Revealing the Thrilling Plot to Energize the Retirement Police

100 Month Countdown to Financial Independence (FI) and Eluding the Retirement Police

I have a healthy respect for the law and try to be an upstanding citizen. What I am about to reveal is going to energize the Retirement Police. It’s time to go on the record and emphatically state that we intend to be Financially Independent (FI) in 100 months. OK, 96 months from the time of this posting. This blog allows us to hold ourselves accountable to making “paid work optional.” If we do chose to work the Retirement Police will charge us with breaking the law because we are not “officially retired.”

Destined for Pursuit by the Retirement Police

I have been on Financial Independence (FI) collision course since my youth which I equated with “freedom.” I was destined to be pursued by the Retirement Police. When I was younger, I thought FI was being “rich” which I equated to as having $1 million dollars. I thought retirees lived a life of “leisure” with lots of material possessions. We currently live on more than $40,000 annually. So our FI Number needs to be higher than $1 million. I am basing our FI Number off of “the four-percent rule” or 4% rule off a $1 million portfolio would equal $40,000 annual based on the initial work of Bill Bengen. 

To be clear, I am not worried that we will hit our FI Number. Further, this is not a rushed journey with an age 59 and half versus making “paid work optional” at an earlier age. I now view lots of material possessions as more of a burden than a benefit. My money psychology continues to evolve.

Staying Young at Heart Through Work vs. Early Retirement

On the other hand, I saw how “young at heart” my father was by not officially retiring until the age of 71. 

• My father worked for no money until his late 70’s– a clear violation of the Retirement Police. My father did not experience bad days at “the lab” as this work aspect was most joyful.
• My father also enjoyed extending his time as mentor to a younger generation of researchers.  If offered his advice on not only his failures but a pathway to success.
• My father, through his lab, provided an opportunity to develop a potential new generation of researchers.
• My father was particularly interested in going out of his way for first-generation scholars and greatest financial need.  I’ve heard from many former students and colleagues share that my father’s kindness as a mentor helped them in their professional journey.  My father taught his students and colleagues how to be a good colleague.

My father’s rapid health declines began, perhaps coincidentally, when he ceased going into “work” altogether.

• My father willingly switched roles to become my mother’s primary caregiver.  It was an opportunity to pay back my mother for a lifetime of supporting my father’s career goals.  While my father was glad to do this for my mother, this work was not his passion.
• Shortly after my father officially retired from “paid” work, he was asked to return to work to cover certain aspects of his job in a part-time paid role.  My father struggled with this decision for a about a week and decided it conflict with his ability to take care of my mother.
• My father missed his daily work community.  Occasionally catching up with his “work family” was not the same. 

Work vs. Retire Early

So is it better to “retire early” or to pace ourselves and work basically your entire lifetime to maintain a purpose in your life? 

• Work is a major part of my identity.  Even when I’m not at my paid employment, I tend to work on other projects.  My spouse is driven the same way. 
• Admittedly, I’m a workaholic, but this is not always related to paid employment.
• Basically, one of my life “failures” is not being able to turn off a work mode—even if it means doing a ton of yard work.
• I could retire a lot earlier than age 71 from “paid” employment and simply “work” on my passion projects.
• Despite loving his work, at the end of his life, my father never listed “time at the office” as one of his life’s regrets.
• At some point, we will have enough money that there will be no financial reason to be “paid” for work.  I will acknowledge that benefits, especially health care, may be the more enticing reason to continue working after we need the cash.

Holding Myself Accountable With 100 Months

One of the reasons I believe I need to set a “countdown clock” for myself to end paid employment, is that I fear I will waste my days exclusively on work. Further, I know I will have contact with maybe two people from my workplace after I leave. 

• I’m definitely someone who will “suffer from the one more year syndrome” and will be inclined to work another year because I want to make sure there will be enough to retire without working for money. 
• I’m giving myself 100 months (essentially 8 years and just under 5 months) until I “retire” which means Mid-2032.  Just typing Mid-2032 brings some clarity.  It’s possible that we could end paid employment before Mid-2032. 
• Barring some unforeseen calamity, our money will double (and then some) in the next 100 months, and we would have enough under the 4-percent rule to “retire” from paid employment officially.
• Ending paid employment in 100 months will allow us to meet the age 59 and a half age requirement and provide us penalty-free access to “retirement plans” assets.  We are assuming that the rule for accessing retirement plans, such as 401(k)s, 403(b)s, IRAs, etc. penalty-free at the age of 59 and a half does not change under future federal tax modifications; at the very least, the government would likely be required to “grandfather” in that provision for all assets in the accounts prior to any tax changes.

The Retirement Police Know Exactly Our Plans

Call me a stupid to reveal my plans in advance so that the Retirement Police will know exactly what we are doing. The Retirement Police will certainly be after us from day 1, if not the next 100 months and beyond. My question is, if enough people try to foil the Retirement Police– can they catch us all at once? Can we count on you to help us when we are on the lam?