Today is my last day of work. That might seem strange for someone who has been blogging at a site named Slightly Early Retirement for the last five years. But when I “retired” five years ago I did not stop earning money completely. I just scaled back a 45-50 hour work week to about eight hours of consulting. Eight hours a week is barely working by anyone’s standards even if it did make me a full time income of six figures a year. But for a number of reasons that I won’t fully disclose, I felt it was time to move on to actual full-time retirement, and today is the day. My consulting contracts all end at midnight tonight.
A couple of days ago my brother pointed out that this might be a very strange time for me. He was my first boss at the age of 12, by his recollection. I think I actually was throwing newspapers for him even earlier than that, but he’s usually right. And as he stated I’ve been employed continuously ever since. I started out my employed life getting one dollar a day from my brother, a sum he defends as more than generous at the time. My last year of full-time employment I made north of $400K. And my five years of consulting averaged a little more than $100K per year. So, what in the world is it going to feel like to not make any money. After all, making money is something I proved extraordinarily good at. Will I miss it?
In the words of Captain America:
Why can I say that with some confidence? It is pretty simple, I used the off ramp plan to exit the world of work. I went from a high pressure, highly paid career to a much lower pressure and much lower paid existence. And now stepping off the treadmill to zero earned income is a pretty small step compared to going from a large income to nothing. Using the gradual slope of an offramp has totally dampened any money fears that might have been lurking in my mind and heart. Financially I have total peace, and that’s a priceless feeling at any age.
But life is more than financial abundance, a lot more. And that’s another area where taking the offramp has paid off. Just as it trimmed my big compensation down to something still nice, but much smaller, the off ramp of my consultancies accomplished the same thing for my view of work. My career had been my biggest single hobby. I wasn’t one dimensional, I had lots of other hobbies including distance running, tennis, hiking, bushwhacking, fishing, travel, skiing and off roading. But work was among my favorites and I feared I’d miss it. And it wasn’t fun just because of the work but because of the environment it placed me in. I was the boss with hundreds of employees under my leadership, I was in the news and sometimes on TV and YouTube in my work role.
I was treated a little better in everyday life because I had that minor celebrity status and I enjoyed that. Who wouldn’t? And I’ll admit nobody wants to give up the advantages life and luck have presented them. Being a consultant/lobbyist is a fair step down from that. I still was on a first name basis with the Governor and many political and business leaders but everyone knew it was in a diminished role. I did not have a billion-dollar company backing me anymore, I was just running errands for them and making deals for others. After five years of that I no longer miss my former status at all and do not feel any pangs about leaving the consulting role either. I owe the off ramp of my part time consulting for making this next step much smaller.
There will be a void though, the eight hours a week is not so much an issue. The structure of having projects and deadlines and problems that had to be resolved quickly is the part that needs replacing. That structure and those demands added to my life and I need to fill it with something similar, or something better. I’m working on that already, but not yet sure where it will lead. My first idea is to volunteer with engineering departments at the two universities in easy driving distance from my home. If those don’t materialize then I’ll move on to something else. Plan B could be something financial like helping people do their taxes for free, or mentoring through the public school system. I am a little sensitive to anything that could get me sued because I have a very attractive net worth that could make me a fat target. I even thought being a paramedic might be fun but again, easy lawsuit target and hard to get enough insurance for that.
Another possibility would be some kind of quest, an Appalachian Trail kind of thing, except I’m sure that’s not it, its just an example. For one thing I don’t want to spend months of my life doing something that isolating and I’m more of a hiker than a backpacker. But it could be visiting every National Park or driving to Alaska, something my wife and I can do together, she is after all my best friend and loves the same kind of adventures I do. We are empty nesters with no grandkids and no jobs right now and plenty of money, there couldn’t be a better time to go on a quest.
What do you think? More volunteer work that ties me down but benefits others?
Or an adventure quest that mainly benefits my wife and me?
Or a different kind of paid part time work, not for the money but because it imposes some structure into my life?
Congratulations, on to the next thing.
Thanks O, that’s what life is about I guess? At my age I’m not feeling any pressure, just some curiosity about what’s next.
Congratulations!!! That’s exciting, but I can also sense your hesitancy regarding the unknown. You’ve certainly earned the right to step back, but you’re wise to be aware of the limitations you’ll have too, not from being a financial target to the lack of celebrity—that’s what really upset my grandpa when he retired. He’d been used to power and status. He was also on a first name basis with governors and other politicians, so he wasn’t expecting a total loss of interest in him and that really upset him.
Like I said before, you have an enormous amount to offer in the right setting. It’ll be interesting to see what you do next, even if you’re volunteering to help others learn to read or delivering meals to seniors.
Congratulations again! It’ll be exciting to see where this next chapter takes you.
Thanks Katie, you are so supportive and kind. I do think I’m over the ego stuff, and glad I am, that was always the shallowest part of me better grown out of. I do think I have a lot to offer, and it may well not be in the areas I expect. I think it is shaping up to be an excellent adventure.
Congrats and best wishes on your next phase. I find that many people do well by thinking about a multi-purpose retirement, launching several small experiments with various activities. Often one primary one emerges.
The approach in the book Designing Your Life by Bill Burnett & Dave Evans may be of interest. I use their approach in my coaching work and highly recommend it.
Always enjoy reading your thoughtful posts.
Best wishes,
Joe Casey
Thanks Joe, I’ll look that up. It is a reasonable approach when facing something new. I do have tons of hobbies I enjoy but I think if they were all I did that they would not be as much fun. Part of the joy of hobbies is the break they provide from things you are committed to doing. I could pursue more volunteer work at the places I’m already on the board, but there is a conflict in offering help to an organization you are governing, they can’t really manage you if you are managing them.
You could donate your time to non-profits doing what you currently do. You may not find it on any websites but I’m sure you know people who know people. There’s also board positions for them too. Some only meet 4 times a year. Some every month. In these positions you’re looking at the non-profit from 100,000 feet and your expertise is invaluable to leaders. And the non-profit will have insurance.
Stephanie, that’s astute advice. And that is what I do at the foundation I chair the board for. It is exactly a 100,000 foot venture, same thing at the public college I chair the board for. But there is no reason I couldn’t find additional places to do that. It does leverage my experience more than hands on work since at the top level the decisions are more like a business than a charity. That’s something to thing about. I knew if I put out a call for good ideas I’d get some!
And congratulations! I’m pretty new to your blog. I figured you’d thought of the board route but didn’t expect already being on two! One of the reasons I read your blog is my husband is super high capacity and I’m pretty sure I need to start talking through retirement a decade early so he’ll actually retire. Your insights help me see where he’s coming from. Thanks!
Stephanie, I think you are right about him. My wife was fine with whatever I did, but I also got tired of what I was doing about the time math showed us to be overfunded. But your guy may not get as disillusioned as I did at the end or may not have run all the numbers. He may need help in getting there. I could have easily worked another 5 to even 10 years and I feel now that would have been an awful mistake on my part.
Do the quest… haha. One of my dreams is to complete the triple crown someday. But the PCT will be first up for me. Health complying that is.
From my perspective, that I will caveat never seems to be in the majority, you don’t need to fill the void at all. Your transition has nothing to do with finding tasks, your previous job or making money, it is about your identity – those internal signals that reinforce and remind you that you are you. Transitioning that identity psychologically is the toughest part. Although, it seems like you have already been doing that with consultancy, so it sounds like you’ll be just fine. Sure there will be some feeling out now that the training wheels are finally off, but it doesn’t matter if you’re retiring at 30 or 65, it’s the same identity shift that has to take place.
From reading your previous posts, I think you’ll be just fine. And only fill the void if you want to. Maybe more down time fits in nicely with this next chapter that isn’t a “new” you, simply an evolving version.
Congratulations on cutting the cord and I’m looking forward to hearing about your next adventure!
Thanks friend, I like that, there is no real urgency to finding “something”. I do think I’ll be just fine, I just don’t want to miss something I might be able to do that truly helps others. I’ve been remarkably blessed with an awesome mate, great kids, a fun career and more than enough health and money. And now I also have unlimited time, for awhile. I think you are right, I am maybe pressuring myself too much. But I’ve never been a self starter and usually have to kick myself in the pants to get moving. Thanks for giving me some balance, I already feel better!
First of all, congratulations and well done! You’ve got a lot to be proud of. As for an epic quest versus volunteering or something, I vote for both, with the quest coming first. Spend some time just getting away and having a grand adventure. Clear your head. Enjoy the complete freedom of not having a schedule or obligations. And I’d imagine that, as awesome as that will be, it will also get old. You’ll crave a routine and stability and find yourself back on a schedule with volunteering or part-time work or something to provide that. But you’ll have scratched the itch. Or that’s my plan at least :). And I like the idea of driving to Alaska or visiting all the National Parks. Or try to hit all 50 states if you haven’t done that?
Thanks Mrs. FCB, we are discussing it. We’ve almost got ourselves tied down with tennis team committments, the boards I serve on and I did just get a positive response from the first university I contacted so figuring out a way to get away and not mess up the volunteer work I’m doing will take a little planning. We haven’t hit every state, in fact we’ve each hit a lot of different ones.
How exciting and scary and odd at all once, yes? Thanks for sharing, I have the same qualms and didn’t know the uber successful person would have them as well.
Love the idea about the board level involvement — I spent 10 years raising funds for public television and the board members were my favorite people. They were interesting businesspeople and artists and teachers with a wealth of knowledge that supported us in extreme times. I know we wouldn’t have been successful without them, so allow me to second that idea!
If you’ve ever read the research on “flow” states of mind? It seems clear from the science that once a person has responded to challenges in life and succeeded — their brain power literally expands — the folds of the physical brain grow, dendrites become more complex in deeper networks… it goes on. And you can’t just shrink back into little things. Sorry, the genie is out of the bottle, you’ve gotta use the abilities you’ve built or your psyche will get kinda’ achey and grouchy. Dr. Mikhail csikszentmihalyi wrote the book.
So….Are you a feed a fish kind of guy? Or a teach a man to fish kind of fella? Maybe making that distinction first will help you figure out which way you want to give.
Example: as I eye my way out of corporate, I’m currently toying with the idea of creating a whole new event for the kids in my area — an Extreme Memory Competition. There are others in Europe – very popular – and they are just beginning to take off in the off in the states. Being a “teach a person how to fish” type giver, I hope it will be a way to make “extreme learning” exciting and satisfying for those who need this skill in order to learn the maths and sciences that will make their lives better in my home state. (we aren’t high on the educational rungs, for sure and I despair for these kids’ futures)
Long story short, I believe with your abilities and connections, you could create or support something brand new, sorely needed and something that is a stimulating reach for your abilities. Anything short of that may leave you a bit bored.
But maybe not — I’m watching your journey with great interest!
Lisa, I’m definitely a teach to fish kind of person, there wasn’t much I loved more than mentoring young talent during my career. You presented some interesting ideas, food for thought for sure. I like your idea of memory competition, I expect to see you in the news on that!
Congratulations on the beginning of your next stage. I agree with Mrs. FCB, and would add this point — you have your health today, but, of course, there are no guarantees for tomorrow. Doing the physical/adventure things first should mean that you’ll be in your best physical shape to accomplish and enjoy them to their fullest.
FI, Yes, I agree, I have a couple of very odd physical issues that could well kill me earlier than would be expected for a 65 year old athlete. My wife just ran a marathon at 66 and she’s incredibly healthy. She said the same thing to me yesterday about us not putting off things that we can still do together.
Congrats!
I’ve got a imagine the transition won’t be that difficult since you were only working eight hours a week. Just so long as you have something purposeful to do, you’ll be just fine!
Now is the best time to retire anyway as the economy opens up.
Sam
Thanks Sam, that’s a salient point, it isn’t like I was working 20 or 30 hours a week. Love reading your posts, Whether I totally agree or somewhat disagree they are solid, supported by facts and well thought out.
Congrats dude!! Making moves!!
Thanks J, I want to be intentional, its something I’ve picked up from you and others. I don’t want to just let life happen, you really start to feel the inevitability of time at my age!
congratulations, steve. i’m happy for you. if i had to guess i could see you dabbling in a few areas and see which one ends up really speaking to you for more attention. i know you will figure it out and people will benefit from having you on their side.
Thanks Freddy, I think you are exactly right and so far that’s how it has been going. I wouldn’t at all be surprised if I find something or things totally different, and better, than I have thought of so far.
Congrats Steve. I’m sure you’ll figure out what’s next, it sounds like you’ve always been able to stay busy. Enjoy it.
Thanks Adam, I am a little unusual for someone who succeeded in the corporate world. I’m not much of a self starter, I did well because I was able to turn it into a game. And retirement ought to work like that too, but I haven’t quite got a handle on that yet. But I feel sure it will work out.
Nice and good for your for having charting a new course. When the best one’s leave first, a few of us feel left behind for a moment.
Ah, the dreams of a youth flinging newspaper for a buck a day and a long, long run way of time and un realized decisions that lay ahead.
Lucky for you to have a brother that reminds you of the riches of life, Youth and Time.
I am fortunate, he’s a good bro. In one way I felt bad leaving because I had worked to take care of my people in a system that increasingly stoped caring about them. But in another I knew that everyone is replaceable and that five years later most of the people at the company don’t even know I ever worked there. Thanks, Francis.
Woh, congrats! Easing out of your job into part time sounds like it’s worked out too. If you ever want to grab a beverage/lunch sometime when we’re both vaccinated, it’d be fun to meet up!
Adam, I’d love to! I had one at lunch today with my wife right after she finished her marathon, it was pretty awesome.
Congrats Steveark! Looking forward to hearing about the next stage of your life. My advice is to take it slow and not expect that answer for what to do next to be there right away. I’m 17 months in and would never have expected that we’d be now doing YouTube videos. The pandemic definitely steered us in a different direction as we thought we’d travel more last year. But instead we ended up spending more time on creativity. Volunteering is always great, but I do love the idea of an adventure. One of these days I want to drive around the country over a year…spend a week in each of the lower 48 states. I’ve already even put together a rough itinerary! We’re probably a few years out from that but it has been fun to plan. Enjoy the additional free time you have!
Dragon Guy
Thanks Dragon Guy, that sounds like good advice. I like the idea of not being urgent about it.
Hey congrats! Take the time to unwind before figuring out what to do next. I recommend The Artist’s Way by Julia Cameron. It’s a 12 week program, with weekly questions/prompts to help you to dive deep and find your next path in life. I stumbled upon this during my mini-retirement and it led me to fully FIRE essentially and start AR.
Even if you don’t think of yourself as an artist (as I didn’t), the actual tasks in the book are applicable to anything (even if some of her writing comes off a little woo woo). I highly recommend it if you are struggling to figure out what to do next. BUT first I recommend just unwind. It takes awhile for all of the stress to go away.
That sounds interesting AR, I’m no artist but I did feel like the design part of my career as an engineer was very creative, so maybe in a way I might be?
Yeah exactly! I am no artist, but I like to be creative and explore new things. The book/activities are more or less about going inward to uncover new interest/desires/wants, etc. Lots of journaling and Q&A involved, but if you are down for that, it’s worth a look.
Congrats Steve—I Predict that you will be fine.. you have understood the key thing, what you you isnt who you are—it is only a piece of it.. enjoy your time and your partner and your life…
Thanks Jack, I share your optimistic prediction, and yes, I get that now. I probably always did, but off ramping helped me know than I know.
Congratulations! I can’t imagine what putting in a two week final notice feels like. I also don’t know how to earn 100k part time, so I’ll have to manage that 🙂
On to bigger and better things! I like the volunteer work but the business person in me would encourage you to do something that benefits both you and your wife.
You know we all will be reading any updates!
David, I’m not certain I understand the part about benefiting me and my wife? You mean by continuing earning to benefit our financial situation or to do something together with my wife, like a home business or a joint volunteering opportunity?
Like a home / lifestyle business thing that you guys can do together.
That’s something I’ve thought about, but haven’t really come up with anything.
I think you did it perfectly. It would be a lot tougher to move to full retirement right away. Now, you have plenty of time to figure out what to do next.
Life is short, enjoy!
Thanks Joe, oddly or maybe not, in the first month of total retirement I haven’t missed my consulting any more than I ever missed the 9 to 5 I left five years ago! So I guess its working out pretty well.
Congratulations! 8 hours a week is not bad but it takes guts to pull the plug completely and enjoy retirement fully.
It did, except there were extenuating circumstances that made continuing the consulting less than a sure thing. But so far I’m enjoying life as much or more than before.
Congratulations on your move to zero hours worked! Given what I’ve read in some of your other posts, I have no doubt that you’ll find some fulfilling avenues for your time!
And, combined with the March 2021 update from Living AFI, your post has given me a new approach to planning my own retirement. Specifically, I like the “off-ramp” approach you mention here. Less of a shock to the lifestyle 🙂
Thanks FS! It worked well for me.