We don't know how long each of us will walk the earth. My father is in the final stages of Lewy Body dementia at the age of 72. He showed signs of the disease in his mid sixties, before he retired, although he didn't get the proper diagnosis until years later. It is a savage and fatal disease combining both Alzheimer's and Parkinson's symptoms. He is now bedridden and can barely speak, but still knows who I am. He never enjoyed his retirement.
I plan to retire in the next three years at 50. I have things I want to accomplish on this earth. I may live to 100; I could die tomorrow. Life is about priorities, responsibilities, and desires. I think it is important from time to time to think about these things and write them down. So here is my list:
1. Provide for my family: This is far and away the most important thing in my life and takes priority over my wish to retire early. I have adequate life insurance for my wife and two boys so that they wouldn't have to worry about paying a mortgage or tuition for college education. I have also funded 529 accounts for my boys. I should still be able to retire at 50, but properly funding this priority came first.
2. Provide for my mother and father: I now manage my mother's and father's assets and brokerage accounts. My mother was getting fleeced by a broker who had purchased mutual funds with a hefty load fee. I will never buy a mutual fund if I can help it. With the advent of ETF's there really is no reason to. She has adequate resources to live a comfortable life if I manager her assets properly. My father is also financially secure. He bought long term care insurance in his fifties, a smart investment as it has unfortunately turned out.
3. Stay fit: For the past 20 years I have lifted weights and kept myself fit. My workouts are brutal but I love it. I am probably in the best shape of my life right now, and I want to get in better shape tomorrow. My mindset is that I will fight age until death. I want my golden years, should I live that long, to be active. Word of advice: buy a weight vest and use it.
4. Live in a foreign country and learn a foreign language: My wife is Brazilian and my boys are fluent in Portuguese. I am not fluent although I can get by. If all goes as planned, we plan to move to Portugal for a few years (Brazil is too expensive right now) when I retire. We found a private school in the city of Porto that looks promising for high school and living expenses are reasonable. This will also be a great opportunity to see Europe, and give my boys a different experience.
5. Get a pilot license: I always wanted to learn to fly. There is a great school 10 minutes from where I live. It will cost about $8,000. I may try to do this before I retire if I can.
6. Learn to play the piano: I hated music as a child. Now I wish I had been forced by my parents to learn an instrument. In retirement I will have the time to see if my patience matches my desire.
7. Get a black belt: I have a brown belt in American Kenpo but haven't had time to finish. But I fear no one and feel I can handle myself if necessary. I could see myself getting black belts in several disciplines.
There are other things, and life always throws a curve now and then. I also try to be grateful for every day but that is a subject for another post.
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