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Executive Summary 

This mini-study dives into the motivations, values, and challenges that come with pursuing early retirement. Through a qualitative research approach, it takes a close look at the experience of an individual who has dedicated considerable time and effort to achieving this goal. The study follows a phenomenological framework, covering the research topic, participant profile, a review of existing studies, and the research methods, including how interviews were conducted, data was analyzed, themes were coded, and conclusions were drawn. 

The findings from this individual’s journey align with existing research on early retirement, highlighting the importance of financial literacy, thoughtful long-term planning, and deeply rooted personal values. Insights from the interview reveal key themes like financial discipline and frugality, which strongly echo the principles of the FIRE movement (FIRE Movement, 2020). Additionally, the study sheds light on the psychological resilience required to navigate market fluctuations, supporting Wang and Shultz’s (2010) observations about the mental challenges involved in retirement planning. These findings not only validate prior research but also provide fresh perspectives by grounding them in an individual’s lived experience. 

Topic of Interest 

The chosen subject for this qualitative research is “early retirement,” which is inspired by one of my best friends Alice’s long time life goals. Alice represents a group of high-income, highly educated, and intellectual professionals who are equipped with deep financial literacy and discipline and are determined to achieve early retirement. She has been working at a high-tech firm in a finance role for 25 years since graduation from college. She reads intensively and has been investing a significant amount of time in personal finance and investment. By studying this specific individual participant, the insights gained can be leveraged to explore a broader demographic group.  

Given the close relationship and deep trust between the participant Alice and researcher (interviewer), a phenomenological research methodology to explore the participant’s lived experiences and perceptions related to early retirement. 

Summary of Existing Research 

The concept of early retirement has been popular in recent years, especially within the context of Financial Independence, Retire Early (FIRE) movement (FIRE Movement, 2020). Research on early retirement focuses on the financial, psychological, and social aspects of achieving this goal. The “Financial Independence, Retire Early” (FIRE) movement emphasizes aggressive savings, frugal living, and smart investment approaches as essential elements of achieving financial independence and exiting the workforce earlier than traditional retirement age (FIRE Movement, 2020). 

One important research subject is focused on the motivations for early retirement. These include a desire for freedom from traditional career constraints, dissatisfaction with workplace environments, and aspirations to pursue alternative life goals or passions. Studies have highlighted that individuals pursuing early retirement often prioritize personal values such as autonomy, meaningful living, and time with family over financial gain (Smith & Johnson, 2018). Financial literacy and education also play a crucial role in early retirement, as they equip individuals with the tools necessary to plan effectively for this lifestyle (Finke et al., 2016). 

Another research area studies the psychological and emotional impacts of early retirement. While many individuals experience benefits such as improved mental health and personal fulfillment, challenges such as loss of social identity, a sense of purpose, and financial insecurity in later years are also common (Wang & Shultz, 2010). Existing research often cites social support and careful planning as mitigating factors for these challenges. Finaly, the role of economic stability and access to investment opportunities are critical determinants in early retirement decisions (Scott & Yoder, 2020). 

Existing literature mostly focuses on broad trends and patterns, with limited emphasis on individual lived experiences. Therefore, conducting qualitative research to understand the personal motivations, sacrifices, and strategies unique to individuals pursuing early retirement may bridge the gap. This study seeks to complement existing research by delving deeply into the nuanced and individual experiences of a single participant, providing a richer understanding of this phenomenon. 

Qualitative Research Framework 

This mini study uses a phenomenological research methodology to explore the participant’s lived experiences and perceptions related to early retirement. Phenomenology is adopted in this research to discover the participant’s motivations, challenges, and values surrounding the early retirement pursuit as it emphasizes understanding the essence of experiences from the perspective of individuals (Moustakas, 1994). It aligns with the study’s goal to derive rich insights rather than broad generalizations. 

Research Design and Participant Selection 

A single-case design allows for a comprehensive exploration of the participant’s unique experiences. Purposeful sampling is employed to select the participant, who has demonstrated a strong commitment to early retirement since their twenties. The participant is selected for her professional background, expertise in personal finance, and extensive knowledge of financial planning. and her detailed retirement action plan to be executed in 2025. These qualifications make the participant well-suited to provide meaningful insights into the phenomenon under investigation. 

Data Collection and Analysis 

Data was collected through a semi-structured interview, a common phenomenological research methodology to encourage open-ended responses while maintaining focus on key areas of interest (Creswell & Poth, 2018). Six interview questions were designed to explore two main aspects: the participants’ motivations for pursuing early retirement and the challenges and trade-offs involved. Observations of the participant’s behaviors and decision-making processes were recorded to provide in-depth context of her responses. 

Thematic analysis was used to analyze the data based on transcription and coding of significant statements. These codes were grouped into clusters to develop themes, such as financial discipline, personal values, and future aspirations. The themes were then consolidated into a narrative that highlights the participant’s lived experience with early retirement, consistent with the phenomenological focus on meaning-making (Moustakas, 1994) 

Research Subjects 

What personal experiences and values drive individuals to pursue early retirement? 

How do individuals navigate the challenges and sacrifices involved in achieving early retirement? 

Interview Questions 
For Research Subject 1: 

Can you describe the moment or experience that first made you think about retiring early? 

What personal values or beliefs influence your decision to pursue early retirement? 

How has your pursuit of early retirement shaped your daily decisions and priorities? 

For Research Subject 2: 

What challenges have you faced in working toward early retirement, and how have you managed them? 

Can you discuss any sacrifices or trade-offs you have made to support this goal? 

How do you envision your life post-retirement, and what steps are you taking to prepare for it? 

Ethical Issues and Mitigation 

Bias and confidentiality: Since the participant is my coworker, potential bias may arise in data collection and analysis. To mitigate this, I will adopt a neutral stance during interviews and focus solely on her lived experiences without interjecting subjective opinions or assumptions.  

Early retirement is a very personal topic, confidentiality will be ensured by anonymizing any sensitive financial details.  

Emotional sensitivity: Discussing challenges or sacrifices might evoke strong emotions. I will remain empathetic and provide the option to skip any question that feels uncomfortable or intrusive. 

Informed consent: A clear explanation of the study’s purpose and the use of the data will be provided before the interview, ensuring informed and voluntary participation. 

Thematic Coding and Insights 

Thematic Coding Methodology 

Thematic coding is a systematic approach to identifying and interpreting patterns or themes within qualitative data. It involves labeling data segments with codes and grouping them into broader themes to capture the underlying meaning of participants’ responses (Braun & Clarke, 2006). This methodology is commonly used in qualitative research, particularly phenomenological studies, as it enables the researcher to explore lived experiences and distill complex narratives into actionable insights (Moustakas, 1994). 

Table 1 

Coding Table – This coding table is based on original Transcribed Interview