A co-worker quit. Her husband got a job in Asia. She’s moving with him, together with their three school-age kids. She won’t be working in that country. Everyone in the office gave her encouragement.
“It’s a great adventure!”
“It’s good for the kids to see a different part of the world.”
“It’s great for your husband’s career!”
All true. Is there a downside to the move? There has to be, but no one said anything. Friends and co-workers only want to see pictures and hear stories. To the bystanders, the move can only be positive. If she and her husband end up chasing a rainbow, friends and co-workers don’t bear any negative consequences. So they only offered cheers.
“Can I retire?” is a question I see people ask often on the Internet. The answer is always yes. If you ask the question it means you want to. If you ask the question it means it’s at least within the realms of possibility. Then why not? Retiring means fun and freedom. It’s bad form to knock down people’s hopes.
Chances are it will work out. You only have to adjust your budget to make it work — live within your means. Nobody actually runs out of money in retirement. Before people even get close to running out of money, they would adjust the budget down or start working again for more income. Whether making such adjustments later in life is ideal or not is a different question. Regardless, people on the Internet are not going to be held responsible years down the road.
Therefore only you can decide what the best course of action is. Moving to a job overseas may or may not be a good career move. The boom over there could turn out to be a bubble. By the time you come back, you may not be able to get back onto the same train you jumped off. Or you may hit the jackpot and never have to work again. But if you ask others, they will only encourage you to take the risk because they’d like to see the risk pays off, and they have nothing to lose if it doesn’t.
When well-intentioned friends and co-workers bias toward encouraging you to take risks, the answer will be even more encouraging if you ask people with something to sell. Take a big grain of salt when you are encouraged to take risks. Only your ____ is on the line, not theirs.
Say No To Management Fees
If an advisor is charging you a percentage of your assets, you are paying 5-10x too much. Learn how to find an independent advisor, pay for advice, and only the advice.