Has anyone here retired early on a lean budget (or plan to)?

[Anonymous]

I'm feeling burnt out from working and just want to retire to pursue my hobbies. Maybe I'll try freelancing, but that sounds more stressful than an office job in many ways. What's the smallest nest egg you'd feel comfortable retiring on?

[Anonymous]

Not me. Worrying about money is worse than dealing with stressful work, IMHO.

[Anonymous]

How old are you and when can you collect social security? Any family money on the horizon?

[Anonymous]

My parents did.

They retired in their late 50s and have been arguing about what to do with themselves ever since. That was 10 years ago.

They seem to have plenty of money, however...

I'm planning to retire at full retirement age and not a day sooner. I also plan to line up something to do part time when I do retire.

[Anonymous]

Anonymous wrote:My parents did.

They retired in their late 50s and have been arguing about what to do with themselves ever since. That was 10 years ago.

They seem to have plenty of money, however...

I'm planning to retire at full retirement age and not a day sooner. I also plan to line up something to do part time when I do retire.

I think that's what OP is asking. How to do it without "having plenty of money".

[Anonymous]

Use one of those online calculators to figure it out. Bankrate, all the brokerages, Nerdwallet...

[Anonymous]

OP here. I'm 35.

There's an early retirement movement where entire families retire on investment portfolios of $600k - $1.5m and live frugally forever. That's seeming increasingly more attractive by the day.

My situation would be different because my spouse plans on continuing working, but I don't want resentment to seep in.

[Anonymous]

Anonymous wrote:OP here. I'm 35.

There's an early retirement movement where entire families retire on investment portfolios of $600k - $1.5m and live frugally forever. That's seeming increasingly more attractive by the day.

My situation would be different because my spouse plans on continuing working, but I don't want resentment to seep in.

Oh brother... Get your a$$ out there and work. Your DH is not your plan.

[Anonymous]

Anonymous wrote:I'm feeling burnt out from working and just want to retire to pursue my hobbies. Maybe I'll try freelancing, but that sounds more stressful than an office job in many ways. What's the smallest nest egg you'd feel comfortable retiring on?

So get a job you do want to do? Take a sabbatical leave? There are options between working yourself to death and not working at all.

[Anonymous]

OP, remember, those podcasters are selling a lifestyle. You can save, invest, and control your expenses without hating your job.

They've actually changed their message to FI (it used to be FIRE) post pandemic because one of the most popular ones wrote a post in which he said he was going back to work.

[Anonymous]

I think it is fine to take a break and change careers. I don’t think it is fine to just stop working and rely on your spouse while you fart about.

[Anonymous]

Anonymous wrote:OP here. I'm 35.

There's an early retirement movement where entire families retire on investment portfolios of $600k - $1.5m and live frugally forever. That's seeming increasingly more attractive by the day.

My situation would be different because my spouse plans on continuing working, but I don't want resentment to seep in.

Yeah that won’t work. DH works; you don’t. You are eating hot dogs and he eats steak - at the same table??

Do something less drastic - new job; new career; year off. But no, you can’t retire at 35 with no money unless your spouse is on board with supporting a housewife or househusband.

[Anonymous]

Anonymous wrote:OP, remember, those podcasters are selling a lifestyle. You can save, invest, and control your expenses without hating your job.

They've actually changed their message to FI (it used to be FIRE) post pandemic because one of the most popular ones wrote a post in which he said he was going back to work.

Yes. They have a job. It’s called selling content to gullible people.

[Anonymous]

Anonymous wrote:OP here. I'm 35.

There's an early retirement movement where entire families retire on investment portfolios of $600k - $1.5m and live frugally forever. That's seeming increasingly more attractive by the day.

My situation would be different because my spouse plans on continuing working, but I don't want resentment to seep in.

No no no no.

You accumulate enough capital where you can live on dividends, not capital. This mean having several millions, not 1.5M!
Then if you need expensive medical care at some point, you spend your capital, and the rest goes to your kids.

[Anonymous]

IDK if this is your definition of "lean" but I plan to retire in 3 years. I will get $4800 after taxes from my pension and $2000 from the time I retire (58) until I am 62.

So I will live off $6800, i'm single, my kids will be 24 and 26. My house will have 10 more years until it is paid off, so that is $2800/month. So Ill live off $4000/month which is lean.

I can earn up to $20K and it won't affect my $2000, if I work the $2000 goes away.

I will defer my SS until I am 70 so my income will go down to $4800 at 62 and I will use my TSP. I have about $1M in that.

At 70 my SS will be about $3500.