Getting close

[nwswoop]

I'm a bit outside the demographic represented here, but, at 60, am looking at options going forward with a higher level of financial independence. By and large, we (married 32 years) are in relatively good shape, with several hundred thousand in retirement accounts, and significant equity in real estate, in addition to, but including a nearly paid off primary residence, part of which is in a developing country with a lower cost of living. What we struggle with is a common vision of how much passive income we need to feel comfortable giving up the work we have done for almost 30 years now. The work continues to be meaningful, and allows a fairly high level of personal freedom, but involves risk and responsibility that I will eventually need to move away from. We are fortunate to have the choices we have to ponder, and look forward to browsing this forum for ideas about future pursuits that will keep life interesting.

[IlliniDave]

Welcome. Sounds like you are pretty well-positioned. There's only one of me, and I have a hard time with determining a consistent vision for how much passive income I'll be comfortable with. It's dry and dull, but for me keeping detailed records of my spending over a few years has been really helpful--it gives a solid departure point as I try to estimate my needs given what I expect to change in retirement. Good luck.

[BRUTE]

brute recommends nwswoop facilitate a "trial run" for 1-3 months, maybe with unpaid leave, it that's possible in that line of work. humans can always look at the numbers and if they make sense, but sometimes they need to feel it to really believe it.

[nwswoop]

I read through some of Dave's journal, and recognized some of the struggle he describes. In fact, as a guy who once thought I would never own more than I could put in my VW van, and now own several furnished houses, and land in two different countries, there is a part of me that could step out of what I do that has allowed these acquisitions, and a part that values the experience I've had, and wants to carry on. I spent last winter in Central America, and lived as my neighbors do, on a few hundred dollars/month. I'm now back in the States, and while I'm not acquiring things, just the basic overhead of our primary residence (taxes and utilities) are what I can live on in Central America. But, I like it here, and there. My adult children are here, and my mid 80's father is within driving distance. Is continuing to want the best of both worlds making me less financially independent? Probably, but at this point it also brings a lot of value to our lives.

[erith]

I support what brute recommends. Trial it first. I took a 6 month break, and realised that just packing up work was possible. I wasnt bored, there was lots I wanted to do.

So I went back to work for just 1 year, to sort out all the finances, resigned and haven't looked back. But without that break, I would have just have carried on in the same old way and lost 5 fantastic years of my life. My DH decided to go with the flow and also left, but his firm suggested he do a bit of part-time consultancy, in his own time. the odd trip and the odd day in the office. Very light touch. And they pay him, for what feels like enjoyment to him, no admin, just stuff he wants to do. Result!

[Dragline]

I read through some of Dave's journal, and recognized some of the struggle he describes. In fact, as a guy who once thought I would never own more than I could put in my VW van, and now own several furnished houses, and land in two different countries, there is a part of me that could step out of what I do that has allowed these acquisitions, and a part that values the experience I've had, and wants to carry on. I spent last winter in Central America, and lived as my neighbors do, on a few hundred dollars/month. I'm now back in the States, and while I'm not acquiring things, just the basic overhead of our primary residence (taxes and utilities) are what I can live on in Central America. But, I like it here, and there. My adult children are here, and my mid 80's father is within driving distance. Is continuing to want the best of both worlds making me less financially independent? Probably, but at this point it also brings a lot of value to our lives.

I'm about a decade behind you. I've also concluded that living near people I care about and like spending time with (and being sufficiently distant from some others) is a priority for me, and certainly for DW. But I think this varies a lot depending on your family experience.

I see a future of volunteering and some teaching ahead for DW and me once all our children become adults. I've already begun making mental lists of places that would be interesting to volunteer at. She may start up at a school this year now that our youngest is in high school.

I think a lot of your challenge will be around what to do with the properties and its going to be more on the time side than the money-side. The older I get, the less I want to own things and the more I just want to go rent/use/borrow something for short periods and be done with it after that. I find that objects/properties carry mental burdens with them, which is different than the way I used to think when I was accumulating all this crap I have and still need to get rid of.