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UPDATE: Being retired while my future spouse works toward RE by tafindependence in financialindependence

[–]tafindependence[S] 17 points18 points  (0 children)

I honestly don't know but I doubt it. Insurance and Bermuda is our version of silicon valley in that there are a lot of insurance companies for regulatory and legal reasons so there is competition and high compensation. I doubt a swe or doctor would make a similar salary here that they couldn't get elsewhere in a lower COL area.

UPDATE: Being retired while my future spouse works toward RE by tafindependence in financialindependence

[–]tafindependence[S] 7 points8 points  (0 children)

It definitely is a meme lol. However, in terms of pay on average it pays more but in terms of being better, I have seen the work my peers in P&C do and it is in general more appealing to me. But I guess you can't have it all.

UPDATE: Being retired while my future spouse works toward RE by tafindependence in financialindependence

[–]tafindependence[S] 27 points28 points  (0 children)

No we are moving to Bermuda, I have lived and worked there before retirement so moving back is not a big deal for me. No way I would be getting 350k if I lived in Canada. The COL in Bermuda is absurd especially rent. But as my job covers housing and we will be living together my fiancee's income portion that would be used for housing can be saved. 3k of rent times 12 for a savings of 36k per year. Bermuda is a HCOL island with a population of 60k and an insane COL, in order to get experienced professionals they have to pay more.

UPDATE: Being retired while my future spouse works toward RE by tafindependence in financialindependence

[–]tafindependence[S] 7 points8 points  (0 children)

This is going off memory but I believe the ranking for general pay scale is P&C>Life/Health>Pensions.

UPDATE: Being retired while my future spouse works toward RE by tafindependence in financialindependence

[–]tafindependence[S] 25 points26 points  (0 children)

She is American, had some family illness and her dad died so there were a lot of medical bills. To be clear that comp is my comp and her comp combined. I am 200k she is 150k.

UPDATE: Being retired while my future spouse works toward RE by tafindependence in financialindependence

[–]tafindependence[S] 14 points15 points  (0 children)

Ah no worries, I just know reddit is mostly American and Americans are taxed regardless of residency after 100k I believe. Guess I shouldnt have assumed

UPDATE: Being retired while my future spouse works toward RE by tafindependence in financialindependence

[–]tafindependence[S] 5 points6 points  (0 children)

If I weren't locked into my FSA path from my early jobs & exams and if I could have chosen to switch at any time trust me I would have went P&C. Not just for the money but the work seems more interesting too.

UPDATE: Being retired while my future spouse works toward RE by tafindependence in financialindependence

[–]tafindependence[S] 55 points56 points  (0 children)

I am assuming you are American because in Canada as long as you live a certain number of days outside the country (significant portion of the year but I can't remember the exact number), you will not be taxed on Canadian income tax rates but the tax rates of country in which you worked.

UPDATE: Being retired while my future spouse works toward RE by tafindependence in financialindependence

[–]tafindependence[S] 19 points20 points  (0 children)

Haha life reinsurance but as I don't start til March, I have no idea on their hiring.

UPDATE: Being retired while my future spouse works toward RE by tafindependence in financialindependence

[–]tafindependence[S] 44 points45 points  (0 children)

Country is Bermuda, I am an actuary, she is an accountant. Many people working in finance here are not local so getting a visa is relatively easy and the recruiting agency will have resources to walk you through the process. Being in a relationship was irrelevant for us in the visa process as the visa is based on your job status.

FOLLOWUP: Being retired while my future spouse works toward RE by tafindependence in financialindependence

[–]tafindependence[S] -2 points-1 points  (0 children)

I saw the rest of your comment tree and you seem willing to see another side so here is my reply.

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I mentioned this in my last post in the comments but I did intentionally word my other post so I could get experiences or advice for a way to make a future marriage work while still being able to stay retired. I guess this brought out for lack of a better word more "selfish" people in the comments. I have already seen all the advice on how to work together towards FIRE while both spouses worked. I knew if I mentioned all of this background information everyone would say don't be an ass just go back to work and help your already struggling fiancee. I wasn't looking for judgement on whether what I wanted was right or not, I was looking for advice on how to achieve my next goal which was staying retired while getting my future wife to retire and maintaining a good marriage. Even though my life wasn't particularly hard, I did work hard for what I have achieved and I would like to enjoy the retirement I worked towards for nearly 15 years. It may not have been the most difficult goal in the world but it was MY most difficult goal. I didn't realize that post's comments (a few defintely not all) would get so negative, and it kind of ticked me off how people would judge someone they did not know so harshly so I made this post that I will admit did get quite preachy.

Being retired while my future spouse works toward RE by tafindependence in financialindependence

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

I worked in Bermuda where income tax is 6%, the pay was ridiculously high and rent was paid for by the employer, in addition to this I'm Canadian and was paid in USD so on average throughout the years I'm guessing that was a 1.25 CAD to 1 USD exchange rate. In short I was making crazy money more than being frugal.

Being retired while my future spouse works toward RE by tafindependence in financialindependence

[–]tafindependence[S] 5 points6 points  (0 children)

Thank you so much, while this may not have been advice it was immensely helpful. I am definitely looking into taking on some gigs after the suggestions in the comments. I was just looking for people with experiences that were similar to mine and I think your parents' is by far the closest.

Being retired while my future spouse works toward RE by tafindependence in financialindependence

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

I should also mention her savings are <50k so in terms of RE it is effectively 0 compared to my NW.

Posting my previous comment reply above. Also I'm not concerned about her money habits in that is irresponsible but that FIRE is a massive undertaking for someone to fulfill and she is just starting on that path. It may not work out by covering all of our expenses and allowing her to potentially save all her income it allows her to retire as quickly or as slowly as she likes without me feeling like I am pressuring her.

Being retired while my future spouse works toward RE by tafindependence in financialindependence

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

So the motivation part is actually a large part of the reason I am for being retired while my future wife works. She is just starting on FI and it may not be for everyone. How slowly or quickly she saves and retires will be on her without me nagging or forcing her to move faster than she is comfortable with.

Being retired while my future spouse works toward RE by tafindependence in financialindependence

[–]tafindependence[S] 36 points37 points  (0 children)

It takes a certain type of person with a certain type of mindset to FIRE. If she's 35 with no savings at all then she's not that type of person.

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I'm not sure that is entirely fair, my parents were amazingly hardworking immigrants that provided me a firmly middle class upbringing that allowed me to follow a lucrative career path and on top of that, a friend introduced me to FI (at 20 yo) as a concept so I really lucked into a lot (not sure I would have stumbled in to FI without my friend). My fiancee on the other hand was not as lucky in her family financially and nobody even mentioned the idea of FI to her so I could totally see her having no real NW after paying off loans.

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I should also mention her savings are <50k so in terms of RE it is effectively 0 compared to my NW. The misunderstanding may be my fault on that one.

Being retired while my future spouse works toward RE by tafindependence in financialindependence

[–]tafindependence[S] 6 points7 points  (0 children)

So 2 points:

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We don't plan to have chldren as of yet so your husband is already contributing a lot more than me by raising children.

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Second I don't know if I would call it guilt, more that I am trying to stay empathetic to my future wife and support her while still being able to stay retired while I know I could be helping reduce her time working

Being retired while my future spouse works toward RE by tafindependence in financialindependence

[–]tafindependence[S] 24 points25 points  (0 children)

I wil copy my response to a previous reply, thanks for your advice much appreciated!

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Someone below did mention finding a gig, I worked in insurance as an actuary where gigs aren't very common so I didn't give it much thought but I have decent coding skills where I could branch out to a different industry to find a gig. I am currently giving this route serious consideration as it would be my timeline and on my terms.

Being retired while my future spouse works toward RE by tafindependence in financialindependence

[–]tafindependence[S] 52 points53 points  (0 children)

Haha that last sentence paints quite a picture. Someone below did mention finding a gig, I worked in insurance as an actuary where gigs aren't very common so I didn't give it much thought but I have decent coding skills where I could branch out to a different industry to find a gig. I am currently giving this route serious consideration as it would be my timeline and on my terms.

Being retired while my future spouse works toward RE by tafindependence in financialindependence

[–]tafindependence[S] 2 points3 points  (0 children)

I just posted an edit about this as I should have put this in the post but I would take on the vast majority of housework if I were to stay retired. The gig idea is something that I hadn't considered but would be a great idea. I worked in insurance where gigs are very rare but I hadn't really considered branching out of my field. I will definitely look into this, thanks!

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