Author Topic: Early Retirement vs Serial Mini Retirements  (Read 61592 times)

FIREby35

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Re: Early Retirement vs Serial Mini Retirements
« Reply #250 on: September 28, 2018, 07:37:41 AM »
did you have to get new Cred cards to do it ?

My wife manages all the credit card miles. Yeah, we have opened lots of cards over the last few years. I don't know if she opened new ones or not for this trip.

I do know we are going to be eligible to re-open cards that we first got the bonus on three years ago and so we should have lots of opportunities to rack up miles starting again soon.

des999

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Re: Early Retirement vs Serial Mini Retirements
« Reply #251 on: September 28, 2018, 10:58:38 AM »
BUMP

Any updates from the folks who where doing this a couple of years ago when the thread started?

I was planning to wait till I hit a certain number, but I have this feeling that I should do a sabbatical (hoping for a year) sooner rather than later as I have a child with a pre-existing.  If ACA were to go away or if we lost the pre-existing exception I would regret not doing it.  Currently work at MegaCorp so ins is covered, but would most likely have to leave job for the year.

I am not at the number yet that I had in my mind, but I am close enough.  More to come, but I'm thinking next April 1st after I get my bonus.  MAGI at that point should still be low enough to get subsidies. 

I've enjoyed following this thread, hopefully I can add to it soon.  :)

Classical_Liberal

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Re: Early Retirement vs Serial Mini Retirements
« Reply #252 on: September 28, 2018, 01:55:22 PM »
Cool des999!!

Couldn't you pay COBRA through mega corp for up to 18 mos if need be?

letsdoit

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Re: Early Retirement vs Serial Mini Retirements
« Reply #253 on: October 01, 2018, 08:32:36 AM »
I pd COBRA for 12 months and I almost threw up every time I thought about it

CRAZy expensive like 450$ /mo for one person

des999

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Re: Early Retirement vs Serial Mini Retirements
« Reply #254 on: October 01, 2018, 10:57:46 AM »
Cool des999!!

Couldn't you pay COBRA through mega corp for up to 18 mos if need be?

yes, that is one option in my back pocket, but as letsdoit said, it's a rather expensive option.  But, I guess I need to weigh both.  Thanks for the reminder. 

2Birds1Stone

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Re: Early Retirement vs Serial Mini Retirements
« Reply #255 on: October 01, 2018, 01:27:27 PM »
When I left my job in August Cobra was quoted at $1400 for 2 young people........crazy.

Sustainable Happiness

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Re: Early Retirement vs Serial Mini Retirements
« Reply #256 on: November 07, 2018, 08:21:27 AM »
Update on Semi-ER for this thread. Been about 8 months since my last post. Gotta keep the downshifting Semi-ER dream alive.

-       Quit my full-time job after being asked to teach more hours at a local college
-   About 12 hours per week + 3 to 10 at home depending on prep/marking time + if any consulting hours come in
-   Spend at least afternoons+evenings every day with DW and Baby, playing, going to the park, library, gym, crafts, yada yada yada
-   Currently drawing down on cash portfolio at about $1-1.5K per month, yup you heard that right, Iím actually eating into my savings in order to Semi-ER at 28 and be at home with the fam more while the babes are young.
-   Not worried much as we've got a whole bunch of outs, although the drawing down does make me a little sad when I calculate it at the end of each month (maybe I shouldnít watch it so closely??)
-   The unexpected drawndowns have occurred because we actually increased our expenses in the past year by moving to a new place, out of a basement apartment. Lifestyle change is worth it with a baby in particular.
-   This has actually dropped our years to 13x-ish and increased our SR to 7.5% if we stopped working entirely. But we aren't and expenses are almost covered.
-   DW has started a business as well which will bring in some income over the years, she also loves it. Probably takes about 5-10 hours a week and is more of a paid hobby than anything else. Considering adding in a bit of before-after childcare to the mix as a little simple income boost.
-   Spent 4 weeks at various cottages this summer after being able to say yes to any opportunity that came up, it was pretty sweet. Also led to a bit of increased spending.

My advice to anyone considering going part-time or serial mini-retirements, who has a gig on the side they enjoy significantly more than whatever they are doing (for me itís teaching, for DW itís babies). Run the numbers, create 2 or 3 back-up plans and then do it.

2Birds1Stone

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Re: Early Retirement vs Serial Mini Retirements
« Reply #257 on: November 07, 2018, 08:49:21 AM »
Thank you for you update @Sustainable Happiness, gives us the courage to pull the trigger in the coming 18 months =)

des999

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Re: Early Retirement vs Serial Mini Retirements
« Reply #258 on: November 07, 2018, 10:29:11 AM »
thanks for the update Sustainable Happiness, always good to hear others stories, especially when they are similar to mine :)

I know it's been repeated a million times, but it is so true.  Flexibility is the key, and is what makes this all possible.  With a nice size nest egg, it just frees you up to do things like this. 

The hardest part for me is finding that 'side gig' that I would enjoy more than my day job.  I like my day job, I just don't like 5 days a week, every day.  I'll get there soon, thanks again for the motivation!

coffeefueled

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Re: Early Retirement vs Serial Mini Retirements
« Reply #259 on: November 15, 2018, 08:56:48 AM »
PTF. Great to hear the many ways people are making this work. Super inspiring

WorkingToUnwind

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Re: Early Retirement vs Serial Mini Retirements
« Reply #260 on: November 16, 2018, 10:03:36 AM »
This is a great thread. It helped and inspired me to take the plunge with a year off to travel. I had an awful experience of burning out last fall and ended up convincing my husband to quit his job with me and move into a 2002 Sprinter van. We've been traveling North America for the past seven months and even got to attend the MMM Moab Meetup last month.

It's been a really incredible experience to travel, though not without it's challenges. We're living in 30sq ft space with a dog, which isn't easy! However, I've learned so much about how to rest and enjoy life. I've always been busy busy busy, and our life in a van is so much more relaxed. It's hard to leave behind a career that gives you a clear sense of purpose and switch to what seems like a very indulgent travel lifestyle. It's been pretty cool though and like I said, an awesome learning experience.  I would definitely recommend it!

We'll probably go back to work next spring, but this time off has helped us reprioritize what's important. We definitely will take a pay cut when we go back to ensure more free time. I think it's important to live life now, not sacrifice current well-being for some future date. It takes time to learn how to live well, so I want to practice that now.

We've got about 550k in retirement/vanguard savings, so we could FIRE now if we can get our spending down to 22k-ish a year. Realistically, not happening any time soon. It's nice to know this money, if left untouched, is an excellent fire nest egg. We've practiced living frugally quite a bit in the van, and it's been a wake up call to how tough it is for us. I think for the year of travel we'll end up spending about 45k. To support our lifestyle in a brick and mortar home, I used to think 80k was necessary (also to cover 1,700 mortgage) but I think we can bring that down to 65k. Anyhey, it's gotten me thinking about the option of working fewer hours when we get home to avoid future burn out while still adding a little to the stash.

Omy

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Re: Early Retirement vs Serial Mini Retirements
« Reply #261 on: November 16, 2018, 12:03:50 PM »
At age 35, I took a 7 year sabbatical. My then-husband and I had a net worth of $800k and decided to hop on our sailboat and cruise for awhile. We had a series of adventures, but the marriage broke at year 5. We divided our net worth by 2 and moved on.

I floundered for a bit, started a new career and met my now-husband. We've been working toward FI for the past 14 years (and reached it a few years ago). The mini-retirement/sabbatical was good since it gave me time to figure out what I wanted to do with my life. Now I'm trying to get over "one more year" syndrome and retire for real. It was much easier to quit at age 35 - at that time I assumed I would be able to jump in and out of the work force as needed. It seems a lot more daunting at age 56 - even with a much larger net worth.