What they don’t tell you about retiring early

I am going to revisit a few themes I’ve touched upon earlier. In response to the question: “What do they not tell you about retiring early?”

I was burned out and had stopped loving my work.

So I pulled the plug with early (reduced) retirement at age 57; I could look forward to a minimal pension starting at age 60 and had all bills paid and no mortgage to worry about. I have reasonable other investments outside my pension that, with the pension, should last me the rest of my days.

My wife previously retired a year earlier, so we both have someone to adventure with. I’ve got a lot of interests, many of which are not very expensive, which helps. Anyway, it was time.  They DO tell you that you’ll know when it’s time, and they’re right (or were for me anyway).

When considering retirement, I think it is important to ask “What does work provide?” I spent some time thinking about this before I left my job.

1: Identity. For many of us “you are your work”. When retiring, this identity is no longer there to support you. So you will need to create a new identity.

What’s my new identity?

Ex-whatever.

Adventurer.

Handy-worker.

Writer?

2: Purpose. Similar to identity, but this is more “what you do” than “who you are”. I continuously work to find various purposes or meaningful activities that I think deserve my interest and attention. Hopefully, not at too great expense. Maybe even cashflow positive!

3: Money. After a lifetime of saving and investing, it is very hard to reverse course and be okay withdrawing the funds from various investments. I always was better at timing my buys than my sells. So usually if I bought something I would just hold it. Some investments did very well (Apple, BTC, Lilly, some others). Others did not do as well (cannabis stocks, shrimp stocks, BTC for a while anyway). Overall pretty good results though. But now need to sell? Not earning but spending is psychologically challenging!

So after six months of “retire-vacation” I agreed to go back, but very much on the basis of part time / contract. I’m working about one-quarter time, or less. And I can choose when. For now, the current work pattern addresses all three of the above issues and gives me lots of flexibility and free time to figure out my new identity, purpose, and finances! 

And find new interests. 

*For anyone who has been perhaps waiting for updated Blog entries, I’ve got a few that I’ve been working on but aren’t yet ready for publishing. But check back — you’ll never know what comes up to the surface.*