Author Topic: 2021 FIRE Cohort  (Read 353380 times)

alcon835

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Re: 2021 FIRE Cohort
« Reply #550 on: September 02, 2020, 07:16:19 AM »
What is OLY?

the_fixer

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Re: 2021 FIRE Cohort
« Reply #551 on: September 02, 2020, 07:34:11 AM »
OLY = One less year
OMY = One more year


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highlandterrier

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Re: 2021 FIRE Cohort
« Reply #552 on: September 02, 2020, 07:40:44 AM »
I'll be 47 at FIRE, drag the average age upwards a bit :)

JoJo

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Re: 2021 FIRE Cohort
« Reply #553 on: September 02, 2020, 08:58:07 AM »
I'm joining in here.  I've been OMY'ing for the last 4 years.  Was going to retire in July of this year to travel then COVID happened, so holding on for the insurance and pay since I can't travel.  I'm hoping to retire sometime between January and April (depends on the forecast for bonus or not which is based on various parameters). 

moneypitfeeder

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Re: 2021 FIRE Cohort
« Reply #554 on: September 03, 2020, 05:26:40 PM »
Welcome aboard @JoJo!

LightTripper

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Re: 2021 FIRE Cohort
« Reply #555 on: September 04, 2020, 02:29:04 AM »
Is it 2021 yet?  *sigh*

ScreamingHeadGuy

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Re: 2021 FIRE Cohort
« Reply #556 on: September 06, 2020, 07:56:45 PM »
I've come up with a strategy of which funds to sell first, how much IRA to convert to Roth, etc. for 2021, assuming current tax law and ACA continues; we'll see if this plan holds into January.  Maybe it could be optimized, but I'm pretty comfortable with it. 
I'm just starting to approach this problem myself; perhaps '21 will be my year.  I've looked at i-ORP, and am considering writing something myself to help with it.

What strategy did you come up with?
How'd you decide it was the right one for you?

... some of this may be hard to discuss without knowing the volume of funds that need converting.  I understand if you prefer not to describe things precisely.

My strategy is based on a dual mandate: minimize federal (and state) income tax burden AND maximize ACA subsidies.  Again - this withdrawal plan is based on current tax code (or at least my understanding of it).  Here's some background.

I own a stock (Stock A) which I've had for many years which has had significant appreciation and is currently 8% of my portfolio - I want to reduce my exposure to this stock.  This stock also pays some dividend, which I am no longer reinvesting, but will use as cash flow. 

My wife has a part-time job and I serve on a local board.  This provides us with income and we both anticipate continuing in these positions for at least a year. 

We earn dividends in our taxable account, but will reinvest these.  Still they're tracked because they are included in MAGI for ACA premium purposes.

We have some cash.  I want to draw-down our cash reserves (and not by investing them - I know I'm being sub-optimal here but I prefer peace-of-mind in holding cash for now). 

So our projected 2021 plan is as follows:

Stock A    Stock A    Stock A      VTSAX      Work     IRA                 Cash       Spendable   Fed                   ACA
Sales     LTCG       Dividends   Dividends   Income   to Roth   Withdrawal   Cash Flow   Taxable           MAGI
11250   7650      1680           4503           17000   12000           9700      $39,630.00   $29,000.00   $42,833.00

Since we're MFJ with 1 child under 17 that means our standard deduction is $24,800 and thus our federal income tax is $-1,580.  However - if we contribute $2000 each to our Roth IRAs (say we take more out of cash for this, or spend less and throw money from the "spendable cash flow" column into the Roths, or the money falls from the sky - whatever) then we get another $400 of refund for a tax bill of $-1,980.  BUT $580 of this is non-refundable so we need to increase our tax liability to somehow use this money. 

I've found the "best" way to do that is to under-project the annual income during ACA sign-up and, thus, have to pay back premium support.  If we were to under-project our income by $4k then we'd owe $608 for premium support we shouldn't have received (this also has an impact on CSR - reducing our deductibles and out-of-pocket maximum).  This $608 repayment should be a tax and, thus, the $580 of non-refundable credits is eaten up (plus an additional $28 of refundable tax credits) for a total federal income tax burden of $-1,372.  If anyone knows more about ACA and wants to correct my statements here please feel free to educate me.
« Last Edit: September 06, 2020, 08:06:58 PM by ScreamingHeadGuy »

shuffler

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Re: 2021 FIRE Cohort
« Reply #557 on: September 07, 2020, 11:18:39 AM »
So our projected 2021 plan is ...
Thanks for sharing your plan, and even in the specific amounts that you did.

My strategy is based on a dual mandate: minimize federal (and state) income tax burden AND maximize ACA subsidies.
Yes, I think it's pretty common for people to have these goals.  They're essentially the same as mine.
It's cool that you've got your spending low enough to have some income, do some Roth conversion, and still qualify for some ACA subsidies.

However ...

BUT $580 of this is non-refundable so we need to increase our tax liability to somehow use this money. 

I've found the "best" way to do that is to under-project the annual income during ACA sign-up and, thus, have to pay back premium support.  If we were to under-project our income by $4k then we'd owe $608 for premium support we shouldn't have received (this also has an impact on CSR - reducing our deductibles and out-of-pocket maximum).
Look ... uh ... I don't want to be too harsh here, but this seems a bit beyond the pale to me.
You're saying that you plan to lie on your ACA forms in order to obtain benefits to which you're not entitled.  And to "lock in" the final $500 of your tax refund.

I'd like to suggest to you that your integrity is worth more than $500.
Or at least point out to you that misrepresenting your ACA eligibility info can garner fines from $25k (if merely negligent) to $250k (if willful).

And if neither of those persuade you, then I'll just say that I'm not convinced the mechanics of this scheme will work.  Exchanges verify income estimates (or at least they sample them and verify some of them), and use a "reasonable standard" that the estimate should be within 10% of known trusted income data (like your taxes or SS earnings).  Since you'll have a ACA MAGI of $42k, your lie of $4k is just within 10%, but only if you have a year that goes as-expected for your LTCG and dividends.  In a down year, your lie is likely to be greater than 10%.  And by then you'll have a paper trail of regular yearly under estimates of your income, paying back a portion of the subsidies, and receiving CSRs to which you're not entitled.  Seems to me like that'd look like willful misrepresentation.

ScreamingHeadGuy

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Re: 2021 FIRE Cohort
« Reply #558 on: September 07, 2020, 05:34:32 PM »

And if neither of those persuade you, then I'll just say that I'm not convinced the mechanics of this scheme will work.  Exchanges verify income estimates (or at least they sample them and verify some of them), and use a "reasonable standard" that the estimate should be within 10% of known trusted income data (like your taxes or SS earnings).  Since you'll have a ACA MAGI of $42k, your lie of $4k is just within 10%, but only if you have a year that goes as-expected for your LTCG and dividends.  In a down year, your lie is likely to be greater than 10%.  And by then you'll have a paper trail of regular yearly under estimates of your income, paying back a portion of the subsidies, and receiving CSRs to which you're not entitled.  Seems to me like that'd look like willful misrepresentation.

Curses - I knew the math was too good to be true.  :-(

Okay - here's a second kick at the can.  It pretty much means I cannot achieve the $400 Savers' Credit because I'd need to raise my taxable income higher than desired.  Again - I'm looking for feedback here so please feel free to help me out community.  (You know - pesky details like "the math you're proposing might be illegal". /facepalm) 

Stock A    Stock A    Stock A      VTSAX      Work     IRA                 Cash       Spendable   Fed                   ACA
Sales      LTCG       Dividends   Dividends  Income  to Roth   Withdrawal   Cash Flow   Taxable           MAGI
9000      6120      1728           4503          17000   14000           11900      $39,628.00   $31,000.00   $43,351.00

This should put my federal tax burden at $1,380 (all of which should be refundable). 

shuffler

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Re: 2021 FIRE Cohort
« Reply #559 on: September 07, 2020, 10:43:44 PM »
(You know - pesky details like "the math you're proposing might be illegal". /facepalm)
Heh.  Good sense of humor about it.  :^)

I'm looking for feedback here ...

Stock A    Stock A    Stock A      VTSAX      Work     IRA                 Cash       Spendable   Fed                   ACA
Sales      LTCG       Dividends   Dividends  Income  to Roth   Withdrawal   Cash Flow   Taxable           MAGI
9000      6120      1728           4503          17000   14000           11900      $39,628.00   $31,000.00   $43,351.00

This should put my federal tax burden at $1,380 (all of which should be refundable).
Looks great to me!
You're funding your spending needs and paying zero taxes.  Seems quite good.

Is this sustainable for you?  Like, will your "Stock A" and Cash components support this level of withdrawal for a long time?
And can you fund all your spending (incl. healthcare) on $40k?

And would this plan leave you with a large tax burden later in life?  Like maybe there's a 401k or other pre-tax income that you're not touching in the above plan, that would be subject to RMDs as cause income-tax burden later?

Does the plan change if/when you reach FRA and start receiving social security?

mld

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Re: 2021 FIRE Cohort
« Reply #560 on: September 10, 2020, 11:16:45 AM »

I've been lurking here for similar reasons... 2025 is our planned date, however 2021 would be my absolute dream while 2023 is my mental age goal since I would be turning 35 that year lol.

The plan is currently to start taking 3 month sabbaticals starting June 2021 to spend summers with the kiddoes when they are on school break. I'm having trouble seeing myself go back to work after an entire summer off though lol just returning from a couple of weeks vacation now is brutal! My mind is desperate to find ways to escape now so I imagine it will be even harder with more FU money. 

Anyways I guess it's a good problem to have, so I decided to at least post to follow this thread and all of your progress to keep my dream of 2021 alive. It's a good way to motivate me to massively cut our spending and get creative to try and shed 4ish years off our plan.

UPDATE: Well good news, I have some catching up to do on reading up on this thread because my dream goal of 2021 is getting more and more concrete : D  !

It won't be exactly 100% FIRE since this new plan accounts for some income coming through my side-hustle yet at a very low level of 10ish hours per month to let my FI# Coast to it's full FIRE value. Hoping that this is fine with y'all and that I can be added to the roster :).

Age at FIRE : 33
FIRE target: June 2021

LightTripper

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Re: 2021 FIRE Cohort
« Reply #561 on: September 11, 2020, 03:49:42 AM »
Wow - 33!!!  That's amazing: congratulations!
What are your post-FIRE plans (other than the side hustle)?

FarFetchd

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Re: 2021 FIRE Cohort
« Reply #562 on: September 13, 2020, 08:45:54 PM »
Checking in again! The job hunt I got into after getting sufficiently frustrated at work ended up paying off: got a job offer, which turned out to also be an explicit promotion, since the old and new company share a levelling system. Kind of good fortune to the point of actually feeling guilty about it, especially since I would (deservedly) have no chance getting promoted where I was. More importantly, the work is likely to be better suited to my (unfortunately overly picky) tastes - although I haven't started yet, so I won't know for sure for a while.

It's actually put me in a "one more year" mood: for one thing, it would be unethical to go in fully expecting to work <1 year; I'm going to really try to enjoy it enough to raise the possibility of choosing to keep with it even once the money means very little. Of course, we still plan to move to a non-ridiculous-cost-of-living area in late 2021, so if the company hasn't remained happy about remote work until then, they might make the decision for me.

I'm kind of morbidly curious about how my attitude to the new job evolves. I feel like it will be a single data point in an accidental experiment on whether FIRE makes people hate work, since I've lately been wondering to what extent the FIRE obsession might have made my view of my job worse. If FIRE really was the main factor there, then at the new place I might start getting dissatisfied and have my productivity freeze up right away. However, as I close out the old job, I've found myself having some approximation of the productivity I used to have. So, cautiously optimistic that it was maybe only a little bit due to the FIRE obsession.

Anyways: still on track for ~Sep2021, unless I decide I like the new job so much that I want to stick around even once FI.

Arbitrage

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Re: 2021 FIRE Cohort
« Reply #563 on: September 14, 2020, 08:10:59 AM »
Decided to start a journal on my last year, as it's going to be a crazy ride.  Link in sig. 

Well Respected Man

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Re: 2021 FIRE Cohort
« Reply #564 on: September 21, 2020, 08:00:58 AM »
Hello, I'm OLYing in from the 2022 cohort. Target date: 9/10/21 or possibly early August if a re-planned family wedding actually happens. We've probably been potentially FI for a several years, but I wanted to wait until the kids were out of college to pull the plug on my job. My daughter is back on track to graduate in 2022, and I got a new, much worse boss at work, so it's time. I'll be 56 at retirement, not the 40 that I once dreamed of. Houses, kids, cars, private schools, vacations -- the hedonic treadmill required the high-paying job.

My wife realizes that I have massively sacrificed my life for her (stopped working for about 8 years, then went to school for a new career for another 3-4 years) and the family, so she is going to work for some more years to provide health insurance for us and earn her pension. Originally, she was thinking till age 65, but as we have gotten closer, she is wavering. We'll see how long she lasts. She has 1.5 years to go for 10 years. She has summers and school vacations off, though, so that may be enough for her, what with a stay-at-home spouse cooking and cleaning for her.

I'm really getting down into details of the drawdown plan now, and trying to mitigate sequence of return risk. The first n years, starting in 2022, will involve continuing to plow 26k into my wife's 403b, and 7k each into deductible IRAs. That will bring our taxable income to below 0, so I'll convert some pre-tax IRA money to Roth each year. I'm going to check today to see whether my company accepts rollover contributions into the 401k, so that I can then do a full conversion of our non-deductible IRAs into Roth without worrying about a tax hit from the aggregation requirement for conversions. I have to figure out how much to convert each year, and whether it can all be done in time to avoid RMDs and in a low-tax manner.

I've been seriously hunkered down in all of my accounts since April or so. My wife's accounts have participated in the stock runup, however, so all is not lost. I'll be going through the fine-grained details for asset allocation year-by year, as well as the expense plan.

A big part of the plan is selling our house, and downsizing into ... 2 houses :eyeroll:. We are currently living in a wealthy suburb, and will be moving to a city apartment when we are ready to sell. The apartment could be a rental or a purchase. Then we will purchase a country house with some land, which will be for gardening, skiing, chopping wood, and looking at trees. We may also add a tiny home or trailer for AirBnb purposes, or just rent out the house at times. Rents in the city are going down currently, as are prices, so I'm thinking that it's a good time to make that move.

The current house requires some work to make it marketable. It has been one thing after another, with current projects being: replace all of the very large windows on one side of the house, replace siding on that same side, stain the whole house, fix the giant hole in the floor near the fireplace, fix the corresponding giant hole in the basement ceiling, asbestos abatement/containment, basement bathroom remodel (demo already done, heh), and plenty of minor projects as well. We'll be able to some of the work, but mostly it's going to be contracted out. What we are able to do is landscaping. Since the spring, we've planted grass and perennials, built steps and a fire pit area, cleaned up a ton of branches and trees, and installed landscape lighting. My wife has really enjoyed participating for the first time in many years, so that part is very satisfying, and bodes well for the future country house.

I know none of this sounds super frugal, so I'm prepared for face punches. But I'm gleefully counting down the days till next September, and will roll with the punches.

Peter Parker

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Re: 2021 FIRE Cohort
« Reply #565 on: September 24, 2020, 01:37:02 PM »
I gave notice that I will be "officially" be retiring July 2021.  But my last day of work is yet to be determined--I have a shit-ton of vacation and may still be on track for my 04/30/2021 exit date.  I'll update my "last day" as I work through this...

It was difficult for me to work up the courage to giving notice...but so glad I did.  I was a little afraid how it was going to be taken, but everyone seemed genuinely happy for me and there does not seem to be any appetitite to take away my "interim" status.  I'm feeling pretty good about it--It will help with a smooth transition, my teammates will know my plan, and I can now focus on getting everything in line to make an exit...

It just got real.

the_fixer

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Re: 2021 FIRE Cohort
« Reply #566 on: September 24, 2020, 02:19:15 PM »
I gave notice that I will be "officially" be retiring July 2021.  But my last day of work is yet to be determined--I have a shit-ton of vacation and may still be on track for my 04/30/2021 exit date.  I'll update my "last day" as I work through this...

It was difficult for me to work up the courage to giving notice...but so glad I did.  I was a little afraid how it was going to be taken, but everyone seemed genuinely happy for me and there does not seem to be any appetitite to take away my "interim" status.  I'm feeling pretty good about it--It will help with a smooth transition, my teammates will know my plan, and I can now focus on getting everything in line to make an exit...

It just got real.
How exciting!!!! Happy for you and glad it worked out!


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rightstuff

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Re: 2021 FIRE Cohort
« Reply #567 on: September 24, 2020, 03:38:50 PM »
Throwing my hat into this cohort. DW and I have been talking about FIRE for a while now, but as our youngest graduated from college, we have one less excuse. Looking at all the calculators, we could have a couple years ago but we are "victims (?) (!) of OMY like so many others.

I will skew the average age, will be 55 in May 2021.  Posting to follow and self accountability!

Ladychips

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Re: 2021 FIRE Cohort
« Reply #568 on: September 24, 2020, 03:40:55 PM »
Welcome @wrightstuff!  I will also be 55 in May...I think it's the perfect age to FIRE!

Have you and DW picked a date?

Arbitrage

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Re: 2021 FIRE Cohort
« Reply #569 on: September 25, 2020, 09:40:56 AM »
I gave notice that I will be "officially" be retiring July 2021.  But my last day of work is yet to be determined--I have a shit-ton of vacation and may still be on track for my 04/30/2021 exit date.  I'll update my "last day" as I work through this...

It was difficult for me to work up the courage to giving notice...but so glad I did.  I was a little afraid how it was going to be taken, but everyone seemed genuinely happy for me and there does not seem to be any appetitite to take away my "interim" status.  I'm feeling pretty good about it--It will help with a smooth transition, my teammates will know my plan, and I can now focus on getting everything in line to make an exit...

It just got real.

Congrats!  Curious what industry/profession you're in that you'd give 7 months' notice, if you're comfortable revealing those details.  Also, how early your early retirement is.

mld

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Re: 2021 FIRE Cohort
« Reply #570 on: September 25, 2020, 12:24:54 PM »
Wow - 33!!!  That's amazing: congratulations!
What are your post-FIRE plans (other than the side hustle)?

Thank you!!! Other than the side-hustle which would take some of my time, we have young kids so definitely time with the little ones, taking care of my health, digging into passions, enjoying nature, helping some family members, etc.! I'm a big traveler but obviously those plans will be on hole for a couple of years, or different in terms of types of travel.

Covid-life has been a little much and sometimes I wonder if I should one-less-month my June plan (which is technically taking a one year unpaid leave to try out the semi-FIRE thingy and have the security of still knowing I can come back to my job if needed in 2022), but considering spouse is not exactly on board for even that yet, more discussions and reflections need to be made! I do have cash-flow projections which have me feeling pretty comfortable at an earliest date of a mid-January 2021 departure.

Time and reflections will tell!!! Exciting to see some people already giving notice and making some changes in their position for some hopefully more enjoyable time prior to departure!

moneypitfeeder

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Re: 2021 FIRE Cohort
« Reply #571 on: September 30, 2020, 05:39:58 PM »


It won't be exactly 100% FIRE since this new plan accounts for some income coming through my side-hustle yet at a very low level of 10ish hours per month to let my FI# Coast to it's full FIRE value. Hoping that this is fine with y'all and that I can be added to the roster :).


I certainly don't see why not, they let me aboard, lol. I'm "retiring" in 2021 because SO and I have reduced our income needs to the point that his pension more than covers our needs. All my investments are just being held in a "if we ever need to tap them" status. That's been fun to try to explain to my current employer, (I just don't need to work) because I divulged my exit plan about 1 yr in advance, since my boss cornered me with the "where do you see yourself in 5 yrs" question. I just couldn't play the game and lie. So realistically, I'm just resigning, and SO is the retiree, I realize my situation is different than many here, but it is the retirement plan that is working for the 2 of us.

ScreamingHeadGuy

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Re: 2021 FIRE Cohort
« Reply #572 on: September 30, 2020, 08:00:36 PM »
Finances:
December 2018 - 79.7% (22.3 x expenses)
December 2019 - 107.3% (30.0 x expenses)
January 2020 - 109.3% (30.6 x expenses)
February 2020 - 103.7% (29.0 x expenses)
March 2020 - 94.9% (26.6 x expenses)
April 2020 - 100.4% (28.1 x expenses)
May 2020 - 105.3% (29.5 x expenses)
June 2020 - 106.9% (29.9 x expenses)
July 2020 - 111.2% (31.1 x expenses)
August 2020 - 114.9% (32.2 x expenses)
September 2020 - 112.77% (31.5 x expenses)

I thought it would have been down more for this month, so I'm pleasantly surprised.  To boot - I'm still ahead of where I was two months ago!

The accounts have been rebalanced and I'm still in the process of moving some funds from domestic equities to international equities - to be continued. 

I've maxed-out my 401(k) contributions for the year so whatever growth happens now to the end of the year will be from my meager HSA contributions and/or market returns. 

Life:
I maintained weight within 1# of where I ended August (just the "normal" day-to-day variation).  That's pretty good, I guess. 

School has been both rough and rewarding.  My daughter loves it (even though she would rather be able to go to school) and finishes most of her work by lunchtime (she's usually halfway through the work before her first class of the day if it's posted early).  But being in charge of school IT, keeping her on-task, making sure she logs-on at the right time, etc. is quite draining when combined with my paid work. 

I'd applied for, and was granted approval for, using "emergency paid sick leave" through the FFCRA (Families First Coronavirus Response Act) because our daughter's schools aren't open for in-person learning (nor will they be anytime soon given how Covid-19 cases are surging in my area).  I have only been using intermittent time off (2-4 hours per day) these past two weeks, but it sure is helpful to have the fall-back to use that time if/when I need it rather than try to cram an 8-hour work day plus all the school-wrangling into a 9 hour period. 

I'll just post a link about the FFCRA paid leave here, in case anyone else might find it helpful:  https://www.dol.gov/agencies/whd/pandemic/ffcra-employer-paid-leave

I took another four-day weekend this past month and was thoroughly spoiled by avoiding paid work. 

Weather has gone from feeling like late-summer to late-fall.  I like to feel the nip of cold on my nose and ears when I take my morning walks.  The leaf colors are very nice. 

My family did a two-week lockdown because my wife was exposed to a Covid-positive coworker.  That was a bummer, but we are all healthy and I'd rather stay at home (even though it didn't turn out to be necessary) to do my part.

Just over 18 weeks to go until my planned departure date - that's only about 72 working days when I take-out holidays, PTO, sick days, etc.  Eek! 

ScreamingHeadGuy

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Re: 2021 FIRE Cohort
« Reply #573 on: September 30, 2020, 08:12:49 PM »
Welcome aboard @mld, @Well Respected Man, and @wrightstuff.  I've added you to the roster. 

the_fixer

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Re: 2021 FIRE Cohort
« Reply #574 on: October 01, 2020, 10:17:56 AM »
2021 is coming up at light speed how is everyone doing?

Personally our returns have been great so far (knock wood).

I managed to take advantage of the big drop earlier this year to roll a pension over to Roth, it was ~20k when I received it in 2019 and I managed to roll it over at the bottom so has already recovered + some and I was able to lock in the tax hit at the low point saving me from paying taxes on about 5,500.

Our savings has been slightly less than planned this year (probably 3 - 4k less by EOY) due to not shopping sales for food, utilities going up from working at home, using delivery services and honestly we have splurged on a few things here and there to make life more pleasant during Covid.

I had planned to use my insurance to deal with some final issues such as making sure my teeth were in great shape prior to FIRE but several of my appointments were canceled due to the shutdown so that is getting pushed to 2021. For example I had a tooth pulled late 2019, stud metal stud put in for a dental implant and was scheduled to get the tooth affixed the day they shut everything down so I have a fancy metal stud in my mouth and a tooth sitting at the dentist office...

I am still taking a wait and see approach to see what happens with Covid and the ACA as we had planned to travel a large portion of the time and if the ACA is struck down we will need to figure out how it impacts us everything from where we withdraw to possibly still working.

So how is you planning going and how are things looking for you?


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phildonnia

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Re: 2021 FIRE Cohort
« Reply #575 on: October 02, 2020, 11:28:52 AM »
FIRE in 8 months!  I am so ready to be out of here.

In some other news, DW has decided that since lately she doesn't have to work in an office with people she hates, she will do OMY.  But she insists that she will have no resentment about me being a 'kept man' for a short while. Not sure how I feel about that though.

Ladychips

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Re: 2021 FIRE Cohort
« Reply #576 on: October 02, 2020, 12:16:50 PM »
As of today, I'm down to single digit months.  That feels like a huge milestone!

Lucky13

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Re: 2021 FIRE Cohort
« Reply #577 on: October 02, 2020, 01:57:19 PM »
Hey I just wanted to say hello, I'm in the 2020 cohort. we now have 50 people confirmed retired! It's been 1 month for me, and I have zero regrets. Good luck to everyone, 2021 is coming fast!

LightTripper

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Re: 2021 FIRE Cohort
« Reply #578 on: October 05, 2020, 07:09:01 AM »
Thank you @Lucky13 !

I am negotiating to be a contractor from 1st January, so I can ramp down my work in a more orderly fashion rather than walking away in the middle of anything.  I hope to be fully done (possibly barring a couple of longer term recurring things) by Easter next year.

Anyway, that means as of today I have 50 more working days as an employee... not that many!

tipster350

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Re: 2021 FIRE Cohort
« Reply #579 on: October 05, 2020, 11:28:25 AM »
Thank you, Lucky 13. I can't wait to be just like you!

I'm down for 2021, might OMM (one more month) it a time or two depending on how things go, but plan to stay in this cohort for sure.

ospreyjp

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Re: 2021 FIRE Cohort
« Reply #580 on: October 05, 2020, 07:16:42 PM »
Glad to find the 2021 retirement thread!  My final day of work will be September 27th, 2021.  I will be 56 and eligible for early Fed retirement. Any other Feds out there exercising MRA+10?

By hanging in until then, I will receive a pension and, more importantly, be eligible to continue my health insurance with 2/3 of the monthly cost of premiums continuing to be paid for me.

Since it is secure work, I am tempted to let my manager know that I am planning to retire.  In the private sector this might not be sensible, but government work is a bit different in that regard.  My motivation for doing so is to avoid getting saddled with enduring projects that I wouldn't be able to see through.  Honestly, I also feel like it would help management and co-workers understand the apathy I know must be showing at times. 

Any thoughts on this? Has anyone else shared their retirement plans to their employer well in advance?  Did it work out okay?
« Last Edit: October 05, 2020, 10:25:03 PM by ospreyjp »

HumanAfterAll

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Re: 2021 FIRE Cohort
« Reply #581 on: October 05, 2020, 08:52:49 PM »
Welcome ospreyjp!

I’m waffling, and entertaining three options.

Work has become much less satisfying this year, with a demanding, ignorant and unpleasant project manager significantly reducing my quality of life. When I interact with others, I love this project, but every meeting with this person makes me want to leave, and unfortunately that happens several times a week. I spoke with the higher ups and there is no chance of a transfer before next year.

So I started responding when recruiters call, and now I’ve got an interview with a company that could be more fun and pay significantly more.

I don’t have an offer yet, but every day I’m torn between the options of staying until 6/2021 (with a raise based on another offer?), going to a new company and OMY+, or just calling it and take a mental health break ASAP.

We’re at 80% FI, but my wife is planning to work for another 2-10 years, so we would be fine. My daughter is turning 5, and by the time she’s 10 I don’t think she will want to spend as much time with me.  Our parents aren’t getting any younger either.

What would you do?

I must say, it’s nice to have enough stashed away that the leverage is on my side :)
« Last Edit: October 05, 2020, 09:16:24 PM by HumanAfterAll »

zinnie

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Re: 2021 FIRE Cohort
« Reply #582 on: October 06, 2020, 06:48:27 AM »
You can take me off the list. I decided close enough is good enough. Giving two-week notice on Thursday 😁.

Good luck, all! 2021 is getting so close!!!

ospreyjp

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Re: 2021 FIRE Cohort
« Reply #583 on: October 06, 2020, 06:50:00 AM »
You can take me off the list. I decided close enough is good enough. Giving two-week notice on Thursday .

Good luck, all! 2021 is getting so close!!!
Congratulations!  I envy that freedom and am looking forward to my own next year.

zinnie

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Re: 2021 FIRE Cohort
« Reply #584 on: October 06, 2020, 07:02:02 AM »
Thanks! And congrats on being less than a year away.

Above you asked about giving longer notice. Personally I’d not recommend it but that is coming from the corporate world. Another thing to consider beyond them pushing you out early is that people stop including you in things, as they are planning for your departure. It can make it less enjoyable to be there if everyone suddenly sees you as expendable. I did a month with a boss who was my friend and even that was long. But you know your area best and what makes sense. What have others in your shoes done? I’d start there.

ScreamingHeadGuy

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Re: 2021 FIRE Cohort
« Reply #585 on: October 07, 2020, 07:28:59 AM »
You can take me off the list. I decided close enough is good enough. Giving two-week notice on Thursday 😁.

Good luck, all! 2021 is getting so close!!!
Here’s a congratulatory clap for your OLY awesomeness.  👏

Ladychips

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Re: 2021 FIRE Cohort
« Reply #586 on: October 07, 2020, 09:00:21 AM »
Glad to find the 2021 retirement thread! 

Since it is secure work, I am tempted to let my manager know that I am planning to retire.  In the private sector this might not be sensible, but government work is a bit different in that regard.  My motivation for doing so is to avoid getting saddled with enduring projects that I wouldn't be able to see through.  Honestly, I also feel like it would help management and co-workers understand the apathy I know must be showing at times. 

Any thoughts on this? Has anyone else shared their retirement plans to their employer well in advance?  Did it work out okay?

Welcome to our club!

I work in an environment where best-practice is to tell my boss in October so they can find a replacement for a July 1 (my retirement date) start.  My original intent was to tell them in May because I don't owe them anything and I didn't want to hear from people for 9 months about leaving.  Blech.  However, I have a new boss and unexpectedly like him quite a bit.  I'm doing him a disservice by NOT telling him.  If I tell him, he has a chance to bring in someone he wants (rather than filling my position with an interim internal candidate).  Also, I'm working from home so won't run into people all day long wanting to talk about it.  Zinnie mentioned that everyone will see me as expendable and start leaving me out of things.  I'd actually looking forward to that part!  I have a meeting with him tomorrow...thinking about telling him.  We'll see how it goes. 

rightstuff

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Re: 2021 FIRE Cohort
« Reply #587 on: October 07, 2020, 03:36:26 PM »
Welcome @wrightstuff!  I will also be 55 in May...I think it's the perfect age to FIRE!

Have you and DW picked a date?

We haven't chosen a specified date yet, the calculations are getting tense and highly technical which I think is a good sign!

texxan1

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Re: 2021 FIRE Cohort
« Reply #588 on: October 08, 2020, 10:23:47 PM »
Can i please be welcome to this group lol.. I slipped from the 2020 group to here.. My last day at MegOilCorp is April 14th.... Cheers

Chaplin

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Re: 2021 FIRE Cohort
« Reply #589 on: October 08, 2020, 10:52:46 PM »
It's been a little while since I've checked in here. It's great to see the activity ramping up.

I'm seeing myself in a lot of the comments from the past few months. I'm working through the question of how much notice to give, and to go about it. Rightly or wrongly I don't have any concerns about being shown the door immediately if I try to give three months of notice. I know that my boss will appreciate more rather than less notice, and he's tacitly acknowledged that the job I'm doing now is a lot different (and less appealing) than the one I was originally hired to do.

I've had March of 2021 as my target date for years. It's amazing to me how the date has held up to analysis through various stock market changes, changing jobs twice, moving, etc. Admittedly the date has shifted between being the date I plan to be done versus the date I plan to give notice. One reason I think the date has held is that once I came up with it, it became a goal so I've made adjustments to help it come true.

Now, for a bunch of reasons, I'm trying to improve on it a bit. I'm thinking notice within a few weeks with a goal of being done with full-time work by the end of this year and part-time after that for a few months if needed to make the transition go as well as possible. My drop-dead date to be done all FT and PT is June 2021 so I can be free for the summer. My son is still young enough that we have a few years when we can do a lot of fun stuff together. Just about every vacation I've had in the last five years, or longer perhaps, has been affected by work issues. Even if the vacations had been fine, they weren't enough time to jump into big projects or backpacking trips, for example,  without unpleasant time pressure.

The June drop-dead date is for "external" reasons. It probably needs to be sooner for "internal" reasons. I'm having a very hard time bringing the necessary enthusiasm and effort to my position. I'm just not engaged any more. That's not fair to the company or the people who work for me. I'm paid well and very conscious of feeling that I'm not earning that pay any more.

Despite all of that, it's proving tough to actually say something like "I plan to leave in 2021 - I'm flexible and want to make the transition smooth, let's figure it out."  It's not about my comfort level - if I were let go tomorrow I would be fine financially and emotionally. Having to initiate the conversation just feels like one more thing I just don't want to deal with any more. And that's exactly the reason I have to do it...

There's another thread that talks about how getting close to FIRE makes it hard to grind out the remaining time. I think I'm experiencing some of that and if I knew that financially I had to work 15 more years my attitude might be different, but on the other hand, five or six years ago when I was nowhere near able to pull the plug financially, I felt pretty much the same in terms of energy and enthusiasm. Actually, it has improved since then - I used to have a lot of dark days when it was extremely difficult to get out of the car after driving to work. A lot of that has to do with career choices - I think I made some mistakes and could have steered myself into areas that I would enjoy more and be able to sustain, but I ended up in areas that I do ok at, get paid well for, but are very draining for me. They aren't bad positions, just not the right ones for me. Unless the only way to be good at them is to not want them...

Well, maybe by writing that out I've convinced myself to just bite the bullet and have the conversation tomorrow. I'll report back if I do.

Ladychips

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Re: 2021 FIRE Cohort
« Reply #590 on: October 09, 2020, 04:14:30 AM »
I have a meeting with him tomorrow...thinking about telling him.  We'll see how it goes.

Well, it didn't go. We had several things to cover and didn't have time to get into my retirement.  I'm going to try again next week.  Very anticlimactic!

Peter Parker

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Re: 2021 FIRE Cohort
« Reply #591 on: October 12, 2020, 04:43:10 PM »
I have a meeting with him tomorrow...thinking about telling him.  We'll see how it goes.

Well, it didn't go. We had several things to cover and didn't have time to get into my retirement.  I'm going to try again next week.  Very anticlimactic!

I was hesitant giving notice 7 months out, but so glad I did.  First there wasn't any of the ramifications that I feared.  But more importantly, it has taken a level of stress off my shoulders and has freed me up to say what I feel (as opposed to couching my language). 

MoneyTree

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Re: 2021 FIRE Cohort
« Reply #592 on: October 14, 2020, 02:05:52 PM »
Hmm, i think i may have dropped off the list at some point.

I was on the list on post #403 on the thread, but don't see my name on the list anymore.

Can you add me back to this cohort? I was straddling the fence between 2020 and 2021, but due to some significant life changes, and also healthcare uncertainty, I'd prefer keep getting a paycheck and have employer subsidized healthcare for the forseeable future. Once things shake out in 2021, i think I'll have a clearer idea of our expenses.

asauer

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Re: 2021 FIRE Cohort
« Reply #593 on: October 16, 2020, 08:49:42 AM »
Hi all, jumping over to this forum from 2022.  My projections tell me I can FIRE about 6 months earlier than planned (now plan to FIRE in August 2021 at the age of 43).  Additionally, I wanted to get my staff in a place that they would be protected from my toxic, incompetent boss.  I've been able to do that already so, now I'm just waiting for the numbers to add up.  Happy to be here!

Ladychips

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Re: 2021 FIRE Cohort
« Reply #594 on: October 16, 2020, 08:05:59 PM »
Hi all, jumping over to this forum from 2022.  My projections tell me I can FIRE about 6 months earlier than planned (now plan to FIRE in August 2021 at the age of 43).  Additionally, I wanted to get my staff in a place that they would be protected from my toxic, incompetent boss.  I've been able to do that already so, now I'm just waiting for the numbers to add up.  Happy to be here!

Welcome!  It's a great class to be in!

Sultan58

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Re: 2021 FIRE Cohort
« Reply #595 on: October 17, 2020, 10:25:29 AM »
January 2021 for me.....finally!

The roster is updated for everybody through post #548

So far we have 42 folks here who will be FIRE in 2021 and 4 will OLY into 2020. 
Average age of 2021ers is 46.65 (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
CrazyIT563/13/2020 OLY
Mmm_Donuts3/20/2020 OLY
Marcher Lady494/14/2020 OLY
     
Matz_70501/1/2021
moneypitfeeder421/15/2021
123211/23/2021
ScreamingHeadGuy412/5/2021
MoStash532/21/2021
Buffaloski Boris562/28/2021
dreams_and_discoveries39February
TheContinentalOP55 3/19/2021
Chaplin473/23/2021
Tipster350604/30/2021
bluebelle4/30/2021
icebox92364/30/2021
Peter Parker4/30/2021
logjammin394/30/2021
zinnie38April
LightTripper45April
mindfulrun43April
ItalianGirl 5/1/2021
gary341130April/May
WildJager35May
80Westy50May
Omglmg39May
phildonnia506/1/2021
Sisto526/7/2021
YoungGranny316/30/2021
HumanAfterAll44June
lightmyfireJune-Sept
Ladychips557/1/2021
Nazar7/1/2021
CarolinaGirl50July
highlandterrierJuly
Arbitrage438/1/2021
frugalecon9/30/2021
GBRS36September
the_fixer4910/1/2021
damoOctober
Boyband37October
4tify54October
Money Badger5312/1/2021
Accountant0074812/23/2021
Bownyboy2912/25/2021
Ulysses Everett McGill5512/31/2021
dblaace60 12/31/2021
effigy9842December
WadimanDecember
monarda61TBD
American GenXTBD
lemonlymanTBD
dswTBD

ScreamingHeadGuy

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Re: 2021 FIRE Cohort
« Reply #596 on: October 17, 2020, 07:38:13 PM »
I've got you back in @MoneyTree.  Did you have a date and age?

Welcome aboard @ospreyjp, @texxan1, @asauer, and @Sultan58.  You've been placed on "The List". 

the_fixer

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Re: 2021 FIRE Cohort
« Reply #597 on: October 18, 2020, 09:20:10 AM »
Today is the day that my countdown goes under 1 year.


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Ladychips

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Re: 2021 FIRE Cohort
« Reply #598 on: October 18, 2020, 10:04:09 AM »
Today is the day that my countdown goes under 1 year.


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That's a lovely day!  Congratulations!!

Trifle

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Re: 2021 FIRE Cohort
« Reply #599 on: October 19, 2020, 08:55:52 AM »
Just stopping by from the 2019 Cohort to offer encouragement to all of you.   2021 is almost here!  I remember those last few months well.  It seemed to take forever, but I also got a serious case of nerve jitters as the day got close. 

You've got this!  You've worked hard, and soon it'll be time to step through the door to the other side.  I can confirm that FIRE is absolutely fantastic.  You'll be there soon!

 

Wow, a phone plan for fifteen bucks!