How to prepare to FIRE 12 months from now?

[Burning Iron]

Hello and Happy New Year!  This is my first post - but I've been reading along for a few years.

Mathematically speaking, I believe that my wife and I are already financially independent.  I'm planning to work until the end of 2022 and then leave full time employment and spend more time with my wife and our young kids as well as pursue some of my own creative endeavors. 

My question is this:  for those of you who have already gone through the process of FIRE - how would you advise someone to spend the 12 months leading up to early retirement in order to be well prepared? 

We plan to pay off the balance on our mortgage and to obtain health insurance. 

Anything I'm probably not thinking of but should be? 

Age 34, married, with 2 kids (if that's relevant). 

[SailingOnASmallSailboat]

https://forum.mrmoneymustache.com/post-fire/pre-fire-checklist/

[Burning Iron]

Ah, perfect!  Thank you!

[boarder42]

I'd spend more time mentally preparing yourself. I went thru this process from Feb thru now at the same age with the same number of kids. The money and math is easy. There is some thought to put into your Roth ladder conversions and how it related to tax credits. I started a thread called Roth conversions more or less over in post fire.  My journal below works thru alot of the thought process I went thru over the last year. I took a 12 week FMLA last summer as a trial run. Loved it.

I don't need much structure. We had a lot to do. I have a rough outline for my days that include standard things like meditation yoga/work out and walking. I cook all our meals and get to help people when they need help friends neighbors family etc.

[goat_music_generator]

I'd spend more time mentally preparing yourself. I went thru this process from Feb thru now at the same age with the same number of kids. The money and math is easy. There is some thought to put into your Roth ladder conversions and how it related to tax credits. I started a thread called Roth conversions more or less over in post fire.  My journal below works thru alot of the thought process I went thru over the last year. I took a 12 week FMLA last summer as a trial run. Loved it.

I don't need much structure. We had a lot to do. I have a rough outline for my days that include standard things like meditation yoga/work out and walking. I cook all our meals and get to help people when they need help friends neighbors family etc.

Strong agree. Go to more social events, invite people over, start on the creative endeavors NOW! The more momentum you have before FI, the easier the transition will be.

After FI, I found myself thinking, "wait, I don't actually have that much more energy for creative pursuits than I did while I was working." It just comes out of a different mental bucket than work anyway. So why not do it now?

Obviously you will have more time after FI-- but the more habits you can build around your work schedule now, the easier things will be after you quit.

[boarder42]

I'd spend more time mentally preparing yourself. I went thru this process from Feb thru now at the same age with the same number of kids. The money and math is easy. There is some thought to put into your Roth ladder conversions and how it related to tax credits. I started a thread called Roth conversions more or less over in post fire.  My journal below works thru alot of the thought process I went thru over the last year. I took a 12 week FMLA last summer as a trial run. Loved it.

I don't need much structure. We had a lot to do. I have a rough outline for my days that include standard things like meditation yoga/work out and walking. I cook all our meals and get to help people when they need help friends neighbors family etc.

Strong agree. Go to more social events, invite people over, start on the creative endeavors NOW! The more momentum you have before FI, the easier the transition will be.

After FI, I found myself thinking, "wait, I don't actually have that much more energy for creative pursuits than I did while I was working." It just comes out of a different mental bucket than work anyway. So why not do it now?

Obviously you will have more time after FI-- but the more habits you can build around your work schedule now, the easier things will be after you quit.

I don't think you need to start things now. I think you need time to decompress and learn your new life once you're RE. Doing those things now esp with 2 young kids complicates life more imo.

I've permanently moved away from the need to fire to something and figuring it out before you do. For some it's necessary. For others it's not.

[Burning Iron]

I'd spend more time mentally preparing yourself. I went thru this process from Feb thru now at the same age with the same number of kids. The money and math is easy. There is some thought to put into your Roth ladder conversions and how it related to tax credits. I started a thread called Roth conversions more or less over in post fire.  My journal below works thru alot of the thought process I went thru over the last year. I took a 12 week FMLA last summer as a trial run. Loved it.

I don't need much structure. We had a lot to do. I have a rough outline for my days that include standard things like meditation yoga/work out and walking. I cook all our meals and get to help people when they need help friends neighbors family etc.

Strong agree. Go to more social events, invite people over, start on the creative endeavors NOW! The more momentum you have before FI, the easier the transition will be.

After FI, I found myself thinking, "wait, I don't actually have that much more energy for creative pursuits than I did while I was working." It just comes out of a different mental bucket than work anyway. So why not do it now?

Obviously you will have more time after FI-- but the more habits you can build around your work schedule now, the easier things will be after you quit.

I don't think you need to start things now. I think you need time to decompress and learn your new life once you're RE. Doing those things now esp with 2 young kids complicates life more imo.

I've permanently moved away from the need to fire to something and figuring it out before you do. For some it's necessary. For others it's not.

This is good food for thought. 

My kids are 1 and 2 and I work from home as an artist on film/tv projects.  My work is very creative, but also very demanding and all of my non-work time is spent helping out with the kids, doing chores, or sleeping. 

The first years of early retirement will easily be filled up with family/home stuff, but I think I need to consider what my life will look like 5-10 years down the road when the kids are older and in school and my schedule is more open.   

[boarder42]

I'd spend more time mentally preparing yourself. I went thru this process from Feb thru now at the same age with the same number of kids. The money and math is easy. There is some thought to put into your Roth ladder conversions and how it related to tax credits. I started a thread called Roth conversions more or less over in post fire.  My journal below works thru alot of the thought process I went thru over the last year. I took a 12 week FMLA last summer as a trial run. Loved it.

I don't need much structure. We had a lot to do. I have a rough outline for my days that include standard things like meditation yoga/work out and walking. I cook all our meals and get to help people when they need help friends neighbors family etc.

Strong agree. Go to more social events, invite people over, start on the creative endeavors NOW! The more momentum you have before FI, the easier the transition will be.

After FI, I found myself thinking, "wait, I don't actually have that much more energy for creative pursuits than I did while I was working." It just comes out of a different mental bucket than work anyway. So why not do it now?

Obviously you will have more time after FI-- but the more habits you can build around your work schedule now, the easier things will be after you quit.

I don't think you need to start things now. I think you need time to decompress and learn your new life once you're RE. Doing those things now esp with 2 young kids complicates life more imo.

I've permanently moved away from the need to fire to something and figuring it out before you do. For some it's necessary. For others it's not.

This is good food for thought. 

My kids are 1 and 2 and I work from home as an artist on film/tv projects.  My work is very creative, but also very demanding and all of my non-work time is spent helping out with the kids, doing chores, or sleeping. 

The first years of early retirement will easily be filled up with family/home stuff, but I think I need to consider what my life will look like 5-10 years down the road when the kids are older and in school and my schedule is more open.

we're practically the same person family wise i have a 1 and 3 year old.  but our kids will be in daycare full time still when my last day comes 1/19.  I think thats a bit over planning for your life to look that far into the future and know what you'll want to do. 

i have a rough outline of stuff like yoga and meditation and walking - and general household stuff then kids activiites. other stuff will trickle in. i never had a dull day in the summer FMLA experimient.