The grass isn’t always greener on the other side but that’s is something that we don’t realize until we get there. While everyone focuses on the benefits of the FIRE movement there are some downsides you must also consider.
The Inevitable Uncertainty
When creating your FIRE earning threshold you must factor in uncertainty. Maybe you end up wanting to travel more than you had initially planned so you want more money. Maybe you have another child. Or maybe a catastrophe occurs. Or what if your private healthcare insurance costs skyrocket, or there are drastic changes to Social Security or Medicare. To help safeguard your financial future, plan on generating some type of ongoing income as a proactive approach to uncertainty.
You Might Be Bored
The idea of working less or retiring completely sounds like a dream come true but the truth is that you are likely to struggle with what retirees of every age struggle with—the boredom of how to fill your days. Before you retire make a Bucket List of things you want to see and do, as well as an ‘I wish I had more time to’ list and turn to these lists to fill your time. You may even find your less stressful part-time job unfulfilling and want a job that requires a bit more of you.
Speaking of fulfilling, fulfillment should be the goal of your FIRE plan. This makes your second chapter of life the perfect time to invest in your dreams. But why wait? You certainly don’t have to retire before you start living your life.