SINGAPORE: After spending the past decade working 12-hour days, five days a week, while aggressively saving most of his income, a 34-year-old Singaporean says he is finally on track to achieve FIRE (short for Financial Independence, Retire Early) next year.
Posting on the r/SingaporeFI subreddit on Tuesday (July 14), the man shared that he has no children, only a life partner, and is free from major financial commitments such as a mortgage or loans.
“I’m looking to retire from my full-time job after meeting my financial goals,” he said. “I am really tired of my job because of the hours, and it’s difficult to cut down the hours, so I am looking to leave in the next year.”
Ironically, now that he’s close to achieving the goal he’s worked towards for years, he has a different problem. He’s not sure what he’ll do with all the free time.
“I just don’t know what I am going to do with the extra time that I have if I don’t work anymore. Looking for inspirations and ideas here! Those who FIRE in their 30s, what do you do for the rest of your life with so much free time?”
Many Singaporean Reddit users who had retired early quickly chimed in, eagerly sharing how they now spend their days.
One user wrote: “Not in my 30s but here’s what I do with my time since I retired. Go for hikes. Cycle. Swim. Family activities like skating, sewing. Tutor my kid. Cook most meals. Chores. Gaming. Play chess. Watch shows. Go to museums. Read. Write books. Small research projects for my books.”.
“Sometimes I go deep into rabbit holes to understand how things work. Travel. Plan trips. Manage portfolio, optimise money flows (just refinanced my mortgage). Research purchases carefully. Plan next reno. Occasionally browse job offers for consulting in case something interesting shows up (nothing in 3 years). Research the next phase of retirement once my kid is independent, possibly getting a second place overseas.”
Another shared that the family had become the centre of his life after retirement. “My kid and wife became 80% of my life. I chauffeur them to and fro everything, especially with my wife working as RES. I fetch my widowed mum out almost every day for breakfast or dinner. In between will meet friends for lunch near their workplaces.”
A third added, “Whatever you want. For me, it would be travel, photography, hobbies like developing trading systems.”
Others suggested that the man first take a sabbatical or ease into retirement, as he could simply be suffering from burnout after years of demanding work.
One told him, “If you continue working 12 hours a day for the next year, then retire, it will be a recipe for disaster. Your life will change 180 and you won’t know how to adapt.
Spend the next year winding down on work if you plan to quit anyway. Try to go down to 10 hours per day, then 8 hours. Give less f*ck about what happens at work. If you get laid off, hey, maybe early retirement. Use the extra hours you get to figure out what interests you outside of work.”
The FIRE movement
The FIRE movement has gained popularity in recent years as more people seek financial independence and the option to retire early.
Rather than spending heavily on luxury items or upgrading their lifestyles, FIRE followers focus on saving and investing aggressively so they can leave the workforce years, or even decades, before the traditional retirement age.
A commonly cited target is saving about 25 times one’s annual expenses, though the exact amount depends on the type of FIRE a person hopes to achieve.
Those pursuing Lean FIRE aim to live more frugally and may need a smaller nest egg. Barista FIRE refers to people who retire early but continue doing part-time work to supplement their income. Meanwhile, Fat FIRE is for those who want a more comfortable lifestyle in retirement and therefore require significantly larger savings.
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