service.
I do admit I’m not competent with money, but I cannot understand denying yourself experiences when you’re young and healthy, on the promise that you’ll be free to do what you want when you’re 60. If you reach 60, that is. Years of stress and not enough sleep do lower your chances of making it there.
There’s also the question of what you want to do when you retire. When you’re busy busting your butt to save enough money for retirement, you might neglect building a happy life, you know like family, friends and interests you can enjoy in your golden years. Who are you going to enjoy those extra years with? The wife you barely spoke to most days as you were both in a hurry and focused on your job worries? The kids you provided for without taking the time to know? What about the alone time when it’s just you and your hobbies? People with very little spare time and hell-bent on saving money tend to lack hobbies. Passions take time and sometimes money to nurture. Unless you count falling asleep in front of the TV with a beer by your side as a hobby. You may discover you have all the time you ever dreamed of and nothing to fill it with. I have a friend who quit her job a couple of years ago and although she has no financial worries she is quite unhappy as she has zero interests. And I do mean zero. All her life has been about work and making money, and she lost all her dreams in the process.
As I see it, focusing on retiring early is a trap. I don't believe in those who promise you something better sometime in the distant future, whether it's in this life or the afterlife. If you’re 30 and you’re not happy with your life, you should consider changing things sooner rather than waiting to retire a few years early. Maybe you don’t care much about your job and don’t see what else you could do to earn a living. The best you can do - don’t let it suck you all in. Make the most of your free time - invest in people and passions that make you happy now because all you really have is now.
Thanks for reading
