• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • COACHING
  • ABOUT
  • Let’s Connect
It's ADHD Friendly
  • BLOG
    • Money Mindset
    • Time + Energy
    • Organizing + Decluttering
    • Spend Smart
    • Financial Independence Retire Early
    • Personal Growth
    • Minimalism
    • ADHD
  • Resources
    • Notion Vision to Action Template
  • Sunday Set Up
  • COACHING
  • ABOUT
  • Let’s Connect
it's adhd friendly logo

It's ADHD Friendly

ADHD Coaching For Aspiring Entrepreneurs

  • BLOG
    • Money Mindset
    • Time + Energy
    • Organizing + Decluttering
    • Spend Smart
    • Financial Independence Retire Early
    • Personal Growth
    • Minimalism
    • ADHD
  • Resources
    • Notion Vision to Action Template
  • Sunday Set Up
side hustle

Blog    Financial Independence Retire Early    Money Mindset    Organizing + Decluttering    Time + Energy

Retiring in Your Forties – It’s Possible, Only Let’s Call It Something Else

Caren Magill, MA, CPT, RYT & ADHD Life Coach, MA, ACC, AACC, RYT
July 7, 2018

Head's up, there could be affiliate links ahead!


 

Here’s the thing about Retirement – it has a stigma attached to it.  It conjures up images of an attractive older couple on a beach wearing rolled up khakis and fisherman sweaters looking all happy and old.  That’s so not what I’m talking about because first off, I’d never wear khakis.

Actually, to me, retirement has nothing to do with old people on beaches, khakis or even Medicare and annuities.  It’s really just freedom.

[bctt tweet=”Retiring in your 40’s: Yes, it’s possible, but let’s call it something else. #fire #savemoney #betterlifenow” username=”@fundinghappy”]

Freedom to do what I want

Freedom to be who I want

Freedom to live where I want

Freedom to wake up when I want

Freedom to explore new hobbies, take vacations where and when I chose and basically live like a toddler without parental rules.

At its core, retirement is simply about shifting your priorities from paid work to no work or work that you chose to do.  Nothing else really changes.  Certainly in the “olden days” retirement was finite because people didn’t have side hustles or even the internet to keep them connected and engaged. So when you stopped working, life became a series of golf games and park bench warming.

side hustle retirement

Sidebar – when exactly did the “olden days” end btw? Are we officially in the “new-ish days” now?

Rebranding Retirement as “Phase 2”

But now retirement is not just for old people.  It’s for anyone who wants more than the traditional work trajectory where you put up with traditional employment until you’re 65.  Many people are retiring early – like, in their 30s and 40’s.  They may still have income generating work to keep them afloat, but they’ve opted out of the house/car/J.Crew lifestyle in order to buy back their time and freedom.   That’s why I think the whole concept needs a rebrand and a new name that’s more inclusive.  I like the phrase, “Phase 2” because it implies a right of passage, but also doesn’t make you think of old people in khakis.

Are you Ready for Phase 2?

New name or not, Phase 2 still requires that you have a nest egg that will enable you to live comfortably off your investments with perhaps some minor income supplementation.  Note: if you have to hold down 4 or more side hustles in your post-corporate life just to support yourself, you’re not really in phase 2, you’ve just digressed the quality of your income. But if you’ve got an income generating portfolio that’s not quite enough to support you full time yet, then a little side hustle may just be what you need to bring your Phase 2 date closer to reality.

How Far Are you From Phase 2?

Let’s find out!  I discovered this retirement calculator on Independence day and when I entered my digits, it told me I was already at my Phase 2 numbers.   Seeing that made my Independence Day celebration a whole lot more meaningful.  It doesn’t change anything for me right now as I’ll continue to consult and earn for a few more years, but knowing that I could “phase 2’er” at any time with just a small side hustle income to meet my financial needs is pretty freeing.

Click on the image to head to the calculator.
retirement side hustle calculator

Even if you’re nowhere close to your Phase 2 life, I think this is a really helpful tool for understanding not only how far you’re off, but also how the power of building a side hustle as you earn a full-time salary can really accelerate your timeline.  Sure, you might be 15 years away from full retirement, but what if you had a small business on the side that kicked off 15K per year?  If your living expenses were low enough (another great acceleration tactic), that could shave years off your time in your professional job.

[bctt tweet=”How to factor your side hustle income into your early retirement plans #sidehustle #retireat40″ username=”fundinghappy”]

I hear a lot of people bemoan the slog of their full-time jobs and I totally understand that feeling.  It can be a soul-sucking experience.  But very often we think only of escaping one soul-sucking job for another one.  Why not instead take some time to consider how long it would take for you to save up enough that you could ditch the corporate gig once and for all? Or at least go down to part-time so that you can start prioritizing your life instead of your job.

Just some food for thought.  Remember, anything… absolutely anything is possible.

 

side hustle early retirement

side hustle

 

« Previous Post
8 Productivity Tools That Have Leveled Up my Freelance Game
Next Post »
Day Planners + The Truth About Your Stressful Life

About the Author

Caren Magill, MA, CPT, RYT & ADHD Life Coach

Caren is a Certified ADHD Life Coach. She teaches women with ADHD how to harness the best parts of their brain to create a life they love.

Reader Interactions

Leave a Comment Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Hi, I’m Caren

I'm a fellow ADHDer with a mind that works faster than a quick-dry nail polish. I have figured out how to master my ADHD brain through self-care, intentional productivity and simple lifestyle adjustments and I'm here to help you do the same.

Notion Nerds! Set Goals With Clarity + Follow Through on Them

ADHD Notion Template

Distraction to Action – Productivity Mastery for ADHDers

ADHD Coaching – Is it for you?

ADHD Coach on zoom

Proudly Certified through the International Coaching Federation

Footer

  • Privacy Policy
  • Disclosure Statement
  • Meet Caren

ADHD friendly coaching

  • BLOG
  • Disclosure Statement

© 2023 · Coaching Plus Theme · Genesis Framework · Disclosure · Website Design by Anchored Design