Saan ninyo gustong mag-retire? Do you have a number (i.e. retire by 50, retire when I have insert amount of money here in investments, etc.) Are you on track? What steps have you taken so far to achieve your goals?
I’ve been interested in this FIRE movement (Financial Independence, Retire Early) philosophy since my early 20s. While retirement planning may not be something that keeps me up at night, it’s something I’ve been pursuing for the last several years so our kids can learn financial independence early on and build generational wealth.
I’ll start: Currently on track to have the option for full retirement at age 42 from a military career (barring any changes, I’m fortunate enough to get a pension), but I’ll probably transition to a part time civilian job if I still love what I do when I get there. I’ll probably take 1-2 years off right after retirement though to focus on our kids while supporting my spouse to pursue his career and continuing education.
Steps to get me there:
- Reading personal finance books, followed FIRE blogs like getrichslowly.org which led me to early-retirement.org forums. Simple Path to Wealth by JL Collins is a good book to get you started. Salary increases over the years goes directly to retirement funds.
- Saving in my early 20s and often. Paid off high interest loans as fast as I can. Learned about stocks and invested in index funds (time in market trumps timing the market).
- Living a simple lifestyle - minimalism is key. Never kept up with the Joneses.
- Using credit cards to my advantage - travel hacking (may be another thread), never carrying a balance
- Tracked my progress using Excel and Mint.com