Six months after hitting financial independence, I’ve made good on the retire early part of the bargain.
I’ve left work.
How does it feel? Like I’ve lit the touch paper on a Catherine Wheel of emotion.
It’s euphoric, unreal, wonderful, confusing, and daunting, but in an exciting way.
I feel like I’ve been handed a precious opportunity that I mustn’t screw up. Like it’s all on me now.
No more excuses – be happy or go boil your head!
I resigned a few months ago and worked my notice until departure day last week, when I finally left work.
The end wasn’t like I imagined it would be when I first started down the road to FIRE (Financial Independence Retire Early).
My workplace was like a bucket of squabbling rats back then.
In my mind’s eye, my last day was an Apocalypse Now of burning bridges as I dropped truth-bombs from my Stratofortress of freedom.
The reality was nothing like that.
As part of a small platoon of like-minded comrades, I helped clean out the old toxic culture years ago.
Now I found myself trying not to shed a tear as my teammates gave me a send-off for which I’ll ever be thankful and which I’ll never forget.
The last few days were bittersweet like vintage chocolate. (You should know chocolate plays a central role in my life.)
I was privileged to sign-off by exchanging messages of gratitude for the many moments and kindnesses shared between a tight-knit team.
I’m going to miss them. I was lucky enough to experience a Charlie Munger-esque seamless web of trust these last few years. I may never experience that alchemy again.
The R-word
It’s hard to explain why you have to leave the tribe. I didn’t use the word retirement in talking to my (ex) colleagues, because the term is so loaded.
People think you’re going to spend all day on the golf course or snoozing in your armchair.
But that’s just not me.
So I said I’m stepping back from full-time employment and will spend my time on passion projects, family, and community.
That’s the plan and I really can’t think of a better one.
A couple of astute fellows clocked it straight away and asked me outright: “Are you retiring?”
I admitted that I was and took the “You jammy bast!” ribbing as a double-thumbs-up.
But whether we discussed the R-word or not, everyone understood my reasoning. It’s no secret that we’ve all been collared by The Man; breaking his grip seems to be a universal goal.
Nobody asked me for the secret cage-dissolving sauce, though.
What now?
Despite the emotional whirl, the moment I sent my resignation email was the moment the work-related stress drained away. I have felt a profound sense of ease about my decision ever since.
You can’t grow if you want things to stay the same, so FIRE or not, it was time for me to make a change.
We all experience decisive breaks in our lives: leaving home, first job, ending a relationship, changing career, or country.
The end of each era forms the strata of our lives. As I take a moment to drill down into my past, it’s clear that every stage contributed something to the core, and that each is a mixed bag of bones.
Anyway, I don’t want to get too sedimental but whatever happens next will be down to me. It won’t reflect on the concept of FIRE.
I could easily be overwhelmed by misfortune like Living A FI, but hopefully I’ll be as happy as Jacob.
It helps that I’ve put some time into thinking about what makes me tick.
What motivates me
- Deep human connection.
- Being part of a cause that does some good.
- Personal progress – feeling like I’m a better human than I was yesterday.
- Simple pleasures – we took to the hills on day one, built a campfire, and watched our cares fade like embers in the darkness.
- Some work (that I choose) and lots of play (there’s still a fun-loving boy in here who wants to know everything about the world).
- The ongoing love of Mrs Accumulator – without which it would all seem completely pointless.
What doesn’t motivate me (much)
- Money – beyond what I need to live.
- Personal politics – one-upmanship, egotism, alpha dog BS.
- Status – eventually we’re all stripped of the trappings: wealth, power, fame, and social approval. You’ll be naked, weak, insignificant, and close to the end. The only thing that will matter is the kindness of others and the love of those whose lives you touched. Choose your circle wisely.
On FIRE
I’m less than a week into FIRE as I write this. I fully admit this is not the new reality. This is holiday mode.
I’m on an amazing trip that’s fired up my brain with the joyful possibilities.
At some stage, that flame will die back down and I’ll go back to operating on a lower burn. But for now, I’m enjoying the gas.
Take it steady,
The Accumulator
Pro-tip: a member of the family wisely advised me to start retirement in the spring. There is no doubt that the optimism of longer nights and sunnier days has helped get me off to a great start. Read more about my decumulation plan if this sounds like something that would work for you.
Wow! Congratulations TA.
I’ve been following your journey for many years with great interest. Your posts about balancing Pension /ISA contributions are the cornerstone of my own FIRE plan.
Enjoy the well deserved freedom. Hope you will continue to update us on the progress.
@TA – congrats! Fab news. Wish I had your cojonnes!
Well done TA, you have helped me get my plans in order. Now you should be living the dream, rather than working in it.
Congratulations @TA that must feel really special.
I have never seen the thing about retirement in spring, but makes perfect sense, thank you for that. I’m still undecided about the R word, I don’t like it but I fear anything else will involve too much explanation!
Enjoy and go and have a nice bar of chocolate with Mrs A.
Excellent news – enjoy!
P.S. I’m not sure if/when my holiday mode faded, but it is clear that since jumping ship I have been able to do several (often entirely unplanned) things that would have been impossible whilst working.
Congratulations 🙂 You’re a few years ahead of me so I’m looking forward to see how this new chapter will play out for you
Congratulations TA and all best wishes with your plans for the future.
Congratulations TA, I’m so jealous, but really well done. I’ve only been reading this blog for about 2 years, so I’m not entirely sure of your back story or at least of what you were comfortable divulging. I could go back and read the early blogs I suppose, but would you ever consider writing a summary series about your journey? In particular any advice or wisdom for us still on the path would be helpful. I look forward to hearing about how your RE is going and maybe the odd article on those old chestnuts of SWR & decumulation, especially now that your even more experienced in these maters . Well done again and enjoy!
Congratulations TA, that is a remarkable achievement!
Whatever comes next, take pride in having won the first level of the game.
Thanks for allowing us to vicariously join you on your journey so far, it will be fascinating to see where it leads from here.
Many congratulations @TA. Well earned and I hope you thoroughly enjoy it all.
Thank you for your illuminating investment commentary. You’ve shaped my thoughts and plans like many others.
@TA – Congratulations!!! It’s looking like there’s a good chance that you’ve chosen a great time to pull the plug. It might even be the start of an amazing bull market!
Thanks for all your excellent posts here. They have been a valuable guide for my own journey.
Best of luck!
All the very best for the next stage. It sounds like you are ready for it. Wholeheartedly agree your motivations and demotivations. Looking forward to any updates you might share on your journey onwards.
Congratulations @TA!,
Your post has the overwhelming sense of someone at peace. What more can one ask?
Looking forward to your updates on the next stages. Their will be updates, I hope?…
Cheers,
Juan.
An epic moment; certainly I still recall my moment 6 years ago, in spring. I promptly redecorated a flat (2 weeks) then went to Spain (2 months), for balance.
The point about Mrs Accumulator is vital; I’d be lost without Mrs C. She retired with me 18 months before her FIRE, and was very happy about it.
Right, so now the decumulation phase. A change in tack for the blog, or maybe those volunteer writers will take up the slack, whilst you get going with the RE bit. A epic moment indeed.
This is a lovely post, and congratulations. I’ve followed your blog ever since The Escape Artist pointed me to it almost 3 years ago and it’s been great to read your optimistic words.
When I started FI, I was working for a company where, over the decade I was there, they made a set amount of people redundant every year. That was scary for me and it encouraged me to be more strategic about money (save more, put it into diversified equity/ETFs.) I managed 13.5 years in that company, one of the last Product Managers to be made redundant. I managed to invest all the redundancy money.
They were kind enough to tell me 6 months before they made me redundant, and I spent that those six months finding a new job. The first 1.5 years in that new role were torrid (new company/colleagues whose trust I had to gain, plus some management issues and a less friendly company,) and that re-emphasized to me that FI was the right path. Meeting the Escape Artist was pivotal to get some face-to-face guidance.
Although the new job is more stable now emotionally, I know things can change anytime (new manager or team; a re-org that throws up stressful projects,) and I am pleased that I am, I think at FI now, so that if things turn, I can wave goodbye to corporate work and start the work of filling my life in a more nourishing way. I do notice that the adrenaline of work fills up my week and when I do not work, I am more in touch with my real mood, which on average is middling. The false adrenaline and stress of work is not nourishing but I know I will have my own battle when I stop corporate life, with filling the time that previously was taken up managing people’s expectations of me at work.
My daughter is two, and I know kids grow fast. I haven’t been very adventurous with travel and that will be something interesting in the future, when my daughter is grown up and living her own life…
Your words around “deep human connection” as what motivates you is wonderful. I am very smiley and get on well with everyone but building deep connections, I am aware, is about being able to be really open…without which, there can be loneliness..one of the things I am working on.
Congratulations again!
Wow, amazing, well done TA! You ‘walk the talk’.
Looking forward to following your journey!
Congratulations! That’s great news. Having read the “Financially independent in 10 years: a plan” series, it is so great to hear you have reached the other side (You always used the little rowing boat drawing, so I can visualise you clambering out the other side).
I hope you have a very long and happy FIRE phase to your life.
Happy New Tax Year too! Double joy! Becoming FIRE and simultaneously having spreadsheets to flick over to the new year really is living the dream. Throw in some chocolate and it’s party time 🙂
Massive congratulations TA on doing the deed!
Wishing you all the best during this ‘holiday period’ to wind down, enjoy the freedom and more free time you can shake a stick at…until you fill it with things other than work!
Totally get why you didn’t mention the ‘R’ word – most wouldn’t understand.
Looking forward to how you navigate your investments in your FIRE’d life.
Congratulations TA. I spent yesterday repairing an old DAB radio with my cack handed soldiering skills while helping my (nearly) 10 year old son put together some starter electronic kits. On Sunday I bbq’d Greek butterflied lamb, and earlier in the week bbq’d baby backed ribs. Today I went for a jog along the Thames. These are all things I’d rather be doing than keyboard warrioring for the man.
I imagine you have your own happy places and now *all* the time. Enjoy!
This is now where it gets interesting *reaches for the popcorn*
Well done. One of the best things I have done and I had no regrets. Wise move not burning bridges to as some people do change their minds. Leaving on good terms can also lead to activities you may not mind doing, part time or short periods of consultancy, NED/Trustee positions, etc.
Well done taking the final step
Myself now almost 18 years down the road -no regrets
Had made enough-my wife stayed working for 2 years for a good retirement package
I was a househusband for those times-seemed only fair-not sure I would want to do that again anytime soon!
Then it was off travelling together -luckily we could do that then
These are different times and a lot of options are closed but hopefully in time things will improve
Enjoy your retirement and most of all- keep posting
xxd09
Congratulations on reaching this milestone! I’ve learned a lot from this site over the last few years, and I look forward to learning more from the next stage of your journey.
@ all – thank you so much for taking the time, I very much appreciate the best wishes. The shared experience of this community has helped keep me on the straight and narrow, especially as it seems like nobody else is on the journey in your analogue life.
@ Fremantle – love that description of your life. That sounds idyllic. A fair few people asked me what I was going to do and it was hard to articulate because it doesn’t sound like much. But just being free to make those choices you made in only the last couple of days… that’s the dream.
Does anyone else want to share their dream FIRE day whether actual or in the future?
@ Never give up – dammit, you’re right, I should have used the rowing boat. Think I might change the picture because that little fella hadn’t quite reached land yet in the last instalment. You are spot on about that fresh 2021-22 spreadsheet too 🙂
@ Sorab – so much of what you’ve written resonates with me. My company wasn’t quite as clinical as yours but digital disruption meant regular culls as profit-warnings pulsed through the company. At some point in my thirties I realised this isn’t forever and took steps to safeguard the future. It’s always a good idea to think about how many fifty or sixty-somethings work in your company or industry too.
Absolutely bang on about how quickly things can change with a new manager or buyout or whatever. I know I had a couple of close shaves – saved by luck or by a champion speaking up at the right time. That could have seriously derailed me.
I too always felt that the real me only emerges after about 5 days of holiday. And given I rarely took more than a week off I didn’t get to say ‘Hi’ to that guy for very long. “False adrenaline” 100% agree. The trick know is to replace it with some real stuff and not fall into a nostalgia trap. It sounds like you’ve negotiated some tough times but are on the right path. Keep going!
@ Chiny – thank you for picking that out. I could only give it a line but really that support is the foundation for everything. I’m glad you feel the same way.
@ Al Cam – cheers! I think your “unplanned” comment is key. All ready I’ve pitched into a project that wasn’t on my to-do list and am loving it. I remember reading a post a while back saying something like, ‘you might have all these wonderful plans to [learn Mandarin or whatever] but if you’re not doing it already then you won’t in retirement.’ Total BS. I’ve just got 10 hours per day back and more, so I’ll be throwing myself into all kinds of new capers. I’m not learning Mandarin btw.
@ Neverland – haha. [Cut to me in 12-months begging for my old job back.]
@ Whettam – a bar of chocolate with Mrs A is right 🙂
Congratulations TA it must feel amazing – I wonder which you feel more proud of – achieving the goal or the act of retirement? We are all so focussed on ‘getting there’ that I can quite easily see myself chickening out – how do you feel like you ever ‘truly’ have enough even though the spreadsheets tell you you’ve reached the goal?
Hopefully you will continue documenting your journey as the next bit is the most important – figuring out what really makes you happy in the long run when you’re free to do whatever you want.
Thanks for sharing and leading the way!
Congrats. Looking forward to reading about the next phase.
Well done. Really enjoyed reading about your journey and hopefully you’ll keep posting.
“For He’s A Jolly Good Fellow,….”
Right now i’ve got that sinking feeling when you’ve just turned to the last page of a gripping book and it dawns on you that you’re into the last few paragraphs.
I do however fully expect the author has it in him to return in due course with a second, even more voluminous masterpiece.
And if he’s having any remote thoughts of hanging up the pen, just remember there’s no leaving this FIRM!* Please.
(*Financially Independent Retire from Monevator)
Many congrats! Wonderful achievement, and I hope you enjoy the next chapter.
I rarely comment but, beyond issuing congrats where due, I had to applaud this wonderful piece of writing:
“We all experience decisive breaks in our lives: leaving home, first job, ending a relationship, changing career, or country.
The end of each era forms the strata of our lives. As I take a moment to drill down into my past, it’s clear that every stage contributed something to the core, and that each is a mixed bag of bones.
Anyway, I don’t want to get too sedimental but whatever happens next will be down to me.“
@TA – Congratulations, and commiserations. The End of what sounds like a precious time. But the start of a New Era, and dreams becoming real.
Most importantly however, please reassure us you will continue to blog in the New Era? You are a north star for many of us.
+1 for the congratulations, you should certainly enjoy your moment. The discipline alone required to achieve it deserves more than a little pride to be felt!
As someone 10 years younger and only thinking about the concept of FIRE seriously in the last year or so it’s fantastic to read about someone who came from a similar position but is now “been there, done that”. Don’t underestimate what demonstrating how something is truly achievable does for others thoughts on a subject.
Looking forward to the financial and non-financial updates to come for further inspiration.
Great news @TA, enjoy it! Thanks for sharing your journey so far. This blog and the joint insights of you and @TI are brilliant and have taught me a lot in a relatively short space of time. Probably about ten years off FI still, but the motivation is all the things you list for sure. Have fun!
Congratulations, @TA, one advantage of retirement is that you’re suddenly more footloose – you can potentially move house around the world now, if you want, or have slow globetrotting holidays.
Also not being bound to work means you’re no longer expected to conform to politeness, being politically correct, being cheery, etc – during work we’re always a little afraid of peeing someone off in every day life who might turn out to be linked to our work, now you have no such worries.
Also I think that if you want to do good deeds in life without stress, it sounds like you still have milage to enjoy certain types of different work – if you wanted to. Although it’s your life and I wouldn’t feel like you owe your able bodied service for the good of mankind – we don’t raise our children for them to be workers, but to enjoy life – if you’re FI you’ve earned your turn to recieve, and the fact you’ve worked to get there is more than can be said for many.
“…start retirement in the spring. There is no doubt that the optimism of longer nights and sunnier days has helped get me off to a great start..”
It was bloody snowing here earlier, and I’m in sub-tropical West Berkshire!
For this reason, my plan is to retire in ‘a June’, probably 1st June. But not 2021, or 2022 unless everything goes super-well (eg massive redundancy payment)
Congratulations , and enjoy your retirement!!
Congratulations on making the leap TA! Welcome to the world of “what to put as employment status on forms”. I’m on the second month into it myself and already I have had to fill in a couple of things like the census and some bank stuff and putting “retired” feels really weird. Also waking up on Monday mornings and wondering if it is for real or just a dream…until you reach the point where you lost track of the day during this “holiday” phase. Best of luck for the future!
Holy the Absolute F. Dude! I’m so pleased for you and Mrs.A. Your first day sounds blissful. I’ve not yet read the other comments as wanted to dive right in but I’m sure they all wish you the best for the future as do I. Stick up a just giving page and I’ll happily stand you a pint or two for next Monday . I loved this post – it’s so positive. I do hope it’s onwards and upwards for you now. And I hope you transition into a FI by blossoming in exciting ways. None of this improving your conversational French nonsense, let’s have the full on red pill deal and Neo the fuck out of the future. And tell us about it. Make it a blast! [insert Metallica style primal scream here].
Well done. The best is yet to come!
Lovely post TA, and I recognise a lot of that “holiday euphoria” within it. I had exactly the same mix of emotions when I FIRED for the first time, it’s an unbelievable stress drop as you pass through that winning line. Yes, life settles back down from this “Hello flowers!” stage but bugger focusing on that right now. Just enjoy the moment, you deserve it.
Good man! Congratulations – it must seem a little strange still, but that will gradually subside. I found the transition painless, though I did have the advantage of downshifting to a less stressful, part time, role for several ‘one more years’ before I finally took the plunge. I am grateful every day that I did it. I love it when people ask me what I do, and I can smile and tell them I’m work-free!
Many congratulations, TA. I’m choosing the slow glide rather than cut off path personally – and the time feels right to drop another day this year.
Well done! As Fire v London said, you are the North Star to a lot of us. A great role model.
But mostly I’m commenting because no-one else remarked on “Anyway, I don’t want to get too sedimental” – that’s Terry Pratchett quality. Douglas Adams could do no better. I want to start the end-of-movie slow hand clap that turns into thunderous applause.
Fantastic update. You deserve so much given what you give through this site alone. Enjoy and most importantly for this moment, enjoy the trip you are on.
Congratulations! Not sure if I’ve ever commented on your site before – but I always read your posts with interest. Over the years you’ve created a rich source of information and advice for those looking to escape the clutches of The Man.
Anyway, enjoy your freedom. You’re an inspiration!
Congratulations @TA and welcome to the club. I think your comment about timing retiring at Springtime is spot on, maximum optimism, more so this year than ever. I am “in my shed” sowing seeds like there is no tomorrow, I’m going to have a very full allotment come the summer and, for the first time, I will have the time for successional planting. Food bills plummeting and taste buds better stimulated, there is little to compare with freshly bbq’d sweetcorn cooked within minutes of picking.
I loved reading this, and also the “hit my number” post last September. I’m interested to know if your target stayed the same as in the “10 years: a plan” post from 2013 or whether you’ve increased your annual spending for inflation or based on your spending patterns. And also whether you stuck to the 3% SWR which you had set as your margin of safety.
I do hope you continue to post updates, even if only very brief ones every year or so! There have been so many “failed retirements” on other FIRE blogs that it would be good to hear about one turning out well because somebody has thought deeply about the wider picture and not just the numbers.
Ditto from me all the congrats and good wishes above and another great post.
It appears our paths have very briefly aligned @TA , I have also just crossed the line. I handed in my notice in January and finished work last week. So I expect we are having/had similar conversations with colleagues/friends/family.
I have also been keen to not use the R word, but am also not intending to enter paid employment again, so tricky to explain.
I have tried various responses to the questions, partly to deflect and avoid more difficult conversations / moments with those who are in less secure financial positions (even struggling). I have been concerned about this as I approached this time, now its about dealing with it sensitively.
When asked what are you going to do?, it does feel great to be able to say ‘whatever I feel like & if I don’t like doing it I’ll stop’.
I have also started saying I have two main objectives – To read all the internet and to watch all of Amazon prime!, but for many this just goes over their head and they stare blankly at me ( clearly I’m not as funny as I think I am, my daughter has been telling me this for sometime!).
TBF a few have got it and have started asking for updates on progress :-), which then gives me the in to send some carefully chosen links (insert winking emoji, I have very poor IT skills)
Your comment about the to-do-list is spot on, I have quite a long list of ideas, that I may or may not ever get around to doing, new ideas populate the list regularly, its great. I’m looking at it now and thinking – how am I going to have time to fit all that in??
Emotions – really happy to be able to walk away from my employer, it was time for me to move on.
I managed a great team and I had a great last day with them, I will miss them, but I am sure some of us will stay in contact so all is not lost.
My wife is on Easter holidays from work, great timing. When she goes back (3 days a week) I plan to fall into a relaxed routine on her work days;
Get up the same time as her and make her breakfast
Walk or ride my bike
Read internet ( I wasn’t joking ;-)) or books in the garden
Jobs around the house
Cook dinner – look to learn new dishes
My first major project is to decorate and update parts of our house, its been a little neglected over recent years while work has dominated.
But this is a marathon not a sprint.
When she isn’t working, we will listen to Dr Seuss – “You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose. You’re on your own. And you know what you know. And YOU are the one who’ll decide where to go…”
Looking forward to your updates.
Congratulations! – I have been an occasional viewer of this site for some years but this post resonates with me as i have also recently retired early after 40 years as a civil servant. Writing my resignation email was both exhilarating and weird in equal measure! I have had to keep my head down and get on with the tedium of lockdown for the first few months but hopefully now can enjoy my new found freedom fully? Spot on with Human connections, I intend to cultivate old and new friendships and support my working wife and 2 grown up kids as much as possible.
I will also look forward to further updates and investment advice from this site in due course.
Thanks.
Good for you , well done and have a blazing Fire. It would be interesting if you could put up a notional deacumulating portfolio on the site with regular updates. Enjoy.
Congratulations from Venezia, TA! Also the choice of spring is the right one: and during the summer, you will feel like the student you were… and then, in autumn, you will finally realized you are “RE”. I think this will be the process, but I’m sure you will keep us updated 😉
And don’t worry about FI: reading your plan it is clear you made things right…in case I’ll help you to look for an house in Sicily, I’m sure there you could live like a lord…really a different cost of living :-)) Joking apart: thanks again for your articles and enjoy this new “chapter” of your life. SirRik
Best post of the year! I’m so happy for you guys
There’s nothing like it – so much of what you describe is how I felt leaving on that last day. A lot of good friends and experiences from work but just an overwhelming sense it was time for the next thing.
The freedom of FIRE can be mind-blowing for some but you’ve clearly done your thinking. I love your list of what motivates you btw. You are going to do just fine for whatever my 2p is worth.
Congratulations on making the leap – welcome to the “other side” – it’s a great place to be
Congratulations on makin g the leap. I am on a very similar timeline, but have opted for semi-retirement for now (from next month). I am not entirely sure if this is a cop out or a sensible phased approach, but I very much look forward to hearing how you get on and comparing my experience on a different path.
Well played @TA, and, of course, I am a little jealous. Having been crunching the numbers feverishly for my own departure these last few months, I am at the stage that a small redundancy package or minor inheritance would put me in the same state as yourself, failing either of these things, 18 months work should do it with a following breeze and no major bad luck.
Mrs JimJim has been on two days/week + DB income for a few years now and we plan to quit altogether – together. A nice thought.
My mind is almost at the “semi-retired” state as it is and I found myself walking around the village yesterday with Mrs JimJim looking at the vans from the forestry commission, Openreach, Royal Mail and listening to the quarrying work in the distance and a realisation came across me that I would no longer be part of the production soon. (unless I wanted to be). It felt immediately alien, and also the cusp of new opportunities, slightly daunting but also exciting.
I have had this feeling before in life – It was the time Mrs JimJim persuaded me to work hard for three years after the wedding and quit to travel the world with her, leaving jobs and the flat rented out to blow the lot in a year of discovery.
Looking back on those times now I realise that it was the making of me and although not without risk, it was what life was about. We still have friends that we made on those travels who regularly keep in touch and the break never harmed either of our careers.
I hope your experience of your new found freedoms are as positive and look forward to you writing about the adventure. After all, I’m not too far behind you.
JimJim
Congrats. I look forward to reading your articles post-FIRE. I did the same act in August 2020. It’s been quite a journey since, but one which has been gently downhill and with the wind at my back – a nice feeling. Nothing will quite prepare you for fewer emails per day than at work – great, but weird.
When I officially retired in the middle of 2018 I pretty much jumped straight into a consulting contract which then lasted another 8 months so it was very much a soft landing.
Things have changed since then in that whilst I still work, I do so at hours suited to my lifestyle and preferences. I have turned down a lot of work and / or not been considered for roles because, while I was happy to commit to deadlines, I wasn’t going to commit to any fixed hours or locations.
So what’s my point?
1. I think for a lot of people, simply stopping doing something productive will likely be more of a transition rather than a hard stop.
2. The ‘thrill’ of being retired does not stop and particularly the dread that used to accompany Sunday evening is a distant memory.
Financially, I always knew we were more than safe but it required a combination of things to actually jump. Having a healthy early retirement pension has helped greatly and while covid put a temporary dent in our portfolio, it also put a dent in potentially expensive travel costs. Which means that combined with the consulting revenues, our net wealth has increased since we retired!
Good luck on your own journey.
So many congratulations @TI – enjoy the achievement and the new freedom.
You may not be making YT Influencer levels of money via this blog but you’ve helped a lot of people.
You, MMM and Mr Martin Lewis are the people who have given me the knowledge, the motivation and philosophy to think that someone like myself who will never earn anywhere close to needing to pay higher levels of income tax can still achieve what I want for the rest of my life and not have to sell my soul to the Man forever.
I’m not quite there yet but when there was Covid related shit happening around my job last April, the knowledge that I could leave my job without starving made the level of stress so much less. It all came to nothing in the end but it was the first real test of that knowledge.
Covid has also taught me that I need some kind of structure in my days and that I need to think about that if I finish paid work.
Will be interesting to see how your day to day life pans out in 6 months time (when we will probably be in lockdown again – pessimist – me?).
Well there’s a post to cheer the soul after doing my tax return 😉 Well done TA!
Good to hear the wobble across the halfway point was overcome! Now for the decompression – don’t change anything too big for the first few months until you get to know your post work self a little bit better.
Congrats! It’s funny that you say the moment you sent in your resignation your stress melted away, because I had the same exact feeling when I made the decision and told my wife. It was a sense that this was THE right decision. Your off into the unknown, but you can explore your own happiness and I like how you phrased your FIRE to your coworkers. Cheers!
Congratulations TA!
I reached my number last year and will soon have the pots of cash required for me to pull the trigger myself.
I do have one quick questions however, when you wrote that email, did you “retire or resign” – I can’t decide which to use myself and if one is better than the other?
Regards,
Darka
Congratulations! I FIRE’d on the 18th December 2014 – it was wonderful to have the Christmas holidays and think I’m never, ever going back to work. I could have stayed until March 2015, but I couldn’t face putting up with it a moment longer, and the extra money was not significant. My boss also floated the idea of working part-time, but that didn’t appeal as I knew I would be doing 75% of the work in 50% of the time, and if anything the stress levels would have been ever higher. I also wanted to get out to crystallise the redundancy package in case my employer had second thoughts and withdrew the offer.
So, for me it was a case on New Year, New Life. Early January we took a week’s break near Glastonbury. I decompressed slowly over that first year, rediscovering the real me, engaging in my hobbies of piano playing, photography and cycling. It was (and is) wonderful spending more time with my wife, without the time pressures that used to always hover over time away from work. It was lovely as the days lengthened and the weather improved – I think leaving in the summer and going into autumn/winter would not have worked as well. I’m still loving every single moment of my retirement, being able to take more time over anything and everything; to cogitate over my life and life events so far, I think learning lessons that weren’t always obvious at the time. I did try doing some voluntary work, but it wasn’t for me: the old Adam of other people’s egos intruded too much and I saw no reason to tolerate unpleasant people behaving unpleasantly – at least when working I was paid just about enough to tolerate all that malarkey.
The greatest thing is that sense of freedom that cannot be taken away. Excepting the total breakdown of society as we know it, we have enough income for as long as we live, in addition to adequate levels of investments and saving, a paid-for freehold home in a decent state of repair in a good area, and of course some close friends and a wider circle of acquaintances. We are truly blesssed, I hope your ER is as great as mine.
Yet another addition to the chorus of congratulations from me.
So pleased you pulled the plug – I (mistakenly) got the sense from the post a little while ago in which you announced you’d hit your number, that you were no longer in any particular hurry to leave work.
Anyway – enjoy! I too look forward to hearing some of what happens next.
End of an era, start of an era at monevator mansions.
Very well done.
I see a future of decumulation posts (and possibly a book)
@TA/TD(!)
Well done you. Your description of leaving work reminded me of my last days before FIRE nearly 6 years ago now…
I wouldn’t dream of giving you advice, as we are all different, but I would remind you to spend money when you want to. It may sound daft, but after half a lifetime of committed saving, turning on the taps again was surprisingly scary, to the extent that after a year I introduced a minimum spending amount to tackle the issue!
Anyway, I look forward to hearing about your Adventures In FIREland.
Fare thee well TA/TD…
Wow, I nearly missed it. A belated congratulations from me too. I think we had the same manager!
Massive thank you to everyone for writing such lovely comments. It is wonderful to have your support and I’m so very glad it’s proved useful to others.
I always love hearing how others are faring and my heartiest congratulations to all those who’ve made the leap and never looked back.
Best of British to everyone still forging on towards FI/FIRE and dreaming of the days ahead. Keep going! For most of us, it will be worth it.
I plan to keep blogging. I’d guess it won’t all be rainbows and unicorns from here but once I know, you’ll know.
@ Fee-FIRE-Fo-Jon / Andrew G – haha, thanks. The Investor did rib me behind-the-scenes for that terrible wordplay. I offered him the opportunity to take it out (editor’s discretion) but I think he wanted people to see me as I truly am – part eejit.
@ BillD – yes when I filled in the census form I thought “I’m glad I’m doing this before leaving work so I don’t have to think too hard about how to explain myself.” And I’ve already caught myself a few times thinking “I must get this done now” before checking myself i.e. ‘You’re not going back to work next Monday. You don’t need to cram it all into a few moments of spare time.’ Decompression is right.
@ Ian H – 🙂
@ Jim McG – haha, I actually did stick my head out of the window on day 2 and say “Hello trees!” before I could stop myself. Walking. Cliche. 😉
@ In my shed – I hope to follow your lead. If you have any links to places where I can learn more then please share.
@ David – I did upweight all my numbers by inflation every year but then discovered that my personal inflation didn’t bear much resemblance to the headline figure:
https://monevator.com/personal-inflation-rate/
Re: 3% SWR I didn’t stick to this which is why I hit my number in 7 years instead of 10.
Further research uncovered techniques that make me believe I can move beyond a vanilla 3% SWR with confidence. I’ve outlined how and why in these posts:
https://monevator.com/decumulation-a-real-life-plan
https://monevator.com/what-is-a-sustainable-withdrawal-rate-for-a-world-portfolio/
https://monevator.com/how-to-improve-your-sustainable-withdrawal-rate/
@ FI Firefighter – congrats and there is major crossover between our to-do lists!
Love that Dr Seuss quote.
“I have tried various responses to the questions, partly to deflect and avoid more difficult conversations / moments with those who are in less secure financial positions (even struggling). I have been concerned about this as I approached this time, now its about dealing with it sensitively.”
Yes, agreed. Lots of people ask about plans out of casual curiosity or politeness rather than because they want to go down a rabbit-hole. My first response about passion projects etc gives a hint that there could be more to this than meets the eye. If somebody wants to know more then I’m happy to open up and share.
@ Sir Rik – heehee, that is a tempting offer – for the better weather alone! And I’m looking forward to feeling like a student again. With a savings rate this high, it sometimes felt like we’d never stopped living like students 😉
@ JimJim – those 18 months will go by in a flash. You are so. nearly. there.
OK, I’ve gotta head out. Will come back and respond to some of the later comments in a bit.
@Maximus (#62)
Re: “It may sound daft, but after half a lifetime of committed saving, turning on the taps again was surprisingly scary, to the extent that after a year I introduced a minimum spending amount to tackle the issue!”
Seems that the evidence for such an outcome being far from uncommon is mounting.
Did/does your minimum spend idea actually “tackle the issue”?
@ TA and In my Shed – I’ve signed up for an allotment in my neighborhood. The typical waiting time is 3 years. Meanwhile, I’ve been reading W. E. Shewell-Cooper’s ‘The Complete Vegetable Grower’ (Faber, 1964). This was originally written during the food rationing era around the Second World War. I find it very practical and full of useful advice. Despite probably being a bit out of date in some of the details, I think it is still worth having a look at it.
Big congrats to you, TA, on retiring. If it suits you, you’ll love the freedom. I retired early back in 2012 and people asked me what it was like. I always said it was like a month of Sundays (the shops are open all day here in Scotland, not like England) but in truth, it’s any day you fancy it to be.
I didn’t reach my retirement by investing, as I was, I now realise, well and truly trapped by The Man, with a big house with a big garden and a swimming pool, and a big mortgage that kept me at work. The work was interesting and rewarding (moderately so, as a middle ranking civil servant) but stressful, my partner had retired in the 90s to look after aged parents and never went back to work. She was able to look after the house, do all the decorating and bring on the garden so that we could do things together when I wasn’t at work. Our house was our investment, but we did have the promise of two defined benefit pensions to look forward to. But the work became more demanding, partly my own doing, and I very much felt myself like the mouse on the treadmill not quite sure how to get off, particularly as I was rarely home early enough to enjoy that pool and had less and less time for the garden. If only I’d read Monevator in my 20s!
Then the coalition government came in in 2010 and they began cutting the civil service with abandon and one day my eyes lighted on the plans for my grade in my department, 30 of us to go by 2015 latest. Like a shot I marched into my boss’s office brandishing the plan and told him that one of those places was mine. To his credit, he recognised I deserved a break and we successfully argued for my release.
The terms were such that we could pay down a large chunk of our oh so flexible mortgage, draw my pension early, get the house ready for sale and achieve our dream of financial freedom by moving from the crowded south east to being mortgage free in the south of Scotland in 2014. Being passionate gardeners, we were able to downsize financially without downsizing the property, apart from the swimming pool, no great loss.
Only then did I start my investing journey, very tentatively at first, with lots of cash in premium bonds, fixed rate ISAs (3.25%, remember those days). As rates went down, I explored other avenues, such as Ratesetter, a Fundsmith ISA for me and a Vanguard S&P Index ISA for my partner. Thanks first to the Citywire forum, which led me in turn to Monevator , your collective advice has schooled me to sensibly grow our pot. Luckily for us, our combined DB pensions and the imminent prospect of state pensions mean we don’t have to rely on investment for our income, so the saved monies are destined to be slowly frittered on home improvements, our beloved garden and holidays, with the aim of our returns keeping ahead of our spending.
People asked me what I intended to do when I retired. I had one fixed ambition, to read all the novels in Emile Zola’s Rougon Macquart series (in English) an ambition only delayed by the books being buried in boxes for two years after our move, but we also took up walking, natural history (including two big trips to Madagascar and New Zealand) and generally enjoying ourselves, particularly developing our new garden. But when you retire, you think you’re going to have all the time in the world but it just ain’t so. There’s still never enough time to do all you want to do.
So TA, make sure you enjoy your retirement, savour every moment and make the most of it together while you still can. Wishing you a long and healthy one.
Congratulations @TA. Really good to hear!
I was thinking of the same, but am delaying due to fears of the combination of hyper-inflation and the pension LTA. Even though not that near the LTA at the moment, I feel a lot can happen in that regards over the next few years (<5) that I have 'til reaching 55. Has this been factored into you mitigation plans?
@TA good luck with the veg growing, yours and Mrs TA’s taste buds will thank you for it. You may need a bigger freezer!
In my opinion, the best UK allotment website by a country mile is written by John Harrison https://www.allotment-garden.org , it is a massive information resource. He has written some books, I would recommend “vegetable growing month by month and his essential guide to allotment growing. His most recent book is called “ dig for victory “ based on the monthly growing guides issued by the government during the Second World War, when people were maximising growing space to ensure they fed their families. If you order from his website he sends you some free seeds from Sutton’s Seeds.
Good old Wilkos is hard to beat for fertilisers, onion sets and seed potatoes. I get most of my seeds online from Kings Seeds. Garden centres are great but are often expensive, good for window shopping though!
Some allotment sites have an on site shop, which are hugely competitive. Some of the “Old boys and girls” on our site often give away their surplus plants, especially to newbies. Unfortunately COVID has seen off a few of our older plot holders, maybe @Tom Baker DW won’t have to wait 3 years, a sad but inevitable consequence of the current situation.
Very best wishes for your next chapter
Simon
@In my Shed/Simon – Thanks for the link to John Harrison’s site. It seems really excellent. I might order the book you recommended too.
Yes, Covid has been a terrible tragedy here and all over the world but, hopefully, we’re past the worst of it now.
Excellent stuff! Congratulations.
A couple of comments / requests:
1. don’t stop blogging please! The “view from the other side” will be hugely insightful (something Ermine and TEA bring also)
2. it might be helpful to have a “journey” thread that signposts your significant waypoints up to now – I do struggle between the different voices in the posts for Monevator, and selfishly I’d love to have each chapter set out in an “index post” that will allow us to read your backstory in its proper chronology
3. when to stop?
For me, and in the UK, I’m starting to think early summer (2024) for the following reasons
– bonus will be modest, but paid in April salary, and to be eligible I will have to give notice 1 April at the earliest. With 3m notice period, that would take me to July
– another year notched up of NIC credits
– I could work for 3-4 months into the tax year (ie June / July finish) and with the salary plus bonus I could get another full year’s £40,000 AA pension contribution plus £12,500 ish salary to use up the nil rate band.
– that would also take me to the end of my youngest child’s year 12 school summer term, so a perfect time to stop and go straight into a well-earned holiday without any worry of exam results (most years one or more of my children have GCSE / A level / university exams and results).
@ greenrobbie – that’s a great story – I hope to follow in your footsteps. It’ll be interesting to see how much stamina I have for unpleasantness and general BS in future projects. An old friend told me to deal with rudeness by: “killing them with kindness”. It was excellent advice but not always easy to apply.
@ earlyretirefree – that Sunday evening / Monday morning dread was a big thing for me. I stopped feeling it shortly after resigning. That’s just one of a hundred little signs signalling that this is the right decision.
@ Darka – I said I was resigning. Partly because retirement is such a loaded term. Partly because the business as a corporate entity doesn’t care. Only people in the business that I have a connection with actually care. I’ll tell those people that are interested everything, otherwise I’ll let it lie. I did make it clear I wasn’t going to competitor and that I wasn’t dissatisfied, it was simply time to start a new chapter.
Recently, someone higher up the chain than I, remarked: “nobody’s gonna retire on these wages.” That did make me chuckle.
@ No longer civil – thank you for sharing and for those wise words. I’m pleased as punch that you are living the dream now. I think you raise an important point that we didn’t even know this was possible in the past. It took a long time for the information to spread far and wide across the internet. I was near 40 by the time I realised financial independence wasn’t just for the rich and lottery winners. “The power of compound interest should be taught in schools” part 327.
New Zealand is already on the bucket list and you’ve got me thinking about Madagascar now. Maybe 2022, huh?
@ In my shed and Tom Baker – that’s brilliant thank you. Really helps point me in the right direction. If you see torturous vegetable metaphors turning up in my investing posts then you’ll know it’s down to you.
@ ex-pat Scot – roll on 2024.
I’ll have a chat with TI and see if he’ll approve a summary journey post. I did think about carrying on for a few months into the tax year for exactly the same reasons as you. In the end, I just couldn’t wait. I wanted to get on with life and I’ll fork over voluntary NICs to make up the difference.
@ Algernond – Cheers! I tried to sketch out my back up plans and attitude to the risks here: https://monevator.com/back-up-plans-for-living-off-a-portfolio/
Ultimately you have to make a leap of faith and I was ready to jump.
@Al Cam (#65)
Yes my minimum spending amount did work, thanks.
Essentially I just swapped a fixed monthly savings habit for a fixed monthly spending habit! I categorised my spending into different areas (bills, food, travel, holidays, entertainment etc), worked out a minimum spend for each and increased the total by CPI each year. In practice each month inevitably varied a bit, but I found that once I’d given myself ‘permission’ to spend up to a certain limit and the sky didn’t fall on my head, within six months it became normal life.
@Maximus (#73):
Thanks for the answer, however I remain puzzled/intrigued – do you:
a) force yourself to buy stuff you do not need; or
b) upgrade to “better” bottles of wine/beer/etc; or
c) donate any surplus to charity; or
d) what exactly?
Many Congratulations!
I fired & took early retirement in the Autumn of 2019. No regrets about getting out and it was such a weight of my shoulders.
I managed to get away once on holiday that year, just before Christmas, but not since then. At least the lockdown has shown me my base level of spending!
I wish you a long an happy retirement.
Adding my belated congratulations to the pile – as a lurker of some 2+ years I also wish you a continued long and happy blogging career here so we can follow the RE part of the journey.
@Al Cam (#74)
Sorry you’re perplexed. It’s a mixture of increasing the quality of bought items, going away more, attending gigs, theatres etc more often, treating family & friends more often, buying more expensive Christmas presents(!) and more charitable activity. In essence: more and better!
@Maximus (#77)
Thanks for the additional details.
I have never really been the type of person who lives life to a strict budget – perhaps in this sense I am unusual. Thus, the idea of giving myself ‘permission’ to spend more just struck me as something I might struggle with.
Congratulations! Enjoy the new-found freedom. 🙂
I retired a year ago, and even with the pandemic it has been a blast of reading, walking and even some travelling. I hope you find what works for you in the coming months.
When will you and Mrs A change your name by deed poll to Mr & Mrs Decumulator?..
@ James – That gave me a LOL. I’m thinking Mr & Mrs D. Cumulator but having difficulty getting it through the joint-committee at the mo.
Really well done @TA! Congrats!
I wonder whether you plan to spend more/less time on this blog now?
I’m also curious how much time did it take you to become FIRE (from the idea to now)? And would you say that you needed to change your lifestyle a lot or just became more intentional? I’m more or less a new reader (an year, maybe slightly more), so forgive me if the answer is somewhere on the blog 🙂
Hi, discovered your website today so I have some catch-up reading to do. Congrats on making it real!
I handed my notice in over Easter so you’ll be three months ahead of me. I hear you on the instant lifting of stress, it was such a weird feeling immediately after pressing “send”.
I’m 49 and am saying at work, when asked, that I’m going to take the summer off. Nobody really cares tbh, leaving a job is like weddings and babies and moving house – massive when it’s you doing it, but only of passing interest when it’s someone else. I haven’t told the wider world yet, other than anonymously on the internet which doesn’t count.
I’m guessing you’ve planned it all much better than I have (I wasn’t expecting to go for another 1-2 years, and even then I was already thinking “or maybe three, to be on the safe side…”) so I think I’ll lurk around if that’s OK and copy everything you do instead of thinking for myself. 🙂
Well done @TA, looking forward to what happens next :),
be interested in your psychology/mindset of when you worked out you had enough and would no longer be accumulating but actually be decumulating that i’m assuming you are expecting to see your net worth reduce over time?
probably like all of us, i’ve for years been looking at my spreadsheet and graphs working out how to hit the magic number, now im “just there” im looking for ways that maybe im not actually there and need to save another year and can i mentally deal with a graph going down? need help with the mindset change, maybe a bad day in the office will help sway it.
congrats again and moving to the next level!!!
@ Snakey – ha, that did make me chuckle. You make an astute point about how it’s like weddings and babies. I guess the difference is that everyone knows where babies come from. Retiring early – you’d think more people would want to know *how*. I can’t decide if people mostly don’t want to know, or think they already know: i.e. you must have struck it rich somehow, or made a sacrifice they wouldn’t want to make.
@ Martin B – I’m gonna write a summary post to hopefully link the story up as at least three people have asked me to. OK, at most three people have asked me to.
It took 7.5 years to hit FI, then another six months for me to get used to the idea and go FIRE. I’m not naturally frugal and was something of a spendthrift back in the day. You’re right that the secret was to live more intentionally but now it feels natural. We don’t even think we’re living frugally – we seem to have everything we need.
Congrats for making the move!
The first 6 months is a wonderland of bewilderment. Lots of emotions!
But once you are jobless for 12 months, the emotions start to normalize.
I plan to re-retire in the next 6 months. I’m so sick of the grind and need a break!
Sam
I like how you defined what does not motivate you.
Many congrats TA..
It was great to read this recent blog (and a lot of your previous), and soak up some of your positivity.
I am almost at the same juncture (I’m 55 later this year and have hit my number), but have that nagging doubt, that stops me stepping into the future.
This is twofold, firstly because of the crash last year, I’m wondering if my number is now enough (although mentally I know it is). Secondly because of the virus I’m working from home, and keep thinking its far too easy money to relinquish until we can all travel again.
I was curious did you have a similar conundrum..? Or did you FIRE one you hit the target (so to speak)..?
Hi Paul T – Yes, I definitely had doubts but when I stack them up against the desire to start a new life, I found I could let them go.
I gave it six months between FI and FIRE. I wanted to get used to the idea first, and make sure I was ready to leap. I completely understand you taking your time over such a major life change.
A thought or nuance to FIRE:
I have been on this ‘thought’ journey for probably the best bit of a decade. It became reality when we finally left a ‘developing country’ after 12yrs in a senior role, and available roles dematerialised where we are now.
My choice of acronym is FF, F2C. Financially Free probably the same as Financially independent – just sounded better. However F2C = Freedom to Choose which is significantly different to RE (which made recoil on a call w a friend the other day). I wanted to get to the point where I was financially free and that gave me the freedom of choice about what I wanted to do…either more study, consulting, putting my ideas into action, NED, board advisory, going for lunch with the wife, doing drop off and pick up of the children. I enjoyed my work and it didn’t necessarily feel like work, moreover I want to stay current and engaged for the benefit of my children in the future. Being a polymath type life is full of lots of interesting opportunities. So my buckets now are short term = consulting to put cash at bank, medium term = NED/BA, long term = wealth creation through own ideas/projects. Now I am doing nearly as many hours as in corporate life and having a blast particularly in the medium and long term buckets. A bit more short would be nice.
Like many of the other commentators we dont need much to live on and it is surprising how low this can be. Fortunately through my working career my lifestyle never went up with my salary – not to say we didnt make the most of our time abroad to visit places which would be expensive from our current home.
> It helps that I’ve put some time into thinking about what makes me tick.
Did you follow any processes for this or just good old fashioned thinking with a notepad?
@ Nick+S – nothing rigorous. I created a list of values, quotes, techniques and perspectives on the world that helped shape my thinking and direction. I created a flow chart of values from that. It shows what the good life looks like for me and kept me on course.
I read / listened to lots of books on the topic. I listed a few that inspired me here:
https://monevator.com/good-books-to-help-you-stay-the-course-to-financial-independence-and-beyond/