Author Topic: 2019 fire cohort  (Read 44387 times)

markbike528CBX

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2019 fire cohort
« on: January 23, 2016, 12:57:36 PM »
Didn't  see  a 2019 fire cohort here yet.  Thread started.

Goal Nov 2019 (we finish turning 55).   

Mortgage and late-life student loans will be paid off, a key gatekeeper.

We could be FIRED before, but 2019 seems a reasonable goal.
« Last Edit: January 23, 2016, 02:14:36 PM by markbike528CBX »

PhilB

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Re: 2019 fire cohort
« Reply #1 on: January 26, 2016, 04:00:02 AM »
Count me in.  I was starting to worry there was something wrong with 2019 as it didn't have a thread!
Our target is summer 2019.  I'll be turning 53 and my wife turning 55.  We are just about FI now (2015 spending matched forecast sustainable income if retiring now), but the kids won't finish high school until 2024 so we would be unable to go travelling until then even if we did retire.  On good days I consider staying on PT after 2019.  On bad days we think about going now, but 2019 is the sweet spot as my wife would be able to access pension funds at 55 and we also have an endowment maturing. That makes it the first date that it all works from a cashflow viewpoint - if we go earlier we have to use the mortgage facility for cashflow, unless I'm lucky enough to get made redundant.  We're running a 2/3rds saving rate, so each year makes quite a difference financially, but neither of us really enjoys the job any more so we think 2019 will be the point when laziness trumps greed!

Parizade

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Re: 2019 fire cohort
« Reply #2 on: February 02, 2016, 01:04:03 PM »
Me too! I expect to be debt free and living a happily frugal lifestyle by summer of 2017, but I love to travel so a couple more years of income will give me a good travel budget.
The only things that really matter are music and the moon.

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madamwitty

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Re: 2019 fire cohort
« Reply #3 on: February 02, 2016, 06:43:39 PM »
I originally put myself in the 2020 thread but now am seriously thinking about 2019 as a possibility. We will most likely be "barebones FI" in 2019 (which I define as: able to support basic living expenses on a 4% WR but with discretionary spending constrained beyond my normal spending.)

I'm considering moving in summer of 2020 to be near family in Seattle. I'd like to quit a year ahead (2019) and have time to decompress and really understand what it would be like to raise our kids in SoCal vs. Seattle, not to mention simply enjoying being in California. I'd hate to move and then either regret we didn't do more "California" stuff while we were here, or worse yet, make an uneducated and regrettable decision about moving (or not). I am seriously excited about the prospect of wrapping up my primary career in the next 3.5 years and then only taking paid work if and when the mood strikes. So, call it a gap year leading into RE.

And if the market doesn't completely go to hell we may be "full FI" anyway...

Lowerbills

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Re: 2019 fire cohort
« Reply #4 on: February 03, 2016, 01:10:06 PM »
Originally I was thinking 2020 would be the year, but hoping to get there a year earlier.

Can anyone planning to FIRE in 2019 share some of their numbers?  Net worth, savings rate, annual spend, invested assets (stocks and bonds), rental property & income (if any), mortgage (rate and amount left), kids?, etc...

Just curious what the numbers look like for those of us aiming to FIRE in 2019, and what steps need to be taken in the next couple years.

PhilB

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Re: 2019 fire cohort
« Reply #5 on: February 18, 2016, 11:05:46 AM »
Happy to share my numbers / strategy.  Pretty much everything is in pensions to get the tax breaks. 
We were late starters on the FI game as we spent our twenties having fun (but never in debt), our thirties paying off a mortgage and then doubled the size of the house so had to pay that off.  In 2029 we should have £21k pa of final salary pensions kicking in between us and another £8k each of state pension each in 2031 (wife) and 2033 (me) which will give us more than we spent last year.  DC funds are therefore to bridge the gap from 2019, to provide added jam / travel budget and to help out the kids.  These funds currently stand at around £500k, mainly in my works pension scheme.  I'm currently putting in the max £40k pa to my pension and the whole of my wife's £20K part time salary goes into hers so the jam levels are going up rapidly, but there is a good chance that the upcoming budget here next month will throw a spanner in the works with changes to pension rules.
Post retirement the plan is for a high percentage of the bridging funds to be held in cash, with the long term funds probably in VLS80 selling 0.3% every month for an income as that seems like a relatively stress-free system to me.

markbike528CBX

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Re: 2019 fire cohort
« Reply #6 on: February 19, 2016, 07:56:16 PM »
.....
Can anyone planning to FIRE in 2019 share some of their numbers?  Net worth, savings rate, annual spend, invested assets (stocks and bonds), rental property & income (if any), mortgage (rate and amount left), kids?, etc...

I was going to be snarky and ask if you wanted SS numbers also, but then I realized that requested info is already on this forum.

  $1.5M after the latest dip
    0.5M  401k -- mostly S&P 500. 50k cash -- waiting to time the dip :-) near max input
    0.4M   Trad IRA. VISAX small cap value
    0.4M.   Taxable  VTSAX TOTAL stock. some VISAX
    0.03M  taxable random small cap
    0.05M. Roth mirrors random small cap 15k cash, from cash mergers --waiting to time the dip :-)
    0.025M gold

80k mortgage left.  Scheduled payoff by 55.  4.125%
  Zillow claims 300K house value which has to be BS
26k student loan 4.88%

expenses~70K including taxes
Age 51 and 51
Youngest kid mostly out of the house.
8.5 grand kids

Not included in FIRE calculation
Pension 4k/yr. leave now, start it now,  if I wait till 60 to start it then 11k
@55 8K/yr. or if I wait till 60 to start it then 19k
SS assumed 1/2. So ~ 13k/yr@ 62
wifes pension pretty small
Wife's 403 pretty small.

Savings rate 25% of gross

edit:  forgot another reason to wait tll 55,  the no-penalty 401k withdrawal.
If I get laid off earlier, then that reason is lost, which may move FIRE either direction

I also want to take DW on company-business work (~1 month) trips to Europe.
1/2 price tourism is better than full price.
« Last Edit: February 28, 2016, 09:59:57 AM by markbike528CBX »

Chrissy

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Re: 2019 fire cohort
« Reply #7 on: March 02, 2016, 01:03:37 PM »
Can anyone planning to FIRE in 2019 share some of their numbers?  Net worth, savings rate, annual spend, invested assets (stocks and bonds), rental property & income (if any), mortgage (rate and amount left), kids?, etc...

We're hoping that ONE of us could retire in 2019, but that doesn't mean one of us will.  At that time, we might also choose to move to the LCOL area where we own a paid-off house, I retire, and he picks up part-time contracting work to meet our much reduced expenses until our investments hit terminal velocity.

Net worth is $600k.  Hope to be at $900k at the end of 2019.

Savings rate is 50%.

Annual spend is $46k of which $13k is rent in a big city and $6k is carrying costs on a paid-off, rural lake house in another state that might become our forever home.

Invested assets:  80k ROTHs (index fund), 75k cash, $70k taxable brokerage (individual stocks), 40k 401ks (index funds), 30k in pension (50/50 stocks & fixed assets), $15k in SEP (index fund)... and a little more, but that's the majority.

No rental property or other income.  Current income from jobs:  $115k DH, $50k me.  We're 41 & 38 respectively.

We just had a baby 3 weeks ago, and are planning on more children.  We don't yet know how kids might affect our FIRE plans.

Livingthedream55

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Re: 2019 fire cohort
« Reply #8 on: March 16, 2016, 01:29:30 PM »
November of 2019 for me. Will be age 60 and have a state govt (I'm in the U.S.) pension of $30,600 annually and an IRA worth at least $300,000 which I shouldn't need to draw on for a while. The IRA will basically be "SHTF" money if something major on the house needs replacement, etc. I plan to keep it untouched/growing for as long as I can. Eventually I will draw down no more than 4% annually. I will get minimal social security due to having a govt pension so not even factoring that in.

I downsized my home last year and carry only a $25,000 mortgage which will be paid off before 2019. I am maxing out my IRA contribution, saving a small amount in deferred compensation and also cash flowing my younger daughter through a state university. Older daughter has graduated, so both of my daughters will have zero education debt.

I plan on a side gig of doing taxes from January - April for the first few years to (1) see if I like it and (2) keep mentally sharp. I do taxes for free for about 8 family members, just using the online software that's out there (think Taxact). Been doing that for about six years. Also plan to get involved in causes I believe in and try to make some small corner of the world a little better.




markbike528CBX

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Re: 2019 fire cohort
« Reply #9 on: March 17, 2016, 02:57:50 PM »
Welcome all.

@madamwitty,  From what I hear the Seattle area real estate market is getting frothy. Maybe by the time you're ready it will have blown off some steam.     Tri-Cities is close, yet not too weird on prices.  It might depend on what your sweetspot for "close to relatives" is.   

@Livingthedream55  If I waited till 60 I'd have a similar pension, but I'm not sure I will want to (or will be able to) hang on that long.

madamwitty

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Re: 2019 fire cohort
« Reply #10 on: March 17, 2016, 04:39:29 PM »
@madamwitty,  From what I hear the Seattle area real estate market is getting frothy. Maybe by the time you're ready it will have blown off some steam.     Tri-Cities is close, yet not too weird on prices.  It might depend on what your sweetspot for "close to relatives" is.   

Haha, my sweet spot for "close to relatives" is "down the street" :-) But since DH gets to weigh it I might have to settle for "same city." I certainly wouldn't mind if the Seattle real estate market cools off by the time I get there, as long as the L.A. market (where I'll be selling) doesn't do it too!

Livingthedream55

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Re: 2019 fire cohort
« Reply #11 on: March 22, 2016, 01:32:56 PM »
Welcome all.

@madamwitty,  From what I hear the Seattle area real estate market is getting frothy. Maybe by the time you're ready it will have blown off some steam.     Tri-Cities is close, yet not too weird on prices.  It might depend on what your sweetspot for "close to relatives" is.   

@Livingthedream55  If I waited till 60 I'd have a similar pension, but I'm not sure I will want to (or will be able to) hang on that long.

Yes, I'm already having a hard time staying motivated, but I try to keep my eye on the prize! I am switching jobs (same salary) in about a month which should dramatically increase my overall work-life balance.



Gerard

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Re: 2019 fire cohort
« Reply #12 on: April 10, 2016, 04:04:51 PM »
November of 2019 for me. Will be age 60 and have a state govt (I'm in the U.S.) pension of $30,600 annually and an IRA worth at least $300,000 which I shouldn't need to draw on for a while. [...] I downsized my home last year and carry only a $25,000 mortgage which will be paid off before 2019. [...] Also plan to get involved in causes I believe in and try to make some small corner of the world a little better.

This is very similar to my situation. I can draw my pension (both from work and from the govt) at 60, which will provide more than I need. I'm tempted by OMY syndrome, but because most of my friends and family live in a different city than I work in, I just wanna go. I'll have about $120K extra in savings by then, and that'll roughly double if/when I sell my work-city house.

People who need to be self-reliant for their retirement income may look at my savings goals and blanch, but my pensions will provide about twice my bare-bones requirements.
"I can't believe you're still doing things your way after I explained why my way is better."

getoutsoon

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Re: 2019 fire cohort
« Reply #13 on: April 28, 2016, 10:21:18 AM »
Count me in.  Im officially eligible with 30 years of service in 2020 but I have over a year of accumulated sick and vacation that will work toward service credit.  So IM looking at April of 2019.  Already FI just need to hang in there for 3 more years so I can begin collecting my max pension.  If I leave now I will have to wait until 2026 to collect the same amount.  Dealing with politics, whining, laziness in the workplace is really wearing me down...would so like to leave now, but keep telling myself only 3 more years.  Anyhows..I will be 52 in 2019.  Im a late starting new dad (49) with twin babies (6 months), really looking forward to hanging out with them daily and teaching them to fly fish.  Wifey will still have to work for 15 more years..I sympathize with her ;)

markbike528CBX

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Re: 2019 fire cohort
« Reply #14 on: April 28, 2016, 11:38:50 AM »
getoutsoon:   Welcome aboard.     I keep thinking I'm young enough to have babykin, but I'm 51 and have stepgrandkids of 10yr old.  My wife is 5 weeks older than I am, so I'm now stuck at realizing I AM that old.  :-)    Sounds like it will be fun to hang out with lots of time for the kids.   Never mastered fly fishing since I have no patience.

ysette9

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Re: 2019 fire cohort
« Reply #15 on: April 29, 2016, 02:05:49 PM »
@ getoutsoon:
Quote
Already FI just need to hang in there for 3 more years so I can begin collecting my max pension.  If I leave now I will have to wait until 2026 to collect the same amount.  Dealing with politics, whining, laziness in the workplace is really wearing me down...would so like to leave now, but keep telling myself only 3 more years.  Anyhows..I will be 52 in 2019.  Im a late starting new dad (49) with twin babies (6 months), really looking forward to hanging out with them daily and teaching them to fly fish.  Wifey will still have to work for 15 more years..I sympathize with her ;

I'm a little confused. If you are FI now, why are you working another 3 years and why is your wife staring at 15 long, hard years of labor?
"It'll be great!"

getoutsoon

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Re: 2019 fire cohort
« Reply #16 on: May 02, 2016, 08:02:04 AM »
So yes.  I could retire today with my savings and be fairly comfortable.  I have decided to stay 3 more years to receive my max pension with thirty years of service.  If I don't stay the three years I wont have 30 and will in turn have to wait 10 years to collect my pension benefit at the same rate.  Wife has chosen to continue to work..she knows she has the option to walk away if chooses at anytime.

cerat0n1a

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Re: 2019 fire cohort
« Reply #17 on: May 31, 2016, 02:46:46 AM »
I'm going to count myself in for a May/June 2019 finish too, as that's when youngest son will have finished school. Probably have enough to retire now, if we downsized our house. Many of our post-work plans involve slow travel and kids' study & exams over the next few years take priority over that. Three more years of work will also cover university costs nicely and give a bigger safety margin. It's possible that I might quit earlier; only a financial disaster would make it later than this.

markbike528CBX

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Re: 2019 fire cohort
« Reply #18 on: June 03, 2016, 11:09:09 AM »
Finally I have an actual date:
              December 29th 2019 , my marriage anniversary, so I better remember it  :-)

Reasons why (mostly for my memory)
   1) I will be 55
            the 401K will be open without penalty, I think this will be mostly for flexibility and tax (future RMD minimization), not need
            the pension "70 points" retirement eligibility opens up
            health insurance continuance via retiree plans is available --not for 70 points
   2) If we are not ready by then, then we will never be
   3) Gives me time to get a joint replaced on company time
   4) Other dates in December are not good for sad memory reasons
   5) SHTF/ TEOTWAWKI can happen between now and then without much effect if there is _any_ level of bounceback.
   6) I will have enough taxable alone to span the gap between 55 and 59.5, with some left over, even at my max spend
   7) I will have beat my dad to a earlier retirement, just for fun
   8) House paid off, as I don't want a mortgage in retirement, even though the rate isn't bad
   9) I'll have time to calmly work out my withdrawal strategy as a theory, not as I'm in the middle of it.
   x+1) Other reasons to be added later........

Of course, it could be sooner due to me or the company parting ways.

edits for ongoing thoughts
« Last Edit: June 06, 2016, 11:44:58 PM by markbike528CBX »

RetirementDreaming

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Re: 2019 fire cohort
« Reply #19 on: June 05, 2016, 06:01:51 PM »
We are in for Sept 2019 unless we decide to go for Q4 bonuses then it would be 1/2/20.    Kids will be 13 and 11 years old.  We plan to stay in the current house until they graduate from high school so we are planning on paying a mortgage for 7-8 years after FIRE.  After that we will sell the house and buy something for cash. 

Biggest risk is our jobs.  We have the same employer.  Last 2 years they laid off 4% & 12% of the workforce.  Iím beginning to think we both may not last 3 more years.    We are 62% of our goal.  Originally our plan was 2021 but Iím hoping with some luck and keeping spending in check we make 2019 happen. 

elaine amj

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Re: 2019 fire cohort
« Reply #20 on: June 06, 2016, 09:56:22 AM »
I wanted to FIRE this year. But DH has asked that we stay working for a few more years as he is worried about large unexpected expenses in the next couple of years. I'll give him until 2019 and then I'm OUT. He will likely do OMY or (my hope) switch to teaching online on a part-time basis so we can be mobile.

In 2019, my oldest child will be starting university. The latest budget says that families under a certain income level will qualify for FREE tuition. If we FIRE, she would qualify. Would save us about $6-7k/year (maybe more if they qualify for other needs-based aid). X2 when her brother joins her the following year. That's a good argument :)

Plus, I turn 40 - would be a fabulous way to celebrate my 40th birthday!

We have about $680k now, not including a house that will be paid off in 2 months. Once the mortgage is done, we'll have an extra $1200/mo to plow into savings. I'd like to say we spend about $40-45k/year. But now that I am tracking my spending, it's looking more like $50-$55k/yr. Working hard on getting the spending DOWN. We do have several different small pensions that will help. And living in Canada means no crazy healthcare worries (yes, we have to have some money set aside, but not as many unknowns as in the US. Free healthcare has its advantages).
« Last Edit: June 06, 2016, 09:58:31 AM by elaine amj »

MissNancyPryor

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Re: 2019 fire cohort
« Reply #21 on: June 28, 2016, 09:33:05 PM »
Hey Nineteen.....  cue Don Fagen. 

My outer marker is March 29th, 2019, the last Friday before my 50th birthday.  It would be nice to graduate ahead of my class but realizing that I am not mentally ready I am setting my date. 

NW is $2.1M including a debt-free home at $510K.  I am concerned with the amount of liquidity that can carry us until we an tap into our over-funded 401(k)s between age 50 and 59 1/2.  Our non-retirement savings accts and investments are about $290K and I think we want about $600K in there as the bridge to cover lumpy spending until officially tapping into those funds.  I am a cynic and imagine that there will be a means test for SS in the future but if not we will grab that at age 62 and it should be about $42K annually which we figure is complete gravy if it exists at all for us. 

Way over funded, I know.  Last time I looked FireCalc said we will have 95% success at 75K annually for 44 years after my RE since I plan to expire precisely at 93.     

DH will probably go longer than me before retirement, maybe a couple years. 

Can I sit with the cool kids here while I work this out in my head?   
« Last Edit: June 28, 2016, 09:41:32 PM by MissNancyPryor »

markbike528CBX

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Re: 2019 fire cohort
« Reply #22 on: July 01, 2016, 11:22:56 AM »
 MissNancyPryor, welcome, we're flattered to be called the cool kids, https://en.m.wikipedia.org/wiki/Cool_Kids_(album), although this cohort thread doesn't seem as active as some others nearby in time.

If Mr-MissNancyPryor waits till 55 then his current 401k opens up penalty free.

I concur on the 600K 50-59.5 value.   My wife plans a precise age 96 demise.

Tapping the 401k early will minimize RMD later.


MissNancyPryor

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Re: 2019 fire cohort
« Reply #23 on: July 01, 2016, 11:43:35 AM »
Gotta love the hair bands of the 80's.  Such a Gen X thing to me. 

It was a couple of years ago we realized we were way overfunded on the 401(k), and I calculated that if we just completely shut off all contributions entirely we would be totally golden from the growth of the existing accounts.  I looked into some alternative - read 'early' - withdrawal methods at that time.  We decided to leave the eggs whole for now and have never stopped the contributions.   

I doubt we would leave the 401(k) in DH's employer plan and I hope he does go before 55.  I don't see us as 72t-ers right now either.  I do want big RMDs later, not worried about taxes or a lack of OCare subsidy on that larger realized income. 

I will keep these options in mind if I do end up having some work-stress-related health event that makes me need to leave work sooner than planned though-- some days that seems more likely than others. 

dude

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Re: 2019 fire cohort
« Reply #24 on: September 22, 2016, 12:16:26 PM »
Was originally in the 2020 cohort by virtue of wanting to hang in until the year of my 55th birthday for penalty-free access to my TSP, but then last year Congress passed the law allowing retiring LEOs to access the TSP in or after the year of their 50th birthday.  So now my retirement eligibility date, May 7, 2019, is my operative FIRE date -- though there are good reasons for me to stick around until December 2019.  Either way, I don't see myself working in this job in 2020.

markbike528CBX

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Re: 2019 fire cohort
« Reply #25 on: September 22, 2016, 01:57:36 PM »
Yo dude, that is waaaay gnarly!    - sorry the '80's thing just hit to hard to ignore.

Welcome.

Like you I'm probably moving up the date ( still 2019), since I realized that I have access to my 401k as of 1/1/19, not just on my actual birthday(55 in 2019).

edit to fix spelling of waaay
« Last Edit: September 25, 2016, 12:12:45 PM by markbike528CBX »

dude

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Re: 2019 fire cohort
« Reply #26 on: September 23, 2016, 06:00:25 AM »
Yo dude, that is waaaay gnarly!    - sorry the '80's thing just hit to hard to ignore.

Welcome.

Like you I'm probably moving up the date ( still 2019), since I realized that I have access to my 401k as of 1/1/19, not just on my actual birthday(55 in 2019).

edit to fix spelling

Yep, originally I was going to go in Jan 2020 for the same reason, then Congress gave us that gift!  Truth is, state and local LEOs were already entitled to access their accounts at 50, but the Feds got left out somehow, so the disparity was corrected after much lobbying by Fed LEO groups.

oldtoyota

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Re: 2019 fire cohort
« Reply #27 on: September 25, 2016, 12:01:33 PM »
So glad to find this thread! I started one earlier this month because a search did not reveal this one. I was wondering where all of you were. =-)

Enigma

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Re: 2019 fire cohort
« Reply #28 on: October 12, 2016, 09:56:27 AM »
Okay well I have tracked a few different financial forums.  After a lot of reading I have decided that I will plan to RE in 2019.  I already feel that I am FI with residual income from investment properties.  Not to mention this has been a pretty good year for me with my investments.

RE is a new concept for me and I have only really been thinking about it the past 3 months.  If I can wait till 2019 then I should have no issue with RE and continuing to maintain wealth and increase net worth.

I expect to be debt free (or very close) and living a lavish lifestyle by independence day of 2019.
"Periodically calculating your net worth -- the value of your assets minus your liabilities -- is the best way to measure and track your financial well-being." - unk

FI: Sept 1, 2014 (Age 35) - Completed
RE: Friday July 12, 2019 (Just b4 40th Bday) - Goal

SamIAm38

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Re: 2019 fire cohort
« Reply #29 on: October 19, 2016, 06:22:26 AM »
I'm hoping to semiretire in may 2019, so does that put me in this group?

27 now, NW 125k.
Trying to sell my house next year to bump be up to 275k.
Trying to make/save enough to get me to 500k in May 2019. May because I can front load my 401k and build up my emergency fund beginning of the year 2019 before I call it quits.
Even if I don't get to 500k I may call it quits anyways since I will likely do more work later on. The minimum goal is to transition out of corporate america and get into teaching, start ups and short term contracts on my schedule.

Putting a date on this goal has been super helpful in keeping me motivated and driven. Really exciting! I feel so lucky to be put in a situation where I can do this so quickly, it will be great to take advantage of that and leave the 9-5 grind and shift gears to self improvement and experiences.

Thedividebyzero

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I'm in! FIRE on July 31, 2019
« Reply #30 on: October 22, 2016, 02:15:06 AM »
First post.  So cool to have this forum. 

Age = 43 (I wish I had seen the light sooner)
Married with 3 children.  Oldest is 15. 
FIRE target -  July 31, 2019 (hope to collect one last bonus before bidding a fond farewell to corporate life)
Current NW =$ 890k
SR = 75%
FI number = $1.5MUSD

Good luck everyone. 

- Zero
If only I could divide by zero.


If only I could divide by zero.

oldtoyota

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Re: 2019 fire cohort
« Reply #31 on: October 23, 2016, 07:31:39 AM »
I'd love to get answers from other 2019ers.

I started a business a year ago and did well. I'm deciding whether I want to continue the business or take the route of finishing out my next three years in a job.

Each path has upsides and downsides and neither is more secure than the other, so I am not sure what to do next.

My overall goal is to retire in three years, and so I think it makes sense to decide based upon which will get me to the goal in an efficient way. That's why I'm considering a job instead of continuing the business.

Pros and cons of each.

JOB
good
*steady income
*benefits
*interesting work, chance to learn more

bad
*could be laid off anytime
*less time with family
*routine schedule
*commuting

BUSINESS
good
*flexible schedule
*income good in past
*creative--can make decisions without a committee
*more time with family yet business concerns loom

bad
*can be lonely working at home
*future income uncertainty
*learning curve: figuring out what to say yes/no to based on my goals
*learning curve 2: figuring out what I don't know


Any thoughts on how to decide?


SamIAm38

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Re: 2019 fire cohort
« Reply #32 on: October 23, 2016, 10:40:01 AM »
2019 isn't that far away. Can you do both? Do 40 hour weeks at the salary job and do the business on the side to get the benefits of both? I've always liked the idea work life balance and try to be reasonable with my workload but now that I have a set date I have been much more inclined o put in the extra hours and effort to ensure I reach my goals. I'm currently working a salary job, tutor on the side and am potentially going to do some part time consulting work. It sucks, but keeping in mind that I'm almost there and this will make me meet my goal makes it worth of for me.


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markbike528CBX

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Re: 2019 fire cohort
« Reply #33 on: October 23, 2016, 10:46:08 AM »
...
I started a business a year ago and did well. .......

Pros and cons of each.

JOB...
bad
*could be laid off anytime.   
??? this is bad with FU money AND side business already started?? says markbike528

BUSINESS
good
.......

bad....
*learning curve: figuring out what to say yes/no to based on my goals
--- putting down a yoke that you've picked up voluntarily might be difficult  ---says markbike528

Any thoughts on how to decide?
Sorry, no real help here.
Disclosure: I've been a corporate drone all my working career.



First post.  So cool to have this forum. 
.......

Good luck everyone.

- Zero
If only I could divide by zero.
Welcome! 
 Some people think if you divide by zero you get infinity (...and beyond!)



I'm hoping to semiretire in may 2019, so does that put me in this group?
Yup, you're welcome here!

<looks around ....sees no Internet Retirement Police>
<whispers ... we won't tell>

oldtoyota

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Re: I'm in! FIRE on July 31, 2019
« Reply #34 on: October 23, 2016, 08:19:48 PM »
First post.  So cool to have this forum. 

Age = 43 (I wish I had seen the light sooner)
Married with 3 children.  Oldest is 15. 
FIRE target -  July 31, 2019 (hope to collect one last bonus before bidding a fond farewell to corporate life)
Current NW =$ 890k
SR = 75%
FI number = $1.5MUSD

Good luck everyone. 

- Zero
If only I could divide by zero.

Welcome!

Ah, I think we all wish we'd learned sooner. I was frugal but not to the level I am today. Live and learn!

With your current NW, it sounds like you didn't mess up too horribly. ;-)


Thedividebyzero

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Re: I'm in! FIRE on July 31, 2019
« Reply #35 on: October 24, 2016, 04:53:00 PM »
First post.  So cool to have this forum. 

Age = 43 (I wish I had seen the light sooner)
Married with 3 children.  Oldest is 15. 
FIRE target -  July 31, 2019 (hope to collect one last bonus before bidding a fond farewell to corporate life)
Current NW =$ 890k
SR = 75%
FI number = $1.5MUSD

Good luck everyone. 

- Zero
If only I could divide by zero.

Welcome!

Ah, I think we all wish we'd learned sooner. I was frugal but not to the level I am today. Live and learn!

With your current NW, it sounds like you didn't mess up too horribly. ;-)

Thanks for the comment and the welcome.  I have always been frugal as well, except for the purchase of that brand new Toyota SR5 4X4 3 days after I graduated from college, I've mostly made good big purchase decisions.  My big mistake was not understanding in a definitive way how my savings rate would impact the years required to retire and totally underwhelming my 401K contributions for the first 10 years of my working life.  If I had done the math in my mid-20's, I think I would have put more of a priority on saving. 

Without the significant growth in my salary over the last 10 years, my networth would be much lower.  I got lucky. 

By the way, I drive a 1994 4 runner now.  It has 250k miles on it and it is beautiful!  :)
If only I could divide by zero.

oldtoyota

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Re: I'm in! FIRE on July 31, 2019
« Reply #36 on: October 27, 2016, 12:50:47 PM »

My big mistake was not understanding in a definitive way how my savings rate would impact the years required to retire and totally underwhelming my 401K contributions for the first 10 years of my working life.  If I had done the math in my mid-20's, I think I would have put more of a priority on saving. 

Without the significant growth in my salary over the last 10 years, my networth would be much lower.  I got lucky. 


Almost the same here. If I'd understood more about the savings rate earlier in life, I'd already be done!

oldtoyota

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Re: 2019 fire cohort
« Reply #37 on: October 28, 2016, 01:17:35 PM »


I expect to be debt free (or very close) and living a lavish lifestyle by independence day of 2019.

Best independence day ever. =-))

VoteCthulu

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Re: 2019 fire cohort
« Reply #38 on: November 11, 2016, 12:47:21 PM »
FIRE October 15, 2019 is the plan. I want 500k invested and a paid off house, and today I have 430k and owe 120k on my house, so I need to save about 190k in 3 years. Hopefully I can keep working for another 3 years without losing my mind.

Do others find that having a specific date concentrates the mind to forge ahead, or is it a constant distraction?

Thedividebyzero

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Re: 2019 fire cohort
« Reply #39 on: November 11, 2016, 05:04:43 PM »

Do others find that having a specific date concentrates the mind to forge ahead, or is it a constant distraction?

For me it is a little of both.  Having a date and goal is very motivating and dreaming about the future is a favorite past time.   Additionally, I have found that my work related stress is on a steady downward trend that is inversely proportional to my NW

The flip side is that sometimes my fixation on the goal comes at the expense of appreciating the here and now.  My DW, who is awesome beyond description and completely bought in to doing what it takes to achieve the goal, has told me to talk to her when we are six months out.  She's more interested in the now.  She is a zen goddesses.  :)

.
If only I could divide by zero.

oldtoyota

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Re: 2019 fire cohort
« Reply #40 on: November 12, 2016, 08:00:01 PM »
I like the idea of having a date. I'll with June 30, 2019 for now.


Iplawyer

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Re: 2019 fire cohort
« Reply #41 on: November 13, 2016, 08:12:15 AM »
Hello - 2019 for me too.  We have over $2M in 401k but my husband is over 60 so no issue there. We have $250K in Roth. We have a house with $1.6M in equity that we will sell by then.  We will be debt free and own a smaller second home in LCOL area where we will live. We plan on a 4% withdrawal rate.  So we will have a very nice standard of living.  The only thing that I question is health insurance for me for 10 years.  I was counting on the ACA - now I don't really know what we'll do.

VoteCthulu

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Re: 2019 fire cohort
« Reply #42 on: November 13, 2016, 10:59:05 AM »
With 144k per year income (4% of 2m+1.6m) I doubt you would have qualified for an ACA subsidy anyway. At 20k per year, I'll qualify for my state's free health care if it gets too expensive for me to afford.

The real trouble will be for those people who recently retired depending on the ACA subsidies and might be in trouble if/when they go away.

Iplawyer

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Re: 2019 fire cohort
« Reply #43 on: November 13, 2016, 11:22:13 AM »
Well - there is also the issue of actually being able to get insurance.  I could only get it as an employee because of past health history before the ACA.  So I wasn't looking for a subsidy - I was looking for just being able to get it.  That is up in the air now.

VoteCthulu

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Re: 2019 fire cohort
« Reply #44 on: November 13, 2016, 10:28:13 PM »
That's one of the two parts of the ACA that Trump wants to keep, so I wouldn't worry too much at this point. Next year we'll see what actually gets changed, and anything that survives is unlikely to find a more harsh opposition after Trump.

markbike528CBX

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Re: 2019 fire cohort
« Reply #45 on: December 08, 2016, 01:40:04 PM »
I guess I'm back to my original date of Dec 29th 2019. Dang and other words :-)  I had been tempted to 1/1/2019 (~2 years vs ~3 years).

While by law I can withdraw from a 401K without penalty, my employer won't let me take partial withdrawals if I retire before my 55th birthday.  I need to be a "retired person" per the 70 points rule, which is:

 age 55 AND  (age+service) >= 70  retirement in order to have access to partial withdrawals.   

If I take the whole thing, I'd have to pay lots of taxes, unless I roll it over to a IRA, in which case it is locked down till 59.5.  I guess I could then take SEPP or something from the Rollover IRA, but that seems complicated and inflexible.

SamIAm38

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Re: 2019 fire cohort
« Reply #46 on: December 08, 2016, 01:41:51 PM »
I guess I'm back to my original date of Dec 29th 2019. Dang and other words :-)  I had been tempted to 1/1/2019 (~2 years vs ~3 years).

While by law I can withdraw from a 401K without penalty, my employer won't let me take partial withdrawals if I retire before my 55th birthday.  I need to be a "retired person" per the 70 points rule, which is:

 age 55 AND  (age+service) >= 70  retirement in order to have access to partial withdrawals.   

If I take the whole thing, I'd have to pay lots of taxes, unless I roll it over to a IRA, in which case it is locked down till 59.5.  I guess I could then take SEPP or something from the Rollover IRA, but that seems complicated and inflexible.

Why not try a Roth IRA pipeline?


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markbike528CBX

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Re: 2019 fire cohort
« Reply #47 on: December 08, 2016, 03:21:46 PM »
....If I take the whole thing, I'd have to pay lots of taxes, unless I roll it over to a IRA, in which case it is locked down till 59.5.  I guess I could then take SEPP or something from the Rollover IRA, but that seems complicated and inflexible.
Why not try a Roth IRA pipeline?

Also seems complicated, and isn't there a 5 year wait for the funds availability, or is that just for new Roths?

SamIAm38

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Re: 2019 fire cohort
« Reply #48 on: December 08, 2016, 03:24:57 PM »
....If I take the whole thing, I'd have to pay lots of taxes, unless I roll it over to a IRA, in which case it is locked down till 59.5.  I guess I could then take SEPP or something from the Rollover IRA, but that seems complicated and inflexible.
Why not try a Roth IRA pipeline?

Also seems complicated, and isn't there a 5 year wait for the funds availability, or is that just for new Roths?
Yes 5 years, I'm planning on using taxable accounts while I do the pipeline when I pull the trigger for semi retirement


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markbike528CBX

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Re: 2019 fire cohort
« Reply #49 on: December 08, 2016, 07:30:40 PM »
If I retire @55   + 5 years means the point  of the pipline is moot.