I’m moving to Ecuador! Not this year, of course, but I’ve started to view my own retirement plan through a very different lens. I notice that people almost always plan for retirement by projecting their current lifestyle (spending) into the future instead of planning for a future they’ve designed. Well, I’ve decided I am going to design a plan in which I’m done by 60.
If I move to another city or country, how many years could I shave off my work life? If I dramatically downsize my future housing needs, how much additional traveling could I do? If I owned a really small tourist-friendly condo, could I home swap with people in exotic locations around the world?
Does this mean I want to stop working by 60? Heck no! When I say “done,” I’m referring to the notion of “financial freedom,” the point where working in any capacity can be done from a place of want instead of need. Instead of spending less now, I’ll just stretch the dollar later.
A few things motivated me:
1. Health Span Versus Life Span
Our health spans are not keeping up with our life spans. We are living longer, but the disorders and diseases that scare us the most (Parkinson’s, dementia, arthritis, etc.) are still kicking in when they always have. So I’d like to make my 60s a “glory decade” of sorts, one where I can max out on adventurous travel while my body is likely still strong.
2. Older Partner
My older partner will be fixing to slow down with work within the next 10-15 years, so I don’t want him chomping at the bit to travel while I’m knee deep in 50-hour workweeks.
3. Experiences over Stuff
There are two money theories I am fully buying into these days: one, experiences will make me happier than “stuff,” and two, there’s a point where having excessive wealth actually results in less happiness (I’ll elaborate on that in a future blog).
So I’m devoting the next year of blog posts to exploring what has to happen in my life to be done by 60. I hope you’ll join me.