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FIRE! The beautified ugly side of retiring early

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Financial Independent, Retire Early

Financial Independence, Retire Early (FIRE) is a movement that aims to achieve both financial freedom and early retirement. This is a very controversial topic for discussion, I am putting by head into the chop board for discussing about this topic. Many people want to retire early, hence there are many talks/theories about using withdrawal rate of 2-4% or even use dividend to cover expenses etc… It’s all about saving and investing wisely to build up enough wealth to cover living expenses and have the freedom to retire early and live life on your own terms. Life is so difficult to decide, but that’s what make it beautiful isn’t it?

However, there are many counter arguments for and against it. Recently there was some interesting discussions in a telegram group that I am in. Let me share some of it below before going into the actual discussion.

Photo by Kelly Sikkema on Unsplash

Conversation in a famous dividend telegram group

Someone said these:

When some pple in their 30-40s thinking about FIRE, I met this old uncle recently during one clan meetings. Incredibly he’s in his 90s, but doesn’t look his age and still goes to work daily!
And drives a brand new C class

Many rich ppl 90 plus still working.

My doctor 90 yr old still working. Father and son business. At B timah shopping centre . mind still very sharp . Physical good.

I said these

Different. Rich one go work got minions serve them. Of course everyday go work also can, sometimes can also can dont go office. Poor minion want retire early so that can stop being minion

Yes. 60 plus old people picking paper and cans from rubbish is because they love to work. They would love to continue till their 90s. Contribution to society, feel wanted and exercise.

Yes. The aunties and uncles in my neighbour is still working. They are so old and limping, still working hard to keep the neighbour clean and help with recycling efforts by picking up the dirty cans from rubbish bin. This keep them healthy and mind alert!

Photo by Mihály Köles on Unsplash

Hence, should we FIRE?

There are many arguments PROs and CONs against. Let me share some of these points with you.

1. Why FIRE? You should work as long as you can to keep mind active.

This is true to a very big extend. Not everyone can retire early. Many of us are used to a routine lifestyle. If you retire early, you may find yourself to be bored, don’t know what to do with your spare time which would otherwise by occupied by your usual 9 to 5 job. Many would feel loss, and lose purpose in life (but if your purpose of life is job, don’t you think it is very sad?)

Of course working will keep your mind active (or force your mind to be active), but if you can find something elsewhere (other than your job) to keep your mind active, isn’t it better?

2. Rich people don’t retire. You shouldn’t either.

Rich people don’t retire. Did you see people like Bill Gates, Warren Buffett retiring earlier? Or even see your bosses retire early? They don’t. Job is their purpose, their calling and one very key important point is that they are the bosses. If you are the minions and especially if you don’t like your job, you sure want to retire early.

This is similar to what I have said above in the telegram group, it depends on your job circumstances!

Different. Rich one go work got minions serve them. Of course everyday go work also can, sometimes can also can dont go office. Poor minion want retire early so that can stop being minion

Yes. 60 plus old people picking paper and cans from rubbish is because they love to work. They would love to continue till their 90s. Contribution to society, feel wanted and exercise.

Yes. The aunties and uncles in my neighbour is still working. They are so old and limping, still working hard to keep the neighbour clean and help with recycling efforts by picking up the dirty cans from rubbish bin. This keep them healthy and mind alert!

3.You are missing out career progression and potentially missing out on additional income and professional fulfillment that could have been achieved by continuing to work.

Retiring early typically means leaving the workforce before the traditional retirement age. This decision can have long-term implications, such as limited career progression and potentially missing out on additional income and professional fulfillment that could have been achieved by continuing to work.

In certain situations, individuals who retire early may find themselves needing or wanting to reenter the workforce. However, reestablishing a career or finding suitable employment opportunities after an extended break can be challenging, especially if skills and industry knowledge have become outdated.

4. Uncertain Future Expenses. Are you sure that you have plan will definitely work?

When retiring early, it’s essential to carefully plan for future expenses, such as healthcare costs, inflation, and unexpected life events. Health insurance and medical expenses, in particular, can be significant considerations, as retiree health coverage and Medicare may not kick in until a later age.

The above is very true, by retiring early, it is very “dangerous” to many. What if you count wrongly on the sums needed? What if suddenly you need money? What if you want to go back work but can’t find any work? No one want to hire you again? All these are valid concerns, do think through before you going ahead with the plan.

5. Social and Identity

Early retirement can impact one’s sense of identity and social connections, especially if friends and peers are still actively working. The shift from a structured work environment to unstructured free time may require finding new social circles or purposeful activities to maintain a fulfilling lifestyle. One may feel one one is worthless without job, without active income to feed yourself and your family.

But, remember this:

the job is not you, you are not your job. Do you believe that if you suddenly drop dead at your job, your company will just find someone to replace you easily? But your family will be sad as you can’t be replaced.

And You will never get a chance to play with your kids again but your company won’t care about you.

Photo by Markus Spiske on Unsplash

6. Psychological Adjustment

Retiring early is not as easy as you think. Being the Devil’s advocate, let’s say one has all the money

Transitioning from a busy work life to a life of leisure and self-direction can be psychologically challenging. Some individuals may find it difficult to adapt to the newfound freedom and may experience a sense of loss or lack of purpose.

Mind (in addition to the money which most believe in) is also very important but neglected consideration in FIRE!

7. Loss of Employer Benefits

Leaving the workforce early means giving up employer-sponsored benefits like health insurance, retirement contributions, and other perks. These benefits can provide a significant financial cushion and may be challenging to replace independently.

All these may seem trivia, but when medical issues strive, many would be worried. Have you planned this before you retire?

8. Potential Boredom or Lack of Purpose

Retiring early may lead to a loss of daily structure and a sense of purpose that work often provides. Some individuals may find themselves feeling bored, unfulfilled, or lacking direction. It’s important to proactively seek meaningful activities or hobbies to maintain mental and emotional well-being in retirement.

In short, know what you want to do if you are not working. Don’t just FIRE for the sake of FIRE.

What is your views?

Financial Independence, Retire Early (FIRE) is always a very controversial topic. If you are planning for this route, please make sure if you plan properly and taken in all consideration (such as the points above) before embarking on the journey. It is not as easy as you think, even for very rich people. Besides having sufficient money for FIRE, there are many many other considerations.

Of course by keep working, means you are selling your precious time away (Time is the ultimate currency, not money) for something that can be printed infinitely by the government. Is it worth it today?

My main purpose of this post is to make people think about their options, what they really want in life? Don’t just work without thinking.

Good articles that you should read!

People are drawn to dividend investing.

Why? Firstly, dividends provide a regular stream of income, allowing investors to receive a portion of the company’s profits on a periodic basis. This can be particularly attractive for individuals seeking consistent cash flow or looking to supplement their existing income. Additionally, dividend investing is often viewed as a more stable and predictable investment strategy compared to relying solely on capital appreciation.

I always write and share articles, especially on dividends which many people love them. Do read them!

Alternatively, you can go the right side of my page, there is a search bar where you can simply search “dividend” to see all my articles related to dividends!

Of course, you can search for other things that would interest you such as “Careyourpresent”, “Reits”, “Side Hustles”, “Fixed Incomes”, “Savings” etc.

CAREYOURPRESENT

Money just buy you the chance of freedom.

When you are young and working, you exchange time for money. When you are old, you can have lots of money but you can’t buy time back, especially the things that you have missed while busying striking out in career. Of course, if you love your career, and consciously know that you are missing out the first time your child walk or talk, that’s ok, but if you are the other spectrum, please do something about it.

Your kids grew up and they no longer need you to accompany them. They no longer want to sit on your lap to share/do things with you…all these time you spent in your 9 to 6 or even longer cubicles…can the money that you have earned by you back these?

We always thought we have more time with our old parents, but we are wrong. Time with them is ticking away every day. One day it will suddenly be gone. There is no regret medicine, no reset in time. Gone is gone and cannot come back. No matter you are billionaires or millionaires, you cannot reset this.

We always thought that we have more time with our spouse every day, but we are wrong. One day they will be gone too. When you read this, please go tell your spouse that you love him/her and he or she is the best thing that you ever had in your life.

I have picked out some of the more life reflecting articles of the CAREYOURPRESENT series. Do read them:

You can read more about my articles on Careyourpresent via the Category “Careyourpresent” or simply click “Careyourpresent” via the main menu bar.

REMEMBER:

Love your life daily.

You have one less day with your spouse, parents, children and yourself.

Time is ticking away.

For each passing day,

Enjoy and Treasure your Life!

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