I’ve been viewing my current parental leave as a dress rehearsal of sorts for early retirement. It has been a privilege to have unlimited time to spend with my newborn son, absorbing every detail of his growth and development. But while it’s fascinating to watch him dream the day away, it hasn’t taken long to realize that his napping hours leave plenty of room for other pursuits.
As an early retiree, you’re not bound by the expectations of bosses or clients, which sounds fantastic in theory. Yet, it’s this very lack of external pressure that can sometimes make it challenging to self-motivate. Left to my own devices, I find it all too easy to surrender to the hypnotic allure of watching a sports marathon on TV (currently Wimbledon) rather than pushing myself to engage in activities that truly foster my happiness and growth.
Perhaps this malaise is largely due to sleep deprivation and decompression from high-powered lawyer life, but it has still led me to reassess the role of a ‘job’ in the context of early retirement. Despite the freedom of having all the time in the world, there are some compelling reasons for maintaining some money-making endeavor.
Firstly, a job (substitute “owning a business” for “job” if you prefer) provides a productive outlet for your time and energy. A job can facilitate personal discipline, focus, and a sense of purpose. As I’ve discovered during my parental leave, without some form of employment, the excess of free time can paradoxically lead to stagnation rather than the anticipated exploration of personal passions.
It’s also important to note that generating income doesn’t have to detract from your enjoyment. Making money in early retirement could come in whatever form you want: whether it be working part-time at a brewery, as a freelance graphic designer, or even a passion project turned profitable. The key is finding work that resonates with your interests and aspirations and doesn’t feel like a grind.
Lastly, employment keeps you connected to society. Despite the common dream of retiring to a remote beach, humans are inherently social creatures. Participating in the workforce, even in a reduced capacity, keeps us engaged with the broader community. And let’s face it, we do live in a capitalist society where work and money are significant aspects of our social interactions.
Reflecting on this in conjunction with my two previous posts on why the 4% withdrawal rate is too conservative and the opportunity cost of not quitting your job, I’ve come to the conclusion that life is too short to wait around padding your bank account so you can then sit on your couch for the rest of your life. Waiting until you’ve hit your safe withdrawal number might mean you’ve stayed at your job a bit too long.
Instead, consider this: what if you retire just before you hit your magic number? Doing so might provide the necessary motivation to earn a little income, thereby giving you that external drive to engage in challenging, fulfilling work that brings long-term happiness.
The journey to and through early retirement is a delicate balancing act. In my opinion, early retirement isn’t about ditching work entirely. Rather, it’s about achieving the freedom to choose your work, aligning it with your passions, and enjoying the balance of time, money, and fulfillment. And sometimes, it seems, having a ‘job’ might be a part of that perfect blend.