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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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Hi Elena.
This is an interesting scenario. It would make a great case study for our Aussie FIRE podcast, so I’ve noted it down for future.
There’s a lot to unpack here, but it looks like you’re in a really good position. I definitely think there is scope to reduce working quite a bit and take on a lower paid role that gives you more time and space for a healthier lifestyle.
As for whether it’s enough to retire fully, that depends on how much you spend per year, which you haven’t mentioned?
There is definitely room to semi-retire without much trouble at all though, so there’s no need to stay in a stressful or health-damaging job.
Cheers, Dave
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