[Over 40] For those in or past their 40's now, when do you think you'll FIRE?

[DeskJockey2028]

Whether you're shooting for FI or the whole FIRE thing, if you're in your 40's now, or past your 40's, when do you think you'll reach your goals? Do you plan on retiring from your current career/job then or continuing on?

I'm just days away from 45 and it looks like I'll be going between late 55 and late 56. I only found the whole concept of FIRE a bit over a year ago. I'm hoping for 2028! For me, I'll reach FI shortly before I RE - my goal is to leave the workforce. I have a few side gigs I may continue on with but I'm looking at a total time investment of a few hours a month.

[mosprott]

NOW. Literally now.

Husband retired in April (@ 60); I'm ready to go (58). Just got here after really starting push in the last few years.

Good luck!

[wenchsenior]

Meh... the plan is to have DH (higher earner and older) able to stop at 62, so not early.  I'm not sure he will stop, though...he likes his work.  I dislike mine and hypothetically I could stop early 50s (~6-7 yrs). We didn't even start adulting or have decent income until my husband turned 39 (he went back to college after a stint in the army and a few years working). Therefore serious RE was never really in the cards. When I discovered this site I started using it just keep us on track for financial independence and safety.

[starguru]

I'm currently 39 (until september) so I'm cheating posting an answer,  but I plan to RE at about 45.

If I wanted to downsize my life a bit could RE now.


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[WSUCoug1994]

45 and targeting 2024 in the worst case scenario. 

[Zamboni]

You post has made me realize I should set a target to actually retire . . . I'm uncreative, though, so I'll go with 2028 as well. ;-)

[ixtap]

I am just a few months behind you in age, DH is in his 30s. We discovered FIRE as just another term for what we had already been doing for the last couple of years. We call it "building the cruising kitty while continuing to max out retirement accounts."

Our current calculations put us at three years out, for a total of 6 years working towards this specific goal. This is a pretty frugal, but not bare bones, lifestyle and DH is open to going back to work after a few years to pad the accounts.

[GenXbiker]

Past 40's - hoping for 52 to 54.   I'm at 73x my bare bones budget already.

[Slow road to freedom]

I'm 44 and started to plan seriously to stop working in my current job by the end of 2023, so just over 50. I have no side gigs, and would like the option to work in my home town - but with no necessity to do so.

My job is not certain, and neither are the bonuses, so who knows - I'm content using up my tax sheltered savings right now, and paying down mortgage.

Since stumbling upon MMM a couple of years ago, other than *regret* at not working this stuff out 20 years ago, I have discovered that spending less really is the key ... and that anything is possible!

[BFGirl]

I'm 49 and hoping to go just after my 53rd birthday.

[Cranky]

We are pretty much FI, but not really interested in RE. (We're in our early 60s.)

My job is PT, and if they annoy me I'll do something else. I've tried to convince dh for some years to at least step down at chair of his department and take the summers off, but no luck so far.

He swears he's retiring in 3.5 years, but we shall see.

Honestly, I want him to be happy doing what he enjoys, but I'd like him to be a little more flexible.

[May2030]

I am 43 and realistically plan to go part time at 57, 55 if investment returns are good. FI is my goal as at present I do not see myself retired.

Only discovered MMM in May so plans are quite fluid as I slowly get my head round the whole concept and cut my consumerist spending. (Saved 70% this month so something is not right with the math) Luckily I am mortgage free having had that as my goal over the last 15 years.

My UK pay is the equivalent of only $60k so feel I am in the little league in comparison to some of the oligarchs on here. :-)

[moof]

I ma 40, aiming to retire at 47.5.

[sneekeestache]

I'm 47 and plan to retire at 54.

[mm1970]

47.  I guess let's see...my youngest will be done with college when I'm 64.  So...65?

[JoJo]

44 and it's day to day now. 

[Bateaux]

I'm 49 and hope to go while still 50 in 2019.  Health care is what may make me go longer.  There's no debt and two million in net worth now.  Sounds like a lot of money but a bad illness could wipe it out in a few years.

[Spork]

My target age was 48 (because... that's the age my uncle FIRE'd).  I ended up FIRE at age 50 in 2015.

[TartanTallulah]

I'm currently 53 and on track to retire at 55. My intention is that my husband, who will be 52, will be able to retire at the same time if he chooses. We'll be touch and go for genuine FI until 2031 but we'll get by.

[scottish]

When my kids finish university.   About 5 years to go.

Alternatively, when I stop enjoying my work.   The company keeps trying to make it unenjoyable, but I've been outsmarting them so far.  :-)

[Cali Nonya]

42 and aiming for ~50.  Like others have said, my goal is more FI than RE.  And to be honest, I'm not that sure of what my plans actually are.

[simmias]

43 and aiming for 45 if I can make it, which is definitely not a certainty lately.  If I bail before then I'd probably have to take a job that pays much less, but I'm sure I'd be happier.  So my dilemma is basically be miserable for another two years and then be on cloud nine, or be pretty content for five or so years and then be on cloud nine.

Lately I'm leaning toward the latter.

[FireHiker]

I'll be 39 this year, but my husband will be 50 this year. We are looking to achieve (pretty comfortable) FIRE between 2024-2030. 2030 is our longest, worst case scenario, but 2024 is possible if we can downsize our home or move out of the area. That puts us between 46 and 57 if it's 2024, or 52 and 63 if it's 2030. We could almost retire now if we were willing to move to a much lower COL area, but that's unlikely to happen yet. I really want to retire before 50, and my husband before 60, so as long as we're retired 10 years from right now, we'll be pretty happy with that I think.

[brooklynmoney]

I think about this every day. I'm 43 and have a high pay and stress job and career. Have been doing this for 20 years. I would like to see if I can hold on until 50 and then travel and freelance and work part time for say 5 years after that, but I can barely stand another day. But I'm still a few hundred thousand from my FI#, although if I sold my apt. Today I would basically be there.

[FIRE Artist]

I am 44 this year, want to RE at 50.  I am already FI, but I want to retire in a higher COL city so I am continuing to work until I am 50.  If my current job disappears I will probably not be quick to get another one.

[Zaga]

I'll be 39 this year, but my husband will be 50 this year. We are looking to achieve (pretty comfortable) FIRE between 2024-2030. 2030 is our longest, worst case scenario, but 2024 is possible if we can downsize our home or move out of the area. That puts us between 46 and 57 if it's 2024, or 52 and 63 if it's 2030. We could almost retire now if we were willing to move to a much lower COL area, but that's unlikely to happen yet. I really want to retire before 50, and my husband before 60, so as long as we're retired 10 years from right now, we'll be pretty happy with that I think.

This is almost exactly us.  You are each 1 year older than each of us, but the plans and likelihoods are almost identical.

[Gray Matter]

I am 46 and DH is 49.  We were planning on retiring when he hit 55 and I 52.  But just recently I decided to embark on an entirely new career that has me going back to school and only graduating at age 52. 

My quitting my job and going back to school is a double financial whammy between the lost income and added tuition expenses, so obviously that changes our ability to save and our retirement plans.  My agreement with DH is that he will carry us until age 55 and then retire according to schedule, and I will pick up the baton at that point and work for 5-10 years to make up for the deficit my going back to school is creating.

I am thrilled with this plan, as I wasn't really running TO anything with early retirement dreams, but rather AWAY from something, and now I feel like this is exactly what I want to be doing, what I would do no matter how much money we had in the bank.  Hopefully there is an element of reality in my plans/dreams and that being in school and then in this career will be as fun, interesting, and rewarding as I think it will be.

If not, we have options, from downsizing our retirement lifestyle to my taking a different job to...?

[surfhb]

I'm 48 and just passed 100K networth so I expect to work well into my 60s.   That's OK....this site has helped me live a simpler life with less stress.   

[pachnik]

I am not sure when I'll FIRE.  I tend to go year by year and look at what is actually happening.  For example, this year held a huge surprise:  my husband became better with money.   He's now also saving a third of his income every month the same way I have been for the last four years. 

But since we've stopped frittering away our incomes, we have been able to take bigger trips.  Like across Canada and to Europe.  While saving a good portion of our income at the same time.  Now that we are able to do this, I don't want to postpone because I have had a few friends end up in not very good shape close to age we are now. 

I also consider that the job I have now which I really like won't last for much longer.  The owners of the business will be retiring in, I believe, just under four years and of course, they can choose to retire sooner.  If my financial situation is good enough when they retire, I might go to work part-time or make just enough money to pay my expenses and let the stash grow.

So lots of things to consider.

[250kto1million]

I'll be 40 this year.  I was actually very into investing while in college but never considered FIRE (it wasn't a thing) because: health insurance. So I slipped up. I found ERE (Jacob) around the time Obama was trying to push through the ACA. I had just been hit hard by the 2007 crisis (trying to sell a house right before the shit hit the fan), so I had to dig myself out of a hole before my savings ramped up.

That said, I've found a lucrative side gig that accelerates my savings big time. If it keeps up I'll be FI by 55-ish? Will I FIRE then? It depends on what you consider FIREd. I'll keep writing no matter what, which just recently started to match my day job. Some might not consider that FIRE.

[Joeko]

Got a late start (mid 40s)...54 now, next year I will work part-time and then when I'm 59/60 retire full-time

[kenaces]

47 now and targeting FI in about 10 years

[Kyle Schuant]

I'm 46, my wife is 36. Kids are 6 and 1. We can FIRE in 3-4 years.

Currently we live on $30k, put $60k on mortgage, and pay $30k in taxes. With 180k left on mortgage, that's 3 years, or 4 years if other weird expenses come up, one of us becomes unemployed, or whatever.

We get $20k in income from a rental property. So after mortgage, we just need $10k income from something else. Unemployment benefit in Australia is $12.5k, and minimum full-time wage $36k, so $10k isn't asking much.

Now, if we want to live it up, or spend more on kids' education or something, that's another matter. But currently I'm a stay-at-home father and work part-time doing something I love, I don't see any reason to change that in the next 10 years or so. And I certainly don't see my wife sitting around at home doing nothing.

[LateToTheParty]

I'm 45, DH is 51. Healthcare is our wildcard. Likely barebones FI IN 3 years. I will likely downshift to part time at that time (~3-5 years from now, dependent on stock market performance). At that time, will let stash grow, and essentially work to cover daily expenses and to have healthcare coverage.  DH will probably work 3-5 years longer days then fully FIRE.
Mortgage free in 7 years, but we plan to sell the clown house and buy something smaller in the area, so that will likely end up being sooner.

[BlueMR2]

Not sure.  It's more of a range.  We hit our goals early.  43 now, but had planned on no earlier than 45.  Will probably try to stick to that.  On the other end, thinking 55 as an upper limit.  It'll just depend on how things go (as in how much I still like going to work)...  What sounds good now is to stay full time to 45, then go part time until perhaps 55...

[Maenad]

42 now, FI projected in 1.33 years, RE in... what does my countdown app say... 975 days, or 2.67 years. Retiring at 45 has been the goal since I started my career at 22. God willing and the creek don't rise, we'll get there. MMM hasn't really been anything new to us, but it's been very helpful to keep me grounded and prevent the worst hedonic adaptation. There's still been some, I won't lie. :-D

[tipster350]

I'm 56 now and expect to retire at 60 or 61, depending on how the next four years go. Not exactly stellar in comparison to many here, but better than it would have been with no trying, so for that I am pleased. I made many decisions along the way that cost me time to FI; some I regret and some I don't. Also other circumstances had a negative impact on time to FI, such as being married to a financially irresponsible spouse and getting divorced.

Thank goodness retirement is on the horizon for me, barring collapse of the economy. I have numerous friends in their late 60s who want to retire but are not able to. They struggle to keep it going and are miserable.

[davisgang90]

I'll retire next June just shy of my 50th birthday.

I'm new to the MMM game, but I'll have 28 years active service in the Navy, so my pension will fund my retirement.

[GenXbiker]

Past 40's - hoping for 52 to 54.   I'm at 73x my bare bones budget already.

To add to that, when I hit that point, if I can stay on my current job Mon. through Wed. for 3/5th of my current pay, I will seriously consider that for another year or more.  I would still be eligible for health care benefits by working 24 hours here.  I don't know if it will be an option until then.  It's not likely it would be a long term thing, even if they allow that transition.

[By the River]

I'm 53 and wife is 52.  I found this site after I turned 50 and felt like something had to change.  Until then, I thought that we would retire at 62 which is the earliest anyone can retire (according to social security).   Now I'm looking at 2019 for my wife who has the much more stressful job and 2021 for me. 

[Carrie]

I'm 40, DH is 46. Projections have us able to retire, if we're frugal, in 3 years. But - we have 3 young kids and they seem to cost more as they grow. Plus healthcare is a crap shoot. Dh is finally making good money commensurate to his skills. I'm already living the life as a stress free SAHM, making pennies stretch and enjoying my free time and hobbies.
So, to be safe, he should probably work for another 5-10 years. Our house is paid off and we're contributing max to 1 401k and 2 Roths, so we're getting there.

Other options to consider are me going back to work part time when the kids are all in school  (but I've been out so long, don't think it'll be worth the stress), and DH could go fewer hours, telecommute, or go to consulting if we decide to scale back but not retire completely.

[Dreamer]

I am currently 45 and I have saved half of what I expect I'll need.  Mentally I don't think I can work beyond the age of 50, so that's my ultimate retire date, whether I am 100% FI or not!  I am really hoping I can hit my magic number before then...

[EscapeVelocity2020]

Our HH hit FI when I was 36 (at the the end of 2009, due to the strong recovery after the low in March).  My wife had ER'd in 2007 and we had moved, with our 1 & 3 yo, to Norway with a new job.  The goal to FIRE from my first job had been a motivator up to that point, but over the years ER has become less important to me.  I've had more fun (and travel) with this new job and the benefits and coworkers are really good.  My wife has been in and out of the workforce over the years, as she found herself volunteering so much at the kid's school that it made more sense to have a formal role (and more influence).  ACA did make ER tempting in 2015, but that seems to be back up in the air.  So basically it is a year-to-year thing for us, we are just enjoying the ride and not sweating a little lifestyle inflation.  I'll be honest though, as the bull market continues on, my motivation to do much at work dwindles and my industry (Oil & Gas) is pretty slow.  I am beginning to feel like I should be working more at active philanthropy or planning something more important...  My wife and I take long walks and have a 3 week vacation coming up, so who knows! 

[runewell]

I'm 45 and hoping to retire around 60 with about $2M of investments outside of a mortgage-free home.  Currently the home is 1/2 owned and the investment goal is 1/4 owned.
I can certainly do with less than $2M since I plan to do part-time tutoring and teaching after I retire.  Without any prepayment the house should be paid off in early 2029.

[AM43]

I am 45 and wife is 44.
We have been FI since early 40s, but planing to RE when we turn 55.

[moonpalace]

I'm 41, wife is 39. Kids are 8 and 12.

We just revamped our financial life this year, so FIRE is a ways off for us. Probably 2032-ish, although one of us (likely her) will probably downsize work before then.

In 2032 our mortgage and all my student loans will be paid off, I'll be eligible for retirement health insurance from my job, and our second kid will (knock on wood) have finished college. So it seems like the obvious sweet spot. Also at our current savings rate we'd have plenty of stash by then.

Always interesting to read all the over-40 responses; reassuring to see how everyone's navigating the various complexities of this time of life!

[ducky19]

Currently 42, DW is 39. I have 12 years in at my current company and would love to be able to leave at 20 years of service when I turn 50. Current estimate shows around $750k without home equity at that point. A lot will depend on healthcare. If I'm in a position that I really enjoy, I can see staying til 55 and 25 years with the company, but that is my drop dead outside date (December 2029). At that point, I would probably have a hard time spending enough! We have two rental properties as well and I have a couple of side gigs that bring in a few extra thousand/year with just a couple of hours/month.

[monkeymind]

I'm 44 and, if I'm honest with myself, FI now but I'm not quite ready to RE.  With the future of healthcare still up in the air, I hope to see it shake out in the near future so I can make a plan for retirement.

Whether healthcare resolves or not, I'm thinking I'll retire between late 2018 and end of 2019. I'm staying flexible though. If the job pisses me off, maybe I'll quit early. If the market collapses, maybe I'll work a little longer to throw some more money at it. 

[FireHiker]

I'll be 39 this year, but my husband will be 50 this year. We are looking to achieve (pretty comfortable) FIRE between 2024-2030. 2030 is our longest, worst case scenario, but 2024 is possible if we can downsize our home or move out of the area. That puts us between 46 and 57 if it's 2024, or 52 and 63 if it's 2030. We could almost retire now if we were willing to move to a much lower COL area, but that's unlikely to happen yet. I really want to retire before 50, and my husband before 60, so as long as we're retired 10 years from right now, we'll be pretty happy with that I think.

This is almost exactly us.  You are each 1 year older than each of us, but the plans and likelihoods are almost identical.

Nice to meet you, Zaga! I always feel I'm cheating a little in the "over 40" topics, but since my husband doesn't post and we have the 11 year age difference, I figure that makes our "net" age at the moment almost 44. :)

[powersuitrecall]

I'm 45 DW is 36.  Kids are 3 & 5.  I'm planning on exiting the work force in 2 years.  DW will continue working until she doesn't want to any more.

Man, I want to RE TODAY.

Who here would like go back and face punch their 30yo self? (raises hand)