Author Topic: 2021 FIRE Cohort  (Read 134362 times)

icebox92

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Re: 2021 FIRE Cohort
« Reply #350 on: January 15, 2020, 05:34:59 PM »
I've held off putting a date out there in you know, the public sphere...  What if I change my mind, everyone will crucify me!  Obviously not a real concern.  Right now we've hit FI, but DH can't get his head around the idea of actually walking away, and he has one more promotion he wants to achieve which will most likely come this year.  Me?  Well I'm currently pregnant with our 2nd child and have way too much loyalty to the company we work for (both DH and I work for the same company).  I'm thinking I will use the birth of my child as an excuse to actually leave.  Go on maternity leave, have baby, come back for a few months to collect 401K, and bonus distributions, and then leave on good terms... (I really just need to stay home with my children right now).  I don't think DH will join me, but maybe?  If not, he better not be more than a year after me ;)  So all that to say, put me down for 4/30/21!

Whew...  I'm both nervous, scared, and super excited to finally say that "outloud"!

4/30/21 it is!  And if you don't make the date, so what?  The Retirement Police flee in terror from the 2021 cohort.  Because of The Rules.

The Rules:
1.  The first rule of 2021 cohort is, we don't talk about 2021 cohort. 
2. The second rule of 2021 cohort is WE DON'T TALK ABOUT 2021 COHORT!
3.  The third rule of 2021 cohort is that Retirement Police are subjected to scorn, ridicule, derision, jokes, rains of newts, bullying, wedgies, and revenge haiku.  If all else fails, they are cursed with (gasp!) a plague of cute Shiba Inu puppies. Yes we might be the best cohort, but we are exceptionally cruel. It's all part of The Rules ya know.
4. And the fourth rule is that if you're a member of the 2021 retirement cohort, you have to retire. Eventually. On your terms and timeline. When you feel like it. Maybe.

Welcome aboard!  Congrats on the baby.  Just think, you'll be able to tell your baby all sorts of almost true and only slightly exaggerated tales of the adventures of the 2021 cohort.

HAHAHA!  Thanks Buffalo Chip, I appreciate the humor and support.  Feeling better already, and who knew I was unintentionally picking the best FIRE Cohort out there?!  I guess I should also add my age (I'm reading through all the previous posts of the cohort so I somewhat know who the hell we are).  I'll be 36 at the time of FIRE. 

ScreamingHeadGuy

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Re: 2021 FIRE Cohort
« Reply #351 on: January 17, 2020, 07:30:30 PM »
The roster is updated for everybody through post #352

So far we have 38 folks here who will be FIRE in 2021 and 2 will OLY into 2020. 
Average age of 2021ers is 46.11 (in 2021 at FIRE date).  2020 average age is 48.32 (so far).  2019 average age was 47.38.

NameAge (at FIRE)FIRE Date
CrazyIT563/6/2020 OLY
Marcher Lady494/14/2020 OLY
Matz_70501/1/2021
123211/23/2021
ScreamingHeadGuy41January
Buffalo Chip562/28/2021
dreams_and_discoveries39February
Chaplin473/23/2021
TheContinentalOPMarch
Mmm_Donuts4/1/2021
Tipster350604/30/2021
icebox92364/30/21
ItalianGirl5/1/2021
WildJager35May
Peter Parker6/1/2021
FIREArtist476/1/2021
Sisto526/7/2021
YoungGranny316/30/2021
HumanAfterAll44June
lightmyfireJune-Sept
Ladychips557/1/2021
Nazar7/1/2021
CarolinaGirl50July
Arbitrage438/1/2021
WadimanAugust
MichGenesis469/30/19
GBRS36September
the_fixer4910/1/2021
damoOctober
Boyband37October
Money Badger5312/1/2021
Accountant0074812/23/2021
Bownyboy2912/25/2021
Ulysses Everett McGill5512/31/2021
dblaace60 12/31/2021
Frizzywhiskers5012/31/2021
effigy9842December
SaddyG54TBD
frugaleconTBD
AldiEarly 50sTBD
« Last Edit: January 17, 2020, 07:37:34 PM by ScreamingHeadGuy »

HumanAfterAll

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Re: 2021 FIRE Cohort
« Reply #352 on: January 18, 2020, 04:48:42 PM »
Happy New Year, Cohort! 

2019 was very good for us financially.  My wife worked a full time job plus a couple of contracts, which allowed us to push our savings rate up to 59% of net income, a record for us.  Our spending has been stable for the last 3 years, and the market returned even more than we contributed in savings.  We're at 74% FI, with 18.5 years expenses saved vs. our target of 25.  Feels close, but still far away!

I've been hesitant to invest new money into stocks at these prices for a year now.  I've allowed our cash (vmfxx) to grow to 5% of our portfolio (~1 year's expenses right now).  We are still 75% in stocks, so we're not missing out on market gains, just waiting for better buying opportunities.  The gold I bought last year gave a healthy return, but it's still high, so I'm not buying more gold either.  And the combination of high stocks and high gold is a pretty strong end-of-cycle signal for me. 

I haven't figured out how large I'll let our cash allocation grow before I bite the bullet and buy stocks at record prices.  If it gets to 2.5X our annual expenses, I'll be able to pay off our mortgage, which would reduce our income needs quite a bit, to help with taxes and maybe health care subsidies in retirement.

Work got much better for me last year, with a transfer to a very interesting project that is in a fun phase right now (we're not late or in deep technical trouble yet).  I left a program with a toxic leadership team last year, and while I feel fully recovered, I have some dread that in another year or two, my current program will turn into the same mess.  It helps to have some light at the end of the tunnel in case it goes badly.  On the other hand, if things go well, it will be hard to leave next year.  We will be in the thick of some historic developments, and if it's still fun, I'll probably stick around for OMY.

My wife didn't renew her additional contract gigs this year, so she is already enjoying a return to a normal workload.  She cancelled a big hiking trip last year because she didn't have time and mental energy to plan it, which was a first for us and very disappointing - not the lifestyle we want to have.  She's not too keen on retiring next year, so we have some conversations ahead of us about what it would look like if I stopped working before her.

We finished a satisfying house project, adding an office in our garage (my wife works from home full time and the kitchen table wasn't cutting it).  I learned a few more DIY skills without it taking so long I hated it.  I look forward to building more skills and tackling bigger projects in retirement!

Our fitness efforts last year fell apart, so we decided to buy a Peloton.  My wife had wanted one for a while, and some friends sold us on it.  I've been listening to a lot of podcasts on health and healthspan, and as a 42 year old with a 4 year old daughter, I want to be as physically and mentally healthy as possible for as long as I can.  We decided health is an area worth spending more than the minimum.  Pro tip: search classifieds for misspellings, I found a "peleton" for half price :)  It's been great, we totally love it and we even have to negotiate who rides it first 3 days a week.  We're also expanding the workout space for dumbbell and body-weight exercises.

I feel very lucky to be in this position, with so many options and choices ahead of us!

« Last Edit: January 18, 2020, 04:58:36 PM by HumanAfterAll »

Mmm_Donuts

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Re: 2021 FIRE Cohort
« Reply #353 on: January 20, 2020, 07:42:54 AM »
This last year is going to be an interesting one. I'm kind of in shock with how fast things are speeding up.

So far YTD the market increase + dividends on my registered accounts = 2.8x my take home pay over the same time period. And my registered accounts are just about 30% of our LNW.

And this same increase is about 5x my monthly spending. This is nuts.

So - either we reach our FI number way early! Or it'll be a roller coaster ride of a year. At last tally we were about 80% to our number. I'm hoping to be at 90% by the end of the year (with the last 10% coming from a house downsize) but maybe we'll make it to 100% by market gains alone?

It's leading me to all sorts of thoughts of OLY as I'm not really liking my job these days. But this can't last so quitting now would be unwise.

ETA: Conclusion: it's time to stop worrying about work. I can quit now and it will be Ok. I can go part time, and it'll be Ok. I can completely slack off, and it will be ok. There is literally no reason to worry or get stressed anymore. I have to let that news sink in.
« Last Edit: January 20, 2020, 08:00:04 AM by Mmm_Donuts »

bluebelle

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Re: 2021 FIRE Cohort
« Reply #354 on: January 20, 2020, 08:58:25 AM »
I need to commit to a date.....April 30 2021!  (unless I change my mind for the 1,000th time and decide to go part time then)

I had planned 2020 to be my exit year - DH's last day in the office will be June 30ish 2020, but on the payroll until mid Sept (he has alot of vacation carry over).   I had planned to have a similar end date, but OMY has gotten to me.   We are moving the summer of 2020, and the unknowns have me a little freaked out.....I live in a hot housing market, but am unsure how much I'll get for our current house, I have a ballpark, but fingers crossed that I'll get more, but there's always a chance I'll get less.   Also, we're having the new place built, and it has cost more than I planned (but I can afford what we're spending, it's just alot of $$$) and I'd like at least six months of living expenses in the new place under my belt before I pull the plug.   And the 2019 bonus was good, with a very nice raise and a long term incentive stock award.....which has me leaning toward April 2021 to get a well deserved bonus and another year stock award.....working on the assumption that my job will continue as it is.   I like what I do, who I work with and for - if that changes, I'll reevaluate and exit earlier.

Mmm_Donuts

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Re: 2021 FIRE Cohort
« Reply #355 on: January 20, 2020, 09:57:05 AM »
Hi @bluebelle - Im in Toronto too! Sounds like we have similar plans in terms of downsizing. Its crazy whats happened to housing here. Good luck with your plans!! :fist bump:

bluebelle

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Re: 2021 FIRE Cohort
« Reply #356 on: January 20, 2020, 10:09:13 AM »
Hi @bluebelle - Im in Toronto too! Sounds like we have similar plans in terms of downsizing. Its crazy whats happened to housing here. Good luck with your plans!! :fist bump:
thanks @Mmm_Donuts ......2020 is going to be an exciting and terrifying year (2019 was).   Is your plan to move out of Toronto in 2020 as well?

There a many parts of 2020 I am not looking forward to.....we've been in the current house for 21 years, we're both pack rats (he thinks all his stuff is gold, I know alot of mine needs to go, his too, but that will be a struggle, he macguyvers one thing and it is justification to keep all 'stuff').   I hate moving and this is a big move, 250km north, with alot more stuff than I've ever had.   The new house is bigger, so it will need more furniture, not less.

AO1FireTo

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Re: 2021 FIRE Cohort
« Reply #357 on: January 20, 2020, 10:17:17 AM »
Hi @bluebelle - Im in Toronto too! Sounds like we have similar plans in terms of downsizing. Its crazy whats happened to housing here. Good luck with your plans!! :fist bump:
thanks @Mmm_Donuts ......2020 is going to be an exciting and terrifying year (2019 was).   Is your plan to move out of Toronto in 2020 as well?

There a many parts of 2020 I am not looking forward to.....we've been in the current house for 21 years, we're both pack rats (he thinks all his stuff is gold, I know alot of mine needs to go, his too, but that will be a struggle, he macguyvers one thing and it is justification to keep all 'stuff').   I hate moving and this is a big move, 250km north, with alot more stuff than I've ever had.   The new house is bigger, so it will need more furniture, not less.

I'm in Toronto too, cashing the house in would put me firmly in FI..  Although DW is not onboard yet...  I don't think she's up for a smaller community with a LCOL... oh well... 

Mmm_Donuts

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Re: 2021 FIRE Cohort
« Reply #358 on: January 20, 2020, 12:53:56 PM »
thanks @Mmm_Donuts ......2020 is going to be an exciting and terrifying year (2019 was).   Is your plan to move out of Toronto in 2020 as well?

There a many parts of 2020 I am not looking forward to.....we've been in the current house for 21 years, we're both pack rats (he thinks all his stuff is gold, I know alot of mine needs to go, his too, but that will be a struggle, he macguyvers one thing and it is justification to keep all 'stuff').   I hate moving and this is a big move, 250km north, with alot more stuff than I've ever had.   The new house is bigger, so it will need more furniture, not less.

We're planning a move to a different province after we FIRE. It's a huge move for us and we'll be doing a trial run in our new location, renting out there while we still own our house here, just to make sure the LCOL / more rural area is the right fit. It may all happen in 2021 or possibly the following year.

@princeradar we are in a similar position. I have been ready for this move for a while now but my SO is not as eager to do this move. This is where the trial period is key. We need the actual experiential data to figure it out. Will we really be happy there? Or am I just fantasizing about what it's like to live a quieter life? There are parts of TO I really like. We live in a great area that I DO really like. So - it is an experiment. If it were only about the money it would be a no brainer to move somewhere cheaper and retire, but there are a lot of factors, there's a lot of tradeoffs.

bluebelle

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Re: 2021 FIRE Cohort
« Reply #359 on: January 20, 2020, 01:32:48 PM »
thanks @Mmm_Donuts ......2020 is going to be an exciting and terrifying year (2019 was).   Is your plan to move out of Toronto in 2020 as well?

There a many parts of 2020 I am not looking forward to.....we've been in the current house for 21 years, we're both pack rats (he thinks all his stuff is gold, I know alot of mine needs to go, his too, but that will be a struggle, he macguyvers one thing and it is justification to keep all 'stuff').   I hate moving and this is a big move, 250km north, with alot more stuff than I've ever had.   The new house is bigger, so it will need more furniture, not less.

We're planning a move to a different province after we FIRE. It's a huge move for us and we'll be doing a trial run in our new location, renting out there while we still own our house here, just to make sure the LCOL / more rural area is the right fit. It may all happen in 2021 or possibly the following year.

@princeradar we are in a similar position. I have been ready for this move for a while now but my SO is not as eager to do this move. This is where the trial period is key. We need the actual experiential data to figure it out. Will we really be happy there? Or am I just fantasizing about what it's like to live a quieter life? There are parts of TO I really like. We live in a great area that I DO really like. So - it is an experiment. If it were only about the money it would be a no brainer to move somewhere cheaper and retire, but there are a lot of factors, there's a lot of tradeoffs.
other than the easy access to ethnic ingredients and food, there is little about Toronto I like, but the shitty traffic may be wiping out any good in the city.    Too many Toronto drivers are jerks.   I watched someone cut off a snowplow Saturday night just to turn into an apartment building driveway, instead of tucking in behind the plow.   There was karma justice though, I watched them spin their tires trying to get in the driveway.

Mmm_Donuts

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Re: 2021 FIRE Cohort
« Reply #360 on: January 20, 2020, 01:47:07 PM »
True. And this reminds me of the #1 reason I am eager to get out of Toronto: there is an unhealthy workaholism and type A competitive pressure here that I can't wait to leave behind. Probably related to the "me first" way that people drive. I value work but I am looking forward to the day that it's not my main priority in life. (ETA - sorry if this is a thread hijack - I may need to start a journal for this last year before FIRE - it's an interesting time and there's a lot of inner "stuff" to work through)

ScreamingHeadGuy

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Re: 2021 FIRE Cohort
« Reply #361 on: January 20, 2020, 03:14:25 PM »
It had been hinted at by my boss for a while, and my office landlord knew before I did, but it is now official - My office lease is being canceled and I will be a full-time working from home employee starting in February.  This should fit nicely with my wifes new part time job (someone will be home all week long to do meal prep, I can do drop-off and pick-up of our young daughter on days she works, etc.). 

This will be quite a change.  I think I will miss the bike commute during summer.  But I will not miss the commute in general. 

frugalecon

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Re: 2021 FIRE Cohort
« Reply #362 on: January 21, 2020, 07:19:58 PM »
I now have this cohort as my aspirational goal. Lets say September 30, 2021. Some things will need to break right, but Im hoping I can get it done by then.

ALDI

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Re: 2021 FIRE Cohort
« Reply #363 on: January 23, 2020, 12:37:07 PM »
Hi all!

Checking in to announce that today I was forced to OLY to 2020!

Been on a business trip to the HQ for two days. My annual review meeting this morning 0900am. Boss comes with HR, both with grave faces. They fired me and now I am FIRE'd one year earlier than planned. My emotional situation right now: I am 3/4 incredibly happy and relieved and so thankful for discovering MMM in 2013 to make this possible. The remaining 1/4 is negative emotions like anxiety that this chapter in my book of life is finally and definitely closing and uncertainty what is left from my personality after driving on the speed lane for 25 years in my business life.

The last year was really different, I started to refuse to internalize all the BS that I received from both the team members reporting to me and my boss. I think I subconsciously pushed the FIRE button. I still like my trade though, maybe I will do some part time or some consulting gigs.

If everything goes well I will receive a total severance package of 2 annual salaries. I am now wondering if this amount of cash together with my current 12.5% cash allocation is is a big enough "tent" to be prepared for adverse markets. In other words is the 75 to 90 % rising Equity Glidepath safe enough for me?

Final day in the office: Jan 30 2020

I cannot get my head around it...incredible

HumanAfterAll

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Re: 2021 FIRE Cohort
« Reply #364 on: January 23, 2020, 01:12:50 PM »
Congratulations ALDI!

It certainly sounds shocking, but in the end they may have accelerated you to where you wanted to be, a year ahead of time. Good luck with the severance, and with mentally processing this abrupt change!

tipster350

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Re: 2021 FIRE Cohort
« Reply #365 on: January 23, 2020, 02:28:39 PM »
Hi all!

Checking in to announce that today I was forced to OLY to 2020!

Been on a business trip to the HQ for two days. My annual review meeting this morning 0900am. Boss comes with HR, both with grave faces. They fired me and now I am FIRE'd one year earlier than planned. My emotional situation right now: I am 3/4 incredibly happy and relieved and so thankful for discovering MMM in 2013 to make this possible. The remaining 1/4 is negative emotions like anxiety that this chapter in my book of life is finally and definitely closing and uncertainty what is left from my personality after driving on the speed lane for 25 years in my business life.

The last year was really different, I started to refuse to internalize all the BS that I received from both the team members reporting to me and my boss. I think I subconsciously pushed the FIRE button. I still like my trade though, maybe I will do some part time or some consulting gigs.

If everything goes well I will receive a total severance package of 2 annual salaries. I am now wondering if this amount of cash together with my current 12.5% cash allocation is is a big enough "tent" to be prepared for adverse markets. In other words is the 75 to 90 % rising Equity Glidepath safe enough for me?

Final day in the office: Jan 30 2020

I cannot get my head around it...incredible

Congratulations, Aldi! If my employer ever threw 2 years worth of salary at me (never going to happen) I'd run for the exit!

ScreamingHeadGuy

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Re: 2021 FIRE Cohort
« Reply #366 on: January 23, 2020, 04:45:32 PM »
Hi all!

Checking in to announce that today I was forced to OLY to 2020!

Been on a business trip to the HQ for two days. My annual review meeting this morning 0900am. Boss comes with HR, both with grave faces. They fired me and now I am FIRE'd one year earlier than planned. My emotional situation right now: I am 3/4 incredibly happy and relieved and so thankful for discovering MMM in 2013 to make this possible. The remaining 1/4 is negative emotions like anxiety that this chapter in my book of life is finally and definitely closing and uncertainty what is left from my personality after driving on the speed lane for 25 years in my business life.

The last year was really different, I started to refuse to internalize all the BS that I received from both the team members reporting to me and my boss. I think I subconsciously pushed the FIRE button. I still like my trade though, maybe I will do some part time or some consulting gigs.

If everything goes well I will receive a total severance package of 2 annual salaries. I am now wondering if this amount of cash together with my current 12.5% cash allocation is is a big enough "tent" to be prepared for adverse markets. In other words is the 75 to 90 % rising Equity Glidepath safe enough for me?

Final day in the office: Jan 30 2020

I cannot get my head around it...incredible

Holy crap!  You sure put yourself into a good position and look how life just seems to play into your hands. 

I would certainly think you can start drawing down your cash position to mitigate sequence return risk. 

moneypitfeeder

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Re: 2021 FIRE Cohort
« Reply #367 on: January 24, 2020, 05:33:41 PM »
The roster is updated for everybody through post #352

So far we have 38 folks here who will be FIRE in 2021 and 2 will OLY into 2020. 
Average age of 2021ers is 46.11 (in 2021 at FIRE date).  2020 average age is 48.32 (so far).  2019 average age was 47.38.


You can add me to the list, age 41 (at FI 42), FI date 1/15/2021!!

ScreamingHeadGuy

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Re: 2021 FIRE Cohort
« Reply #368 on: January 24, 2020, 08:42:23 PM »
The roster is updated for everybody through post #394

So far we have 37 folks here who will be FIRE in 2021 and 4 will OLY into 2020. 
Average age of 2021ers is 46.11 (in 2021 at FIRE date).  2020 average age is 48.32 (so far).  2019 average age was 47.38.

NameAge (at FIRE)FIRE Date
AldiEarly 50s1/23/2020 OLY
CrazyIT563/6/2020 OLY
Mmm_Donuts3/20/2020 OLY
Marcher Lady494/14/2020 OLY
     
Matz_70501/1/2021
moneypitfeeder421/15/2021
123211/23/2021
ScreamingHeadGuy41January
Buffalo Chip562/28/2021
dreams_and_discoveries39February
TheContinentalOP55 3/19/2021
Chaplin473/23/2021
Tipster350604/30/2021
icebox92364/30/2021
Peter Parker4/30/2021
zinnie38April
ItalianGirl 5/1/2021
WildJager35May
80Westy50May
FIREArtist476/1/2021
Sisto526/7/2021
YoungGranny316/30/2021
HumanAfterAll44June
lightmyfireJune-Sept
Ladychips557/1/2021
Nazar7/1/2021
CarolinaGirl50July
Arbitrage438/1/2021
WadimanAugust
MichGenesis469/30/2021
frugalecon9/30/2021
GBRS36September
the_fixer4910/1/2021
damoOctober
Boyband37October
Money Badger5312/1/2021
Accountant0074812/23/2021
Bownyboy2912/25/2021
Ulysses Everett McGill5512/31/2021
dblaace60 12/31/2021
Frizzywhiskers5012/31/2021
effigy9842December
SaddyG54TBD
monarda61TBD
American GenXTBD
« Last Edit: February 14, 2020, 07:39:03 PM by ScreamingHeadGuy »

TheContinentalOp

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Re: 2021 FIRE Cohort
« Reply #369 on: January 31, 2020, 07:14:26 AM »
250 Work Days To Go!

ScreamingHeadGuy

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Re: 2021 FIRE Cohort
« Reply #370 on: February 02, 2020, 07:17:10 PM »
Finances:
December 2018 - 79.7%
January 2019 - 85.9%
February 2019 - 90.6%
March 2019 - 92.1%
April 2019 - 95.2%
May 2019 - 91.6%
June 2019 - 97.7%
July 2019 - 99.6%
August 2019 - 99.0%
September 2019 - 100.5% (28.1 x expenses)
October 2019 - 102.4% (28.7 x expenses)
November 2019 - 105.0% (29.4 x expenses)
December 2019 - 107.3% (30.0 x expenses)
January 2020 - 109.3% (30.6 x expenses)

Financial results are mainly driven by lump-sum contributions to my/wife's IRA accounts.  401(k) contributions are up and running again for the new year (should max out in September).  Some bond funds zigged while the equity funds zagged. 

We still owe $1700 on our mortgage.  I could just kill that with cash, but somehow cannot pull the trigger on it.  (And, yes, that money is just going to sit in cash and not be invested in the meantime; one year out from FIRE I want to add some cash cushion.  So I'm being sub-optimal by NOT paying off my mortgage in this case.  Oh well - it's okay to be sub-optimal as long as you're aware of it and okay with it.) 

Life:
Starting on 1/29 I started my work-from-home status.  Based on my <1 week data-set I'd say this change will take some getting used to.  I am DOING work, but I don't feel like I'm AT work.  I guess this could be a good ease-into-FIRE state of employment - more to come.

Had my first father-daughter dance for my girl (now 6 years old), hosted by the Girlscouts.  It was fun to get dressed up and go on a "date" with the kid.  I now know what it is like to be surrounded by dozens of girls shouting out "Let it go!  Let it go!" and running around - this is a thing every man should experience once in his life. 

Wife's PT job started two weeks ago.  She enjoys it enough so far - a change of pace for her to get out and be "productive" (because  a stay-at-home parent doesn't count towards GDP, no matter how much real work they do).  We used grandparent help with drop-off/pick-up from school while I was still working at the office, but I was able to do it this past week - just another example of how blessings just seem to be falling into our lap. 

I haven't been reading as much as I'd like to lately, but there is only so much time in a day and I've made the decision to do other things with my evenings.  I'm sure there will come a time when I re-prioritize my time again and lament something else then. 

Peter Parker

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Re: 2021 FIRE Cohort
« Reply #371 on: February 03, 2020, 06:33:42 PM »
Good news.  After taking a look at finances, I'm moving my retirement date up from 7/12/2021 to 6/1/2021.  I'm hoping upon further refinement I can move this up further, but for now this is my new dated :-)

More good news...I'm moving up my retirement date again...On April 30, 2021 at 5:00 pm, I will be retired.  I'm unlikely to move the date up further, and there is a small chance I could move it back to the 6/1/2021, but for now 4/30/2021 at 5:00 pm is it!

Some might be interested in how I'm moving my date UP...I have basically been FI for awhile now, but I really have enjoyed my job.  For a number of reasons, I had set 7/12/2021 as my retirement goal.  But since I've been FI, I have been exhibiting a WTF attitude at work--giving my un-asked for opinion, sticking my nose where I didn't dare before, and more or less acting more like myself at work.  This has resulted in a PROMOTION and TWO RAISES. Normally, I would have declined the promotion because I wouldn't want the hassle.  But I figured WTF, I'll take the promotion, supervise people they way I wanted to be supervised (i.e. with respect and dignity), and generally not give a crap about the ramifications.

I'm getting nothing but accolades--go figure.  However the Bullcrap at the level I'm at now is palpable.  I'm gong to try and put in place some positive changes for the little guys and then get the F out...

Roots&Wings

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Re: 2021 FIRE Cohort
« Reply #372 on: February 04, 2020, 06:40:29 AM »
But since I've been FI, I have been exhibiting a WTF attitude at work--giving my un-asked for opinion, sticking my nose where I didn't dare before, and more or less acting more like myself at work.  This has resulted in a PROMOTION and TWO RAISES.

Nice! The "Office Space" effect :)

FIRE Artist

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Re: 2021 FIRE Cohort
« Reply #373 on: February 05, 2020, 06:40:46 PM »
Today I sit at:

98% funded to lifestyle target
37 xs basic expenses including mortgage
64 xs basic expenses excluding mortgage

My game plan now is that anything above 100% of lifestyle target will be earmarked to be dumped (as much as is allowed) into the mortgage until my current contract runs out end of Q1 2021.  If things carry on as they have been, I should be able to pay off the note when my mortgage comes up for renewal next year.  Dovetails nicely with my planned FIRE date. 

Being mortgage free removes most sequence of returns risk for me, if TSHTF, I could pay my basic expenses with dividends only.

AO1FireTo

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Re: 2021 FIRE Cohort
« Reply #374 on: February 05, 2020, 07:37:05 PM »
Today I sit at:

98% funded to lifestyle target
37 xs basic expenses including mortgage
64 xs basic expenses excluding mortgage

My game plan now is that anything above 100% of lifestyle target will be earmarked to be dumped (as much as is allowed) into the mortgage until my current contract runs out end of Q1 2021.  If things carry on as they have been, I should be able to pay off the note when my mortgage comes up for renewal next year.  Dovetails nicely with my planned FIRE date. 

Being mortgage free removes most sequence of returns risk for me, if TSHTF, I could pay my basic expenses with dividends only.

Wow seems like you are in awesome shape.  Imagine being mortgage free and having 64 x's basic expenses.  You should be able to sleep pretty well.  Congrats.

FIRE Artist

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Re: 2021 FIRE Cohort
« Reply #375 on: February 05, 2020, 07:58:13 PM »
Today I sit at:

98% funded to lifestyle target
37 xs basic expenses including mortgage
64 xs basic expenses excluding mortgage

My game plan now is that anything above 100% of lifestyle target will be earmarked to be dumped (as much as is allowed) into the mortgage until my current contract runs out end of Q1 2021.  If things carry on as they have been, I should be able to pay off the note when my mortgage comes up for renewal next year.  Dovetails nicely with my planned FIRE date. 

Being mortgage free removes most sequence of returns risk for me, if TSHTF, I could pay my basic expenses with dividends only.

Wow seems like you are in awesome shape.  Imagine being mortgage free and having 64 x's basic expenses.  You should be able to sleep pretty well.  Congrats.

Thanks,  the voice of my inner bag lady is down to a whisper this week.  Even just 3 months ago I was having doubts, I was at 93% funded and she was still shouting at me about that damn mortgage.  What a difference three months can make when the markets are hot. 

Buffaloski Boris

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Re: 2021 FIRE Cohort
« Reply #376 on: February 05, 2020, 08:58:55 PM »
Today I sit at:

98% funded to lifestyle target
37 xs basic expenses including mortgage
64 xs basic expenses excluding mortgage

My game plan now is that anything above 100% of lifestyle target will be earmarked to be dumped (as much as is allowed) into the mortgage until my current contract runs out end of Q1 2021.  If things carry on as they have been, I should be able to pay off the note when my mortgage comes up for renewal next year.  Dovetails nicely with my planned FIRE date. 

Being mortgage free removes most sequence of returns risk for me, if TSHTF, I could pay my basic expenses with dividends only.

Nice. So you think youre going to bail with the rest of us then?

FIRE Artist

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Re: 2021 FIRE Cohort
« Reply #377 on: February 05, 2020, 09:17:18 PM »
Today I sit at:

98% funded to lifestyle target
37 xs basic expenses including mortgage
64 xs basic expenses excluding mortgage

My game plan now is that anything above 100% of lifestyle target will be earmarked to be dumped (as much as is allowed) into the mortgage until my current contract runs out end of Q1 2021.  If things carry on as they have been, I should be able to pay off the note when my mortgage comes up for renewal next year.  Dovetails nicely with my planned FIRE date. 

Being mortgage free removes most sequence of returns risk for me, if TSHTF, I could pay my basic expenses with dividends only.

Nice. So you think youre going to bail with the rest of us then?

Yup, I will be out of a job next year anyway because I am in a temporary position and the local economic climate is not favourable towards an extension. Having the decision made for me helps. 

TheContinentalOp

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Re: 2021 FIRE Cohort
« Reply #378 on: February 06, 2020, 06:33:43 PM »
Put me down for age 55 on FIRE date 3/19/21

While I funded my Roth IRA and am maxing out my 401-k, I am no longer putting any taxable money into the market. Instead I am working on accumulating 2 years of expenses in cash equivalents. I also turned off auto-reinvest in my taxable accounts.  First steps I have taken toward moving into FIRE mode.

Buffaloski Boris

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Re: 2021 FIRE Cohort
« Reply #379 on: February 07, 2020, 04:30:02 AM »
Today I sit at:

98% funded to lifestyle target
37 xs basic expenses including mortgage
64 xs basic expenses excluding mortgage

My game plan now is that anything above 100% of lifestyle target will be earmarked to be dumped (as much as is allowed) into the mortgage until my current contract runs out end of Q1 2021.  If things carry on as they have been, I should be able to pay off the note when my mortgage comes up for renewal next year.  Dovetails nicely with my planned FIRE date. 

Being mortgage free removes most sequence of returns risk for me, if TSHTF, I could pay my basic expenses with dividends only.

Nice. So you think youre going to bail with the rest of us then?

Yup, I will be out of a job next year anyway because I am in a temporary position and the local economic climate is not favourable towards an extension. Having the decision made for me helps.

Sounds like the legend of Cortez' ships. That's cool and I'm glad for ya.  Be careful, though.  The more you get into this stuff, the more attractive OLY starts to look.   

FIRE Artist

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Re: 2021 FIRE Cohort
« Reply #380 on: February 07, 2020, 05:25:35 AM »
Today I sit at:

98% funded to lifestyle target
37 xs basic expenses including mortgage
64 xs basic expenses excluding mortgage

My game plan now is that anything above 100% of lifestyle target will be earmarked to be dumped (as much as is allowed) into the mortgage until my current contract runs out end of Q1 2021.  If things carry on as they have been, I should be able to pay off the note when my mortgage comes up for renewal next year.  Dovetails nicely with my planned FIRE date. 

Being mortgage free removes most sequence of returns risk for me, if TSHTF, I could pay my basic expenses with dividends only.

Nice. So you think youre going to bail with the rest of us then?

Yup, I will be out of a job next year anyway because I am in a temporary position and the local economic climate is not favourable towards an extension. Having the decision made for me helps.

Sounds like the legend of Cortez' ships. That's cool and I'm glad for ya.  Be careful, though.  The more you get into this stuff, the more attractive OLY starts to look.   

Nah, I already OMYd it into this cohort when I took this job. I actually like my job so dont feel the need to quit before the end.

zinnie

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Re: 2021 FIRE Cohort
« Reply #381 on: February 07, 2020, 05:51:11 AM »
Hi all--can I join? I was in 2019 a while back but ended up taking a year off work, moving to the opposite coast, and re-evaluating my number. Turns out I am now 14 months away--April 2021! My plan when I first joined MMM was to retire by 40 and now my goal hits before my 38th birthday.

We were just looking at our history last night and ironically, the year our largest income was missing from the equation was the year our NW grew the most. Go snowball effect!

tipster350

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Re: 2021 FIRE Cohort
« Reply #382 on: February 07, 2020, 07:08:02 AM »
Welcome, zinnie! 2021 will be a good year.

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Re: 2021 FIRE Cohort
« Reply #383 on: February 07, 2020, 11:54:01 PM »
Put me down for age 55 on FIRE date 3/19/21

While I funded my Roth IRA and am maxing out my 401-k, I am no longer putting any taxable money into the market. Instead I am working on accumulating 2 years of expenses in cash equivalents. I also turned off auto-reinvest in my taxable accounts.  First steps I have taken toward moving into FIRE mode.
hey I'm in 2020 cohort but just browsing this thread and the above is pretty much my strategy too. Turning off the auto-reinvest has been huge to give me confidence that I really will be getting regular income even when I quit my job. Good luck to you!

Buffaloski Boris

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Re: 2021 FIRE Cohort
« Reply #384 on: February 08, 2020, 11:53:10 AM »
Hi all--can I join? I was in 2019 a while back but ended up taking a year off work, moving to the opposite coast, and re-evaluating my number. Turns out I am now 14 months away--April 2021! My plan when I first joined MMM was to retire by 40 and now my goal hits before my 38th birthday.

We were just looking at our history last night and ironically, the year our largest income was missing from the equation was the year our NW grew the most. Go snowball effect!

Sure you can join up. Welcome! And as Russian Bot, I toast you with vodka*!

Here are the rules, just so you know:

The Rules:
1.  The first rule of 2021 cohort is, we don't talk about 2021 cohort. 
2. The second rule of 2021 cohort is WE DON'T TALK ABOUT 2021 COHORT!
3.  The third rule of 2021 cohort is that Retirement Police are subjected to scorn, ridicule, derision, jokes, rains of newts, bullying, wedgies, and revenge haiku.  If all else fails, they are cursed with (gasp!) a plague of cute Shiba Inu puppies. Yes we might be the best cohort, but we are exceptionally cruel. It's all part of The Rules ya know.
4. And the fourth rule is that if you're a member of the 2021 retirement cohort, you have to retire. Eventually. On your terms and timeline. When you feel like it. Maybe.

*(Never trust a Russian bot. They lie. Except when they dont)

monarda

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Re: 2021 FIRE Cohort
« Reply #385 on: February 08, 2020, 06:46:21 PM »
I've been wavering between 2021 and 2022, but I've just reached my minimum FI number. (YAY) So now it's a matter of when I FEEL LIKE retiring, as I'm able to anytime. 2022 would be best from a health insurance perspective, but I could afford it in 2021 if I wanted. I'd not be retiring FROM my job,  but I haven't laid out plans for what I'd be retiring TO. If I can figure that out this year, I'm in the 2021 cohort!

Buffaloski Boris

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Re: 2021 FIRE Cohort
« Reply #386 on: February 08, 2020, 07:02:10 PM »
I've been wavering between 2021 and 2022, but I've just reached my minimum FI number. (YAY) So now it's a matter of when I FEEL LIKE retiring, as I'm able to anytime. 2022 would be best from a health insurance perspective, but I could afford it in 2021 if I wanted. I'd not be retiring FROM my job,  but I haven't laid out plans for what I'd be retiring TO. If I can figure that out this year, I'm in the 2021 cohort!

Awesome! Welcome to the quiet cohort. Were quiet because we re the best 😁

American GenX

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Re: 2021 FIRE Cohort
« Reply #387 on: February 08, 2020, 09:06:13 PM »

I thought I was going to be a 2020 cohort, but with the ACA uncertainty and elections later this year, I'll likely be holding off until 2021.

Buffaloski Boris

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Re: 2021 FIRE Cohort
« Reply #388 on: February 09, 2020, 05:57:59 AM »

I thought I was going to be a 2020 cohort, but with the ACA uncertainty and elections later this year, I'll likely be holding off until 2021.

Welcome!  Were glad youre here even if you decide to leave early.

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Re: 2021 FIRE Cohort
« Reply #389 on: February 09, 2020, 08:10:19 PM »
I'd like to join your group!  I don't think I'm really financially ready to pull the plug, but I turn 50 in May 2021 and so want to be done while in my 40s. I know this is not a great reason or plan, but it's the truth. Been off the forums for some years now. Good luck to all of you.

Buffaloski Boris

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Re: 2021 FIRE Cohort
« Reply #390 on: February 10, 2020, 03:52:59 AM »
I'd like to join your group!  I don't think I'm really financially ready to pull the plug, but I turn 50 in May 2021 and so want to be done while in my 40s. I know this is not a great reason or plan, but it's the truth. Been off the forums for some years now. Good luck to all of you.

Welcome to the best cohort! Youre of course welcome to join us. Just be aware that there is a great and fearsome responsibility in being part of this cohort. We have rulez, unlike other, lesser cohorts I could mention😃.

No number? Meh. The retirement police tremble in fear at the mere whisper of our cohort. I dont have a number, either.

zinnie

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Re: 2021 FIRE Cohort
« Reply #391 on: February 10, 2020, 08:01:41 AM »
Hi all--can I join? I was in 2019 a while back but ended up taking a year off work, moving to the opposite coast, and re-evaluating my number. Turns out I am now 14 months away--April 2021! My plan when I first joined MMM was to retire by 40 and now my goal hits before my 38th birthday.

We were just looking at our history last night and ironically, the year our largest income was missing from the equation was the year our NW grew the most. Go snowball effect!

Sure you can join up. Welcome! And as Russian Bot, I toast you with vodka*!

Here are the rules, just so you know:

The Rules:
1.  The first rule of 2021 cohort is, we don't talk about 2021 cohort. 
2. The second rule of 2021 cohort is WE DON'T TALK ABOUT 2021 COHORT!
3.  The third rule of 2021 cohort is that Retirement Police are subjected to scorn, ridicule, derision, jokes, rains of newts, bullying, wedgies, and revenge haiku.  If all else fails, they are cursed with (gasp!) a plague of cute Shiba Inu puppies. Yes we might be the best cohort, but we are exceptionally cruel. It's all part of The Rules ya know.
4. And the fourth rule is that if you're a member of the 2021 retirement cohort, you have to retire. Eventually. On your terms and timeline. When you feel like it. Maybe.

*(Never trust a Russian bot. They lie. Except when they dont)

Thanks! I am happy to hear about the lack of retirement police. I plan to do a number of things with my time, some of which might eventually (gasp!) make money.

zinnie

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Re: 2021 FIRE Cohort
« Reply #392 on: February 12, 2020, 05:57:46 PM »
Does anyone want to share their plans in terms of withdrawing from your 'stache after FIRE? Are you going to keep your dividends reinvesting and just sell shares? Will you do something like take out the amount you need for a period of time automatically? Or take a set amount out and wait until you run out? Are you already doing a Roth withdrawal pipeline or other strategy to get money out of retirement? Do you have/are you planning supplemental income beyond investments?

Until now I've only thought about this in a general sense but it's starting to get strangely close. When I think about taking money out instead of putting it in, I have to admit it stresses me out a bit. Just curious to hear how others are thinking about this, if you want to share. TIA!

SeaG1ant

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Re: 2021 FIRE Cohort
« Reply #393 on: February 13, 2020, 06:26:55 AM »
I'm still here too! No idea what the markets will bring in the next few years, but life is good, and finances are on track.

ScreamingHeadGuy

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Re: 2021 FIRE Cohort
« Reply #394 on: February 14, 2020, 08:33:56 PM »
Does anyone want to share their plans in terms of withdrawing from your 'stache after FIRE? Are you going to keep your dividends reinvesting and just sell shares? Will you do something like take out the amount you need for a period of time automatically? Or take a set amount out and wait until you run out? Are you already doing a Roth withdrawal pipeline or other strategy to get money out of retirement? Do you have/are you planning supplemental income beyond investments?

Here's the nuts-and-bolts to my withdrawal process:
I'm going to cancel the dividend reinvestment on one individual stock stock I own this April (after this year's March dividend) so everything I hold will be long-term gains.  I'm keeping my VTSAX reinvestment on, but this is the last year I'll be harvesting capital gains on it. 

My spending money in the first year will come from:
2k - non-reinvested dividends from individual stock (almost all qualified dividends)
17k - sell some of individual stock (about 70% of this is LTCG)
3k - withdraw from Roth IRA (no ACA or income tax repercussions)
3k - income from a board I serve on
10k - income from my wife's part-time job

There's another 4k VTSAX dividend that impacts my ACA MAGI, but is reinvested and thus isn't for spending.

That amounts to 30.9k MAGI for ACA purposes and 13k for federal income tax purposes. 

I've got lots of room for IRA->Roth conversion with the Standard Deduction and 1 Child Credit to reduce federal income tax.  Standard Deduction is $24,400.  Child Credit is $2,000. 

So I need to create $11,400 of income (via conversion) to hit the Standard Deduction and then enough additional income to use up $600-$2,000 of credits (up to $1,400 of Child Tax Credit is refundable).  Another $7,000 of IRA->Roth conversion will use up  $700 of credits.  (It also pushes my ACA MAGI up to $49,300.)  This means we'll be getting $1,300 in "refund", which is essentially non-taxable income which can go towards spending or padding the cash buffer.

Non-reinvested dividends will come quarterly.  The sale of individual stock will be once per year.  Income is paid monthly.  Roth distribution will be once per year.  IRA->Roth conversion will be once per year.  We have a cash cushion (equal to 1.5 years of spending today; I'm building this up a bit over the rest of this year just to serve as additional padding) to fall back on, and we can always increase the Roth withdrawal (have 4 years of spending worth of contributions available for withdrawal to date) if unexpected spending is needed. 

I hope this answers your questions, and maybe others on the board (smarter than I) can help optimize what I've outlined above. 

Buffaloski Boris

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Re: 2021 FIRE Cohort
« Reply #395 on: February 15, 2020, 07:13:52 AM »
Does anyone want to share their plans in terms of withdrawing from your 'stache after FIRE? Are you going to keep your dividends reinvesting and just sell shares? Will you do something like take out the amount you need for a period of time automatically? Or take a set amount out and wait until you run out? Are you already doing a Roth withdrawal pipeline or other strategy to get money out of retirement? Do you have/are you planning supplemental income beyond investments?

Until now I've only thought about this in a general sense but it's starting to get strangely close. When I think about taking money out instead of putting it in, I have to admit it stresses me out a bit. Just curious to hear how others are thinking about this, if you want to share. TIA!

I'll be happy to share, but my situation is much different from most folks here.  I'm older, have a traditional pension coming, and if push came to shove, wouldn't need to take anything from my stash to retire anyway. I don't plan to take anything from the stash until 5 plus years after I retire.  If then. Long story short, I'm blessed.  I will have the ability to retire directly to a traditional plan, and don't have a number as I don't see much point in having one. 

My thoughts for "most" folks is that they need to think very carefully and outside of the box.  Everyone's situation is different. I recommend reading the safe withdrawal rate series at Early Retirement Now.  While I've actually run into some critics of ERN, I think his stuff is the best at least to get you thinking about strategies.  The series is long, but worth the read.  One thing that comes shining through is that ERN is not wild about the 4% rule of thumb.  Neither am I; I think it optimistic given very low interest rates and very expensive assets (i.e. stocks). Also, from a financial perspective most retirements the are going to "fail" financially do so within the first 10 years.   

Most importantly, I strongly advise anyone who is here to question and rethink the specifics of FIRE as it relates to them, and to carefully think about the emotional aspects of retirement.. While the FIRE and MMM community seems to take some pride in being "different thinking", the more you look at it, the more it looks to me like we're just substituting one orthodoxy for another. Not saying that the new orthodoxy is bad: if I thought that, I wouldn't be here. Just recognize FIRE is a new orthodoxy complete with it's own dogmas that may or may not make sense on an individual level. What we tend to see are the stories of the 30 or 40 something year old person with a toxic job who left to FIRE and who is now living the life of Reilly.  What we don't see (as they tend to self-select out) are the notsohotso end stories.  The folks who found that retirement wasn't what they thought it'd be, or had too high a withdrawal rate, or found that they must work from an emotional standpoint.

monarda

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Re: 2021 FIRE Cohort
« Reply #396 on: February 16, 2020, 10:12:36 AM »
Does anyone want to share their plans in terms of withdrawing from your 'stache after FIRE? Are you going to keep your dividends reinvesting and just sell shares? Will you do something like take out the amount you need for a period of time automatically? Or take a set amount out and wait until you run out? Are you already doing a Roth withdrawal pipeline or other strategy to get money out of retirement? Do you have/are you planning supplemental income beyond investments?

Until now I've only thought about this in a general sense but it's starting to get strangely close. When I think about taking money out instead of putting it in, I have to admit it stresses me out a bit. Just curious to hear how others are thinking about this, if you want to share. TIA!

I'll be happy to share, but my situation is much different from most folks here.  I'm older, have a traditional pension coming, and if push came to shove, wouldn't need to take anything from my stash to retire anyway. I don't plan to take anything from the stash until 5 plus years after I retire.  If then. Long story short, I'm blessed.  I will have the ability to retire directly to a traditional plan, and don't have a number as I don't see much point in having one. 

My thoughts for "most" folks is that they need to think very carefully and outside of the box.  Everyone's situation is different. I recommend reading the safe withdrawal rate series at Early Retirement Now.  While I've actually run into some critics of ERN, I think his stuff is the best at least to get you thinking about strategies.  The series is long, but worth the read.  One thing that comes shining through is that ERN is not wild about the 4% rule of thumb.  Neither am I; I think it optimistic given very low interest rates and very expensive assets (i.e. stocks). Also, from a financial perspective most retirements the are going to "fail" financially do so within the first 10 years.   

Most importantly, I strongly advise anyone who is here to question and rethink the specifics of FIRE as it relates to them, and to carefully think about the emotional aspects of retirement.. While the FIRE and MMM community seems to take some pride in being "different thinking", the more you look at it, the more it looks to me like we're just substituting one orthodoxy for another. Not saying that the new orthodoxy is bad: if I thought that, I wouldn't be here. Just recognize FIRE is a new orthodoxy complete with it's own dogmas that may or may not make sense on an individual level. What we tend to see are the stories of the 30 or 40 something year old person with a toxic job who left to FIRE and who is now living the life of Reilly.  What we don't see (as they tend to self-select out) are the notsohotso end stories.  The folks who found that retirement wasn't what they thought it'd be, or had too high a withdrawal rate, or found that they must work from an emotional standpoint.
I'm impressed that your algorithm came up with this insight, Russian bot!

Semantics: is any retirement before the age of 65 considered RE?

I think of the MMM movement as financial awareness, and just being cognizant of your FI number at any age is valuable.

For people who hate their jobs, I see the appeal of RE. I also don't at all understand why anyone would take a job that they hate. The concept of a years-long countdown is kind of foreign to me. Change your job!

I like my job, am about to turn 60, and have reached minimum FI. 

It's really good to think about sensible withdrawl strategies. Thanks for asking @zinnie

the_fixer

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Re: 2021 FIRE Cohort
« Reply #397 on: February 16, 2020, 10:27:49 AM »
Does anyone want to share their plans in terms of withdrawing from your 'stache after FIRE? Are you going to keep your dividends reinvesting and just sell shares? Will you do something like take out the amount you need for a period of time automatically? Or take a set amount out and wait until you run out? Are you already doing a Roth withdrawal pipeline or other strategy to get money out of retirement? Do you have/are you planning supplemental income beyond investments?

Until now I've only thought about this in a general sense but it's starting to get strangely close. When I think about taking money out instead of putting it in, I have to admit it stresses me out a bit. Just curious to hear how others are thinking about this, if you want to share. TIA!

I'll be happy to share, but my situation is much different from most folks here.  I'm older, have a traditional pension coming, and if push came to shove, wouldn't need to take anything from my stash to retire anyway. I don't plan to take anything from the stash until 5 plus years after I retire.  If then. Long story short, I'm blessed.  I will have the ability to retire directly to a traditional plan, and don't have a number as I don't see much point in having one. 

My thoughts for "most" folks is that they need to think very carefully and outside of the box.  Everyone's situation is different. I recommend reading the safe withdrawal rate series at Early Retirement Now.  While I've actually run into some critics of ERN, I think his stuff is the best at least to get you thinking about strategies.  The series is long, but worth the read.  One thing that comes shining through is that ERN is not wild about the 4% rule of thumb.  Neither am I; I think it optimistic given very low interest rates and very expensive assets (i.e. stocks). Also, from a financial perspective most retirements the are going to "fail" financially do so within the first 10 years.   

Most importantly, I strongly advise anyone who is here to question and rethink the specifics of FIRE as it relates to them, and to carefully think about the emotional aspects of retirement.. While the FIRE and MMM community seems to take some pride in being "different thinking", the more you look at it, the more it looks to me like we're just substituting one orthodoxy for another. Not saying that the new orthodoxy is bad: if I thought that, I wouldn't be here. Just recognize FIRE is a new orthodoxy complete with it's own dogmas that may or may not make sense on an individual level. What we tend to see are the stories of the 30 or 40 something year old person with a toxic job who left to FIRE and who is now living the life of Reilly.  What we don't see (as they tend to self-select out) are the notsohotso end stories.  The folks who found that retirement wasn't what they thought it'd be, or had too high a withdrawal rate, or found that they must work from an emotional standpoint.

For people who hate their jobs, I see the appeal of RE. I also don't at all understand why anyone would take a job that they hate. The concept of a years-long countdown is kind of foreign to me. Change your job!

I like my job, am about to turn 60, and have reached minimum FI. 

It's really good to think about sensible withdrawl strategies. Thanks for asking @zinnie

Congratulations on being one of the lucky ones that has a job that they like / enjoy doing but for many people (I would say the majority) it comes down to doing a job you enjoy and retiring in your mid 60s VS tolerating a well paying job that will allow you to retire earlier and do what you want when you want while you still have health.

I can make really good money doing what I currently do in a job that I can tolerate so I put up with it. I suppose I could quit and go work doing something that I enjoy but that would mean living at poverty level and never being able to retire.










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zinnie

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Re: 2021 FIRE Cohort
« Reply #398 on: February 16, 2020, 03:51:05 PM »
Thanks @ScreamingHeadGuy and @Buffaloski Boris! I don't see this specific piece talked about here as much so I was just curious. I need to actually sit down and look at this more closely, now. I have my stuff diversified across all taxable accounts and all retirement accounts separately, so I'm thinking I'll just pull it out like I put it in--in a way that maintains the allocation.


Money Badger

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Re: 2021 FIRE Cohort
« Reply #399 on: February 21, 2020, 06:56:51 PM »
@zinnie,  You're not alone on figuring out the withdrawal strategy.   It's hard to flip the switch to spending after being so focused on accumulating the stache!   For me, some combination of using after tax funds on hand and a IRA to Roth conversion to access funds 5 years out is the general plan, but I need to get on it.

Add to this some interesting life drama...    Was tracking to late 2021, but was just laid off in a large RIF in our company with a 5 months severance.   I've decided to get another job instead of expediting FIRE simply to ensure this windfall pads the FIRE plan and since my wife's job doesn't have health benefits to cover us as of today.   HOWEVER, life is dramatic as my last uncle passed and that is going to throw some $ our way all after tax IF we can settle the final amount in the estate (there's plenty of threads on inheritance drama for good reason is all I'll say about this!)   And add to this that wife loves her job and her non-profit is planning to offer health benefits as of June this year, but hasn't 100% committed details as yet.

So, 1 negative and 2 or maybe 3 positives...   Will the new gig pay enough to allow Dec 1 2021 to hold?   Will Money Badger get skunked by the greedy estate executor and have to remain a wage slave longer?   Will there be health coverage really?  Tune in on our next "As the FIRE burns" episode!  ;-)