After Tanja Hester retired in 2017, she spent the next couple of years traveling, enjoying the outdoors near her Lake Tahoe home and writing a well-received book on the tactics to retire in your late 30s or 40s. Despite all this activity, as the world shelters in place in an effort to fend off COVID-19, or the novel coronavirus, Hester has a piece of advice for those that hope to retire one day at an extremely young age: Use this time to practice.
If youre struggling with the isolation or, for some, an increased amount of free time, its not any better when you leave the job and theres no structure at all, says Hester, author of Work Optional: Retire Early The Non-Penny-Pinching Way, who also blogs about her retirement life at Our Next Life.
For many employees, theyre dealing with working from home for the first time. The inability to leave the house has left millions feeling the impact of the isolation that can typically accompany a work-from-home lifestyle. But its that isolation that those who retire early have to prepare for.
With sheltering in place orders spreading across the country, the isolation can stress test your ... [+] notion of early retirement.
Only about 8% of retirees step away before their 50th birthday, but the past decade, along with a bull run that finally met its end in March, had given rise to the Financial Independence Retire Early (FIRE) movement. The notions within the group, super-saving their way to retiring as fast as possible, also meant you would have a lot of time to deal with your post-work life. While some may dream of flying off to far flung places, many others often use the tactics simply to escape the nine-to-five without a plan for what their days will look like once they leave the structure of a job behind.
While it might be difficult to find the silver lining while sheltering in place as dread fills the air over health and economic concerns, for those that have long sought early retirement, you can use the time as a wakeup call, says Hester. Isolation is part of the equation when you step away from the job at an extremely young age; this is an unusual chance to plan for it now.
Check in on your relationship
If you and your spouse spent the past week barely able to stand the sight of each other, then its time to work on the relationship, says Hester.
If both of you plan to step away from the job, then once that occurs, youll have more and more time with each other. For some relationships, thats a good thing. For others, it can draw out problems that already existed. Early retirement isnt a cure-all for divorce.
For Hester and her husband, Mark Bunge, it took them time to get in a routine that worked for both of them. They found that when they take trips, for instance, its best to keep them to four weeks at a time. Since they have their own hobbies, the length allows them to experience a new world, but then gets them back home to enjoy their individual pursuits.
He doesnt always want to do all the things I want to do, says Hester. But since theyre no longer a scarce resource to each other, Hester added, it required creating a new rhythm in their relationship to ensure they spend enough time together without stepping on their personal hobbies.
Tanja Hester retired at 38 to travel and write a book. It's the inability to handle isolation that ... [+] she finds ruins many early retirements.
The key to all of it, however, was that they discussed early retirement and savings strategies prior to stepping away from the day job. It wasnt one person leading the march, but a duel effort.
If youre pursuing early retirement and find all the time with the spouse confounding now, talk to each other about what you each imagine life like, once you no longer work. What do you want to do alone? What do you want to do together?
Allow the life vision to drive the money piece, added Hester.
Ensure isolation isnt everything
Most people dont dream of lounging around their house all day and eating beans and rice for dinner every night, so in many ways, the sheltering in place isnt the ideal test run. But it can provide you with clarity, if you realize that you dont know what you would do on a day-to-day basis.
Its important to remember that most of your friends arent likely pursuing the same goal, so you cant hang out with them each week just because youre now free to do what you want.
Most people come to early retirement, reacting to something, said Hester. For some its burn out from the job. For Hester, it was due to a genetic disability that could limit her chance to ski or hike in the future. People know they want freedom from the day job. Theres less thought to what do I want to be doing, she added.
Instead, youll need to build your own community, one that you can go to during the week. Will you volunteer? Will you take a part-time job working as an adventure guide? Will you start a passion project?
Whatever the case, you can take steps while in isolation today. You can take a class in an area you might want to pursue, sign up for volunteering for once the COVID-19 scare is gone, or launch that passion project. Do you enjoy the thought? It will give you a sense if you need to delve further into developing your post-work goals.
Find your new normal
No matter whether youre seeking an under-50 retirement or simply trying to adjust to a new work style, its about finding a normal that works for you.
For Hester, her schedule took shape as she had more time to let her body drive what and when she wanted to do certain things. Now, her mornings typically start slow, as she takes her time adjusting to the day.
In the afternoon, she will work on something, whether its her podcast, the blog, volunteering or even planning a trip. Then in the evening, its when she and her husband goof off.
A similar back-and-forth takes place during times when the market isnt humming, like the correction weve now entered. It requires eating out less or canceling trips. Its similar to right now, she added.
With the markets down, it requires adaption for those that hope to live on a portfolio for forty or more years. That might mean cutting your own trips or reducing your entertainment budget one year, leading to more time around the house.
In those cases, you have to adjust, just like youre hopefully doing by sheltering in place. If you cant, then it might mean saving more, ensuring your retirement life doesnt demand as many conditions.
Related: Your Money And Coronavirus: A Financial Protection Guide
See the original post:
How To Use The COVID-19 Shelter In Place Orders As An Early Retirement Test-Run - Forbes
- FMO & IMO | Financial Independence Group, Inc - December 25th, 2016 [December 25th, 2016]
- financial independence - Good Financial Cents - December 31st, 2016 [December 31st, 2016]
- 8 Secrets to Achieving Financial Independence - January 4th, 2017 [January 4th, 2017]
- COLUMN-Millennial parents still like to tap the Bank of Mom & Dad - Thomson Reuters Foundation - February 7th, 2017 [February 7th, 2017]
- Republicans Move on Financial Deregulation; Fed Finalizes Stress Test Guidance - Lexology (registration) - February 7th, 2017 [February 7th, 2017]
- Millennial parents still like to tap the Bank of Mom & Dad - One ... - One America News Network (press release) - February 7th, 2017 [February 7th, 2017]
- Speaking of Women...Are We Really More Financially Independent Now? - Investopedia - February 7th, 2017 [February 7th, 2017]
- House Dems: Trump wants to put Wall Street first - The Hill - February 7th, 2017 [February 7th, 2017]
- 3 insider tips for achieving financial independence | The Motley Fool ... - Motley Fool UK - February 7th, 2017 [February 7th, 2017]
- The power of financial independence - KXAN.com - February 7th, 2017 [February 7th, 2017]
- Find out if you qualify for free tax preparation and financial advice - wtvr.com - February 7th, 2017 [February 7th, 2017]
- My Turn: Program provides a path out of homelessness - AZCentral.com - February 7th, 2017 [February 7th, 2017]
- Getting To Know You Tuesday: Elliot Dole - Forbes - February 7th, 2017 [February 7th, 2017]
- Millennial Parents Still Like to Tap the Bank of Mom & Dad - WealthManagement.com - February 8th, 2017 [February 8th, 2017]
- How to Prioritize Financial Goals When You Can't Do It All - Inside Higher Ed (blog) - February 8th, 2017 [February 8th, 2017]
- How to Modify Money Management After the Presidential Election - Yahoo Finance - February 10th, 2017 [February 10th, 2017]
- Congress could limit the Fed's independence and hurt the US economy - Washington Post - February 13th, 2017 [February 13th, 2017]
- Court Rejects Order Forcing Parents to Pay Tuition - Inside Higher Ed - February 13th, 2017 [February 13th, 2017]
- Syrian refugee families achieve financial independence in Alliston - Simcoe.com - February 14th, 2017 [February 14th, 2017]
- Sheroes Founder Sairee Chahal ventures for Women's Financial Independence in India's sometimes Suffocating ... - Plunge Daily - February 16th, 2017 [February 16th, 2017]
- Advocates say more women need financial independence: 'We really do need that extra leg up' - Globalnews.ca - February 16th, 2017 [February 16th, 2017]
- Surviving widowhood: Five tips to avoid financial hardship - Cincinnati.com - February 16th, 2017 [February 16th, 2017]
- Q & A with Sr. Maureen Gallagher, setting up financial independence paths for women in Mexico - Global Sisters Report (blog) - February 16th, 2017 [February 16th, 2017]
- The road to financial freedom - ABS-CBN News - February 18th, 2017 [February 18th, 2017]
- Byron Moore: Position, Pace and Power perform like a pro - Monroe News Star - February 18th, 2017 [February 18th, 2017]
- Cash Course - Binghamton University Pipe Dream - February 20th, 2017 [February 20th, 2017]
- Independence Financial Partners - SPECIALIZING IN - February 20th, 2017 [February 20th, 2017]
- 'Financial you' hits all bases, aligns with priorities, values - Lehigh Valley Business - February 20th, 2017 [February 20th, 2017]
- International Financial Reporting Standards - Wikipedia - February 21st, 2017 [February 21st, 2017]
- Opinion: Young adults need an easier path to financial independence - LSU Now - February 23rd, 2017 [February 23rd, 2017]
- Retiring in their 30s. Yep, they're doing it. - Crain's Chicago Business - February 24th, 2017 [February 24th, 2017]
- Successful Boomer Women Offer Financial Advice to Younger ... - Fox Business - February 24th, 2017 [February 24th, 2017]
- 'Thousands' of cancer sufferers forced to borrow money from parents because of financial difficulties caused by illness - The Independent - February 27th, 2017 [February 27th, 2017]
- Independence Contract Drilling, Inc. Reports Financial Results For The Fourth Quarter And Year Ended December 31 ... - PR Newswire (press release) - February 28th, 2017 [February 28th, 2017]
- Another way to measure retirement readiness: Your 'Power Percentage' - USA TODAY - March 1st, 2017 [March 1st, 2017]
- Oran Hall | Young cop seeks financial independence | Business ... - Jamaica Gleaner - March 6th, 2017 [March 6th, 2017]
- International Women's Day - Investing for financial independence - Simple Landlords Insurance (press release) (blog) - March 8th, 2017 [March 8th, 2017]
- Game of Thrones gave financial independence to actor Conleth Hill - Bollywood Life - March 8th, 2017 [March 8th, 2017]
- How to Leverage Your Small Business for Financial Success - Kiplinger Personal Finance - March 9th, 2017 [March 9th, 2017]
- A Struggle Back to Financial Independence After a Brain Injury - The Good Men Project - March 9th, 2017 [March 9th, 2017]
- Ten favorite personal-finance books - Christian Science Monitor - March 11th, 2017 [March 11th, 2017]
- Five facts about financial independence - finder.com.au - April 8th, 2017 [April 8th, 2017]
- Regulatory reform leads to financial independence - Argus Leader - Sioux Falls Argus Leader - April 8th, 2017 [April 8th, 2017]
- Mayor Berke's Council For Women Takes On Predatory Lending - The Chattanoogan - June 6th, 2017 [June 6th, 2017]
- Mayor's Council For Women Invites Public To Financial Independence Hearing On Monday - The Chattanoogan - June 6th, 2017 [June 6th, 2017]
- How I Reached Financial Independence By Age 40 - The Dough Roller - June 6th, 2017 [June 6th, 2017]
- Berz: High-interest loans can hamper financial independence - Chattanooga Times Free Press - June 6th, 2017 [June 6th, 2017]
- Financial tips, resources for college grads - WTOP - June 6th, 2017 [June 6th, 2017]
- Public invited to hearing on financial independence, high-interest lending - Nooga.com - June 6th, 2017 [June 6th, 2017]
- Financial Independence | Tardus | Retire Early | Wealth - June 6th, 2017 [June 6th, 2017]
- How to become financially independent in 5 years - Jun. 6, 2017 - CNNMoney - June 7th, 2017 [June 7th, 2017]
- House Republicans Vote to Strip Away Post-Financial Crisis Safeguards - Roll Call - June 8th, 2017 [June 8th, 2017]
- Auditor Independence Definition from Financial Times Lexicon - June 8th, 2017 [June 8th, 2017]
- Top 5 tips to achieve financial independence | Mpumalanga News - Mpumalanga News - June 11th, 2017 [June 11th, 2017]
- Two 6% dividends to help you achieve financial independence ... - AOL UK - June 11th, 2017 [June 11th, 2017]
- Sun Life kicks off Financial Independence Month with beautifully crafted short films - ABS-CBN News - June 13th, 2017 [June 13th, 2017]
- How to become financially independent in 5 years - CNNMoney - June 13th, 2017 [June 13th, 2017]
- Achieve financial independence with stocks by following this one ... - AOL UK - June 17th, 2017 [June 17th, 2017]
- I'll pursue financial independence for judiciary - Akuffo - GhanaWeb - June 20th, 2017 [June 20th, 2017]
- Baker awarded Helping Hands grant - Columbia Daily Tribune - June 22nd, 2017 [June 22nd, 2017]
- Baker awarded Helping Hands grant - Devil's Lake Daily Journal - June 23rd, 2017 [June 23rd, 2017]
- Porter's Five Forces can help you achieve financial independence ... - AOL UK - June 24th, 2017 [June 24th, 2017]
- You can achieve financial independence easily by using buckets ... - AOL UK - June 24th, 2017 [June 24th, 2017]
- You can achieve financial independence easily by using buckets ... - Motley Fool UK - June 26th, 2017 [June 26th, 2017]
- Greater savings options for feds draw praise, while move to cut their retirement looms - Washington Post - June 26th, 2017 [June 26th, 2017]
- Alabama one of the least financially independent states in the country - Birmingham Business Journal - June 26th, 2017 [June 26th, 2017]
- JL Collins' Tips for Achieving Financial Independence - The Dough Roller - June 26th, 2017 [June 26th, 2017]
- 3 steps to become wealthier and more successful - Ladders - June 27th, 2017 [June 27th, 2017]
- These 5% dividend yields could help you win financial independence - AOL UK - June 30th, 2017 [June 30th, 2017]
- Celebrating Independence - Jewish Link of New Jersey - June 30th, 2017 [June 30th, 2017]
- The easy way to financial independence - AOL UK Money - AOL.co.uk - AOL UK - July 2nd, 2017 [July 2nd, 2017]
- 5 powerful steps towards financial independence and retiring early ... - AOL UK - July 3rd, 2017 [July 3rd, 2017]
- Independence Financial Group - July 3rd, 2017 [July 3rd, 2017]
- Gain Financial Independence Attend a FREE Educational Event - FOX31 Denver - July 14th, 2017 [July 14th, 2017]
- CNNMoney readers react: She retired at 28 with $2.25 million - Aug ... - CNNMoney - August 6th, 2017 [August 6th, 2017]
- How to retire early with financial independence in 3 steps - NBC2 News - August 6th, 2017 [August 6th, 2017]
- Could this miner help you secure financial independence faster than ... - AOL UK - August 24th, 2017 [August 24th, 2017]
- Solutions 4 Financial Independence: 8/22/17 - WDTV - August 24th, 2017 [August 24th, 2017]
- The 7 Stages of Financial Independence | Radical Personal ... - July 30th, 2018 [July 30th, 2018]
- Financial Independence - August 3rd, 2018 [August 3rd, 2018]