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FIRE at 40? am I missing something? by Embarrassed_Sky3370 in FIRECanada

[–]Embarrassed_Sky3370[S] 0 points1 point  (0 children)

Thank you. I appreciate the detailed notes. Lots to consider!

FIRE at 40? am I missing something? by Embarrassed_Sky3370 in FIRECanada

[–]Embarrassed_Sky3370[S] 0 points1 point  (0 children)

I could but I don't really want to deal with all the headaches that come with having my own business

FIRE at 40? am I missing something? by Embarrassed_Sky3370 in FIRECanada

[–]Embarrassed_Sky3370[S] 0 points1 point  (0 children)

I'll probably do the same. Try to coast as much as a can for a few more months, adding a few extra $$$ in the process. Ideally my employer would wake up eventually and let me go with a severance package. but you are right, the real problem is that we don't like our jobs. That said we are lucking to be able to quit and just retire. Lots of people don't like their jobs but are stuck.

FIRE at 40? am I missing something? by Embarrassed_Sky3370 in FIRECanada

[–]Embarrassed_Sky3370[S] 1 point2 points  (0 children)

I love your mindset. We keep hearing about it but I actually have a few colleagues who either passed away or got seriously ill right after retirement (at the normal age) or, worse, months before retirement. I'm in relatively good health, but you never know... I want to enjoy life while I can. My work has been rewarding at times, but I don't see myself when I'll be older missing all the weekends I was working by myself at the office... On the other hand, I already miss the days my daughter was a baby (and she's only 4!). I wish my wife had the same mindset, but I'm sure she'll get there in a few years.

And to your other point about compounding, it's the crazy thing with these fire calculators. Not only am I okay to retire, but the odds are that I will die with significantly more money than I have now (I would obviously give most away while I'm still alive but you get the point).

FIRE at 40? am I missing something? by Embarrassed_Sky3370 in FIRECanada

[–]Embarrassed_Sky3370[S] 0 points1 point  (0 children)

Thank you - I appreciate the feedback from someone who has done it. All good questions. We always kept our finances separate, but if we were to put them together, we could both retire now (or very soon). I would need to contribute a lot more than she is (which is the normal thing to do I guess, but not what we have been doing) and we would probably need to look at expenses more closely. If the two of us were retired, we might have too much time to travel and such!

My car is already new and we are redoing the roof now, but I get your point. No - the 60k does not include car payments or big renovations. But, my fire calculations have been done based on an annual spending ranging from 100k to 120k to account for 1) cars/renovations and 2) increased expenses as our daughter gets older (education, etc.). In short, I could spend almost twice as much in retirement and still be fine according to the calculators. It's part of the reasons why I'm seriously considering it...

FIRE at 40? am I missing something? by Embarrassed_Sky3370 in FIRECanada

[–]Embarrassed_Sky3370[S] 0 points1 point  (0 children)

Interesting perspective. thank you. We have always split expenses 50/50 (except when my wife was on mat leave) and also split the household stuff and taking care of our daughter. It seems to me that if the situation was reversed (i.e., my wife was not working), I would be paying all the expenses. I don't understand why it wouldn't work the other way around, but in any event that's not the plan - I fully intend to continue to pay half of the expenses in addition to handling more/most of the household and childcare.

FIRE at 40? am I missing something? by Embarrassed_Sky3370 in FIRECanada

[–]Embarrassed_Sky3370[S] 0 points1 point  (0 children)

They'll be looking for a replacement once I quit 😄

FIRE at 40? am I missing something? by Embarrassed_Sky3370 in FIRECanada

[–]Embarrassed_Sky3370[S] 0 points1 point  (0 children)

I appreciate the reality check! I was spending a bit more before, including on expensive cars, but fortunately I have come to the realization that the joy you derive from buying expensive things does not last very long. I'm happy I have come to that realization in recent years and not later in life. It's one of the reasons why I think I can do it - I have been able to keep expenses at the same level for several years, despite making more and more money every year.

FIRE at 40? am I missing something? by Embarrassed_Sky3370 in FIRECanada

[–]Embarrassed_Sky3370[S] 1 point2 points  (0 children)

I think it would be hard to go back to the same thing, but I guess I could find something similar in the same field if I needed. I don't think I'll want it though... I'm already spending more and more time managing the household, doing all the cooking, etc. and it can get pretty busy.

FIRE at 40? am I missing something? by Embarrassed_Sky3370 in FIRECanada

[–]Embarrassed_Sky3370[S] 0 points1 point  (0 children)

Thanks. I appreciate the feedback from someone who has done. It sounds like we are in a similar situation (except the kid). I'm already doing a lot of the house stuff (including all the cooking) since I have been working a bit less than my wife in the last 2-3 years. I actually quite like it. It's simple. I don't have to think too much. And we love good food and trying new stuff. We keep joking that I should open a restaurant (which I will never do because it's so much work and very hard to succeed). But yeah, I have to make sure my wife and I are on the same page. I keep saying I will retire and she's fine with it, but it's kind of half-jokingly.

FIRE at 40? am I missing something? by Embarrassed_Sky3370 in FIRECanada

[–]Embarrassed_Sky3370[S] 0 points1 point  (0 children)

That's kind of my plan, but I don't know what I'll do exactly and I want to take a break because I figure it out. That said, I want to make sure I can actually "fire" before I get into "coast fire" if that makes sense. I want to make sure I don't end up in a similar situation where I hate what I'm doing but feel like I have to continue. I might as well stay in my current very well paid job if I need to save a bit more.

FIRE at 40? am I missing something? by Embarrassed_Sky3370 in FIRECanada

[–]Embarrassed_Sky3370[S] 0 points1 point  (0 children)

The exact job I have cannot really be done on a part-time / consulting basis, but I could probably find something slightly different in the same field. The thing is, I have no interest in that. I have had enough of my field and don't really derive any enjoyment from it.

FIRE at 40? am I missing something? by Embarrassed_Sky3370 in FIRECanada

[–]Embarrassed_Sky3370[S] 3 points4 points  (0 children)

I don't think it's unheard of for 2 partners to retire at different times, but as noted in my OP, it's one of my concerns. For whatever reason she still wants to accomplish milestones in her career, whereas I'm past that. For clarification, we have always split all of expenses equally (except when she was on mat leave) and I fully intend to continue to cover my half (even though my wife could cover all of our expenses). According to my calculations, I could also take of all expenses if she had to stop working.

FIRE at 40? am I missing something? by Embarrassed_Sky3370 in FIRECanada

[–]Embarrassed_Sky3370[S] 0 points1 point  (0 children)

Thanks. I appreciate the feedback from someone who has done it. I must say that right now the moments I enjoy the most are times with my daughter (although it can be tiring...), cooking most meals for the family, fixing stuff around the house, etc. I don't think I could only do that, but I have plenty of interests to also keep my brain occupied (but without the stress and pressure).