Volpri, I am sorry about your daughter's passing. She'll stay forever in your heart. Thank you for sharing. We all need to keep some perspective about what is really important in life.
Happy Holidays, everyone. I'm offering a different perspective here. I agree neither with Orman (who preaches to the financially inept and does not tailor her message for those with some ability to manage money) nor with the FIRE group. For most people, I believe something in between is best. I'm older (62) and most of my friends and family are older than me, and retired. Almost all of them are trying to get me to retire. I know several people who have worked at white-collar, 6-figure jobs and have little to show for it. They have to scrimp and save to go anywhere or do anything. Some of them are subsidizing their deadbeat kids and grandkids, but others simply failed to plan, or relied on a financial planner to do it for them (from whom they probably heard what they wanted to hear regarding when they could retire). Buying a car is a major stumbling block that means they cannot take a vacation for the next 2 years. I'll give an example of two people I know. In the last couple of years, one of these people I used to hang out with turned down going to a movie (about $9 around here) because of financial considerations and the other bowed out on visiting an inexpensive restaurant for happy hour (we're talking $15 to get out the door, including tax and tip). They are able to tell me everything about the series they are watching on TV, the lives of their pets, and what their hopes for their grandchildren are. But they don't do anything for themselves or have any aspirations of their own. Neither of these people is disabled, demented, or unable to work. They just would rather quit early and be poor. I have no idea why. As I see it, there are several problems with quitting work early. A major one, mentioned by others above, is the level of uncertainty about inflation and taxes. Most people do not take this into account. It is best to keep working until you are certain you can easily survive even the worst eventuality. Tax laws change. Medical insurance has risen much, much faster than core inflation. One has to be ready for this stuff. My observation has been that a lot of people don't prepare for different events, and they don't develop any other avenues for making money (investments, real estate, trading, whatever). I've seen people give up their entire income because of one or more of the following: 1. They were dissed in some way at their job (who hasn't been? face it, fix it, do something about it, or get another job, for Christ's sake) 2. They don't think they can find another job because of ageism (this may be a hard thing in some professions, but hard things are not impossible things) 3. They are tired of working (most people are tired of working, many just do not admit it, but being tired does not make you special or entitled) 4. They were offered a buyout of 6 months salary (this is not a lot of money in the long run) 5. Their parents left them a few bucks (I'm still waiting to meet someone who invested their inheritance instead of spending it or making a really bad trade with it; then there are the ones who pile up debt but don't worry about it because mom is going to croak soon enough--don't get me started, that's a whole other post There's nothing wrong with leaving your job or profession or business if you're totally prepared to do so financially and you are sure you can do what you want to do after you quit. But I've seen so many people quit too early, with the result that their lives shrink--not just financially but socially and intellectually. I just don't think it's good for people to sit around watching TV all day. I don't want to spend my last 30 years at the dog park or going to senior shopping day at Kroeger. This stuff is bad for people; it makes them die early. There is a lot of emphasis on being financially prepared for retirement, but much less on what are you actually going to do all day, and whether you can really afford to do what you would like to be doing. Personally, I like the "yardstick" of working, making money, and contributing to the world, keeping some skills sharp, staying relevant, doing work that directly benefits others, and using some of my earnings to have fun and contribute to charitable causes. I'm working as a consultant from home, so life is easy, and I usually don't work full time. But work is very meaningful to me. I realize that's just me, everyone is different, and I don't fault anyone for not doing things this way. But I'm really stunned that so many people who have cut their own set of opportunities in half are trying to encourage me to quit (Crabs in a bucket?) In contrast, I know a very wealthy and brilliant man (I don't pry but I suspect he and his wife are my richest friends). He is approaching 80 and has developed and sold several companies (he is still doing this). We were at a concert listening to his wife perform beautifully and he asked me if I were going to retire any time soon. I said no, I thought that not working would make me feel as if I were waiting for someone to put me in a hole in the ground. He opened his eyes wide and said, I know exactly what you mean. I feel the same way. In short, think before you quit. Think really hard. Because being out of the world of commerce makes you irrelevant pretty quickly, and it's hard to get back in. I know there are other perspectives. I hope my thoughts will benefit someone. I must go now. It's a special day and I'm going to eat cake for breakfast.
“They shall not build, and another inhabit; they shall not plant, and another eat: for as the days of a tree are the days of my people, and mine elect shall long enjoy the work of their hands.” Isaiah 65:22 KJV