Author Topic: 2020 FIRE Cohort  (Read 112493 times)

FancyNest

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2020 FIRE Cohort
« on: April 16, 2015, 11:52:00 AM »
Other years have FIRE cohorts, but no 2020 yet, so I'm starting the 2020 group thread here. 

Hoping we can share motivations as the finish line of mandatory work starts to peek over the horizon and we nervously start to experience how close to reality our goal is getting.

I find myself thinking about getting rich being sort of boring a lot lately - http://www.mrmoneymustache.com/2012/08/16/what-it-feels-like-to-become-rich/

What kinds of things do you think about to help keep your eyes on the prize?

ysette9

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Re: 2020 FIRE Cohort
« Reply #1 on: April 16, 2015, 11:56:00 AM »
I don't quite think I can call myself part of this cohort though I want to be. I would say that 2020 is a stretch goal and somewhere between 2023-2025 is very doable.

How are you coming to the conclusion that 2020 is your FIRE date? How confident are you in the numbers and what are your assumptions? cFIREsim? The 25x rule? I am actually looking for someone to double-check my calculations so I am pretty interested in how you did yours.

TheContinentalOp

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Re: 2020 FIRE Cohort
« Reply #2 on: April 16, 2015, 01:05:06 PM »
I've only been here a couple of months. I have an estimated FIRE date of 4/1/2020. But it's hard from certain. I still need to do a better job of calculating what my health insurance and home maintenance costs are going to be. I'll probably put up a case study after I get another month of expenses recorded.

As for what is keeping me going, I am imagining some of the cycling trips I am hoping to take after I FIRE: Across the USA, Up to Montreal and then over to Labrador. Across Australia. Norway from Oslo to Tromso.

ysette9

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Re: 2020 FIRE Cohort
« Reply #3 on: April 16, 2015, 01:59:37 PM »
@ TheContinentalOp: I looked at some estimates for coverage through ACA and used my anticipated retirement investment income to determine any subsidy qualification. I expect you could do the same to get a reasonable idea of what healthcare costs will be. Estimating housing is harder for me since we currently are renting but considering buying.

How do your pre-FIRE and post-FIRE spending estimates differ? Do you expect to be spending less in retirement?

spud1987

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Re: 2020 FIRE Cohort
« Reply #4 on: April 16, 2015, 04:39:00 PM »
My planned date is May 1, 2020 (as soon as I'm vesting in my defined benefit plan and my annual bonus clears).

HOWEVER, I may be getting laid off in the next few months, which would most likely delay/change my FIRE date. It just goes to show that no plan is certain.

TheContinentalOp

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Re: 2020 FIRE Cohort
« Reply #5 on: April 16, 2015, 07:58:35 PM »
@ysette9 - Right now through my employer I am paying about $50/mo for health insurance. I did fool around on HealthCare.gov and found a bronze plan for $289/mo. I plan on manipulating my income to take close to the maximum ACA subsidies. But this is still 5 years away and I will probably be in a different state. I am counting on spending a max of $3,000/yr more and then hope to be pleasa

ntly surprised when it is less.

I am in the same boat as a renter, but I hope to buy, and how much that will save me is still very much in question.

I planned to spend $27,000 this year, and at the current rate I will come in at about $24,500.

I hope/plan to spend the same in retirement where the the price of my current rent will match my health insurance and home maintenance costs.

FancyNest

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Re: 2020 FIRE Cohort
« Reply #6 on: April 17, 2015, 08:05:13 AM »
@ysette9 - I used a monte carlo tool with my scenario, and the associated sensitivity analysis tool for controlling for variations in inflation, return on invested assets and spending fluctuations over time.  There's a bunch out there and I don't have a true favorite, but I do gravitate back to flexibleretirementplanner.com (this would be shameless plugging of a commercial product, except it's free to use).

My wife works (PhD SWAMI researcher) and in my calculations I have her going to 49 with her work, though I think it's very possible she decides she wants to keep on going after that.  We keep talking about how humans are the only animals that retire and she's lucky enough to have found her occupational bliss.  She also holds the health insurance for us and our 2 kids.  After she retires we'll look at ACA assuming it's still there or a high deductible private.

Weighing heavily in the decision are our mortgage (owe 146k - plan payoff = 2020) and the end of daycare in 2020. If we decide to have more kids, that's probably the biggest factor in changing our date, but so far we're liking the 2 we have.  We make a little over 200k a year as a household and typically spend 5400 a month, which includes our 15 year mortgage PITI and daycare - expenses we expect to dramatically decrease given our goal of mortgage payoff and school age care needs being much lower with me in hanging up the white collar in favor of the two wheel dadmobile.  We expect that monthly spend to go down to about 3400 a month after kids are in public school.  So at that point, we'll still save money with my wife's salary and let that nest egg grow (we're 80% VDI, 14% INTL exposure - mix of developing and developed and the rest some socially conscious funds my wife won't let me get rid of even though their expense ratios are high - I know, I know. 

@TheContinentalOp - badass bike trip - now that is daydream worthy - thanks!

dude

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Re: 2020 FIRE Cohort
« Reply #7 on: April 17, 2015, 08:18:07 AM »
Yes!  2020.  January 3, 2020, to be exact! I'm retirement eligible on May 7, 2019, but I will be just shy of my 54th birthday at that point.  If I coast along after my eligibility (being FI at that point) for an additional 8 months, then I can retire on Jan. 3, 2020, in the year of my 55th birthday thus giving me penalty-free access to my TSP.  If for some reason the shit hits the fan, then I can stick around for up to two more years (mandatory retirement at 57), but I don't anticipate that happening.

velocistar237

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Re: 2020 FIRE Cohort
« Reply #8 on: April 17, 2015, 09:48:12 AM »
I'll go ahead and sign up here. My plan is to have my invested assets cover my non-mortgage expenses at a withdrawal rate somewhere between 3 to 5%, plus another chunk of invested assets to cover my remaining mortgage.

RunningWithScissors

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Re: 2020 FIRE Cohort
« Reply #9 on: April 17, 2015, 10:08:38 AM »
I'm planning to FIRE in 2020 too.  I've run my numbers through a multitude of retirement planning spreadsheets (my favorite is from Financial Mentor - the Ultimate Retirement Calculator) and no matter how pessimistic I am with inflation or low rates on investments, it looks good.

I like Mr. MM's comments on the 4% SWR blog where he notes that this rule assumes you'll never earn more income, never have a pension and never adjust your spending.  That, plus the fact that my husband will likely always work part-time, and we're starting a business that should earn income independently from our hands-on involvement gives me some security. With the indications that the Canadian government is raising the max contribution to our TFSA (tax free savings accounts, for you non-Canucks) from $5500 to $11,000 per person/yr., we'll need to watch our spending and make sure we can contribute the maximum.

As for roadblocks, it's likely to be in the form of unplanned spending on house renovations.  Our planned $5000 spend on rebuilding a deck this summer is likely to expand to $10,000 as our initial demolition has revealed some additional damage due to water infiltration (who builds a flat deck without a roof membrane, fer heaven's sake!).  However, it'll be money well spent on our enjoyment of the new deck and house value.  No, I'm not expecting to recoup 100% of our expenses on increased property value, but the work is a necessity and our DIY skills will keep costs as low as possible.  Roof and window replacement is another planned budget item, which has the potential to go sideways - the joys of older home ownership!

So, 2020 it is....!

pachnik

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Re: 2020 FIRE Cohort
« Reply #10 on: April 17, 2015, 07:36:29 PM »
I'm throwing my hat in with you guys for 2020 as my FI date.  If I keep saving at the rate I have been doing for the last 2 years, I will be good.  I'll be 56 years old.  My work life has an end in sight now. 

2Birds1Stone

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Re: 2020 FIRE Cohort
« Reply #11 on: April 17, 2015, 07:52:00 PM »
Would LOVE to be able to join you guys and gals, sadly my realistic FIRE date is ~2027.

I could be considered FI by Dec 31 2020 if I moved to a 3rd world country -_-

Does that make me an honorary member?

Suncoast

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Re: 2020 FIRE Cohort
« Reply #12 on: April 18, 2015, 04:53:46 AM »
2020....That is my vision!  Actually, I had been planning on May 2021 but have decided to go at it a bit more aggressively to make it happen in 2020.  I will turn 49 in September of 2020, so maybe that is a good target date.

ascZend

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Re: 2020 FIRE Cohort
« Reply #13 on: April 19, 2015, 05:11:39 PM »
Shooting for June 1, 2020 here.  I will be 32 years old.

FancyNest

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Re: 2020 FIRE Cohort
« Reply #14 on: April 20, 2015, 11:56:23 AM »
Wow! @ascZend Sounds like we have a newest FIRE contender - 32 is almost as quick as the man himself.  Nice going!  Care to share what kind of lifestyle and/or earnings strategies have helped you?  Maybe you are naturally frugal or just found MMM earlier in life?

I love reading everyone's notes - lets not forget that one of the main reasons for the cohort is to make your goal (sort of) public and help cheer each other on.

One of my main points of prep for 5 years from now has been to break down my goals into 2016 goals that feed 2018 goals and so on until you're supporting your 2020 date with steady actions to transition to your next step confidently.

enigmaT120

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Re: 2020 FIRE Cohort
« Reply #15 on: April 20, 2015, 01:03:37 PM »
I can retire (and get my pension) at 56, which will happen in 2020.  If congress yanks the Social Security Supplement out from under my feet it would be harder, but probably still possible.  That's about the time I'll be ready to start some commercial thinning on my forest land.


grsing

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Re: 2020 FIRE Cohort
« Reply #16 on: April 20, 2015, 03:01:17 PM »
I'll jump in. I'm hoping to FI by 2020, may not be 100% RE, but will hopefully be working much much less by then!

Hopeful

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Re: 2020 FIRE Cohort
« Reply #17 on: April 20, 2015, 03:23:50 PM »
Jumping in with a 2020 target and to follow this post.

FIPurpose

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Re: 2020 FIRE Cohort
« Reply #18 on: April 20, 2015, 04:24:25 PM »
I am also a 2020 man. We plan on having assets of about 750k. And I want to go get a PhD in the classics. (With some international travel as well :))

I'm hoping to get a teaching position during grad so that we do not touch those assets until I'm ready to give up any career. But it will feel odd to allow myself to spend my whole paycheck when the time comes. I'll no longer have as high paying a job, but I'll probably end up with more free money than I know what to do with.

TheContinentalOp

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Re: 2020 FIRE Cohort
« Reply #19 on: April 21, 2015, 07:16:10 AM »
OK, I did some re-evaluation and I am NOT biking 500 miles on the Trans-Labrador Highway all the way to Goose Bay.

As for FIRE, here's how I look at it.

If necessary, I could chuck my job tomorrow, move to a LCOL area, give up air travel and big money chess, but still bike and hike around North America. I would be stoic and learn to be happy with what I had.

In another 2-2.5 years, I could retire, play big money chess and fly domestically along with the biking and hiking.

In five years (4.1.20) I could do all of the above plus international bike tours. That's the goal.

lise

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Re: 2020 FIRE Cohort
« Reply #20 on: April 21, 2015, 09:01:53 AM »
December 2019 is my aim if not earlier ... close enough to 2020!

SCUBAstache

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Re: 2020 FIRE Cohort
« Reply #21 on: April 25, 2015, 09:45:22 AM »
Count me in!  Maybe earlier, but I'm shooting for 2020 at the latest. I'll be 35.  Still working on figuring out what to do after, but I look forward to that freedom of choice!

Able was I ERE

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Re: 2020 FIRE Cohort
« Reply #22 on: April 25, 2015, 11:48:16 PM »
I'm in.  My current calculations have me hitting a 4% WR in late 2020.   

However, I fantasize about gradually working fewer and fewer days per week, which would extend my completely FIRE date considerably.    I've already shifted to 4 days / week.  If I get to 2 days / week, I'll officially call it my "smoldering date", and consider myself partially FIRE'd.
« Last Edit: April 25, 2015, 11:54:18 PM by Able was I ERE »

sidestache

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Re: 2020 FIRE Cohort
« Reply #23 on: April 27, 2015, 04:37:19 AM »
I'm in as well....cool to see this group!!! 2020 is the date for myself and my amazing GF to quit and hit the road. Staying on track has been easy so far, but I suspect the next couple years will be the toughest.

Our end reward is large though, we plan to travel the world on motorcycles for 2-3 years...exact time and destination not really certain at this point but filled with wonder and excitement! We will be 40 and 37 at that time :)

bo_knows

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Re: 2020 FIRE Cohort
« Reply #24 on: April 27, 2015, 05:40:33 AM »
I've always done my projections to aim for somewhere between 2020-2025 (I'd be 39-44), so I can sign up here.  I know that I'm personally going through a rough transition here financially... we're moving from a small townhome to a single family home, in a high cost of living area.  It *might* impact savings for the first couple years in the new house, but we'll see.  I consider it to be ok, because even with the impacted savings, the worst case scenario has us retiring by 45, so I'm alright with that.   Hopefully we see it a little better than worst-case :)

clarkfan1979

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Re: 2020 FIRE Cohort
« Reply #25 on: April 27, 2015, 06:42:06 AM »
We have a travel goal starting in 2020. We hope to have enough money to travel abroad for 3 months during the summer.
We hope to do this every summer (if we choose) starting in 2020. If we miss our family we might also travel around the U.S.

We live in Florida. Florida is great in the winter, but not so much in the summer. It's too hot for too long.


 

CoderNate

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Re: 2020 FIRE Cohort
« Reply #26 on: April 27, 2015, 09:59:04 PM »
My wife and I have always been savers, but are pretty new to the idea of FI. We recently had "the talk", and decided that FI/RE was something that we mutually wanted to pursue. As frugal as we were before, reading MMM and ERE really opened our eyes to how powerful small but wasteful habits can be over a long period of time. We also opted out of purchasing a new car and decided to stick with our '98 Corolla for the time being. I have also started walking ~5 miles to work some days, and plan to start biking now that the weather is getting warmer (will try to convince the wife to start biking too, but we would have to figure out the daycare situation!).

One thing where I wish I had read MMM sooner was saving up and paying cash for our condo. I thought I was doing the financially responsible thing, but ended up wasting all that time renting an apartment and having the money sit in a low interest savings account. Not to mention the historically cheap leverage in a time of (in retrospect) outsized stock gains!

Anyway, we figure based on our prior savings and our new commitment to moustachianism, we will be FI around 2020. Not sure if we will quit working at that time though, because we both have pretty sweet jobs. Will see how it goes in a few years :)

thriftycanadian

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Re: 2020 FIRE Cohort
« Reply #27 on: May 05, 2015, 09:06:15 AM »
A 2020 contender myself as I will be 46 by then.  My goal is to have 1MM in invested assets plus a paid off house. However, I might wind down and switch to part time work before 2020 either by choice, or triggered by a layoff that I suspect may happen in the next couple of weeks..

Prairie Gal

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Re: 2020 FIRE Cohort
« Reply #28 on: May 05, 2015, 08:21:55 PM »
I'm aiming for 2020 to quit my full time job. I may still work part time, or work at my side job, but hopefully will be able to work on my own terms by then. As little or as much as I wish.

blackswan

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Re: 2020 FIRE Cohort
« Reply #29 on: May 21, 2015, 05:49:34 AM »
My goal is to be FI by 2020. My plan is to RE by 2022. The incremental two years should dramatically reduce or eliminate any concerns about the Stash and I'd still be a free man before the kids are done with primary school. Would be blessed to spend the last 6-8yrs we'll have them home being completely free from outside work obligations. Will take focus and hard work, but the thought of all the memories we could create in that time is priceless. Good luck everyone!

tyd450

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Re: 2020 FIRE Cohort
« Reply #30 on: May 21, 2015, 09:19:11 AM »
I am thinking 2024 is a more realistic goal for us but I really want to challenge that and shoot for 2020 for at least "Borderline FI."  We are both 30 and we have our first kid on the way in August.

As of right now our net worth is at $525k. $365k of that is investments... just under $20k cash and about 140k home equity.

I am going to play it by ear for the next few years and see how children effect the lifestyle and budget.  I think for now the plan is for my wife to go back to work after our first and we will pay for daycare but after #2 we would be losing money as daycare costs would be greater than my wife's salary.  With one in daycare we can at least max out her retirement for the year and have a few hundred $ extra.

We live in the Chicago area and our plan is to cash in on our home equity, move downstate, pay cash for a house, and enjoy the overall lower COL and be closer to family. 

I could see me having a bad case of the OMY syndrome.  It would be awesome to work another year or so and maybe put that all towards the kids college funds and possibly a modest little vacation condo or house in AZ, FL or somewhere else on the Gulf.  We love our central IL hometown but I could totally see us wanting to get out during the bitter cold winter months.  And with no jobs to tie us down, we could do that! 

We will see how it goes!

Nancy

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Re: 2020 FIRE Cohort
« Reply #31 on: May 21, 2015, 09:37:18 AM »
Aiming for 2020 here as well. My plan is to keep my spending level the same (or reduce it with tips gleaned from the MMM community), increase amount I invest every year, enjoy biking/gardening/inexpensive fun time with fam and friends, and hopefully stay alive. Onward!

FIRE 20/20

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Re: 2020 FIRE Cohort
« Reply #32 on: June 14, 2015, 05:08:22 PM »
 
If necessary, I could chuck my job tomorrow, move to a LCOL area, give up air travel and big money chess, but still bike and hike around North America. I would be stoic and learn to be happy with what I had.

In another 2-2.5 years, I could retire, play big money chess and fly domestically along with the biking and hiking.

In five years (4.1.20) I could do all of the above plus international bike tours. That's the goal.

My GF and I are aiming to retire at age 45, which will be 2021.  While the details are different, we're in the same position as TheContinentalOp.  We could survive if we both quit today, but we'd need to severely scale back on everything except basic living expenses.  In 2-3 years we could travel, participate in our (not cheap) hobbies, and maintain our charitable contributions at a moderate level.  Hopefully if all goes well, in 2020 we'll be able to do almost everything we enjoy at just below a 4% withdrawal rate. 

I know I'm going to really struggle with OMY syndrome.  We both work in a field in which it's critically important to be very up to date on the current technologies, certifications, and processes.  Once we quit, we won't be able to earn very much in our chosen careers, and we don't have any experience with other kinds of work.  When we're done, we're done, so we will probably have a larger buffer than most here. 

TaxChick

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Re: 2020 FIRE Cohort
« Reply #33 on: June 14, 2015, 05:19:14 PM »
I am in.  Shooting for FI as of December 31, 2020. 

madamwitty

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Re: 2020 FIRE Cohort
« Reply #34 on: June 14, 2015, 06:49:22 PM »
I'm most likely to hit FI in 2020, and happy to join in! I'm dreaming of RE that year as well, but I'm not sure if I'll have the wherewithal to quit my job. My job is pretty awesome, and only half time. We'll see whether it wears on me after 5 more years. I'll be 38, and DH, 37. The kids will be starting grades 6/3/K that year, so it would pretty much be the ideal time to uproot and move to Seattle to be near extended family.

I'm already having a pang of anticipated nostalgia for this, the day I joined the MMM FIRE Cohort of 2020.

MrsStubble

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Re: 2020 FIRE Cohort
« Reply #35 on: June 16, 2015, 03:06:42 PM »
We are targeting 2020 too.  We'll both be 41.   Based on the calculations it should give us enough for 30k a year which is actually way more then we need (like 10k a year more then we need) but gives us a buffer to start our own company and get it on its feet which we are hoping to do.   I cannot wait and am looking for a new job now to try to increase the income and get there faster.  Come on 2020!!!! 

DTaggart

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Re: 2020 FIRE Cohort
« Reply #36 on: June 16, 2015, 05:34:50 PM »
Hello my fellow Mustachians! I'm aiming for sometime in 2020 too. We may get there sooner if hubby achieves some gainful employment and can help contribute to the stache, but even without that we should be able to cover our expenses by 2020. I'll be 42, hubby 52. Our plans are to spend some time fixing up the house, then rent it out for a few years while we do some long distance backpacking and/or get a camper and do some travelling. Ideally, the rental income will offset a significant portion of our day to day expenses while we're vagabonds so the stache will get a few extra years growth. Then we'll be even more solid by the time we settle back down. I'll also have a small government retirement I can start collecting as early as age 50 if we need it (I'll get more the longer I wait).

All assuming I manage to stomach another 4-5 years at my current job :)

jbfishing

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Re: 2020 FIRE Cohort
« Reply #37 on: June 16, 2015, 06:33:19 PM »
I'm shooting for 2020 too, it might be close though and rollover to 2021.  We should be FI in 2020 but the biggest challenge is getting DW on board with ER.  She thinks I'm nuts and we won't really be FI, so that if I RE and she continues working then she is really just supporting me.  I'm not worried, I have 5 years to convince her!

aspiretoretire

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Re: 2020 FIRE Cohort
« Reply #38 on: June 16, 2015, 07:02:27 PM »
2020 probably too early for me, but we'll see depending on variables and the more I learn on MMM, but adding on to follow everyone. good luck!

Chesterfield

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Re: 2020 FIRE Cohort
« Reply #39 on: June 16, 2015, 08:58:19 PM »
I will join here too, although I am lucky and partially Retired as I work only about 10 hours a week. I need to work that much to keep my license. In 4 years I am eligible for a reduced pension of $580 a month from a state I used to live in, and my net worth is approx 320K. My wife is just starting her career ( doctors train forever) so unlikely she wants to ER.

I have put 20 years in my career and supported wife through med school, so she can pay the bills for a while. I am taking 6 weeks off to walk the Camino de Santiago this fall, because I want to start traveling at least 4 weeks a year.

Nancy

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Re: 2020 FIRE Cohort
« Reply #40 on: June 17, 2015, 04:44:45 AM »
Chesterfield, sounds like a great plan! Is your wife a mid-career doctor? I'm always interested in people who go back to school for something completely different later in life. Not trying to pry so feel free to disregard. Arebelspy is also hiking the Camino. Taking  weeks per year to travel sounds excellent!

chubbybunny

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Re: 2020 FIRE Cohort
« Reply #41 on: June 17, 2015, 01:44:04 PM »
Hello all.  My handy dandy spreadsheet has this date for FIRE:  1/6/2020



Elderwood17

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Re: 2020 FIRE Cohort
« Reply #42 on: June 17, 2015, 02:16:04 PM »
Count me in on 2020.  Met with our retirement dude at work and he was running numbers on how much I will have at the end of the road and I interrupted and said the road ends In 2020.  He did the math and told me I wouldn't be able to replace 80% of my income that soon, and after hearing the argument I don't need to replace income I need to match expenses it started to dawn on him.

So barring any horrific market changes or health issues, I look forward to being in the class of 2020!

Chesterfield

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Re: 2020 FIRE Cohort
« Reply #43 on: June 17, 2015, 04:23:48 PM »
Nancy- my wife is an early career doctor but 9 years younger than I am. She did 4 yrs med school, 4 years residency, 1 yr research fellowship, 3 years ID fellowship and this year she has "bridge funding" and is an "acting instructor" with a salary of 79K but she gets matching 7.5% retirement! Next year she will be a real attending. She started her doctor path in her late 20's. It just takes so long!at least only the first 4 years were unpaid.

desk_jockey

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Re: 2020 FIRE Cohort
« Reply #44 on: June 18, 2015, 08:55:47 PM »
Count me for 2020. As long as the market doesn't shit the bed around that time then I should be FI.  It will just be a question of OMY to improve my (S)WR a bit more below 4%.

spud1987

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  • Location: SF Bay Area
Re: 2020 FIRE Cohort
« Reply #45 on: June 19, 2015, 11:39:41 AM »
Just an update: I'm still a member of this club. My layoff fears proved to be unfounded so I'll be gainfully employed for the near future. My wife is also interviewing for a new position that would earn more money.

Our baby and house hunting issues in the Bay Area may complicate our plans (see my journal), but the good news is that we are still on pace to hit our goal (1M in investable assets (including retirement accts), our rental property, and a paid off house)!

I feel like the closer we get to our goal, the more leeway we have with unexpected plans. For example, losing my job in two years would be much less worrisome than now, just like losing my job now is much less worrisome than two years ago.

TheContinentalOp

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  • Location: Suburban Philadelphia
Re: 2020 FIRE Cohort
« Reply #46 on: July 02, 2015, 12:03:07 PM »
1000 work days to FIRE (not accounting for snow days)

Heather in Ottawa

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  • Age: 43
  • Location: ottawa
Re: 2020 FIRE Cohort
« Reply #47 on: July 02, 2015, 12:46:03 PM »
1000 work days, I like the sound of that. :)

We're on track. In 2020 I'll turn 45. My rough FIRE goals... paid-for house and about $700,000 stash, which should cover $30,000/year in luxury living expenses for 20 years until we start collecting our pensions, which will be 'small' due to our short careers, but still about enough to mostly cover our expenses. Currently, the house is paid for, and the stash is just over $150,000, growing by about 80k/year, hopefully better soon once husband gets a steady job (teacher, not much seniority here after moving cities, so he mostly subs). We'd like for him to get 5 years of "grid rate" teaching work (subs get paid the minimum rate) so that he can have a good "best 5", then we'll both be done. Here's hoping he gets something in September.   

We've optimized pretty much everything we'd want to, now we're just accumulating. It's too soon to make any firm predictions or decisions.

tonysemail

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Re: 2020 FIRE Cohort
« Reply #48 on: July 02, 2015, 12:59:58 PM »
I'll be following with great interest.

My original plan was to FIRE by 2020 and I might still stick with that plan.
But I've been toying with the idea of pulling the date forward a few years.
My biggest worry would be covering our large mortgage with rental income... and what happens if the rental market crashes.
So that's my #1 reason to keep plugging away for 5 more years.
I'd also like to stash away more funds for my kids' college tuition and my parents' retirement fund.
that's more of a nice to have though .. I view it as buying family harmony instead of negotiating less expensive schooling or living expense.


FIRE Artist

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  • Location: YEG
Re: 2020 FIRE Cohort
« Reply #49 on: July 02, 2015, 02:04:00 PM »
I just ran some rough numbers and it looks like I will be FIREable from the end of 2020 onward so I am jumping on this bandwagon.

I will still have 12 years left on my mortgage at that time, I haven't decided if I will continue to work another year to pound down the mortgage, or move to a lower cost area.  I am calculating my withdrawal rate to include my mortgage with the intention that once I am mortgage free, the extra cash becomes my travel/fun money.  I don't have any particular plans to travel right now, as I have done what most would consider a lifetime of travel since 1998 through working overseas up until two years ago. 

This is getting exciting.