Should You Retire
Guest Post from Down on Mainstreet
This week we have a guest post from Down on Mainstreet.
F.I.R.E (Financial Independence Retire Early)… I think the acronym generally defines its purpose.
It’s a great strategy, and I follow a lot of the guidelines provided by the movement, which have been and continue to be very effective.
“Make your money work for you, so you don’t have to.”
There are different types of FIRE in addition to “Traditional FIRE, because some of us like myself, missed the boat, when it came to the “early” part.”
Here are a few of the different versions of F.I.R.E:
Lean Fire- living a simple lifestyle in retirement.
Fat Fire- retire early while living an above-average lifestyle.
Barista Fire- retire early but maintain a part-time job.
Coast Fire- you save enough early on, so that at some point early in your career, you can let the interest work for you and “coast” to retirement when you want, maybe even switching careers to one with less responsibility or passion you may have.
Geo Fire- while reaching your FIRE goals, you live and work in different locations, to take advantage of a lower cost of living and accelerate to FIRE.
Slow Fire- you choose to retire a little later, to remove the intensity of working longer hours or extra side hustles to reach your goals.
I’m sure by the time you’re done reading this there will be another type added, the list keeps getting longer… as the title to a popular song growing up comes to mind… “Bang your head…”
Again, not trying to pour water on the flames of the FIRE. Like any new idea, movement, etc, there is excitement, benefits are realized, and before you know it, you’ve joined the movement… be careful… the marketing that comes with it may “slow your burn”… puns totally intended…
All kidding aside, I think it’s great and whatever type of FI describes your approach, great… I have never liked labels.
Repurposed
I have my own way that I like to think about the acronym F.I.R.E. Basically, the same, except I replace the word “retire” with “repurpose”. Not mine originally, but from a podcast I listen to, with which I happen to agree on the ideas presented. If you’re interested, the podcast is …
Rather than retire, and do nothing but create a permanent indentation in the couch, or whatever else people have in mind with the idea of traditional retirement, sure…. Retire, but retire repurposed. One of my favorite quotes from the podcast host says is,
“Instead of retiring from something, retire to something.”
- Ben Taatjes
Ben also wrote a book by the same title if you’re not into podcasts.
Basically, whatever time you have planned to retire, instead of just riding off into the sunset, leaving civilization forever etc… along with your FIRE plan, have a plan of what you want to do, to continue to be productive and invest in the lives of others.
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Examples of Repurposed
Mentorship - for example, you are a programming icon, so use those skills to mentor others who want to improve.
Volunteer - Take whatever talents and skills God has given you and volunteer in a setting that will utilize them.
Pursue a Passion - Take this time from stepping away from the work you have done for the last forty years and pursue what you have always desired, but just didn’t have the time for various reasons.
Take on a different role - No, you absolutely love what you do, or what you have built. But you’re ready to slow down. Instead of leaving it behind, stay there but seek a role with reduced responsibilities.
“This is what applies to the Levites: from twenty-five years old and upward they shall enter to perform their duty in the service of the tent of meeting. “But at the age of fifty years they shall retire from their duty in the service and not serve anymore. “They may, however, minister to their brothers in the tent of meeting in order to keep up their responsibility, but they themselves shall perform no service. Thus you shall deal with the Levites concerning their responsibilities.”
(Numbers 8:24–26 LSB)
Well, I think you get the idea. We were created to work, we have worked and worked hard to retire, at whatever age you have planned. You were created uniquely you, so when your ready to “turn off your router”, invest in the life or lives of others, until it’s time to ultimately “retire” and leave this world.
Repurposed, a slightly different twist on the traditional idea of retirement, but for me one I find encouraging and aligns with my personal beliefs on the subject.
So whatever your particular F.I.R.E plan, keep on it, and as you approach your retirement goal, maybe consider a repurposing plan and continue to give back just a bit of your time and those talents.