Q: Like for so many people out there, the last year of total life disruption due to COVID-19 has really made me reassess most of my career goals, and life goals in general. Before COVID-19 I had planned to retire in another 15 years. But now, I don’t want to wait that long. Time seems more precious and we’ve seen how quickly life can upend our plans. I want to retire in five years instead. Am I losing it?
A: Everyone is coping differently with the effect of living our lives during times of COVID. We are more isolated, more uncertain. Things we thought were solid -our job, our healthcare and our institutions- have changed or buckled. Some people find comfort by gravitating toward things that offer stability like their church, their employer and their lifelong plans.
Others, have concluded the opposite. Life is short. Life is now. The future is not guaranteed. Like you, I’m in the second camp, although I came to that realization long before COVID. Soon after college while in my 20s, I decided to make it a life goal to retire by age 45. That seemed crazy to many, but I knew it might be possible. I did not envision a lavish retirement traveling the world on cruise ships. My retirement would be living a simple life with simple pleasures. To me the most valuable luxury is to be the master of my own time. And I did it, but that story is for another time.
No, you are not losing it; you can retire much sooner than planned. Retiring in five years is very likely possible. You might have to scale down your version of retirement or change what part of the country you’ll live in because it’s more affordable, or even consider becoming an ex-pat. You should explore all possibilities, and I encourage you to pursue it.
The idea of early retirement is not a COVID phenomenon. It gained a lot of traction with Millennials in the 2010s after the financial meltdown. Try researching the F.I.R.E. movement (Financial Independence Retire Early). With an emphasis on extreme frugality, they have lots of online communities and Facebook groups that support their goal which is to save, invest and quit the workplace.
There are lots of kindred souls out there to help. Just go find them. ©Copyright Eva Del Rio. Send questions to eva@evadelrio.com
