Author Topic: 2018 FIRE cohort  (Read 146799 times)

FIREin2018?

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Re: 2018 FIRE cohort
« Reply #950 on: December 23, 2017, 11:02:07 AM »
Have you run your numbers to see if your current stash (and other FIRE income sources if applicable) will cover your annual spend, plus about 15k if you had to buy an unsubsidized individual policy?

As for the golden handcuffs, do you need the continued income your job provides?  Are there particular optional expenses you'd like to cover in FIRE that you can't cover with the stash you have now?  If so, are those optional expenses worth continuing to work a job you don't like?

These are all answerable questions.  For someone who is at or close to FI, which you must be if you are seriously considering FIRE in 2018, there is no such thing as being "stuck."  There are only informed choices to be made.

ok, i Ran the #'s (assuming $12k/yr health insurance):
 https://forum.mrmoneymustache.com/welcome-to-the-forum/health-insurance-if-i-fire/msg1822025/#msg1822025

so i can Fire now. :o
(How do you do emoticons?)


I wouldn't be overly concerned about the health insurance/subsidies.  Giving up a job that you can Peter Gibbons is tougher though

yeah.. about those TPS reports...

i guess one scenario is they lay me off to take that decision out of my hands.
and i collect unemployment ($10k)
« Last Edit: December 23, 2017, 11:12:48 AM by FIREin2018? »

honeyfill

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Re: 2018 FIRE cohort
« Reply #951 on: December 23, 2017, 09:57:55 PM »
I love to read all the different scenario's people are considering as we get into the last year of pre retirement.  As for myself, We have paid off all our student loans , credit cards and one of the cars.   the only thing left for 2017 is to take the RMD from an inherited IRA and to donate to a DAF for the tax breaks in our last full year of working.  In the first half of 2018 we plan to pay off our kitchen remodel , our second car and to figure out what the heck we are going to do about HC in the second half of the year, after I retire in June(Mrs HF is retiring on April 1). We are 90% sure we will not pay off the 1st mortgage until we are both 65 and on medicare about 6.5 years from now.  Whoo Hoo , I am super psyched about counting down all the 2018 retiree's. Looks like 7 in January alone!   



PizzaSteve

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Re: 2018 FIRE cohort
« Reply #952 on: December 23, 2017, 10:57:10 PM »

Looks like it's going to be between Gimesalot and me.  He/she says 1/5, I say 1/6.  I think both of us are targeting 1/5 as our last day at work, but I'm technically on the payroll through Saturday, 1/6.

Actually, since I work 4-10's it looks like my last day will be on 1/4, on payroll through 1/6.  I haven't given notice yet even though I was planning to give it last Thursday.  I have said it before, but I am scared shit-less of giving up my job.  I make good money, $150k/year, and don't do much at work (about 4 hours a week), but the requirement of being here 40-hours a week just no longer suits my temperament.

 It's funny how OMY is real.  I used to read all the posts about people who OMY-ed and I thought they were nuts!  Now, I am at the point and I am considering it as well.  Lucky for me, my husband has already resigned from a job that is driving him crazy, so I have no choice.

yeah, OMY is super real. Experiencing it myself pretty bad these past few days...

My boss' boss yet again asked me if I would please consider staying on (they know I want to go next year but have still not identified a replacement). DW is quite content here (we're overseas) and has a nice life. Our child is in a good private school, paid by company. Job isn't too onerous. Crunched some numbers and OMY would likely net increase the 'stache about +$150k compared to pulling the plug as planned in mid 2018. Maybe more.

Yeah, it's a pretty good gig here, and that's some serious lettuce...

So right now I'm torn. At 54, I'm not as young as some of you. I was feeling good about the leap, but the siren call of OMY is strong.
If you are happy, why not, but also one of my colleagues just had a stroke at work.

I figured 1.5 more years would net me incremental pension payments of $600 per month, given I am going before minimum retire age for plan.  at a 5% discount rate that is 7200/.05 or 144,400 worth of a bond.  At a 2% discount rate it is 360k worth of benefit, on top of my 1.5 years of pay.  More money once you have enough is almost meaningress though, unless you have kids to fund.
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davisgang90

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Re: 2018 FIRE cohort
« Reply #953 on: December 24, 2017, 05:14:00 AM »
1) What do you do for employment currently?
Officer in the US Navy, currently faculty at one of the senior War Colleges in Washington D.C.
2) What will you miss most about quitting, aside from the $?
The camaraderie of the Navy.  I've been active duty 28 years and was raised in a Navy family before that.
3) What are you most looking forward to about quitting your job?
Leaving DC, Owning a home again, time for family, work on my photography skills, more exercise, hiking in the area.

Related:  My DW and I are in Roanoke (our FIRE locale) for Christmas and had a realtor show us some houses.  We don't move here until June, but found one we really like and made an offer with a late spring closing date and it was accepted, so we are now under contract!
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FIREin2018?

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Re: 2018 FIRE cohort
« Reply #954 on: December 24, 2017, 08:33:51 AM »
1) What do you do for employment currently?
Officer in the US Navy, currently faculty at one of the senior War Colleges in Washington D.C.
2) What will you miss most about quitting, aside from the $?
The camaraderie of the Navy.  I've been active duty 28 years and was raised in a Navy family before that.
3) What are you most looking forward to about quitting your job?
Leaving DC, Owning a home again, time for family, work on my photography skills, more exercise, hiking in the area.

Related:  My DW and I are in Roanoke (our FIRE locale) for Christmas and had a realtor show us some houses.  We don't move here until June, but found one we really like and made an offer with a late spring closing date and it was accepted, so we are now under contract!
i guess you didnt do the usual officer thing where you buy a house at every port you're assigned to?
then after you get re-assigned, hire a property mgr and rent it out to jr officers (ensigns, lieutenants)?
and retire with like 7+ rental properties?
« Last Edit: December 24, 2017, 08:35:46 AM by FIREin2018? »

Monkey Uncle

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Re: 2018 FIRE cohort
« Reply #955 on: December 24, 2017, 09:04:45 AM »
1) What do you do for employment currently?
Officer in the US Navy, currently faculty at one of the senior War Colleges in Washington D.C.
2) What will you miss most about quitting, aside from the $?
The camaraderie of the Navy.  I've been active duty 28 years and was raised in a Navy family before that.
3) What are you most looking forward to about quitting your job?
Leaving DC, Owning a home again, time for family, work on my photography skills, more exercise, hiking in the area.

Related:  My DW and I are in Roanoke (our FIRE locale) for Christmas and had a realtor show us some houses.  We don't move here until June, but found one we really like and made an offer with a late spring closing date and it was accepted, so we are now under contract!

Congrats on the house purchase.  Sounds like you're committed!
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davisgang90

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Re: 2018 FIRE cohort
« Reply #956 on: December 24, 2017, 11:09:06 AM »
1) What do you do for employment currently?
Officer in the US Navy, currently faculty at one of the senior War Colleges in Washington D.C.
2) What will you miss most about quitting, aside from the $?
The camaraderie of the Navy.  I've been active duty 28 years and was raised in a Navy family before that.
3) What are you most looking forward to about quitting your job?
Leaving DC, Owning a home again, time for family, work on my photography skills, more exercise, hiking in the area.

Related:  My DW and I are in Roanoke (our FIRE locale) for Christmas and had a realtor show us some houses.  We don't move here until June, but found one we really like and made an offer with a late spring closing date and it was accepted, so we are now under contract!
i guess you didnt do the usual officer thing where you buy a house at every port you're assigned to?
then after you get re-assigned, hire a property mgr and rent it out to jr officers (ensigns, lieutenants)?
and retire with like 7+ rental properties?
Nope, I did the sell the reasonable first house you bought, buy again at the height of the market, lose big bucks renting it for a year and then short sell the house.  Glad to have the opportunity to participate in the American dream again, instead of just defending it!  ; )
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aperture

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Re: 2018 FIRE cohort
« Reply #957 on: December 25, 2017, 07:48:33 AM »
Merry Christmas to all who celebrate.  Happy long weekend to those that don't. 

There are few "things" I want for Christmas, but I am really looking forward to having time with my wife, my home and my kids in 2018.  I have enjoyed working, but I look forward to growing into the other things I can become as a human being.  Today, I relish not knowing what the future may bring.  There is an anticipation of adventure that I have now, and that may be gone this time next year.  I am so grateful to Pete for his blog, to this community, and to live in a time and place where I can explore this new horizon.

Best wishes to you all, aperture. 
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NinetyFour

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Re: 2018 FIRE cohort
« Reply #958 on: December 25, 2017, 08:27:21 AM »
Merry Christmas to all who celebrate.  Happy long weekend to those that don't. 

There are few "things" I want for Christmas, but I am really looking forward to having time with my wife, my home and my kids in 2018.  I have enjoyed working, but I look forward to growing into the other things I can become as a human being.  Today, I relish not knowing what the future may bring.  There is an anticipation of adventure that I have now, and that may be gone this time next year.  I am so grateful to Pete for his blog, to this community, and to live in a time and place where I can explore this new horizon.

Best wishes to you all, aperture.

So well said!  The bolded part is totally true for me as well.  Anticipation, excitement, gratefulness, exploration, growth.  Yep.  :)
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msilenus

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Re: 2018 FIRE cohort
« Reply #959 on: December 26, 2017, 04:24:55 PM »
PSA:
If you're going to keep donating to charity in 2018 or other post-retirement years then you have just a few days left to frontload those deductions into 2017 by funding a Donor Advised Fund.  The tax cut law is another reason this could make sense.  For many people here, 2017 deductions will be vastly more valuable than deductions in later years.

Another thing that could be desirable is maxing out any charitable match employee benefit you might have for 2017 and/or 2018.

Prepaying property tax and estimated state income tax payments (is: CA) is another trick lots of people are doing for the tax cut law that might make sense for some folks, but that's going to be super situational for folks here.  AMT for 2017 and sliding under SALT limit for 2018 are  ways this could wind up being neutral or bad.

Happy holidays!

SwordGuy

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Re: 2018 FIRE cohort
« Reply #960 on: December 26, 2017, 08:00:41 PM »
Just a bit over 4 months until our FIRE dates!

So far, so good.   

Did some rough calculations this evening.  Between paying off the HELOC, paying down the mortgage, maxing 2 401Ks, employer contributions to same, and market investment gains, less IRA/401K disbursements, our net worth grew approximately:

... drum roll, please ...

 $244,300


Investment gains were about $162,300.   Of course, next week they might be down $500,000.  You never know.

Real estate valuations between our 6 properties varied, some went up, some down, so I'm considering that a wash.

Investment gains this year almost equaled our gross salaries.   That's pretty awesome.

It's amazing what decades of saving and investing can do for you if you set your mind to make it happen.

I didn't realize when we started saving that growth would be compounded instead of just linear in nature.   It's a good thing we saved anyway, even if it's simply because the alternative seemed so damned foolish.

I'm still boggled by the idea that in an average market year, I could buy a house and fix it up to rent out for cash, without having to work to pay for it.   Buy a house a year.  For cash.  Without a job.   Just for putting my dollars to work!   That's so crazy sounding even if I know it's true.   

Here's to all of us in the 2018 FIRE cohort!   Let's have a really Happy New Year and kick One More Year (OMY) Syndrome to the curb!





itchyfeet

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Re: 2018 FIRE cohort
« Reply #961 on: December 27, 2017, 05:18:17 AM »
Congrats SwordGuy!

We had a big year too despite losing $80K AUD in real estate value over the 2nd half of the year. Thankfully the houses did go up in the first 6 months by quite a bit more than $80K and stocks went gangbusters. Like you, we also saved a big chunk of salary.

DW and I are still considering bringing forward FIRE from 2019 to 2018, even though we wont have hot our number. We will see how our employers treat us through Q1. If we do FIRE before hitting our number well make up the difference by trimming spending for a few years and picking us a little work here or there.

honeyfill

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Re: 2018 FIRE cohort
« Reply #962 on: December 27, 2017, 04:56:41 PM »
Finished my last 2017 tasks.  Took out the rmd on my inherited IRA and started my vanguard DAF. Mrs honeyfill turned in her notice. She is part time until she fires in April. Scheduled our kitchen remodel to start in January. Once that is paid for, I am out! Still shooting for June 1.



JumboShrimp

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Re: 2018 FIRE cohort
« Reply #963 on: December 27, 2017, 09:00:27 PM »
Less than 200 work days left!!!  Not that I'm counting...

Totally unmotivated and bored at work, it's getting hard to drag myself to the office. When Firesim is telling me I am at >95% success rate and investment returns for the year almost equal gross salary I really get the urge to fly. On the other hand the work environment is fine, I may get moved to a more interesting project early next year, and can pad the stash with another years worth of 401(k) contributions if I keep working, so I will keep my nose to the grindstone for just a bit longer <Sigh>

Here's to a very Happy and very New Year of 2018!




GettingClose

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Re: 2018 FIRE cohort
« Reply #964 on: December 28, 2017, 11:48:51 AM »
Congratulations, honeyfill!

happy

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Re: 2018 FIRE cohort
« Reply #965 on: December 28, 2017, 03:15:54 PM »
As we're almost to 2018(!), how about a get to know your fellow cohort question? If you're comfortable answering:

1) What do you do for employment currently?
2) What will you miss most about quitting, aside from the $?
3) What are you most looking forward to about quitting your job?

I'll play.

1. part time physician in the public health system
2. helping patients (some of whom are inspirational) and teaching students, young doctors
3. freedom to get on with the interests I've developed, unfettered by work obligations. Time to improve my health. And of course life without the negative stressors of work, that others have already mentioned most eloquently
Journalling at Happy Aussie Downshifter

SwordGuy

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Re: 2018 FIRE cohort
« Reply #966 on: December 28, 2017, 03:20:35 PM »
As we're almost to 2018(!), how about a get to know your fellow cohort question? If you're comfortable answering:

1) What do you do for employment currently?
Programmer.  Wife is a professor.

2) What will you miss most about quitting, aside from the $?

I work with some quick-witted people, which is fun.   

3) What are you most looking forward to about quitting your job?

Having our time to ourselves, instead of tied to the work-a-day clock.

SwordGuy

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Re: 2018 FIRE cohort
« Reply #967 on: December 29, 2017, 01:52:16 PM »
Only 4 months to FIRE for me as of New Year's Day.  Woot!

4 months and a week for my lovely bride.  Double woot!

Wintergreen78

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Re: 2018 FIRE cohort
« Reply #968 on: December 29, 2017, 08:18:00 PM »
End of January, 2018! Except, we had a delay with interviews for my replacement, so I may stay for a week or two of February if necessary to have a smooth hand-off.

Wintergreen78

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Re: 2018 FIRE cohort
« Reply #969 on: December 29, 2017, 08:21:59 PM »
For those you planning to work less than a full calendar year, how are you handling your 401k contributions?

Are you contributing more than average for a partial year in order to hit the max before you retire? 

Are you contributing less than average each pay period because your reduced annual income for 2018 means you'll have less tax liability, reducing the value of sheltering income in a 401k?

We're still undecided, so we're letting it ride for now and will make adjustments later as our plans firm up.  I just feel like we should be doing something different since next year's tax return will be so different.

Im planning to max out 457 and HSA before leaving. I figure I can use the tax space to shift some 457 funds to a Roth IRA at the end of 2018 once I have a better idea what my taxable income is for the year.

Agent Rosenflower

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Re: 2018 FIRE cohort
« Reply #970 on: December 30, 2017, 09:23:10 AM »
Hi! I used to post here under a different handle, but life got busy. Im re-joining because it looks like I can FIRE in the first half of 2018. It still doesnt seem real to me, and I think some peer support will help me adjust to reality. I started posting more details in the Journals section.

SwordGuy

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Re: 2018 FIRE cohort
« Reply #971 on: January 01, 2018, 09:55:22 AM »
Our FIRE year has started!


PizzaSteve

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Re: 2018 FIRE cohort
« Reply #972 on: January 01, 2018, 10:16:01 AM »
Ok...let transition worries push my date from 1/15 to 1/26 (last day of the pay period).  Get a minor boost to retirement, so OMY is at least not OMW.  Dont let me slip further team!
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wordnerd

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Re: 2018 FIRE cohort
« Reply #973 on: January 01, 2018, 10:20:59 AM »
Our FIRE year has started!

Wheeeeeeeeeeeeeeeee!

NICE!

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Re: 2018 FIRE cohort
« Reply #974 on: January 01, 2018, 11:00:44 AM »
Well it looks like we will hit the FIRE # sometime this year. However, I'm probably going to work another 4-8 years. Things are going well and I don't have any major complaints. Additionally, the $600k figure is definitely on the low end, so another few years of FIRE insurance will be nice.

That would put me in my early 40s and thus not as badass as others, but still pretty cool and young enough.

SwordGuy

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Re: 2018 FIRE cohort
« Reply #975 on: January 01, 2018, 04:39:36 PM »
Well it looks like we will hit the FIRE # sometime this year. However, I'm probably going to work another 4-8 years. Things are going well and I don't have any major complaints. Additionally, the $600k figure is definitely on the low end, so another few years of FIRE insurance will be nice.

That would put me in my early 40s and thus not as badass as others, but still pretty cool and young enough.

We did one more year and that was ok.  Then we did another one more year and that one got old really quick.    I hope yours pass much easier than a gall stone. :)

msilenus

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Re: 2018 FIRE cohort
« Reply #976 on: January 01, 2018, 04:44:53 PM »
As we're almost to 2018(!), how about a get to know your fellow cohort question? If you're comfortable answering:

1) What do you do for employment currently?

Software developer.

2) What will you miss most about quitting, aside from the $?

Hacking on fun problems.  The fitness/life efficiency of commuting by bike.  Gaming the benefits package.

3) What are you most looking forward to about quitting your job?

Bullshit reduction.  Having the energy to learn Rust.  Sorting out what's next.

Gimesalot

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Re: 2018 FIRE cohort
« Reply #977 on: January 01, 2018, 07:07:53 PM »
As we're almost to 2018(!), how about a get to know your fellow cohort question? If you're comfortable answering:

1) What do you do for employment currently?
2) What will you miss most about quitting, aside from the $?
3) What are you most looking forward to about quitting your job?

1. I work as a process engineer focusing on process safety
2. solving some of the interesting problems that my clients face and improving safety at chemical plants & refineries
3. This past year has been a tough transition to a new management team/style at the company.  It has left all the managers anxious and pissed.  The shit definitely started to roll down hill.  I won't miss that.

A few minutes ago I had that sinking realization that I had to go back to work tomorrow.  Then I realized it's the last time!!  Happy 2018 everyone!

Agent Rosenflower

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Re: 2018 FIRE cohort
« Reply #978 on: January 01, 2018, 09:56:22 PM »
Quote
1) What do you do for employment currently?
Manager. More and more like a hatchetman in the past year.
2) What will you miss most about quitting, aside from the $?
Good and cheap health insurance, my crazy good retirement benefits that got me here in the first place, and my almost-free transit pass. A few colleagues.
3) What are you most looking forward to about quitting your job?
Owning my time. Leisurely mornings. Going to the gym and grocery store whenever.

Monkey Uncle

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Re: 2018 FIRE cohort
« Reply #979 on: January 02, 2018, 04:25:40 AM »
A few minutes ago I had that sinking realization that I had to go back to work tomorrow.  Then I realized it's the last time!!  Happy 2018 everyone!

+1!
"Take this job and shove it" - David Allan Coe

Aegishjalmur

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Re: 2018 FIRE cohort
« Reply #980 on: January 02, 2018, 07:34:09 AM »
When asked if I have made any New Years Resolutions by coworkers I am seriously going to have to fight the urge to say 'This year I have resolved to give  up work, and I am committed to seeing this goal through to the finish.'
Plans are useless. Planning is indispensable.

Gimesalot

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Re: 2018 FIRE cohort
« Reply #981 on: January 02, 2018, 08:08:59 AM »
When asked if I have made any New Years Resolutions by coworkers I am seriously going to have to fight the urge to say 'This year I have resolved to give  up work, and I am committed to seeing this goal through to the finish.'

I would be so tempted too!

This morning, at 8:15, the fire alarms at the building where I work, went off and we all had to stand outside on the coldest day of the year for 45 minutes.  I am beyond frozen since I hadn't dressed warm enough.  What a rough way to start my last week of work.

homestead neohio

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Re: 2018 FIRE cohort
« Reply #982 on: January 02, 2018, 09:07:11 AM »
Well, I worked my last day at the physical plant and am down to working remotely until final layoff on 3/31/18.  It has not fully set in that I'm done since the transition took place just before Christmas and I often take off between Christmas and New Years.  So it just feels like a winter break, and I haven't set any new routines yet.  Today is the first day I would normally be doing the frigid commute, and I'm at home in flannel pants by a roaring fire with my cozy geriatric kitty.  The kids are still out of school, so I suspect it will start to feel like a real transition when they are back to school and I am not back to work.  Hoping to start some healthy new routines then.

Working remotely is pretty relaxed for me at this point.  Checking emails and responding plus two teleconferences per week.  One required in-person meeting per month, so 3 total before I'm done.   This doesn't resemble what my work used to look like, so it doesn't feel much like work.

Gimesalot

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Re: 2018 FIRE cohort
« Reply #983 on: January 02, 2018, 09:56:00 AM »
Congratulations neohio!  Sounds like a great situation to ease you into ER.

JLTinVA

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Re: 2018 FIRE cohort
« Reply #984 on: January 02, 2018, 11:13:26 AM »
Moving my date from March something to February 9!! I can't believe how close it is. Freaking out a bit, but mostly just incredibly excited. Hopefully I didn't mess this up:

01/01/18  CowboyAndIndian (at 59) CONFIRMED
01/05/18  Gimesalot
01/06/18  Monkey Uncle
01/15/18  PizzaSteve
01/31/18  MomCPA
01/??/18  FIBy30
01/??/18  PrePube
02/01/18  DTaggart
02/09/18  JLTinVA (at 42)
02/28/18  brooklynguy
03/16/18  Cherry Lane
03/30/18  sol
03/31/18  Caoineag (at 36)
03/31/18  homestead neohio
03/31/18  Mrbeardedbigbucks
03/31/18  ZiziPB (at 50)
03/31/18  DavidAnnArbor (at 52) (Won't renew my office lease)
03/??/18  Badblackgirl
03/??/18  Clean Shaven
03/??/18  Sofa King
03/??/18  MiserlyMiser
03/??/18  Acastus
04/01/18  Mrs. Honeyfill
04/01/18  patches
04/20/18  NinetyFour
04/27/18  poppydog and DW
04/??/18  Aegishjalmur (At 35)
04/??/18  Calvin
04/??/18  FernFree
04/??/18  Gooki
04/??/18  lostformars
~04/??/18 HappyMargo
~04/??/18 Mother Fussbudget
05/01/18  SwordGuy (at 60)
05/08/18  SwordGuy DW (SwordGuy isn't saying.   He wants to live.)
05/04/18  wordnerd and DH (at 30 and 36)
05/04/18  step_away
05/15/18  Markbike528CBX (at 53.5)
05/25/18  Gyosho
05/??/18  Alim Nassor
05/??/18  msilenus
06/01/18  Honeyfill  (at 60)
06/08/18  CheapskateWife
06/15/18  DavisGang90 (at 49)
06/25/18  MaybeBabyMustache (at 42)
06/29/18  aperture
06/30/18  TartanTallulah
06/??/18  Cheddar Stacker
06/??/18  dbtx
06/??/18  Omalley
06/??/18  randomgiraffe
06/??/18  SwissMiss
~06/??/18 Pylortes
07/??/18  AussieGirl
07/??/18  ChasesFish
07/??/18  Mr Griz
~07/??/18 BackAndForth
~07/??/18 cerat0n1a
~07/??/18 Fresh Bread
~07/??/18 SnidelyWhiplashStache
08/01/18  SugarMountain
08/??/18  Mr Mark
08/??/18  NorCalistache
08/??/18  RunningWithScissors
10/05/18  JumboShrimp
10/??/18  Fire1018
10/??/18  Happy
10/??/18  Irishtache
11/??/18  DeSteeg
11/??/18  Kris
12/01/18  Vegasgirl (at 49)
12/21/18  LateStarter
12/??/18  EnjoyIt
12/??/18  yoda34
??/??/18  Blindsquirrel
??/??/18  Michread
??/??/18  Minnesota_mom
??/??/18  OzBeach -- WIGLO (When I Get Laid Off)
??/??/18  thriftycanadian
??/??/18  pecunia
??/??/18  FLStache

1) What do you do for employment currently?  IT Project Manager/Scrum Master

2) What will you miss most about quitting, aside from the $? Some of the people. But honestly, mostly just the money and security that comes with it.

3) What are you most looking forward to about quitting your job? The ability and freedom to travel more, and spending more time with family.

Retire-Canada

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Re: 2018 FIRE cohort
« Reply #985 on: January 02, 2018, 11:23:49 AM »


There is too much 2018 awesomeness to comment on each one individually....so for those about to FIRE or who have just FIREd I salute you. You did an amazing job saving up money for retirement now it's time for you to enjoy the fruits of your labours. My only suggestion having read a bunch of pre-FIRE posts is to not put pressure on yourself for FIRE to be any specific thing. Just decompress, spend time with people you love, be kind to your mind/body and give yourself lots of time to see where FIRE takes you. You spent decades working and you won't really understand what life after work is really about for months if not a few years. That discovery process is all part of the journey.

brooklynguy

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  • Age: 37
Re: 2018 FIRE cohort
« Reply #986 on: January 02, 2018, 02:46:33 PM »
My 401(k)-frontloading strategy just got caught in a minor web of bureaucratic red tape that might end up revealing my departure plans to my firm a little earlier than I had intended.

Last month, I had set my per-paycheck contributions for 2018 to the full amount of my take-home pay.  My firm outsources both its payroll and its 401(k) plan administration functions to a third-party provider, so I assumed that my escalated contribution schedule would be executed more or less automatically behind the scenes and therefore escape the notice of anyone at my firm except perhaps one or two back-office support personnel.  Today, however, I received an email from HR notifying me that my contribution election exceeded a strict 75% per-paycheck limit, which, I objected in response (but to no avail), is described nowhere in the 401(k) plan's summary plan description and in fact directly contradicts the summary's assertion that employees can contribute "up to 100%" of their salary.

This hiccup has no material consequence on my frontloading plan (it will just take one extra paycheck to max out my annual contributions), but my protestations of inaccurate plan description have now simultaneously shined a spotlight my aggressive frontloading campaign and attracted the unwanted attention of the higher-ups in my HR department, who no doubt maintain open lines of communication with my direct superiors.  So the cat may be let out of the bag before I was ready to release it.

sol

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  • Age: 41
  • Location: Pacific Northwest
Re: 2018 FIRE cohort
« Reply #987 on: January 02, 2018, 02:59:41 PM »
I think you can play dumb, BG.  Lots of people frontload every year, for reasons unrelated to retirement plans.  You can pretend to be one of them.

SwordGuy

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    • Flipping Fayetteville
Re: 2018 FIRE cohort
« Reply #988 on: January 02, 2018, 04:59:15 PM »
I think you can play dumb, BG.  Lots of people frontload every year, for reasons unrelated to retirement plans.  You can pretend to be one of them.

Yep.   The longer the money is in the market, the more it will earn you!   That's your story and you're sticking to it! :)

Cathy

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Re: 2018 FIRE cohort
« Reply #989 on: January 02, 2018, 08:38:37 PM »
... Today, however, I received an email from HR notifying me that my contribution election exceeded a strict 75% per-paycheck limit, which, I objected in response (but to no avail), is described nowhere in the 401(k) plan's summary plan description and in fact directly contradicts the summary's assertion that employees can contribute "up to 100%" of their salary.

The summary plan description is not the legal description of the plan, although you do likely have the right to obtain a copy of the legal instruments governing the plan as I've described in some past posts (such as this one from October 20, 2015).

The law generally authorises a plan participant to bring a civil action "to enforce his rights under the terms of the plan". 29 USC 1132(a)(1)(B). The court may award attorney's fees and costs for such action. 29 USC 1132(g)(1).
« Last Edit: January 02, 2018, 08:40:49 PM by Cathy »
This post contains only general information on the issues raised by this topic. This post does not provide help tailored to your specific situation. There are many facts that could be relevant to your specific situation and I am not in possession of those facts. If you need help tailored to your specific situation, you should retain an appropriate professional and not rely on this post.

SwissMiss

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  • Location: Switzerland
Re: 2018 FIRE cohort
« Reply #990 on: January 03, 2018, 06:47:33 AM »
I have just had a foretaste of FIRE by spending 7 weeks in Florida. Sun, beach, 1.5 hours of exercise every day, healthy food and plenty of sleep. It was wonderful. Next week is back to Switzerland and back to work.
Real FIRE will start on 30 September 2018 (3 months later to match my husband's FIRE date). We will both be 50 by then and are really looking forward to it. Such an exciting year!!!

CowboyAndIndian

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  • Location: NJ, USA
    • KOWines: Deep discount wine/spirits store.
Re: 2018 FIRE cohort
« Reply #991 on: January 03, 2018, 07:23:53 AM »
Added SwissMiss to the cohort.

If I have missed someone, please quote this post (let the font tags remain) but remove the quote tags. Or PM me and I'll do it.

01/01/18  CowboyAndIndian (at 59) CONFIRMED
01/05/18  Gimesalot
01/06/18  Monkey Uncle
01/15/18  PizzaSteve
01/31/18  MomCPA
01/??/18  FIBy30
01/??/18  PrePube
02/01/18  DTaggart
02/09/18  JLTinVA (at 42)
02/28/18  brooklynguy
03/16/18  Cherry Lane
03/30/18  sol
03/31/18  Caoineag (at 36)
03/31/18  homestead neohio
03/31/18  Mrbeardedbigbucks
03/31/18  ZiziPB (at 50)
03/31/18  DavidAnnArbor (at 52) (Won't renew my office lease)
03/??/18  Badblackgirl
03/??/18  Clean Shaven
03/??/18  Sofa King
03/??/18  MiserlyMiser
03/??/18  Acastus
04/01/18  Mrs. Honeyfill
04/01/18  patches
04/20/18  NinetyFour
04/27/18  poppydog and DW
04/??/18  Aegishjalmur (At 35)
04/??/18  Calvin
04/??/18  FernFree
04/??/18  Gooki
04/??/18  lostformars
~04/??/18 HappyMargo
~04/??/18 Mother Fussbudget
05/01/18  SwordGuy (at 60)
05/08/18  SwordGuy DW (SwordGuy isn't saying.   He wants to live.)
05/04/18  wordnerd and DH (at 30 and 36)
05/04/18  step_away
05/15/18  Markbike528CBX (at 53.5)
05/25/18  Gyosho
05/??/18  Alim Nassor
05/??/18  msilenus
06/01/18  Honeyfill  (at 60)
06/08/18  CheapskateWife
06/15/18  DavisGang90 (at 49)
06/25/18  MaybeBabyMustache (at 42)
06/29/18  aperture
06/30/18  TartanTallulah
06/??/18  Cheddar Stacker
06/??/18  dbtx
06/??/18  Omalley
06/??/18  randomgiraffe
06/??/18  SwissMiss
~06/??/18 Pylortes
07/??/18  AussieGirl
07/??/18  ChasesFish
07/??/18  Mr Griz
~07/??/18 BackAndForth
~07/??/18 cerat0n1a
~07/??/18 Fresh Bread
~07/??/18 SnidelyWhiplashStache
08/01/18  SugarMountain
08/??/18  Mr Mark
08/??/18  NorCalistache
08/??/18  RunningWithScissors
09/30/18  SwissMiss
10/05/18  JumboShrimp
10/??/18  Fire1018
10/??/18  Happy
10/??/18  Irishtache
11/??/18  DeSteeg
11/??/18  Kris
12/01/18  Vegasgirl (at 49)
12/21/18  LateStarter
12/??/18  EnjoyIt
12/??/18  yoda34
??/??/18  Blindsquirrel
??/??/18  Michread
??/??/18  Minnesota_mom
??/??/18  OzBeach -- WIGLO (When I Get Laid Off)
??/??/18  thriftycanadian
??/??/18  pecunia
??/??/18  FLStache

brooklynguy

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  • Posts: 2168
  • Age: 37
Re: 2018 FIRE cohort
« Reply #992 on: January 03, 2018, 07:35:43 AM »
The law generally authorises a plan participant to bring a civil action "to enforce his rights under the terms of the plan".

Good to see you make an appearance in the forum, Cathy.  I'm not interested in bringing a lawsuit over this issue, although it would do wonders for my "how I quit my job" story if I were to conjoin handing in my resignation with service of process.

NinetyFour

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  • Posts: 5061
  • Location: Southwestern US
  • 93 days until Freedom!
Re: 2018 FIRE cohort
« Reply #993 on: January 03, 2018, 07:41:18 AM »
Changing my date (very slightly), and adding my age.  (I am using the date of my last class, even though final exams will occur the following week.  Also, I will be paid through the end of our fiscal year (6/30/18), well after I have stopped doing any actual work.  That'll be LOTS of icing on the already delicious cake!)

Happy year of our retirement, everyone!  :)


01/01/18  CowboyAndIndian (at 59) CONFIRMED
01/05/18  Gimesalot
01/06/18  Monkey Uncle
01/15/18  PizzaSteve
01/31/18  MomCPA
01/??/18  FIBy30
01/??/18  PrePube
02/01/18  DTaggart
02/09/18  JLTinVA (at 42)
02/28/18  brooklynguy
03/16/18  Cherry Lane
03/30/18  sol
03/31/18  Caoineag (at 36)
03/31/18  homestead neohio
03/31/18  Mrbeardedbigbucks
03/31/18  ZiziPB (at 50)
03/31/18  DavidAnnArbor (at 52) (Won't renew my office lease)
03/??/18  Badblackgirl
03/??/18  Clean Shaven
03/??/18  Sofa King
03/??/18  MiserlyMiser
03/??/18  Acastus
04/01/18  Mrs. Honeyfill
04/01/18  patches
04/19/18  NinetyFour (at 56)
04/27/18  poppydog and DW
04/??/18  Aegishjalmur (at 35)
04/??/18  Calvin
04/??/18  FernFree
04/??/18  Gooki
04/??/18  lostformars
~04/??/18 HappyMargo
~04/??/18 Mother Fussbudget
05/01/18  SwordGuy (at 60)
05/08/18  SwordGuy DW (SwordGuy isn't saying.   He wants to live.)
05/04/18  wordnerd and DH (at 30 and 36)
05/04/18  step_away
05/15/18  Markbike528CBX (at 53.5)
05/25/18  Gyosho
05/??/18  Alim Nassor
05/??/18  msilenus
06/01/18  Honeyfill  (at 60)
06/08/18  CheapskateWife
06/15/18  DavisGang90 (at 49)
06/25/18  MaybeBabyMustache (at 42)
06/29/18  aperture
06/30/18  TartanTallulah
06/??/18  Cheddar Stacker
06/??/18  dbtx
06/??/18  Omalley
06/??/18  randomgiraffe
06/??/18  SwissMiss
~06/??/18 Pylortes
07/??/18  AussieGirl
07/??/18  ChasesFish
07/??/18  Mr Griz
~07/??/18 BackAndForth
~07/??/18 cerat0n1a
~07/??/18 Fresh Bread
~07/??/18 SnidelyWhiplashStache
08/01/18  SugarMountain
08/??/18  Mr Mark
08/??/18  NorCalistache
08/??/18  RunningWithScissors
09/30/18  SwissMiss
10/05/18  JumboShrimp
10/??/18  Fire1018
10/??/18  Happy
10/??/18  Irishtache
11/??/18  DeSteeg
11/??/18  Kris
12/01/18  Vegasgirl (at 49)
12/21/18  LateStarter
12/??/18  EnjoyIt
12/??/18  yoda34
??/??/18  Blindsquirrel
??/??/18  Michread
??/??/18  Minnesota_mom
??/??/18  OzBeach -- WIGLO (When I Get Laid Off)
??/??/18  thriftycanadian
??/??/18  pecunia
??/??/18  FLStache
My Journal

Countdown to Freedom:  93 days; 13 weeks of classes; 38 days of classes

Cherry Lane

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  • Location: Virginia
Re: 2018 FIRE cohort
« Reply #994 on: January 03, 2018, 08:02:12 AM »
I've had my date picked for a long time, but I may have to push it out a few days :(  First I need to find out if I can take my accumulated vacation rather than having it paid out.  If I work a few more days and then take all my vacation, I'll be employed into May, for an extra two months of cheap healthcare.  Then three months of Cobra before I can start on the university health system (I'll be a full-time student starting in September).  Otherwise I'm paying for 6 months of Cobra (but only needing 4 or 5).  Hate to have to move my date, but I think it will be worth it. (and FMD is a lot better than OMY!)


I won't know for sure until at least next week, as the people I need to talk to at work are out this week.

wordnerd

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Re: 2018 FIRE cohort
« Reply #995 on: January 03, 2018, 08:07:24 AM »
Is anyone else struggling with senioritis? Since coming back yesterday after some time off at the holidays, I just can't seem to get back into work. I also only have 85ish work days left, which seems...small. I hadn't realized I was under 100.

Cherry Lane

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  • Location: Virginia
Re: 2018 FIRE cohort
« Reply #996 on: January 03, 2018, 08:24:02 AM »
Is anyone else struggling with senioritis? Since coming back yesterday after some time off at the holidays, I just can't seem to get back into work. I also only have 85ish work days left, which seems...small. I hadn't realized I was under 100.

Oh, absolutely!  I have no desire to be here.  I really just need to get through this month, since most of Feb through my departure date is travel of one sort or another, not the daily office grind.


CheapskateWife

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  • Location: Central Texas (but not cool enough for Austin)
  • Can I FIRE yet?
Re: 2018 FIRE cohort
« Reply #997 on: January 03, 2018, 09:10:33 AM »
Is anyone else struggling with senioritis? Since coming back yesterday after some time off at the holidays, I just can't seem to get back into work. I also only have 85ish work days left, which seems...small. I hadn't realized I was under 100.

Oh, absolutely!  I have no desire to be here.  I really just need to get through this month, since most of Feb through my departure date is travel of one sort or another, not the daily office grind.
I'm there too...I no longer have f***s to give. 



MaybeBabyMustache

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  • Posts: 368
Re: 2018 FIRE cohort
« Reply #998 on: January 03, 2018, 09:33:18 AM »
Is anyone else struggling with senioritis? Since coming back yesterday after some time off at the holidays, I just can't seem to get back into work. I also only have 85ish work days left, which seems...small. I hadn't realized I was under 100.

Oh, absolutely!  I have no desire to be here.  I really just need to get through this month, since most of Feb through my departure date is travel of one sort or another, not the daily office grind.
I'm there too...I no longer have f***s to give.

This, exactly. :-) 173 days to go!

DTaggart

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  • **
  • Posts: 242
Re: 2018 FIRE cohort
« Reply #999 on: January 03, 2018, 09:40:10 AM »
Is anyone else struggling with senioritis? Since coming back yesterday after some time off at the holidays, I just can't seem to get back into work. I also only have 85ish work days left, which seems...small. I hadn't realized I was under 100.

Oh absolutely. I ran out of fucks awhile ago, and with only 21 work days left (counting today) and having just had 10.5 consecutive days off, there is not a lot getting accomplished :) Mostly starting to slowly clean up my crap.

This is all very surreal. I'm super anxious about making the leap - very nervous about money. Our spending last year was higher than I would like, largely due to 10k+ in vet bills, but still well within what cFIREsim says we can comfortably spend. We have 2 older dogs with manageable but expensive health conditions so I foresee this going on for a couple more years. We're not looking at getting new pets for awhile (we have a lot of travel plans once they're gone) so I know this is a temporary thing, and once they pass we will be probably be rolling in free cash since they are easily our biggest expense. Plus hubby will be teaching two classes at the community college this semester (up from his previous 1), and my hobby-blog is pulling in a little bit. My rational math brain knows we'll have enough money, but it's definitely going to be an adjustment to be withdrawing funds instead of investing them!

My winter break was pretty nice, we were supposed to have some houseguests but they had to cancel due to illness, so I actually had 10 days pretty much free of any obligations and I consider it a glimpse of what retirement life will be. I got SO MUCH SLEEP, it was amazing. We got up early to go hiking a few days, but otherwise I got to sleep until I was no longer tired. I stopped waking up in the middle of the night and being unable to fall back asleep. I exercised every day except the one day I deliberately designated as a rest day. I did some much-needed house cleaning, took care of several errands/tasks that have been haunting me for a long while, cooked some new foods, was able to read for FUN.... Getting up at 5am yesterday and today to go back to work has sucked ass, I am ready to go :)