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When to retire early? Seeking advice on my FIRE journey
Financial independence
I’m considering early retirement and looking for advice from those familiar with FIRE. I'm in my 40s, single and no kids, have $450k super and $700k in ETFs, plus a paid-off home. My current job pays $110k but is taking a toll on my health. I spend less than I earn and could reduce my expenses further if needed. Do I have enough to retire early, using my investments until I can access my super, and potentially tap into home equity later? I’m concerned about not having enough or being able to return to a high-paying job. How do you overcome the ‘just one more year’ mindset and trust your plan?"
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Elena Papadopoulos
Asked on 14 October 2024
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My reading is you have 10-20 years before you can draw on the super. The dividends from the $700K are going to be taxed, but on the lowest rate. The withdrawal rate to give you an equivalent lifestyle for a full stop work retirement is going to erode ETF capital, so semi-retire seems a good plan.
You also don’t want to wait until 65 either with the extra 5 years of a job you hate, stress and illness dropping you in hospital every month, but maybe that is just me.
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