[Article] Article: How Many Years Will You Be Working Dat Ass?

So if you've been paying attention lately, April and my's latest adventure goal has been to retire early. We're both kinda tired of the rat race, or at a minimum tired of slaving away for someone else. To that goal, we've started doing our best to cut costs without killing ourselves. Cost cutting is by far the best way to financial independence. It's faster and works MUCH better than simply saving. Of course, we're still vacationing, still spending too much money on beer, and most importantly, we're still loving life. But I think we've both got our eye on the main goal.

For April, she doesn't like working for other people. She's said repeatedly that this is the last time she will work for someone else. I've always been a silly worker ant; fine with grinding away for someone else. Over the past few months, I've been starting to see the light that she's been preaching to me for a number of years. Based on that, we've got several ideas brewing to run our own business. Some or most of them will probably not pan out, but that's okay. Eventually one will, and we'll be able to break free from office life.

Expanding on that, eventually (less than ten years) we hope to not even have to run a small business at all. Total. Financial. Independence. That's the goal. Having enough money saved in a taxable savings account that we can withdrawal from until we can touch whats in our retirement accounts. Even without a successful business, we should be able to get there.

We all make way too much money to actually work until 65. Currently, we are saving about 35% of our income. Interested in where you are? Check out the attached image. And if you're bored, read the article below it. Figure out how to cut costs, squirrel away some cash, and get the fuck out. Then let's start a UF commune. However, @dbzeag will be needing his own hot tub. I'm not sharing.

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Pulled from: http://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/
 
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The higher numbers seem like BS. If I saved 80%, in 5.5 years i would have half a millionish, a little less. Thats not enough to retire on for 60 years.
 
well, if you're able to save all of your income then that means you don't have any expenses and really don't have to work.
 
I plan to work, not out of necessity, but out of curing boredom. This may change as I get closer, but I need something that makes me feel useful
 
Coqui said:
How much money do you plan on spending every year at 50?
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by the time my mortgage is paid off, my expenses assuming my work doesnt screw me and remove the medical package from my pension will be quite low. Less than 20k a year easily.
 
Coqui said:
I plan to work, not out of necessity, but out of curing boredom. This may change as I get closer, but I need something that makes me feel useful
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im gonna do a phased retirement, go from working fulltime to 2 or 3 days a week, then to 20 hours a month or so, then to nothing
 
Domon said:
by the time my mortgage is paid off, my expenses assuming my work doesnt screw me and remove the medical package from my pension will be quite low. Less than 20k a year easily.
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That doesn't even remotely answer my question though. Do you plan on living lavishly in retirement or as frugal as you are now? It's not just about your current bills.
 
Coqui said:
That doesn't even remotely answer my question though. Do you plan on living lavishly in retirement or as frugal as you are now? It's not just about your current bills.
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I dont see why i would chance my living habits, I live comfortably.

I will be still sending kids to college at that point though most likely, so that some hugeass savings that has to be considered. But thatll be an entirely different fund than retirement.
 
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