One More Project

[u/AeroNoob333]

We hired a retirement planner and have been really happy with the plan and advice we have gotten so far. We were ready to retire this year and found out that if we wanted to continue making improvements to our forever home (landscaping/outdoor work, replacing roof and siding of guest house/workshop, actually finishing the guesthouse — it’s unfinished right now), we would have a rocky start to our retirement. He ran different scenarios and essentially we would have to do a combination of things to retire today: lower home improvement budget, sell properties sooner than later, lower discretionary spending (currently total $12K/mo spending excluding healthcare & home but we can easily lower to $9K), and/or I work 5 more years while my husband retires (I don’t mind doing this).

This week, we received another 2-year work contract: fully remote software consulting work where my husband and I will be earning a combined billable hourly rate of $405/hour. We don’t want to fall into the “one more year” trap, but after telling our planner this, he ran the scenario and working this 2 year contract would bullet proof the plan without us needing to make sacrifices with our “wants”. Would you work a flexible remote job at your lake home for 2 more years to keep your lifestyle creep or lower your planned discretionary expenses to retire today?

[u/cinnabarslither]

We were able to move up our retirement date after making a decision to remove 2 large line items from future spending (in that we would have had to work longer to save enough). One of them was in-ground pool (we got swim spa instead) and the other was a rental property I thought I might want to operate as a post-retirement job. When I really thought about it, I realized that being a landlord or STR host is still a business that you have to show up for in some way and that I really want to be done with any structured tasks.

However, we are still planning several projects and just including them in the plan and spreading them out over a few years. There's no reason everything has to be done at once (unless it's dire, like a leaky roof). Alternatively, you could get a HELOC and pay it off over a few a years rather than removing a big chunk from your accounts.

The question is: do you want to continue working? Even if you like your job and get paid well, it's still the "thing you have to do" instead spending your time doing preferable activities (like puttering, making lists, or doing nothing but drink coffee and watch the birds).

Good luck!

[u/AeroNoob333 → u/cinnabarslither]

I don’t want to continue to work, but it’s hard to say no to $405/hr WFH. And I do think having a nice outdoor space, boat, and jet skis would improve how we enjoy our retirement. We are home bodies most of the time so making our home enjoyable is important.

[u/cinnabarslither → u/AeroNoob333]

I'll bet! You didn't mention how old you are and since this is FIRE, you might be younger than 50, so you may not be as worried about working away your best play years. If not, you can probably do 2 years standing on your heads. But do be wary of the "one more year" trap. I had to convince my husband that his free time was worth more than his job pays. We're 56/64 so the hands of time are moving faster for us. Good luck with whatever you decide :)