Author Topic: 2021 FIRE Cohort  (Read 370279 times)

tipster350

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Re: 2021 FIRE Cohort
« Reply #700 on: January 04, 2021, 01:48:57 PM »
Congrats and welcome to everyone checking in with their latest plans.

I learned of some good news today, removing my last major concern about pulling the plug on my job. I will be eligible for retiree health coverage, which entitles me to purchase health insurance at group rates. I can stay on it all the way through to Medicare eligibility. It will be very expensive; however, whatever happens with ACA I will have this backup plan. I will have to choose very carefully upon retirement how to go about accessing this coverage or I will lose the window of opportunity.

One of my colleagues mentioned how retirement becomes more appealing with each passing year. This tells me the topic is on their mind. Almost all of the individuals in key positions within my area, SMEs with extremely deep subject matter and institutional knowledge, are in the same general age range of late 50s to early 60s. They've made bank staying with the company through various acquisitions and favorable stock events. The fact that there is a group of people all who have made tons of money and are getting up there comes up in conversation on a fairly regular basis to note how it will be devastating to the organization if they leave. I am never included in the  retirement flight risk group because I am a relative newbie and no one has any idea of my circumstances. I give off no clues of having substantial assets. My stealth walk up to the retirement line is going to become fodder for a lot of surprised chatter when I hand in my notice. It is something to look forward to. :)   It should be an interesting Spring, because I guess at least 3-4 of us will be retiring at the same time, after bonus season.

amberfocus

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Re: 2021 FIRE Cohort
« Reply #701 on: January 04, 2021, 09:48:21 PM »
After much deliberation and staring at spreadsheets, I have finally decided to go ahead and aim for FIRE in 2021. Between political/election uncertainties having been resolved, the stock market recovering (almost a bit too well, heh), positive Covid vaccine news, and my lingering burnout/disgruntled-ness at work... I think it's time to call it. Especially when the SO will continue to work to guarantee health insurance and mitigate SORR in case another black swan event occurs.

Right now, I'm shooting for Q2 or Q3, with the tentative target being sometime in May (the official end-date might be a month or two later due to accrued PTO). This timeline is based on how long it would take to max out my 401(k) and mega backdoor Roth. The exact timing might also be influenced by the vaccine rollout schedule, since I'd be qualified for an earlier dosing phase if I remained an 'essential worker' as opposed to a member of the general public. The final wildcard would be work's reaction, since they just might have a conniption fit when I give notice (there is almost zero redundancy for my role, so my projects would likely grind to a halt in the short-term). But maybe there won't be drama and I can exit guilt-free.

So, @ScreamingHeadGuy -- please add me to the cohort roster! Age at FIRE will be 36. :)

LightTripper

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Re: 2021 FIRE Cohort
« Reply #702 on: January 05, 2021, 04:27:30 AM »
I'm now officially on a flexible contract as of 1/1, and expect to have done my contracted hours for the year by April.  I have childcare until April, so although I'll probably continue to finish off projects after that (and maybe even take on some new ones if anything appealing comes up), that's the point at which I'm planning to flip from "mainly working" to "mainly not working" (although I have two young children, so that partly depends on your definition of work!)

mindfulrun

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Re: 2021 FIRE Cohort
« Reply #703 on: January 05, 2021, 12:14:18 PM »
do you think you want to stay in touch with yours, or perhaps consult for your company if the opportunity presents? If not, why do you care what they think?
I think I'll stay in touch with many of them.  I've been with this company for almost 20 years and my two reasons for staying have been the money and the people (and I don't need the money any more). I really do owe my boss a lot.  He gave me a shot all those years ago and I'm eternally grateful. I also want to leave the door opening for some consulting work (an hour of work would pay for about a day's worth of my budget).  The company has also been really great to me and I don't want my employees to think there are problems with the company and they should start looking elsewhere.

I like the "it's me, not you" comment. I just need to tailor that to my situation.

Thanks for the input!

mindfulrun

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Re: 2021 FIRE Cohort
« Reply #704 on: January 05, 2021, 12:31:59 PM »
@ScreamingHeadGuy
Instead of "April", "Spring" is probably more appropriate.  I plan on telling my boss in mid-to-late March and offer a 4-6 week transition (I know who will be taking over my spot, and have already started preparing them).

Hopefully I don't chicken out!  Thinking about pushing through for another year is unfathomable.

force majeure

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Re: 2021 FIRE Cohort
« Reply #705 on: January 05, 2021, 12:39:31 PM »
APR 2021
 final exit date

I tried before, and they talked me out of it.
Booked a one way flight a week after this, as a disincentive.

Arbitrage

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Re: 2021 FIRE Cohort
« Reply #706 on: January 05, 2021, 03:57:46 PM »
In a staff meeting today, there was a lot of discussion about planning/budgets and what ideas we have to trim costs or move job assignments around in the next 6-12 months.  As a non-profit, managers need to hit the labor hour goals as closely as possible (lower isn't necessarily better).  I think it's time for me to drop the bomb; it would legitimately help them in their planning.  Since I'm going to try to request authorization for remote work (I'm going to move to a different state), as well as a part-time gig, it behooves me to keep them happy and ease the transition.

I'm now planning to ping my manager for a talk in the next week.  Stuff's about to get real. 

fireflye

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Re: 2021 FIRE Cohort
« Reply #707 on: January 05, 2021, 05:55:34 PM »
Hello, folks. Lurking for a while, and this seems like a good place to make a first post :D

FAANG Engineering Manager here, age 50. I would be happy to join the 2021 list. We just set a target date of 2/1. I'm staying on for one last 401k match and one last stock vest for old times' sake.

Of course, as if on cue, two recruiters landed in my inbox this week with very tempting opportunities, so this may be premature.

logjammin

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Re: 2021 FIRE Cohort
« Reply #708 on: January 05, 2021, 07:03:51 PM »
I'm still on track for my 4/30 date, but I wanted to ask... despite how free and happy I feel on the days I'm not tied to my job, and despite being financially prepared and "knowing" I have the assets to handle this.. surely I'm not the only person scared shitless?

It feels so final. And there's such a large part of me that says, your job isn't so bad, imagine how much more money you'll have even with just one more year... even if you don't care that much about money, still, it's significant....

It's weirdly very, very scary.

dblaace

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Re: 2021 FIRE Cohort
« Reply #709 on: January 05, 2021, 07:43:34 PM »
I'm still on track for my 4/30 date, but I wanted to ask... despite how free and happy I feel on the days I'm not tied to my job, and despite being financially prepared and "knowing" I have the assets to handle this.. surely I'm not the only person scared shitless?

Nope.

ScreamingHeadGuy

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Re: 2021 FIRE Cohort
« Reply #710 on: January 05, 2021, 08:28:54 PM »
I'm still on track for my 4/30 date, but I wanted to ask... despite how free and happy I feel on the days I'm not tied to my job, and despite being financially prepared and "knowing" I have the assets to handle this.. surely I'm not the only person scared shitless?

Nope.

I'm going to concur on this point - see my 12/31 post where I tried to sort these feelings out. 

After my long Christmas vacation today was my first day back to work, and I had the strangest feeling.  At the same time I felt like it'd been so long since I'd worked, but it also felt like it was only yesterday I was replying to long email chains and dealing with a client's "urgent" project. 

It also seems like there's no way layoffs are coming at my company soon, given how our conference call went today - still I'll throw it out there in a few weeks that I'll be willing to take one "for the team" and see if management nibbles. 

One minor bummer - my most recent paycheck was credited to 2020 instead of 2021 (payday should have been 1/1) so I didn't get to make an 83% contribution to my 401(k) last week.  If I keep my 3/5 date I might be just shy of maxing-out my contribution for the year. 

Welcome aboard @amberfocus @force majeure and @fireflye - three new cohort members in one day. 
« Last Edit: January 05, 2021, 08:34:55 PM by ScreamingHeadGuy »

exit2019

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Re: 2021 FIRE Cohort
« Reply #711 on: January 06, 2021, 12:03:26 AM »
I'm still on track for my 4/30 date, but I wanted to ask... despite how free and happy I feel on the days I'm not tied to my job, and despite being financially prepared and "knowing" I have the assets to handle this.. surely I'm not the only person scared shitless?

Not at all. I had a pretty sleepless night last night worrying about it.  I actually ended up trying to find evidence of people who FIRE'd more than 5-10 Y ago without pensions, army payments, or real estate - just an equities/bonds portfolio in the middle of the night (since that's what we're doing) before getting back to sleep.

Much Fishing to Do

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Re: 2021 FIRE Cohort
« Reply #712 on: January 06, 2021, 10:20:22 AM »
I'm still on track for my 4/30 date, but I wanted to ask... despite how free and happy I feel on the days I'm not tied to my job, and despite being financially prepared and "knowing" I have the assets to handle this.. surely I'm not the only person scared shitless?

Not at all. I had a pretty sleepless night last night worrying about it.  I actually ended up trying to find evidence of people who FIRE'd more than 5-10 Y ago without pensions, army payments, or real estate - just an equities/bonds portfolio in the middle of the night (since that's what we're doing) before getting back to sleep.

Understandable.  The only people I know in my "real life" (not movie/sports stars or people on CNBC or those that I only know by an online handle) that retired before 60 were teachers, military, other govt workers, and people with a working and well earning spouse (those I'd see often retire in their 50s, and my dad always pointed that out growing up...) .  The math may work but it would be nice to see a real example somewhere!

Arbitrage

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Re: 2021 FIRE Cohort
« Reply #713 on: January 06, 2021, 11:00:49 AM »
I'm still on track for my 4/30 date, but I wanted to ask... despite how free and happy I feel on the days I'm not tied to my job, and despite being financially prepared and "knowing" I have the assets to handle this.. surely I'm not the only person scared shitless?

It feels so final. And there's such a large part of me that says, your job isn't so bad, imagine how much more money you'll have even with just one more year... even if you don't care that much about money, still, it's significant....

It's weirdly very, very scary.

I'm not feeling that right now, but I suspect that since I'm planning to work part-time out of the gate, there's no reason for the fear (my part-time work will earn more than our living expenses).  If, my employer doesn't take me up on my offer to downshift remotely, we'll see whether the anxiety kicks in.  I can imagine that the switch from deposits to withdrawals might be somewhat harrowing.

goat_music_generator

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Re: 2021 FIRE Cohort
« Reply #714 on: January 06, 2021, 11:14:37 AM »
I've been experiencing some fear of "what if the plan isn't good enough?" and "what if it turns out I REALLY want something expensive that I need to go back to work to pay for?"

My spouse will still be working for a couple more years, so I expect the fear will kick in a lot harder once he's actually about to quit.

Right now I'm framing it to myself as "well, I can go back to work if I need to, and we'll know within a couple years whether I do need to... so I can just think of this as myself taking a sabbatical for a while, with the option to make it permanent if things go well."

2Birds1Stone

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Re: 2021 FIRE Cohort
« Reply #715 on: January 06, 2021, 11:33:50 AM »
*waves*

I am very active in the 2022 FIRE cohort thread since that is when my projections initially put me after a year of reading here and learning about what I really need to do to FIRE.

Due to some good fortune at work I MIGHT be able to get out a year earlier.

I am posting for motivation in hopes of graduating with you guys and gals :)

Woah woah woah, so much has happened in 4+ years.

I ended up in the 2019 cohort, which exceeded my initial estimates. Spent most of 2020 traveling in Europe but circumstances surrounding Covid brought us back to the USA and jobs for the time being.

Now I'm back on the fence between 2021 and 2020.......


the_fixer

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Re: 2021 FIRE Cohort
« Reply #716 on: January 06, 2021, 12:01:20 PM »
*waves*

I am very active in the 2022 FIRE cohort thread since that is when my projections initially put me after a year of reading here and learning about what I really need to do to FIRE.

Due to some good fortune at work I MIGHT be able to get out a year earlier.

I am posting for motivation in hopes of graduating with you guys and gals :)


Now I'm back on the fence between 2021 and 2020.......
2020?
Can I borrow your time machine :)


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2Birds1Stone

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Re: 2021 FIRE Cohort
« Reply #717 on: January 06, 2021, 12:19:31 PM »
Haha, whoops!

if I had a time machine, the "Return to 2020" setting would be permanently disabled.

I meant 2022 =P

goat_music_generator

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Re: 2021 FIRE Cohort
« Reply #718 on: January 06, 2021, 12:20:20 PM »
if I had a time machine, the "Return to 2020" setting would be permanently disabled.

LOL! No kidding!

OmgLmg

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Re: 2021 FIRE Cohort
« Reply #719 on: January 06, 2021, 03:25:35 PM »
I've been experiencing some fear of "what if the plan isn't good enough?" and "what if it turns out I REALLY want something expensive that I need to go back to work to pay for?"

My spouse will still be working for a couple more years, so I expect the fear will kick in a lot harder once he's actually about to quit.

Right now I'm framing it to myself as "well, I can go back to work if I need to, and we'll know within a couple years whether I do need to... so I can just think of this as myself taking a sabbatical for a while, with the option to make it permanent if things go well."

This is almost exactly where I'm at. I was getting really worried and anxious yesterday and I am so glad I thought to come read this thread! Somehow it is comforting to know that all the fear/anxious thoughts are shared by others...

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Re: 2021 FIRE Cohort
« Reply #720 on: January 06, 2021, 03:59:20 PM »
if I had a time machine, the "Return to 2020" setting would be permanently disabled.

LOL! No kidding!

As much as it sucked overall, it was actually the best for my job.  On my current job of 20 years, I've always gone into the office 5 days per week, but I got to work from home 5 to 6 straight months this year, and now I'm still working from home 4 days per week.  Since I've received my first vaccine dose, I'll probably be working in the office again before long.  But on the bright side, I might be FIREing or going part time by summer, which could make 2021 my best year for my career, and hopefully better in most other aspects as well.

goat_music_generator

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Re: 2021 FIRE Cohort
« Reply #721 on: January 07, 2021, 06:26:16 AM »
if I had a time machine, the "Return to 2020" setting would be permanently disabled.

LOL! No kidding!

As much as it sucked overall, it was actually the best for my job.  On my current job of 20 years, I've always gone into the office 5 days per week, but I got to work from home 5 to 6 straight months this year, and now I'm still working from home 4 days per week.  Since I've received my first vaccine dose, I'll probably be working in the office again before long.  But on the bright side, I might be FIREing or going part time by summer, which could make 2021 my best year for my career, and hopefully better in most other aspects as well.

Nice! As scary as 2020 has been in general and for the world, I have to admit that the ability to work remote has been really good for me as well...

amberfocus

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Re: 2021 FIRE Cohort
« Reply #722 on: January 07, 2021, 07:31:35 AM »
I'm still on track for my 4/30 date, but I wanted to ask... despite how free and happy I feel on the days I'm not tied to my job, and despite being financially prepared and "knowing" I have the assets to handle this.. surely I'm not the only person scared shitless?

It feels so final. And there's such a large part of me that says, your job isn't so bad, imagine how much more money you'll have even with just one more year... even if you don't care that much about money, still, it's significant....

It's weirdly very, very scary.

You are NOT alone. I've been constantly ping-ponging between ecstatic jubilation and an anxiety puddle, it's practically bipolar. Although I've been working towards this goal for the past 15 years and am thrilled to finally get there, I'm still half-expecting to chicken out, delay/procrastinate, or for something -- anything! -- to go off the rails (including checking the markets every day, which I usually make a point not to do).

Not at all. I had a pretty sleepless night last night worrying about it.  I actually ended up trying to find evidence of people who FIRE'd more than 5-10 Y ago without pensions, army payments, or real estate - just an equities/bonds portfolio in the middle of the night (since that's what we're doing) before getting back to sleep.

I'm in a similar situation, where all my assets except for primary residence are paper assets -- there's no rental real estate, no side hustle/business, no pension (except maybe Social Security) -- and a really bloody long way till Medicare in a country with a shitastic healthcare safety net.

My reaction has been far less healthy than yours, though. Instead of seeking positive validation, I've been going on Bogleheads and looking for threads where folks are seeking permission to FIRE, and watching them get inevitably torn down for being too young, too frugal, too ignorant, or not rich enough. I've also been running Monte Carlo simulations with increasingly outrageous parameters just to see how much punishment my stash can('t) take. Apparently, I cope by torturing myself, heh.

I've seen the topic mentioned a few times, but do you have any recommendations on WHAT to tell your coworkers, employees, boss, friends, and family about leaving your well-paying job?
I'm still on track to leave this spring.  I've spoken to my boss already, so he knows this may be coming, but I don't feel like telling anyone else that I'm retiring in my 40’s is the right way to go. I'm fairly young and don't want to alienate my friends and family (my family thinks all millionaires can have their own private planes and limo drivers).  I also don’t want to lie.
Here’s my initial thought:  Tell my coworkers and employees that I’m leaving the company to go back to school.  This wouldn’t be a lie considering there are a bunch of topics I want to learn and many colleges make their courseware available for free.
I may also do some consulting work if the opportunity presents itself, so if asked what I’m doing about income, I could mention that. 
I know I probably shouldn’t worry about this as much as I am, but I feel like there’s a stigma with leaving a high-paying job – especially at a young age.

I've been thinking about this lately too - I'm planning to leave ~June, but haven't solidified a date. Absolutely nobody at work has any idea it's coming. I am a manager and feel like it's too soon to tell my boss and subordinates, but I'm quietly trying to put things in a good state for someone else to take over, and will ramp that up over the next few months. I think I'll give 6 weeks notice. I haven't told any friends at work since I think it's too much to ask for them to keep the secret - and it would be terrible if it got out before I get to tell my boss and those that report to me.

Other than trying to leave on good terms and make sure I'm not leaving a mess behind, I'm not too worried about what my non-friend co-workers think about the "why" since I probably won't keep in touch with them. I mainly don't want to leave them with the impression that I'm unhappy with them, so I'll try to make it clear that "it's me, not you". @mindfulrun, do you think you want to stay in touch with yours, or perhaps consult for your company if the opportunity presents? If not, why do you care what they think?

I'm struggling with this bit, too. While I have a reputation for being frugal and financially savvy, there is no way folks won't be completely blindsided by an early retirement. And it's not just stigma due to age; it's also being perceived as flighty and undedicated (I anchor a major set of projects and there is no way to extricate gracefully without screwing the team over).

I finally told one of my coworkers (who is a close friend that I trust completely) at the end of last year, after she confided in me that she was frustrated at work and thinking of leaving. She initially thought I also meant leaving as in changing jobs, so I decided to straight up tell her. I was really conflicted because I've never told anyone at work before, but I'm glad that I did, because she was super supportive, and may be able to serve as a valuable sounding board as I navigate this year.

My current plan (subject to change) is to use the cliche that I want to spend more time with family. Maybe it won't be terribly convincing because I don't have (or want) kids, so I was considering also announcing an engagement (although the real reason I'd get married is because I may have to go on SO's health insurance after retirement and possibly lower his taxes, but they don't have to know that the cause-and-effect is reversed, LOL). When asked about income, I'm probably going to say that my SO is still working and we have enough, and just let them draw their own conclusions.

Does it hurt my feminist heart to have people believe that I'm giving up a successful and lucrative career to be with a man? Absolutely. But as galling as it is, I still think it may be safer to lean into that stereotype than to flaunt the truth, and have them believe that I'm somehow lazy or didn't love my job enough, on the off chance that I do need another job or a reference in the future.

highlandterrier

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Re: 2021 FIRE Cohort
« Reply #723 on: January 07, 2021, 10:29:22 AM »
if I had a time machine, the "Return to 2020" setting would be permanently disabled.

LOL! No kidding!

As much as it sucked overall, it was actually the best for my job.  On my current job of 20 years, I've always gone into the office 5 days per week, but I got to work from home 5 to 6 straight months this year, and now I'm still working from home 4 days per week.  Since I've received my first vaccine dose, I'll probably be working in the office again before long.  But on the bright side, I might be FIREing or going part time by summer, which could make 2021 my best year for my career, and hopefully better in most other aspects as well.

Nice! As scary as 2020 has been in general and for the world, I have to admit that the ability to work remote has been really good for me as well...

Have much preferred remote working, my company is quite risk adverse so we have not had a single day in office since start of March last year. They have also downsized buildings during the pandemic so it will never be anything like full time in the office again. Given my leaving date is July it's touch and go whether I'll ever see the office again. In an ideal world I'd have one day back in office before leaving to remind me what is being left behind, and say goodbye to some great people. 99 working days to go.....

ALDI

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Re: 2021 FIRE Cohort
« Reply #724 on: January 07, 2021, 11:29:22 AM »
Hey folks, as the first person on the list of the 2021 cohort (FIREd & fired and hence OLYd on 23 Jan 2020) I feel obliged to give some feedback on how this last year went to maybe give you some motivation to pursue your own path to happiness:

-I never knew how much I was hollowed out by the time the FIRE decision was made for me by my boss who fired me after 14 years. By hollowed out I mean that I crossed the finish line with the last bit of energy. I now see that I was showing all indications of a burn out since 2016/17 but I was in denial all the time. Even though I hired a capable lawyer to help me through the usual lawsuit against my employer, the company HR officer wanted to negotiate my exit directly with me in February. So I had to summon the last energy that I had to lead a negotiation that resulted in a nice but not extravagant severance payment (24 month’s salary). Pls keep in mind that I am located in a country in continental Europe, which means a lot more job security compared to the USA but also much higher  marginal tax rates
-between March an July I was decompressing as if my life depended on it. Lots of sleep, healthy diet, a bit of reading, no-stress outdoor activities, catching up with my elderly parents and the rest of the family.
-People tend to tell me I look a bit younger and much more relaxed than before
-i am so happy to have meaningful discussions with the people I do really care for, without the haste of a stressful full time job that makes you think about the gazillions ToDo‘s on your never ending list when you should really listen to your loved ones.
-for the benefit of public health insurance I negotiated a part time job with a company of a friend. 5 hours, per month, not per week. This tiny job keeps me connected to my business field
-I was asked to join other authors to write an expert piece for a book on regulation in my field of business
-I am in an early stage of planning to create a start up company with some friends. I will be an angel investor and part time Managing director if the plan works out.
-I was able to challenge, apply and grow my 35-year long experience in investing in 2020. The weekend after I settled my exit negotiations (late February) my wife and me went groceries shopping. She was bugging me since mid-February if we should not sell some stocks in the face of COVID. I told her that this is not something an intelligent investor should do. During the shopping I witnessed all the hoarding of essential groceries and thought that for once, the sentiment in Europe is quicker than the USA, which were in denial on the economic implications of COVID, giving me a little advantage. I decided to bite that bullet as it was a „once in a lifetime“ market timing opportunity. We sold everything and went 100% cash, trades executed on March 2nd. I was relieved to avoid two thirds of the downturn. But I knew that every market timing decision has two phases, so I mentally prepared for re-entering the market. When the FED signalled „we buy everything“ I started to build up exposure again and finished the re-risking and arrived at the target asset allocation in June. I did not do a exact calculation but I assume that the positive effect is 10-15% compared to not touching the portfolio. I am not sure I would do it again and much less encourage others to try to time the market. Pls also be informed that investing is  my field of business and one of my passions. Now I feel relaxed by having > 3 years of expenses in cash and the rest is invested aggressively in equities, no investment grade bonds.
-being financially independent and not having to work full time for the rest of my life is something I tend to keep for myself. In 2020 I tried to explain the concept a few times to people I know and where I felt there is some interest. The feedback is usually not encouraging. The financial illiterate people cannot understand the numbers and the financially more savvy people have deep fears what to do with all the time once that busy full time job is gone. Also, I live in a country where envy is a common sin, so I silently enjoy.

What a year! I can only encourage you to trust your plans and your gut feelings. I wish you all the best for your big year. And thanks to screaming head guy for all the work to keep this cohort motivated.



goat_music_generator

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Re: 2021 FIRE Cohort
« Reply #725 on: January 07, 2021, 12:20:10 PM »
Does it hurt my feminist heart to have people believe that I'm giving up a successful and lucrative career to be with a man? Absolutely. But as galling as it is, I still think it may be safer to lean into that stereotype than to flaunt the truth, and have them believe that I'm somehow lazy or didn't love my job enough, on the off chance that I do need another job or a reference in the future.

Same!! I really don't want to tell my family about FIRE, and it frustrates me that that's going to be their assumption instead... But I can't control what they think, and better to let them think that I am giving in to their expectations about what to do with my life, rather than get into a mess where they start asking me for money or treating me weirdly...

American GenX

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Re: 2021 FIRE Cohort
« Reply #726 on: January 07, 2021, 03:19:33 PM »
I'm not sure if I'm going to go through with it until it gets much closer to my target date range, so I'm not going to tell my family that I'm FIREing until I have made a decision and actually put in my notice at work.  When I give them the news, I want to mention that I put in my notice, it's final, two weeks or whatever.  Some of them might not be too surprised since I mention it from time to time that I would like to retire, but I haven't stated any plans, only comments about retiring in my 50's.  And I haven't ruled out offering to stay on part time if I can get a three consecutive day work week and keep the benefits that a 24 hour work week allows at my employer, such as health care insurance.

Dreamer40

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Re: 2021 FIRE Cohort
« Reply #727 on: January 07, 2021, 05:40:09 PM »
Hi everyone! I'm a longtime lurker joining the 2021 cohort. 40 years old. Last day is March 3.

I didn't plan to retire this early. But you can read my quitting story on the FU money thread (basically: my attorney job has always made me unhappy but was fairly easy to do until recently and my spouse is happy to keep working a few more years on his own). So I put in my notice today. It's a hard-to-wrap-up job so I'm giving them 2 months. This also gives me time to increase my 2021 TSP contributions over the next 2 months...

Covid plus a ton of luck made all this possible. Hubby and I were both working non-remote-friendly jobs in Washington, DC, when the pandemic hit. His industry took a hit so he quickly changed to a mostly-remote company. I convinced my federal office to let me work remotely from Portland, OR. So we sold our rowhouse and moved into a rental on the west coast. A few days after arriving, I accidently found our dream house the day it was listed for sale and we immediately bought it. It was $200,000 less than the house we'd just sold in DC, but it's a million times better-suited for us. And it's a block away from a bunch of our family. Crazy luck. Now that we've been in the house a few months and can project our long term expenses more accurately (and don't have a lot of money tied up in a house in DC anymore), we suddenly realized that I didn't need to keep doing my stressful job. Our cost of living went way down and it's more predictable because we're unlikely to move again anytime soon.

It's been a very strange and stressful 10 months but we're coming out ahead in ways that makes me feel kind of bad when so many people are struggling. But maybe my departure from work will open up a job for a new attorney or someone who really wants that job... And the people we bought the house from were probably thrilled to get a good offer quickly.

Hitting the send button on my resignation email was incredibly scary. But I've always said I wanted to do this. I feel proud of myself for actually following through when the opportunity arose.

ScreamingHeadGuy

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Re: 2021 FIRE Cohort
« Reply #728 on: January 07, 2021, 07:38:15 PM »
I loved reading your story @Dreamer40.  We're glad to have you join us.

shuffler

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Re: 2021 FIRE Cohort
« Reply #729 on: January 07, 2021, 07:53:15 PM »
My current plan (subject to change) is to use the cliche that I want to spend more time with family.
I'm not sure whether, like me, you're working from home, socially isolating, etc. ... but if so, that's a hilarious line in these pandemic times.  I may steal it.


NoVa

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Re: 2021 FIRE Cohort
« Reply #730 on: January 07, 2021, 08:53:23 PM »
Add me to 2021. Just told my boss this is the last year, probably December 31. Not really FIRE, late to the game. But the MMM forums have helped me straighten out my finances so retirement will be much smoother.

ixtap

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Re: 2021 FIRE Cohort
« Reply #731 on: January 07, 2021, 09:33:20 PM »
My current plan (subject to change) is to use the cliche that I want to spend more time with family.
I'm not sure whether, like me, you're working from home, socially isolating, etc. ... but if so, that's a hilarious line in these pandemic times.  I may steal it.

My husband has basically told his manager that this is how he is going to begin his transition to remote working; as soon as we can travel safely, we will start taking long trips to reconnect with family. He is already preparing by trying to learn to work just 40 hours a week.

Chaplin

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Re: 2021 FIRE Cohort
« Reply #732 on: January 07, 2021, 09:56:29 PM »
Gave notice today! Like many of the stories above, the giving notice part was hard - guilt, not wanting the team to be left holding the bag, etc. It was funny - until the words were out of my mouth there was no guarantee I wouldn't fail (again) to get it out.

I did write a bit more about it my journal:
https://forum.mrmoneymustache.com/journals/chaplin's-little-'stash/msg2763773/#msg2763773

The "more time with family" in pandemic times is pretty funny, but my take on it was a bit different. The people I want to spend time with are here and healthy now! If I wait even five more years my son will likely be out of the house, my parents and in-laws either dead or much declined, and my wife and my own health not as excellent as it is now.

Actual FIRE in late May (yes, a long notice period).

bownyboy

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Re: 2021 FIRE Cohort
« Reply #733 on: January 08, 2021, 03:43:30 AM »
Hi Everyone,

I was part of the 2020 Cohort and was all set to FIRE on 18th December when my last contract finished. However as we're now in our 3rd lockdown here in the UK with a 'stay at home' order in place; what else can you do?

I've been offered some consultancy work which I'm currently doing and there is the possibility of another 3 month contract which would take me until the (hopefully) end of the current lockdown.

So, I've jumped into this Cohort, final FIRE date tbc, but I really hope that with the vaccination program that is now in affect, we will be able to start travelling again from Easter.

 


2Birds1Stone

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Re: 2021 FIRE Cohort
« Reply #734 on: January 08, 2021, 06:06:49 AM »
DW have decided that our FIRE decision will be based on the ability to continue long term slow travel vs. a pure financial decision.  So fingers crossed that the roll out of vaccination is successful and the world returns to a bit more "normal" state, if that's ever possible.

That being said, we're still very much on the shoestring/leanFIRE end of the spectrum.

How is everyone dealing with pulling the plug with CAPE10 @ a near record high of 34.5?

ScreamingHeadGuy

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Re: 2021 FIRE Cohort
« Reply #735 on: January 09, 2021, 09:34:04 AM »
I came so close to FU yesterday, But then I waited an hour and, in the end, didn’t.  But I do believe I will be including that particular moment in the list of reasons the company may want to pay me to go away (for the good of the company, after all). 

Arbitrage

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Re: 2021 FIRE Cohort
« Reply #736 on: January 09, 2021, 02:12:00 PM »
I came so close to FU yesterday, But then I waited an hour and, in the end, didn’t.  But I do believe I will be including that particular moment in the list of reasons the company may want to pay me to go away (for the good of the company, after all).

I haven't come close to that yet, but I did leverage my FI status; I had the day off, but was aware that my boss was thinking of trying to schedule up a meeting and work on the next draft of a presentation that I put together.  I purposely stayed far away from both my work phone and work computer.  It would be one thing if there was an actual reason for a deadline, but this project is entirely superfluous and any deadlines are just due to the whims of upper-level management. 

simmias

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Re: 2021 FIRE Cohort
« Reply #737 on: January 09, 2021, 04:11:45 PM »
I came so close to FU yesterday, But then I waited an hour and, in the end, didn’t.  But I do believe I will be including that particular moment in the list of reasons the company may want to pay me to go away (for the good of the company, after all).

I'm at the point now where I hope somebody does something at work that makes me want to FU. That would be easier than having to decide how much notice to give, when exactly to give it, how to sufficiently hand off knowledge, what reason to tell them that I'm leaving, how to explain it to my parents, etc.

I think I'm also a little shook by the market's meteoric rise lately. I didn't expect to hit my number (and then some) this soon in the year, but here we are.

The easiest thing would be if they made a decision to end work-from-home, but it doesn't look like that's happening any time soon, thankfully.

First world problems, lol.
« Last Edit: January 10, 2021, 08:15:40 AM by simmias »

goat_music_generator

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Re: 2021 FIRE Cohort
« Reply #738 on: January 09, 2021, 06:19:19 PM »
I've been planning to give notice around the end of this week for a while, and it still feels 0% real.

I think I'm going to put it off till next Tuesday though (we have Monday off), because I have a regular 1:1 with my boss that day. Easier than doing the whole... schedule a same-day meeting with no explanation... thing.

And that makes it easier for 2 weeks' notice to be a couple days into February, which lets me keep health insurance the rest of the month.

Still have no idea what on earth I'll tell my family. Some of them would get it, but I can't really trust them not to spill the beans to those who would not. I think that's making this feel even more unreal, all the secrecy around it. I've chatted with a number of friends about it online, but almost every time we talk to someone in person, my spouse and I just pretend it's not happening at all. Makes it feel as though it's just something I made up that I'll forget about soon.

I found myself thinking the other day, "Gosh! I'm up to nearly 5 weeks' vacation at this job. I shouldn't quit now!" Yeah, that's way better than 52 weeks vacation, brain. Thanks.

Mrs. Healthywealth

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Re: 2021 FIRE Cohort
« Reply #739 on: January 11, 2021, 08:07:42 AM »
I've seen the topic mentioned a few times, but do you have any recommendations on WHAT to tell your coworkers, employees, boss, friends, and family about leaving your well-paying job?
I'm still on track to leave this spring.  I've spoken to my boss already, so he knows this may be coming, but I don't feel like telling anyone else that I'm retiring in my 40’s is the right way to go. I'm fairly young and don't want to alienate my friends and family (my family thinks all millionaires can have their own private planes and limo drivers).  I also don’t want to lie.
Here’s my initial thought:  Tell my coworkers and employees that I’m leaving the company to go back to school.  This wouldn’t be a lie considering there are a bunch of topics I want to learn and many colleges make their courseware available for free.
I may also do some consulting work if the opportunity presents itself, so if asked what I’m doing about income, I could mention that. 
I know I probably shouldn’t worry about this as much as I am, but I feel like there’s a stigma with leaving a high-paying job – especially at a young age.

Go with what you feel the most comfortable with. How much do you truly want to share? Check your gut on this, feel it out when you talk to people and then decide who you share what with. It makes why you feel the way you do; people have wild imaginations when they hear about young people retiring or quitting their job and lots of folks like to give their input. Will be curious what you decide.

Mrs. Healthywealth

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Re: 2021 FIRE Cohort
« Reply #740 on: January 11, 2021, 08:22:07 AM »
I'm still on track for my 4/30 date, but I wanted to ask... despite how free and happy I feel on the days I'm not tied to my job, and despite being financially prepared and "knowing" I have the assets to handle this.. surely I'm not the only person scared shitless?

It feels so final. And there's such a large part of me that says, your job isn't so bad, imagine how much more money you'll have even with just one more year... even if you don't care that much about money, still, it's significant....

It's weirdly very, very scary.

+1
Totally scared shitless. Even posted our numbers to see if this can really happen, which I’ve already ran thru multiple spreadsheets that say we are fine. But it’s scary. Plus I really love the folks I work with and am concerned it’ll be a mistake to leave. For now I’ve started therapy to work out the thoughts and I’ll take the summer off and see if I return. Things like attending meetings no longer appeal to me, and I keep reading that folks wish they had retired sooner, so as much as I talk myself out of FIRE this year I’m going to take the leap of faith.

Been enjoying reading other’s experiences.

LightTripper

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Re: 2021 FIRE Cohort
« Reply #741 on: January 12, 2021, 06:43:22 AM »
Hey folks, as the first person on the list of the 2021 cohort (FIREd & fired and hence OLYd on 23 Jan 2020) I feel obliged to give some feedback on how this last year went to maybe give you some motivation to pursue your own path to happiness:
...
What a year! I can only encourage you to trust your plans and your gut feelings. I wish you all the best for your big year. And thanks to screaming head guy for all the work to keep this cohort motivated.

Thank you for sharing your story!  Definitely helpful to have motivation from those ahead of us on the path.  I sometimes wish the decision would be made for me by being fired, but I'm sure I wouldn't enjoy it if it actually happened!

I also was happy to hear your market timing story.  Very ballsy - glad it worked out for you!  I think the bravest/trickiest part is often not selling back out, but getting back in in time: sounds like you managed that pretty well.

exit2019

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Re: 2021 FIRE Cohort
« Reply #742 on: January 12, 2021, 10:12:46 PM »
Someday, I plan to write a book about my current employer because the incompetence and crazy should be legendary. I've compiled years of content. Towards the end of the book, I will be sure to mention that, as with last year, even after third time I've told my management chain that I expect to resign in a few weeks, their response is outright denial.

So it goes.

FarFetchd

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Re: 2021 FIRE Cohort
« Reply #743 on: January 13, 2021, 11:02:40 AM »
I thought I'd point out the article ERN posted today, about One More Year. I extremely recommend the SWR series this article is a part of, and this one is now particularly relevant to this thread. It's a good one - there's the typical ERN analysis and tables, but there's also a nice little MMM-esque part at the end about not getting too caught up in overpreparing, to balance the rest out.

https://earlyretirementnow.com/2021/01/13/one-more-year-swr-series-part-42

I'll also extract a certain few quotes. I'm a bit of a broken record about this, but the central point of the series is that the 4% rule isn't safe, and this particular article very bluntly reiterates that:

"at a CAPE>20 [the 4% rule with a 30-year horizon and 25% value final target] fails 18.8% of the time"
...
"Most of the failures of the 4% Rule are clustered during the times of very expensive equity valuations [at the start of retirement]."
...
"with today’s CAPE north of 30 and an implied historical failure probability of 18.8%, it seems like a no-brainer to reduce the withdrawal rate to less than 4%."

Put another way, if you're targeting a particular dollar amount for your stash, hitting that amount during a bad correction/crash is more trustworthy than hitting it during a dizzying runup.

The last few months before pulling the trigger are of course the most painful possible time to consider this, but I think it's very much a better late than never situation, and I'm concerned that the danger is particularly present right around now. I'm not demanding everyone to get down to 3%, I just want to make sure everyone has a decently accurate picture of risk across the SWR landscape, so that they can make the right decision for their circumstances/preferences. If you really cannot stand more than a couple more months, go for it even at 4%, but try to treat it as a sabbatical - the risk of failure is too high to dismiss as a possible but unlikely catastrophe.

Finally (and this is extremely broken-record of me), if you're using CAPE-based variable withdrawals (https://earlyretirementnow.com/2017/08/30/the-ultimate-guide-to-safe-withdrawal-rates-part-18-flexibility-cape-based-rules/) this is no longer a concern; your "when can I retire" dollar target will move appropriately with the market.

tipster350

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Re: 2021 FIRE Cohort
« Reply #744 on: January 13, 2021, 01:20:11 PM »
I thought I'd point out the article ERN posted today, about One More Year. I extremely recommend the SWR series this article is a part of, and this one is now particularly relevant to this thread. It's a good one - there's the typical ERN analysis and tables, but there's also a nice little MMM-esque part at the end about not getting too caught up in overpreparing, to balance the rest out.

https://earlyretirementnow.com/2021/01/13/one-more-year-swr-series-part-42

I'll also extract a certain few quotes. I'm a bit of a broken record about this, but the central point of the series is that the 4% rule isn't safe, and this particular article very bluntly reiterates that:

"at a CAPE>20 [the 4% rule with a 30-year horizon and 25% value final target] fails 18.8% of the time"
...
"Most of the failures of the 4% Rule are clustered during the times of very expensive equity valuations [at the start of retirement]."
...
"with today’s CAPE north of 30 and an implied historical failure probability of 18.8%, it seems like a no-brainer to reduce the withdrawal rate to less than 4%."

Put another way, if you're targeting a particular dollar amount for your stash, hitting that amount during a bad correction/crash is more trustworthy than hitting it during a dizzying runup.

The last few months before pulling the trigger are of course the most painful possible time to consider this, but I think it's very much a better late than never situation, and I'm concerned that the danger is particularly present right around now. I'm not demanding everyone to get down to 3%, I just want to make sure everyone has a decently accurate picture of risk across the SWR landscape, so that they can make the right decision for their circumstances/preferences. If you really cannot stand more than a couple more months, go for it even at 4%, but try to treat it as a sabbatical - the risk of failure is too high to dismiss as a possible but unlikely catastrophe.

Finally (and this is extremely broken-record of me), if you're using CAPE-based variable withdrawals (https://earlyretirementnow.com/2017/08/30/the-ultimate-guide-to-safe-withdrawal-rates-part-18-flexibility-cape-based-rules/) this is no longer a concern; your "when can I retire" dollar target will move appropriately with the market.

All good points. We probably will see a pullback in the market sometime soon.

I prepared by having enough cash/equivalents to last a couple of years and ensuring that my number includes budget wiggle room if I need to reduce the amount I withdraw in the long term.

The key is to have wiggle room (and if that results in OMY, so be it) and cash on hand if the market craters at the beginning of RE.

American GenX

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Re: 2021 FIRE Cohort
« Reply #745 on: January 13, 2021, 03:33:51 PM »

Ladychips

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Re: 2021 FIRE Cohort
« Reply #746 on: January 13, 2021, 03:36:29 PM »
@FarFetchd let me start with an apology...because your post really pushed my buttons.

I know everyone worries about having enough money...but I worry about having enough time.  How many people do we know who have a terminal cancer diagnosis? Or who had a stroke and now has no quality of life? Or who had a car accident that cost them their life? Or any other tragic or debilitating occurrence that made someone realize they had plenty of fucking money...but not nearly enough time???

Of course I want people to make good decisions based on facts, but if a pandemic year taught me anything, it's that I don't really need that much money...what I really want is time.  I hope no one sees your post and thinks "I better work one more year".

BikeFanatic

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Re: 2021 FIRE Cohort
« Reply #747 on: January 13, 2021, 04:26:11 PM »
I am older member of the 2021 Cohort, I retired at 55 on January 4TH 2021 ( hooray for me!) . I was doing OMY, just because of unexpected expenses that my spouse wanted and she is putting in OMY also. I just could not make it to OMY I did like 6 months.
I get a every other week mini review and then the big boss also does a monthly 1:1 and I just couldnt take another one. My Boss scheduled the 1:1 on December 15 ( I postponed as I was on Vacation, we postponed to December 21, and I gave my 2 weeks notice that morning. She was surprised but very nice about it. I said I was retiring, and may seek part time work in the future. My hope is though, that this is it,  and I never have to go back to work ever!

It has been a week and I do feel such relief to have time to exercise and to catch up on my projects. I feel like I am on staycation really, no big plans. my withdrawal rate is 4-4.5% with a cash cushion that  is not included in the stash total.

dblaace

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Re: 2021 FIRE Cohort
« Reply #748 on: January 13, 2021, 04:37:09 PM »
@FarFetchd let me start with an apology...because your post really pushed my buttons.

I know everyone worries about having enough money...but I worry about having enough time.  How many people do we know who have a terminal cancer diagnosis? Or who had a stroke and now has no quality of life? Or who had a car accident that cost them their life? Or any other tragic or debilitating occurrence that made someone realize they had plenty of fucking money...but not nearly enough time???

Of course I want people to make good decisions based on facts, but if a pandemic year taught me anything, it's that I don't really need that much money...what I really want is time.  I hope no one sees your post and thinks "I better work one more year".
This is something I have to keep in mind. Numbers say I can last till 100. I'll be lucky to make 80 and anything can happen before then.

ScreamingHeadGuy

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Re: 2021 FIRE Cohort
« Reply #749 on: January 13, 2021, 05:32:32 PM »
I am older member of the 2021 Cohort, I retired at 55 on January 4TH 2021 ( hooray for me!) . I was doing OMY, just because of unexpected expenses that my spouse wanted and she is putting in OMY also. I just could not make it to OMY I did like 6 months.
I get a every other week mini review and then the big boss also does a monthly 1:1 and I just couldnt take another one. My Boss scheduled the 1:1 on December 15 ( I postponed as I was on Vacation, we postponed to December 21, and I gave my 2 weeks notice that morning. She was surprised but very nice about it. I said I was retiring, and may seek part time work in the future. My hope is though, that this is it,  and I never have to go back to work ever!

It has been a week and I do feel such relief to have time to exercise and to catch up on my projects. I feel like I am on staycation really, no big plans. my withdrawal rate is 4-4.5% with a cash cushion that  is not included in the stash total.

This is awesome!  Way to go @BikeFanatic

 

Wow, a phone plan for fifteen bucks!