Eric Sim spent 20 years in banking and retired in 2017. He found financial freedom but doesn’t support the common idea of retiring early—often referred to as the FIRE (Financial Independence Retire Early) movement. Instead, he’s now a professional speaker, executive coach, and author.
In his early career, Eric thought retirement would mean long vacations and relaxing with friends. But after reaching a high position at UBS, he realized he was financially free. This led him to think about his next steps. He pondered what was meaningful to him and concluded that he wanted to make a difference. So, he launched the Institute of Life to help young professionals find success.
Though he achieved financial freedom, he argues that simply having money isn’t enough for a fulfilling retirement. Many people mistakenly believe that saving a big chunk of their income will guarantee a contented retirement. The reality is different. Without clear goals and activities, retirement can feel aimless after the initial excitement fades.
After a brief period of relaxation, boredom can set in. The routine of work provides structure and purpose, but retirees must find new ways to fill their time. Eric believes having a plan is essential. He emphasizes the importance of pursuing projects and interests that bring joy and fulfillment.
Moreover, he discusses the three types of capital necessary for a satisfying retirement. The first is financial capital, which is what people typically focus on. The second is human capital, which relates to the knowledge and skills accumulated throughout your career. This can include professional development or hobbies that lead to new interests.
The third type is social capital. This is about building connections and goodwill with others. Small acts of kindness can strengthen these relationships, proving valuable once you leave the workforce. When you know what you want to do and have a mission, retirement can be much more rewarding.
If you can’t find a compelling project to pursue post-retirement, Eric suggests staying in your job. You can still explore personal interests while maintaining your career. Having a passion or goal in mind is crucial for a fulfilling life after work.
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