Grand Rounds: Shouldn’t Play With FIRE
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Welcome to this session of grand rounds, a collection of posts I have discovered in the blogosphere and have found of interest and hope you do too.
This offering of Grand Rounds looks at articles from around the web that deal with some of the downsides of FIRE that you need to be aware of lest you fall into these documented traps.
It is easy to daydream of being on a beach, sipping Mai Tais and soaking in the rays after you exit the workforce as an early retiree.
However it is prudent to remove those rose colored glasses and be wary of potential pitfalls in retirement.
Fear not, Our Next Life does just that with “Death and Divorce and Unhappiness. Oh my! Might Early Retirement Actually Be Bad For Us?!”
The FIRE movement has spread like…. well like Wildfire.
It almost seems like a competition amongst the FIRE walkers on who can retire the earliest.
Heck, I might not even be considered a FIRE devotee by some with my plans to exit stage left at the age of 53.
However these individuals who jump ship at the first chance are taking on a lot of risk.
Most retirement guidelines have been formulated for a 30 year retirement period, not the potentially 7 decade retirement some 20 somethings will potentially have to endure.
Sport of Money provides a great article of why you should pump the brakes just a bit before you go over a financial cliff and crash and burn in, “Don’t Fire Too Early Given The Risks- And The Best Time To FIRE.”
A common saying in the FIRE community is you need to find something to retire TO not FROM.
Meaning that if your sole purpose for retiring early is because you don’t want to work any longer in a job you are dissatisfied with you may feel unfulfilled when a large void is created in early retirement.
Collecting Wisdom shares some wise thoughts, addressing this in, “Life Is About Finding Fulfilling Work, Not Saving Up Enough Money To Never Work Again.”
Want to live a long life?
I’m talking about becoming a centenarian (not centurion).
Sorry FIRE aficionados, but perhaps retiring early is not the best way to achieve that goal.
One of the world renowned experts, Dr. Shigeaki Hinohara (who himself lived to 105), credits not retiring as one of the reasons for living longer.
Money ran an article featuring this physician in, “A Japanese Doctor Who Studied Longevity-And Lived To 105-Said If You Must Retire Do It After Age 65.”
[Kudos to the writer who came up with that creative title.]
Hope you enjoyed the reading material.
Have a great rest of the week.
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