What is early retirement like?

Early retirement, as described by various guests on the ChooseFI, can be fulfilling, flexible, and financially beneficial when well-prepared. Here are some experiences shared by early retirees:

1. Travel and Lifestyle Flexibility:

   • Justin retired at 33 after saving over 50% of his income for a decade. His lifestyle includes extensive travel during summer and a relaxed, unstructured daily routine in Raleigh, North Carolina 1.
   • Lauren and Steven Keys took a national park trip and transitioned to part-time freelance work. Lauren retired fully in 2018, while Steven tried full-time work again but ultimately retired in 2020, before turning 30 2.

2. Health and Personal Well-being:

   • Chris Terrell focused on his wife’s early retirement due to the physical toll her job was taking on her health. She retired in 2017, leading to an improvement in her health and overall well-being 3.
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       Early Retirement Journey

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       Early Retirement Journey

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       Rethinking Retirement

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       Early Retirement Insights

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       Rethinking Early Retirement

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3. Transition and Adaptation:

   • William McVey retired early to prioritize time with his kids after realizing he could not balance high work standards and being a present parent. Despite enjoying his job, he shifted focus towards family after becoming financially independent through life insurance 4.

4. Evolving Perspectives on Work:

   • Tanja emphasized that early retirement does not mean completely giving up on productive activities. Her perspective shifted to include engaging in meaningful work like volunteering, consulting, or part-time projects. This allows her to continue enjoying aspects of work she loves while still being financially independent 5.

Key Points:

• Early retirement offers the flexibility to travel extensively and enjoy a relaxed daily routine.
• Health and well-being can significantly improve without the stress and physical demands of a job.
• Transitioning to early retirement may still involve finding meaningful and fulfilling activities.
• Financial independence is crucial, and different paths can lead to early retirement, including high savings rates and leveraging life insurance.

Early retirement offers a mix of freedom, flexibility, and the ability to focus on personal well-being and passions, provided good financial planning and alignment of goals with a spouse or partner.