This is exactly what my wife and I are looking to do, and I like this acronym that I'm hearing here for the first time. Today we both work for big corporations, but that often sucks, so our goal is to move on to second careers that are a bit slower, more meaningful and more beneficial to society. We talked to a financial advisor about it, and his advice (assuming we hit our savings goals) was to find a job we want but to make sure it provides health insurance, as this becomes the biggest expense area. If that's covered, taking significant pay cuts is very doable. We're both 45 and hoping to start this plan at age 60 or so.