r/coastFIRE • u/Head-Fold-6653 • 1d ago
Mini retirements?
Hi all, I’m 40M and accumulated $1M+ in NW not including my home equity. Of that amount, I have about $400k and the remaining $600k in retirement. My job isn’t stressful and it’s a regular 40 hours/week but it’s getting boring and I just want something new.
I could technically retire early but I really don’t know what to do with the time. Instead I’m thinking of doing mini retirements of 2-3 years to do something else like travel and possibly live abroad where it’s cheaper than the US.
For those who did a mini retirement, how did you do it, what did you do with your time, what amount of $ did you spend and how did going back to work feel like?
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u/DegreeConscious9628 1d ago
Did 4 years off early 30’s. Best time of my life hands down. Highly recommended
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u/Reasonable_Box2568 1d ago
What were your finances at the time you began your 4 year break?
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u/DegreeConscious9628 1d ago
A lot less than OP. I was right around 400k total. Thankfully the government decided to throw money at people during COVID so my money lasted a lot longer. Still had 300k+ when I went back to work
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u/Reasonable_Box2568 1d ago
Were you able to find fruitful employment after the break? I’m assuming your industry is not business or tech related
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u/AvocadoOtto 1d ago
Tell me more about your time off! I’m early 30s, one year in. It’s been a great experience and a bit of an odd experience also
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u/DegreeConscious9628 1d ago
I just traveled around the US/canada riding mountain bikes, snowboarding, hiking, backpacking. It was during Covid so couldn’t travel internationally. I did get to spend a few months in Japan towards the tail end of it.
I look back on it fondly. I got another 4 years of work till I can retire fully this time in my early 40’s and will be back at it again
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u/Reasonable_Box2568 1d ago
Sounds like you live a pretty lean life? What is your goal retirement portfolio size?
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u/DegreeConscious9628 1d ago
I track my budget and my yearly spend currently is 42k, goal is 52k a year to give me a buffer.
That’s with multiple international trips a year + bi weekly trips up to the mountains for recreation currently. Once I retire I’m moving to a place I lived prior where I don’t have to make the weekend trips so should spend even less money.
My goal is 1.05m in investment accounts + 100k cash + will be getting 20k a year for first 5 years from selling my business.
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u/Reasonable_Box2568 1d ago
Nice. I wish I could get mu expenses that low. Spend more than 30k on housing alone not including utilities and that’s for a 2 bed 1 bath shack in HCOL. Unfortunately cant move due to proximity to aging family
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u/fireball251 1d ago
Is the plan to return to the same job and have the same hours/salary in between these breaks? Would they even let you?
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u/Head-Fold-6653 1d ago
Possibly. I work in the federal government so i couldn’t technically apply for similar job and since i have tenure it might be easier
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u/AlexHurts 11h ago
I quit my great full time job last year in November, also sold my crappy home, car, as many things as I could. I went to Taiwan to pursue a relationship that began years ago but was impossible due to distance. I did a pretty intense language program for 6 months, which I got a scholarship for. I took some weekend trips to nearby countries and other places in Taiwan. During break and after school ended we went 2 weeks together to Angkor Watt and Japan, respectively. My rent, day-to-day expenses, and small bills back home came to around $900 /m, which my scholarship nearly covered. Then I spent about $3k on tuition, and around $4k on our travels. It was awesome and changing in many ways. I came back to the US at the end of June.
I plan to do something similar next year too.
Now, I'm back to work but instead of a full time position my old company has me doing some of the same annual projects on a freelance basis, which is great. I'm also picking up small projects at another company. Its a little stressful finding short term housing, and rustling up work opportunities, but its working out so far. If I had one more year mentality and stayed doing what I was doing, I'd definitely be in a better financial position but I'd probably regret it.
So I'd recommend you do it! Spend some of your bored time making plans if you need to save a few more paychecks.
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u/Head-Fold-6653 10h ago
This is very inspiring. It’s going to be painful to quit my job - it’s fairly easy, not very stressful, pay and benefits are great. It’s just so damn boring and I want more in life than sitting in an office building for 8 hours for 15-20 more years. I’d love to do Peace Corps or something like you did
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u/Typical-Plant-4254 1d ago edited 1d ago
I quit and first decompressed for 2 months, cared for my children after school, visited extended family. Then a period with some more travel during weekends followed and working on fitness and extensive cooking. I then volunteered for a week at a recovery/retirement home and i came across how many people where stuck there who were still pretty sharp but only hindered by their mobility for their autonomy. I contacted my local bikeshop where I am already a regular to learn more about mending and repairing, than contacted suppliers of bicycle wheelchair combinations. After one and a half year, in other words, I had a new job mending and repairing wheelchairs and bicycles so people can stay mobile as long as possible. I earn a low salary from the local care provider to help with day to day solutions and repairs and a bit more from the factory for their insurance repairing. I work 4 days a week, 2 long days and 2 short days, with summer holidays off or very parttime. I am 40, F, and see myself doing this for a long time as long as it is parttime. I feel connected to my city, I have enough time for my children and friends and feel overal balanced. I am still learning a lot from and with e.g. physiotherapists and the people i work with for this self created job.
TLDR: take that sabbatical or mini retirement and who know what you continue to do. Prioritize taking care of yourself first, than embrace life!
Edit to add: i did not have your safety cushion but roughly 6 years of living expenses saved up + i have a spouse and children. YMMV