Author Topic: What's your biggest FIRE fear?  (Read 6403 times)

Daisy

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Re: What's your biggest FIRE fear?
« Reply #50 on: August 11, 2017, 08:24:58 PM »
Someone discovers a genuine cure for ageing which ends up being marketed at a price we could have afforded if only we'd worked another year or two...

This.  I'm surprised no one else is afraid of this possible regret.  With the rate of increasing wealth inequality and increase in technology (including medical) it seems likely that there could be means for extending life and improving aspects for those that can afford it in the coming decades.  It seems risky to just let yourself fall behind these days.  However, it would be foolish to avoid FIRE just for a possibility of life extension and etc, like many what ifs, it's not a bet worth taking.  However, it is a fear of mine.

Is it just me, but what is the point of extending your life just to work more? FIRE early and enjoy the years you have much more than working a few years to potentially buy life extension technology.

Snow

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Re: What's your biggest FIRE fear?
« Reply #51 on: August 12, 2017, 12:16:35 AM »
Someone discovers a genuine cure for ageing which ends up being marketed at a price we could have afforded if only we'd worked another year or two...

This.  I'm surprised no one else is afraid of this possible regret.  With the rate of increasing wealth inequality and increase in technology (including medical) it seems likely that there could be means for extending life and improving aspects for those that can afford it in the coming decades.  It seems risky to just let yourself fall behind these days.  However, it would be foolish to avoid FIRE just for a possibility of life extension and etc, like many what ifs, it's not a bet worth taking.  However, it is a fear of mine.

A cure for ageing? No. That is absolutely not desirable to me. In fact, I'd say it is the exact opposite, that sounds like a script for dreadful horror.

Imagine a world where the rich could live for as long as they want, but the poor can't afford it. Sends chills down my spine just thinking about it. No, I rather like death as the final equaliser, coming to all without discrimination.

deborah

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Re: What's your biggest FIRE fear?
« Reply #52 on: August 12, 2017, 03:02:13 AM »
I will be happy to die when my time comes - a cure for aging brings so many problems - not the least of which is that we are having environmental problems already - without growing the population of over consumers!

No, my biggest concern is that SO will die before me.

EngiNerd

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Re: What's your biggest FIRE fear?
« Reply #53 on: August 12, 2017, 07:03:02 AM »
Is it just me, but what is the point of extending your life just to work more? FIRE early and enjoy the years you have much more than working a few years to potentially buy life extension technology.

I guess I would rather be working than be dead.  Not all may agree with that.


A cure for ageing? No. That is absolutely not desirable to me. In fact, I'd say it is the exact opposite, that sounds like a script for dreadful horror.

Imagine a world where the rich could live for as long as they want, but the poor can't afford it. Sends chills down my spine just thinking about it. No, I rather like death as the final equaliser, coming to all without discrimination.

Well it would probably be incremental.  Not a move from everyone is equal to a society of immortals mixed with the ordinary poor folk.  Kind of like a more extreme case of today.  Us wealthy people in developed countries usually have longer life spans and more technology to improve quality of life (not consumerism but medical devices such as glasses, pace makers, joint replacement, and etc.).  Take that to the extreme where the gap between wealthy and poor is larger and the technological possibilities are greater and I doubt I would choose to be on the poor side of not being able to afford current technologies.

Throughout history the gap between rich and poor has mainly been material goods and consumption.  Which we all know is nothing of importance and living a simple life with mindfulness is way better than being wrapped up in the rat race.  However,  the gap may be more substantial in the future.  See this link to a Yuval Noah Harari article in Huffpo (I'm not a fan of Huffpo but think Harari's books are amazing highly recommended.)

http://www.huffingtonpost.com/dr-yuval-noah-harari/inequality-rich-superior-biological_b_5846794.html

"For the first time in history, the upper classes will be not only richer than the rest of humankind, but also much more talented, beautiful, courageous or any other trait they would care to buy."

Not saying that future is my ideal society for us to advance to but it seems possible/likely.   

dreams_and_discoveries

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Re: What's your biggest FIRE fear?
« Reply #54 on: August 12, 2017, 10:48:38 AM »
I'm in the UK, so healthcare isn't a concern......my biggest worry would be that my Type A personality took me back to work...

Linda_Norway

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Re: What's your biggest FIRE fear?
« Reply #55 on: August 14, 2017, 01:24:48 AM »
Someone discovers a genuine cure for ageing which ends up being marketed at a price we could have afforded if only we'd worked another year or two...

This.  I'm surprised no one else is afraid of this possible regret.  With the rate of increasing wealth inequality and increase in technology (including medical) it seems likely that there could be means for extending life and improving aspects for those that can afford it in the coming decades.  It seems risky to just let yourself fall behind these days.  However, it would be foolish to avoid FIRE just for a possibility of life extension and etc, like many what ifs, it's not a bet worth taking.  However, it is a fear of mine.
A cure for aging (or allowing for a longer life) isn't a cure for quality of life. Working decades longer just so I end up living decades longer bedridden and feeble in a nursing home in my 100s just isn't as attractive as retiring younger in full health and fitness and dying in my 80s or 90s. Now if you have a cure for old age afflictions and can keep me youthful and with full health and fitness and function in my 100s then I'll change my mind ;-)

I simply couldn't afford to live 10 healthy years longer in FIRE. Because if everyone in my country took such a cure, they would change pension rules and they wouldn't start paying out pension at 67. So the cure for age would mean having to work more years. Somehow I don't think I would want it. I also wouldn't like it if only the 1%-elite could afford it. But that would probably be the case in the first phase of such a cure.
It certainly wouldn't be good for the planet if everyone who lived now would live many years longer.
« Last Edit: August 23, 2017, 08:07:00 AM by Linda_Norway »

iwantfreedom

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Re: What's your biggest FIRE fear?
« Reply #56 on: August 14, 2017, 07:08:15 PM »
My fear is that I save EUR 360000, put it on index funds and then it doesn't generate any interest or its value goes down due to a catastrophic event or slow decline. To manage my fear I aim at buying a slightly bigger house on a plot of land. I'll rent out parts of the house and grow veggies around it. So I diversify.

I live in Finland so healthcare is not my main concern. I feel for all of you in the US that have that variable. Of course the situation may change in Finland, who knows.

Gumption

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Re: What's your biggest FIRE fear?
« Reply #57 on: August 15, 2017, 08:25:04 AM »
1. Death
2. Long, prolonged stock market implosion

Chairman

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Re: What's your biggest FIRE fear?
« Reply #58 on: August 22, 2017, 09:13:55 PM »
Being massively wrong about my estimated expenses/returns.

nara

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Re: What's your biggest FIRE fear?
« Reply #59 on: August 23, 2017, 06:53:41 AM »
The costs of long term care if one of us needs it and a recession that cuts our budget in half! We're planning on a 3% withdrawal rate for these reasons.

Schaefer Light

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Re: What's your biggest FIRE fear?
« Reply #60 on: August 23, 2017, 07:04:10 AM »
I haven't read every response, but I'm surprised no one has mentioned divorce or getting stuck with huge alimony payments.  Some states even award lifetime alimony.  Think about the impact having to pay $1000+ per month in alimony for the rest of your life would have on your plans.

Livingthedream55

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Re: What's your biggest FIRE fear?
« Reply #61 on: August 23, 2017, 07:30:02 AM »
Early onset dementia.



Imustacheyouaquestion

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Re: What's your biggest FIRE fear?
« Reply #62 on: August 23, 2017, 08:50:44 AM »
I worry that so much freedom will be alienating and that many of our lifelong friends/family will be unavailable to go on fun adventures with us or resent us for not having to work anymore.

Also that some family member will have woefully under-saved for retirement and will expect us to pitch in.


Linda_Norway

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Re: What's your biggest FIRE fear?
« Reply #63 on: August 24, 2017, 01:04:04 AM »
I worry that so much freedom will be alienating and that many of our lifelong friends/family will be unavailable to go on fun adventures with us or resent us for not having to work anymore.

Also that some family member will have woefully under-saved for retirement and will expect us to pitch in.

I don't know what will happen to really young retirees. But for my parents in law, they kept their lifelong friends after they retired at 50. Although these people of course still had to work and could only visit during weekends/holidays.

Playing with Fire UK

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Re: What's your biggest FIRE fear?
« Reply #64 on: August 24, 2017, 01:55:16 AM »
Someone discovers a genuine cure for ageing which ends up being marketed at a price we could have afforded if only we'd worked another year or two...

This.

Everything else is just a fear, something that having a stache will either help, or not harm. I don't consider that a FIRE fear.