Lost opportunity cost with early retirement...

[FIREseeker]

I do want to reach financial independence and retire early. However, the lost opportunity cost is starting to bug me. Because as I reach my career prime... I'll quit. There will be $1MM+ in lost in wages. Is this smart? Am I being selfish by seeking FI? Couldn't my family or a charity benefit from my knowledge that will result in cash for them?

And what the heck and I supposed to do? Just walk around the neighborhood and cook from scratch every night like MMM. WTF I could be doing something worthwhile instead?!

Sorry, I'm having a bit of a freakout.

[Fishindude77]

Just have to decide what your priorities are. No one can answer that question but you.

A nice compromise is to go to more of a part time employment situation at some point to get health insurance, some incidental income and the ability to continue participating in retirement savings, etc.

Many employers are happy to do this because they get an already trained professional at a great price, and it's a sweet deal for the employee to now have a little less responsibility and lot more free time on their hands to enjoy. Might also help a person that is accustomed to the daily grind and long hours transition much smoother into full time retirement.

[rennigade]

Only you can decide this. No matter how you spin it there is always going to be money on the table that is lost. It sounds like you need to find some hobbies and other interests before you decide to retire. OR you can continue to work...there is absolutely nothing wrong with working until you die. If you dont have anything else to do then go for it.

For me...time is more important than money. Ill be out of the rat race as early as possible. I always have ants in my pants so for me finding things to do will not be an issue.

[riverwed070707]

I think the question you need to answer is why you want to retire early. Surely there is something you want to do with your time instead.

I know a few people online and in real life who have retired early only to start a non-profit or their own business. Its not because its less work or less time consuming but they have the financial bases covered so the risk is lower. Lots of people travel, volunteer, take up hobbies (and even make a little side income from them). Know someone here who took up homebrewing, eventually started a homebrewing club that meets to try each others beers and eventually opened a popular brewery here. SO many options. I think you need to look at it as being able to spend your time the way you want rather than how are you going to fill it.

If you're still stumped, start by making some lists - what are your hobbies? What do you wish you had more time for? What have you always wanted to try but never had the time/patience/money?

[MonkeyMama]

I agree with the others. Why do you even want to retire early in the first place?

For me, certainly at this stage in my life, retirement is not a big goal for me. But financial freedom and "planning for the worst case" and all that is a big goal for me. Maybe you want to shift your focus to "financial freedom". (There is no rule you have to quit working when you get there). Maybe it will make more sense the closer you get. I'd just caution not to be so extreme that you never develop any interests or relationships along the way. (It kind of reads that way from your post, if you have no idea what to do when you get there).

I am sure some people retire (early) very wrong, but if done right I don't know that the opportunity cost is that large. (Wealth compounding will eventually dwarf savings from a salary. Lack of income taxes is a strong advantage for early retirement. Etc., etc.). The trade-offs could be more important things like your health or your time.

[corn18]

I will never retire, per se. Once I finish up with the FI part, I plan to dedicate my life to helping others. Or more specifically, animals. I want to contribute in some meaningful way to rescuing animals. I think I have a lot to offer in the business side, so maybe a board member, maybe a CEO. Gladly work for pay or no pay. Big or small. Just want to make a difference. Along with that, my wife and I will travel and spend time in places we enjoy (Europe, Africa, who knows where else). Maybe months or years at a time. I can dream, right?

[LivingAlmostLarge]

We could probably retire now with what we have according to mr MM. In a way we have. But we aren't. My DH isn't willing not because of financial (well a little), he wants tons of luxuries and is willing to work for it. But rather he isn't ready to be bored. I'm 36 and he's 37. He's not even sure he wants to retire in 10 years and I know we'll set completely. But sometimes it's the knowledge you can say FU that makes a the difference in working. My DH likes knowing he's only working because he likes to work. Plus giving our kids 100% paid for college will be icing.