Author Topic: 2022 FIRE cohort  (Read 51878 times)

Brother Esau

  • 5 O'Clock Shadow
  • *
  • Posts: 46
  • Location: CT
Re: 2022 FIRE cohort
« Reply #300 on: March 31, 2017, 07:20:23 AM »
I didn't really believe I could be in this group when I first signed up, but I am really starting to believe it now.  And I'm starting to make life changes because of it.  So exciting! 

Yep, healthcare will matter for me.

Healthcare is our biggest wild card with FIRE. Any advice on how to control that or do you have fingers crossed like me?

Since the ACA is still in play, here's a good article from Root of Good.  Essentially minimize spending, then you have the option to manufacture a MAGI to qualify for the subsidies you desire.

Interesting read, thank you for sharing.

BGordon

  • 5 O'Clock Shadow
  • *
  • Posts: 68
  • Age: 49
  • Location: Tennessee
Re: 2022 FIRE cohort
« Reply #301 on: March 31, 2017, 07:43:33 AM »
Seconding 2Birds. If you have only experienced healthcare in the US then you won't appreciate just how affordable it can be outside the US.

You can absolutely have (what I call) a very comfortable living on $1500/mo in Portugal, including healthcare. You might have different priorities for what you call comfortable but unless you want to fly back to the US for treatment, healthcare won't be a budget breaker.

My experience to Health Care has been limited to the US, however I wasn't listing Health Care because I view it is a major concern, only because it was conspicuously absent from the estimates I was seeing.  My and my wife's spending habits (lack of frugality) as well as our desire to travel are my major fears.  Not saying we can't curtail our lifestyle, its just that we haven't had to in a number of years (so it is an unknown).  Thanks for chiming in, it is nice to know that we are a lot closer to being able to FIRE than we had assumed.

Playing with Fire UK

  • Handlebar Stache
  • *****
  • Posts: 1734
Re: 2022 FIRE cohort
« Reply #302 on: March 31, 2017, 07:54:29 AM »
BGordon - yep, I could imagine that some people just wouldn't list it.

I have a chronic health condition and over the past decade have spent over a month in hospitals including several operations. My healthcare costs have never been more than 100 (~$130) per year. It doesn't have a line on my budget, it just sits in "necessary, non-food".

I'm excited for this adventure ahead of you.

BGordon

  • 5 O'Clock Shadow
  • *
  • Posts: 68
  • Age: 49
  • Location: Tennessee
Re: 2022 FIRE cohort
« Reply #303 on: March 31, 2017, 08:12:54 AM »
BGordon - yep, I could imagine that some people just wouldn't list it.

I have a chronic health condition and over the past decade have spent over a month in hospitals including several operations. My healthcare costs have never been more than 100 (~$130) per year. It doesn't have a line on my budget, it just sits in "necessary, non-food".

I'm excited for this adventure ahead of you.

Having traveled a decent amount I was aware that costs were a lot lower, but I will have to admit that I didn't realize they could be that much lower.  I live in an area where a lot of US health care companies have their corporate offices.  I also used to be a tax advisor at an accounting firm.  Our health care clients were always some of the most profitable (problem with US system).  We all wanted health care clients so that when we transitioned into the private sector, it could be to one of these clients.

I am very excited about the adventure also.  We want to create a home base of operation in a low cost area and then travel throughout Europe as our budget allows.  Our plan is to make a decision on the actual location for the home base within the next 5 years (using vacations).

BGordon

  • 5 O'Clock Shadow
  • *
  • Posts: 68
  • Age: 49
  • Location: Tennessee
Re: 2022 FIRE cohort
« Reply #304 on: March 31, 2017, 08:18:11 AM »
Are growth rates of 6% pre retirement and 4% post retirement in line with what most of you are using for your projections?

Playing with Fire UK

  • Handlebar Stache
  • *****
  • Posts: 1734
Re: 2022 FIRE cohort
« Reply #305 on: March 31, 2017, 09:44:58 AM »
I'm using 4% above inflation for both. As in 4 percentage points.

Axecleaver

  • Magnum Stache
  • ******
  • Posts: 3098
  • Location: New York
Re: 2022 FIRE cohort
« Reply #306 on: March 31, 2017, 02:22:08 PM »
Historic average in the US is 10% for stocks and 6% for bonds. Inflation is 3% on top of that, so 7%/3% real growth. You can apply those percentages to your chosen asset allocation to predict your average growth, both pre- and post- retirement.

The 4% rule represents a "worst case scenario." We plan for that because even if we're unlucky, and retire at the absolute worst time, 4% withdrawals still allow our portfolios to recover. You can do even better by using variable withdrawal strategies. But about half of people using the 4% rule will die with more in the bank than they retired with.

BGordon

  • 5 O'Clock Shadow
  • *
  • Posts: 68
  • Age: 49
  • Location: Tennessee
Re: 2022 FIRE cohort
« Reply #307 on: March 31, 2017, 03:56:47 PM »
Thanks to both of you for the feedback on growth percentages.

Jardeny

  • 5 O'Clock Shadow
  • *
  • Posts: 17
Re: 2022 FIRE cohort
« Reply #308 on: April 02, 2017, 04:39:57 PM »
Just found out my 3.4 mile commute is increasing in a few weeks to 29 miles. Considering it took me two years to find this job close to home, I'm quite ticked. I keep running the numbers, thinking, maybe if i sell the house and the dogs.....

Here's to five years of waking up earlier. More fuel to my FIRE motivation..

Zikzin

  • Stubble
  • **
  • Posts: 129
Re: 2022 FIRE cohort
« Reply #309 on: April 03, 2017, 08:45:03 PM »
Officially signing up here. I am claiming to be FI by 2022!!!!!!!

TheFixer

  • 5 O'Clock Shadow
  • *
  • Posts: 69
  • Age: 51
  • Location: Middle 'Murikah
  • Getting smarter, 1 facepunch at a time
Re: 2022 FIRE cohort
« Reply #310 on: April 12, 2017, 09:37:03 PM »
Officially signing up because my wife will turn 55 in 2022, so on january 3rd 2022 she will turn in her 2 week notice and quit her current job, giving us access to her 401k retirement funds at age 54. Not really RE like most on here, but we've been off & on sorta retired for a while, we've just been coasting on excess cash, then working as necessary to meet our frugal needs. But we'll be burning actual retirement funds. Then 4 years later we can get into the IRA funds, then 3 years later we'll supplement that w/ SS. Then we die, the end. 8^P



Brother Esau

  • 5 O'Clock Shadow
  • *
  • Posts: 46
  • Location: CT
Re: 2022 FIRE cohort
« Reply #311 on: April 13, 2017, 12:16:11 PM »
Officially signing up because my wife will turn 55 in 2022, so on january 3rd 2022 she will turn in her 2 week notice and quit her current job, giving us access to her 401k retirement funds at age 54. Not really RE like most on here, but we've been off & on sorta retired for a while, we've just been coasting on excess cash, then working as necessary to meet our frugal needs. But we'll be burning actual retirement funds. Then 4 years later we can get into the IRA funds, then 3 years later we'll supplement that w/ SS. Then we die, the end. 8^P

Welcome to the club! I turn 55 in 2022 as well. We'll hopefully follow a similar plan as you with 401k/IRA/SS. Still trying to figure out how to make it end differently though.

2Birds1Stone

  • Magnum Stache
  • ******
  • Posts: 3001
  • Age: 30
  • Location: New York
  • CFO
Re: 2022 FIRE cohort
« Reply #312 on: April 13, 2017, 12:55:02 PM »
"A small house can hold as much happiness as a big one." - Fortune Cookie

33 Months till FIRE - Stop by, or stay a while.....
https://forum.mrmoneymustache.com/journals/fire-by-thirty-five-chronicles-36-months-till-sabbatical!/

zephyr911

  • Magnum Stache
  • ******
  • Posts: 3576
  • Age: 39
  • Location: Northern Alabama
  • I'm just happy to be here. \m/ ^_^ \m/
Re: 2022 FIRE cohort
« Reply #313 on: April 18, 2017, 08:13:40 AM »
Hi all,
I don't stop in here much, because I'm partly/mostly retiring within a year, but 2022 is still my full quitting date... just a note that I'm now fully qualified for O-5 in the AL ANG so I should pin on in time for that hi-3 thing. Will also make it easier to avoid touching investments in the intervening ~5 years while I wind up my 20.

Then we die, the end. 8^P
Morbid!

As a metalhead, I give my obligatory approval to all morbidity. *headbangs*
I am not a cog. I am an organizational lubricant.

cloudsail

  • Stubble
  • **
  • Posts: 221
Re: 2022 FIRE cohort
« Reply #314 on: April 18, 2017, 04:09:55 PM »
2022 has been our goal for a couple of years now and happy to say that we are still on track. I will be 37 and my husband will be 39. Healthcare is obviously a big unknown but we are Canadians so if it really becomes unaffordable we can always move back to Canada. I'll definitely miss the California weather though!

2Birds1Stone

  • Magnum Stache
  • ******
  • Posts: 3001
  • Age: 30
  • Location: New York
  • CFO
Re: 2022 FIRE cohort
« Reply #315 on: April 18, 2017, 07:48:07 PM »
2022 is not all that far away folks! 4 years, 8 months, and 12 days :)

Is it starting to feel real for you just yet?
"A small house can hold as much happiness as a big one." - Fortune Cookie

33 Months till FIRE - Stop by, or stay a while.....
https://forum.mrmoneymustache.com/journals/fire-by-thirty-five-chronicles-36-months-till-sabbatical!/

homestead neohio

  • Pencil Stache
  • ****
  • Posts: 597
    • Journal - Seeds Sprout
Re: 2022 FIRE cohort
« Reply #316 on: April 19, 2017, 07:42:19 AM »
Hi all,
I don't stop in here much, because I'm partly/mostly retiring within a year, but 2022 is still my full quitting date... just a note that I'm now fully qualified for O-5 in the AL ANG so I should pin on in time for that hi-3 thing. Will also make it easier to avoid touching investments in the intervening ~5 years while I wind up my 20.

Hi zephyr, I'm also split between 2017 camp (Semi-FIRE) and 2022 (Full FIRE).  Is the above code something I should be able to understand with the right online translator?

2022 is not all that far away folks! 4 years, 8 months, and 12 days :)

Is it starting to feel real for you just yet?

Full FIRE is still way too far out to seem real.  Still working on convincing myself I'll be just fine when the firehose of cash is cut down to a trickle at the end of the year.

2Birds1Stone

  • Magnum Stache
  • ******
  • Posts: 3001
  • Age: 30
  • Location: New York
  • CFO
Re: 2022 FIRE cohort
« Reply #317 on: April 19, 2017, 08:12:15 AM »

Full FIRE is still way too far out to seem real.  Still working on convincing myself I'll be just fine when the firehose of cash is cut down to a trickle at the end of the year.

How many years worth of expenses is the stache currently at?

I too am looking to Semi-FIRE, but not for another ~3 years.
"A small house can hold as much happiness as a big one." - Fortune Cookie

33 Months till FIRE - Stop by, or stay a while.....
https://forum.mrmoneymustache.com/journals/fire-by-thirty-five-chronicles-36-months-till-sabbatical!/

homestead neohio

  • Pencil Stache
  • ****
  • Posts: 597
    • Journal - Seeds Sprout
Re: 2022 FIRE cohort
« Reply #318 on: April 19, 2017, 08:54:38 AM »

Full FIRE is still way too far out to seem real.  Still working on convincing myself I'll be just fine when the firehose of cash is cut down to a trickle at the end of the year.

How many years worth of expenses is the stache currently at?

I too am looking to Semi-FIRE, but not for another ~3 years.

By the time I Semi-FIRE (counting severance numbers I've seen in writing and my regular income until then) the 'stache will be about 570k, assuming very little market growth between now and then.  We are experimenting this year with a 31k spend limit, which is aggressive for us but we are doing fine so far.  This is about 18.4x.  I would have waited longer had there been no site closure, but here is a chance to challenge myself and make the leap sooner, and I'm realizing there are a lot of lifestyle and tax advantages to a Semi-FIRE approach compared to a hard stop.

We could refi the house to a 30 year mortgage and lower annual expenses to 27k, which would put us at 21.1x, but our low rate 15 year mortgage is our compromise between emotionally wanting zero debt and rationally carrying more debt and keeping all that capital in the market. 

couponvan

  • Magnum Stache
  • ******
  • Posts: 2889
  • Location: Illinois
    • My journal
Re: 2022 FIRE cohort
« Reply #319 on: April 19, 2017, 08:56:04 AM »
I've hit less than 5 years this month and it feels great!  We practiced just living on DH's income the first 4 months, and so far, we spend more than he makes. (Facepunch worthy travel ensued for most of those months.) However, I'm still socking 80% of my salary in the 401(k) and should be maxed out by the 5/10 paycheck. Yay us.

The plan is for all my paychecks to go straight into the college fund accounts.
Why the hell are we going shopping? Buy sh*t, return other sh*t, go through sh*t and donate sh*t. Complain about having too much sh*t. Repeat. (Bracken Joy 2/17)




zephyr911

  • Magnum Stache
  • ******
  • Posts: 3576
  • Age: 39
  • Location: Northern Alabama
  • I'm just happy to be here. \m/ ^_^ \m/
Re: 2022 FIRE cohort
« Reply #320 on: April 19, 2017, 02:02:23 PM »
Hi all,
I don't stop in here much, because I'm partly/mostly retiring within a year, but 2022 is still my full quitting date... just a note that I'm now fully qualified for O-5 in the AL ANG so I should pin on in time for that hi-3 thing. Will also make it easier to avoid touching investments in the intervening ~5 years while I wind up my 20.

Hi zephyr, I'm also split between 2017 camp (Semi-FIRE) and 2022 (Full FIRE).  Is the above code something I should be able to understand with the right online translator?

Bahahaha... my bad. I am a major (O-4) in the Alabama Air National Guard, and if I get promoted to lieutenant colonel (O-5) at least 3 years before retirement, my pension @ age 62 will be based on that rank (hi-3 = highest three years of pay). I will hit 20 years of qualifying service in August 2022, so I just need to make rank by 2019 (and should in 2018).
I am not a cog. I am an organizational lubricant.

homestead neohio

  • Pencil Stache
  • ****
  • Posts: 597
    • Journal - Seeds Sprout
Re: 2022 FIRE cohort
« Reply #321 on: April 19, 2017, 07:06:04 PM »
Bahahaha... my bad. I am a major (O-4) in the Alabama Air National Guard, and if I get promoted to lieutenant colonel (O-5) at least 3 years before retirement, my pension @ age 62 will be based on that rank (hi-3 = highest three years of pay). I will hit 20 years of qualifying service in August 2022, so I just need to make rank by 2019 (and should in 2018).

Thanks for the military -> english translation.  Civilians... I'm clearly one of them.  Good luck making rank next year.

couponvan

  • Magnum Stache
  • ******
  • Posts: 2889
  • Location: Illinois
    • My journal
Re: 2022 FIRE cohort
« Reply #322 on: April 24, 2017, 09:28:03 AM »
Bahahaha... my bad. I am a major (O-4) in the Alabama Air National Guard, and if I get promoted to lieutenant colonel (O-5) at least 3 years before retirement, my pension @ age 62 will be based on that rank (hi-3 = highest three years of pay). I will hit 20 years of qualifying service in August 2022, so I just need to make rank by 2019 (and should in 2018).

Thanks for the military -> english translation.  Civilians... I'm clearly one of them.  Good luck making rank next year.

I also thank you for the military to English translation.  Now this all makes sense.  I didn't realize there was a highest 3 years of pay and a rank criteria. I did know about the 20 year thing. 
Why the hell are we going shopping? Buy sh*t, return other sh*t, go through sh*t and donate sh*t. Complain about having too much sh*t. Repeat. (Bracken Joy 2/17)




nereo

  • Walrus Stache
  • *******
  • Posts: 6307
  • Location: la belle province
    • Here's how you can support science today:
Re: 2022 FIRE cohort
« Reply #323 on: April 24, 2017, 10:48:10 AM »
Bahahaha... my bad. I am a major (O-4) in the Alabama Air National Guard, and if I get promoted to lieutenant colonel (O-5) at least 3 years before retirement, my pension @ age 62 will be based on that rank (hi-3 = highest three years of pay). I will hit 20 years of qualifying service in August 2022, so I just need to make rank by 2019 (and should in 2018).

Well color me impressed if you make lt. colonel before age 40.
Some potential opportunities means we might be able to hit the 2022 target after-all, according to our own definition.  Like Zephyr says... I'm just happy to be here.
"Do not confuse complexity with superiority"

couponvan

  • Magnum Stache
  • ******
  • Posts: 2889
  • Location: Illinois
    • My journal
Re: 2022 FIRE cohort
« Reply #324 on: April 25, 2017, 01:29:27 PM »
Reran the FI Spreadsheet again this year. My FIRE date per the spreadsheet has moved up a few months to 12/2021....I'd be leaving a nice 401k match on the table if I FIRE before 4/1/22, so I will stick with 4/2/22 for now.  It's nice to see changes in the right direction for FIRE numbers over a year's time, though.
Why the hell are we going shopping? Buy sh*t, return other sh*t, go through sh*t and donate sh*t. Complain about having too much sh*t. Repeat. (Bracken Joy 2/17)




2Birds1Stone

  • Magnum Stache
  • ******
  • Posts: 3001
  • Age: 30
  • Location: New York
  • CFO
Re: 2022 FIRE cohort
« Reply #325 on: April 25, 2017, 04:07:37 PM »
Reran the FI Spreadsheet again this year. My FIRE date per the spreadsheet has moved up a few months to 12/2021....I'd be leaving a nice 401k match on the table if I FIRE before 4/1/22, so I will stick with 4/2/22 for now.  It's nice to see changes in the right direction for FIRE numbers over a year's time, though.

Woohoo! I will be exiting 28 days after you!
"A small house can hold as much happiness as a big one." - Fortune Cookie

33 Months till FIRE - Stop by, or stay a while.....
https://forum.mrmoneymustache.com/journals/fire-by-thirty-five-chronicles-36-months-till-sabbatical!/

ItalianGirl

  • 5 O'Clock Shadow
  • *
  • Posts: 10
Re: 2022 FIRE cohort
« Reply #326 on: April 25, 2017, 09:05:36 PM »
I'm formally joining this cohort... and I'm so glad to meet other people as obsessed as I am.

I"ll be 53. Hubby and I currently have 1M in assets (stocks/401K/real estate equity). My overall goal is $1.3M just in retirement funds. I am aiming for another $400k in retirement funds so I don't have to liquidate my real estate just yet. I'm planning on using our 7 holdings to earn the income I need from 53 until 59. I also have a teenager who graduates in May of 2021 which is part of why we are still working hard now. We have $100K saved for college as well. Currently, I'm saving $70K per year in retirement and another $30K I'm paying down on the properties.

I've got a lot to learn and am trying to visit often! Looking forward to learning from everyone!
L

BriarRose111

  • Stubble
  • **
  • Posts: 220
  • Location: River Falls, WI
Re: 2022 FIRE cohort
« Reply #327 on: April 26, 2017, 06:32:13 PM »
That is my goal year, but more in theory at this point.  Depends on too many unknowns.   I would like to be in a position where I don't have to have a job like the one I have now.  Maybe just a part time job for the health insurance, if that can be found.  Work my way down gradually. 

Brother Esau

  • 5 O'Clock Shadow
  • *
  • Posts: 46
  • Location: CT
Re: 2022 FIRE cohort
« Reply #328 on: April 26, 2017, 07:03:50 PM »
I'm formally joining this cohort... and I'm so glad to meet other people as obsessed as I am.

I"ll be 53. Hubby and I currently have 1M in assets (stocks/401K/real estate equity). My overall goal is $1.3M just in retirement funds. I am aiming for another $400k in retirement funds so I don't have to liquidate my real estate just yet. I'm planning on using our 7 holdings to earn the income I need from 53 until 59. I also have a teenager who graduates in May of 2021 which is part of why we are still working hard now. We have $100K saved for college as well. Currently, I'm saving $70K per year in retirement and another $30K I'm paying down on the properties.

I've got a lot to learn and am trying to visit often! Looking forward to learning from everyone!
L

Welcome to the club and giddy up!

couponvan

  • Magnum Stache
  • ******
  • Posts: 2889
  • Location: Illinois
    • My journal
Re: 2022 FIRE cohort
« Reply #329 on: April 27, 2017, 05:53:08 AM »
That is my goal year, but more in theory at this point.  Depends on too many unknowns.   I would like to be in a position where I don't have to have a job like the one I have now.  Maybe just a part time job for the health insurance, if that can be found.  Work my way down gradually.

I have a friend that works at a grocery store 12 hours a week...just for the heath insurance. She says when you factor in the difference between the exchange and that 12 hours she's making as much at the grocery store than she would in a higher stress job. (Most of the EE's are young high school kids which helps with the insurance rates I suppose.)

I'm formally joining this cohort... and I'm so glad to meet other people as obsessed as I am.

I"ll be 53. Hubby and I currently have 1M in assets (stocks/401K/real estate equity). My overall goal is $1.3M just in retirement funds. I am aiming for another $400k in retirement funds so I don't have to liquidate my real estate just yet. I'm planning on using our 7 holdings to earn the income I need from 53 until 59. I also have a teenager who graduates in May of 2021 which is part of why we are still working hard now. We have $100K saved for college as well. Currently, I'm saving $70K per year in retirement and another $30K I'm paying down on the properties.

I've got a lot to learn and am trying to visit often! Looking forward to learning from everyone!
L

Welcome.  Your college savings are impressive! I'll be 51 when I FIRE, but with 3 kids DH will keep working for the insurance and college $.  I get to FIRE early because I put him through law school. ;-)
Why the hell are we going shopping? Buy sh*t, return other sh*t, go through sh*t and donate sh*t. Complain about having too much sh*t. Repeat. (Bracken Joy 2/17)




BriarRose111

  • Stubble
  • **
  • Posts: 220
  • Location: River Falls, WI
Re: 2022 FIRE cohort
« Reply #330 on: April 28, 2017, 12:24:23 PM »
That is my goal year, but more in theory at this point.  Depends on too many unknowns.   I would like to be in a position where I don't have to have a job like the one I have now.  Maybe just a part time job for the health insurance, if that can be found.  Work my way down gradually.

I have a friend that works at a grocery store 12 hours a week...just for the heath insurance. She says when you factor in the difference between the exchange and that 12 hours she's making as much at the grocery store than she would in a higher stress job. (Most of the EE's are young high school kids which helps with the insurance rates I suppose.)



Wow, good to know.  It makes the plan seem a bit more achievable, earlier, if I can not completely FIRE but just have a small p/t job for a few years. It would probably even be fun!  Thanks for sharing that.

eddie

  • 5 O'Clock Shadow
  • *
  • Posts: 34
Re: 2022 FIRE cohort
« Reply #331 on: May 03, 2017, 05:44:23 PM »
I'm going to join this club.  There are a lot of variables (stock market, kids, house, jobs, etc.) but my wife and I sat down last week and made a goal to semi-retire at the age of 40 as long as we have a net worth over $1mil counting investments and the house.  Not counting college fund and wedding fund for our little one.  Semi-retirement to us means making enough $ to cover our expenses with some margin.  Currently we spend about $3,500 a month on non-debt expenses (food, entertainment, utilities, insurance, misc).  Throw in another $1-2k a month in margin for savings towards big/infrequent expenses like vacations, cars, home repairs/maintenance, health expenses.  I think we could get by on less than this, but I have to build in lots of margin to make my wife comfortable.

Our goal for semi-retirement is to make enough money to not touch our retirement accounts and have the flexibility to spend tons of time with family and travel the world/U.S. when our daughter isn't in school.

MrThatsDifferent

  • 5 O'Clock Shadow
  • *
  • Posts: 40
Re: 2022 FIRE cohort
« Reply #332 on: May 06, 2017, 06:27:03 AM »
I have a target date now: 2 November 2022. Let the countdown begin!

couponvan

  • Magnum Stache
  • ******
  • Posts: 2889
  • Location: Illinois
    • My journal
Re: 2022 FIRE cohort
« Reply #333 on: May 09, 2017, 07:12:26 AM »
I'm going to join this club.  There are a lot of variables (stock market, kids, house, jobs, etc.) but my wife and I sat down last week and made a goal to semi-retire at the age of 40 as long as we have a net worth over $1mil counting investments and the house.  Not counting college fund and wedding fund for our little one.  Semi-retirement to us means making enough $ to cover our expenses with some margin.  Currently we spend about $3,500 a month on non-debt expenses (food, entertainment, utilities, insurance, misc).  Throw in another $1-2k a month in margin for savings towards big/infrequent expenses like vacations, cars, home repairs/maintenance, health expenses.  I think we could get by on less than this, but I have to build in lots of margin to make my wife comfortable.

Our goal for semi-retirement is to make enough money to not touch our retirement accounts and have the flexibility to spend tons of time with family and travel the world/U.S. when our daughter isn't in school.

Welcome!  It sounds like you've got a good plan.  I totally forgot about wedding funds....I was so focused on college funds! I'm still FIREng in 2022....Maybe I will un-FIRE the year DD gets married to pay for it.
Why the hell are we going shopping? Buy sh*t, return other sh*t, go through sh*t and donate sh*t. Complain about having too much sh*t. Repeat. (Bracken Joy 2/17)




nereo

  • Walrus Stache
  • *******
  • Posts: 6307
  • Location: la belle province
    • Here's how you can support science today:
Re: 2022 FIRE cohort
« Reply #334 on: May 09, 2017, 07:21:14 AM »
I have a target date now: 2 November 2022. Let the countdown begin!
Curious - how can you have such a specific date 5 years into the future?
We're shooting for FI-hood in 2022, but for us we know it could be anywhere from 2020-2025 with various life-forces and market conditions.
"Do not confuse complexity with superiority"

Axecleaver

  • Magnum Stache
  • ******
  • Posts: 3098
  • Location: New York
Re: 2022 FIRE cohort
« Reply #335 on: May 09, 2017, 07:32:42 AM »
I re-ran my model with updates to expenses ($60k, $20k lower than original plan) and earnings. Started a new telecommute job recently, and it's been going pretty well.

We can hit 2020 if we augment our stash with $20k a year in earnings, 2021 with some luck or a 5% SWR, and 2022 is pretty well locked in. Planning to retire in April regardless of the year, to max out the tax deferred space in our final working year. Three years is right around the corner.

This also assumes I don't cut any other deals or profit from additional lines of business for the next three years, which seems extremely unlikely. Goal is $117k in savings per year.

boarder42

  • Walrus Stache
  • *******
  • Posts: 5377
Re: 2022 FIRE cohort
« Reply #336 on: May 09, 2017, 07:35:03 AM »
yeah exactly

we're shooting for 2024 now b/c we decided we needed a giantlake front house.  but we could still hit 2022 but it could also be 2026. 2022 would be b/c tradelines keep going 2026 would be b/c the market goes into the toilet the next 4 years.
« Last Edit: May 09, 2017, 07:38:49 AM by boarder42 »
PM me about how to save 6% on your annual grocery Bill!

There is a 35k starwood bonus right now as well. PM me for the info.

Rmt

  • 5 O'Clock Shadow
  • *
  • Posts: 23
Re: FIRE in 2022 club ??
« Reply #337 on: May 13, 2017, 09:51:54 AM »
I'll join in, but I'm technically shooting for mid 2021.

great!
care to share some numbers? are we doing enough with $60K / yr?
It depends on what you are doing with $60K/yr. Is that how much you are saving? What is before tax what is after tax. Also depends on your current assets and how you are planning to bridge plus how many years you need to bridge. Also how much do you need to live on each year. Those all play into it.

For me personally:
Married filing jointly
Planning to live off of ~$35-$40K/yr  (yes this is a bit high, but I live in California) (It's also with no electric bill as I have solar, only costs $16/mo in fees)
House will be paid off in 14 years (not counted as an asset since I plan to retire in it)
Max out pre tax 401K also started tIRA for my wife last year and maxed it
At retirement should have ~$600K in 401K assets
After tax accounts currently at ~$125K plan to be at ~$250K at retirement
Own a condo outright, but don't count because I let my mom live there for free. At some point it will be an asset I can sell for ~$100K
I personally plan to do 72t and bridge the difference with ROTH ladder


Edited the live off income, had entered it off by ~$10K too low originally typo

It's been 2 years.. hope everything is on track for everybody.
We took a big "gamble" and took out 300K from home equity and invested it mainly in VTI and a few other things, instead of trying to invest $20K a year in cash brokerage account. That turned out to be a really good alternative to waiting to invest the $20K a year.
We are now sitting around 1.2M net but I would like our non-home investments to be 1M for FIRE. and maybe $200K or so in kid's 529 plan.

Mr Zombie

  • 5 O'Clock Shadow
  • *
  • Posts: 9
  • Location: Engerland
    • The Finance Zombie
Re: 2022 FIRE cohort
« Reply #338 on: May 30, 2017, 02:00:00 PM »
Why hello there.

I'll be 40 in 2022 and hopefully free of the current corporate omnipotent oppression that resides over my life.

See you there :)

Mr Z 
Battling the Consumer Hordes since 2012.

couponvan

  • Magnum Stache
  • ******
  • Posts: 2889
  • Location: Illinois
    • My journal
Re: 2022 FIRE cohort
« Reply #339 on: May 30, 2017, 02:22:54 PM »
Why hello there.

I'll be 40 in 2022 and hopefully free of the current corporate omnipotent oppression that resides over my life.

See you there :)

Mr Z

Welcome and with a solid plan you will make it a reality. 
Why the hell are we going shopping? Buy sh*t, return other sh*t, go through sh*t and donate sh*t. Complain about having too much sh*t. Repeat. (Bracken Joy 2/17)




Mr Zombie

  • 5 O'Clock Shadow
  • *
  • Posts: 9
  • Location: Engerland
    • The Finance Zombie
Re: 2022 FIRE cohort
« Reply #340 on: May 30, 2017, 02:53:50 PM »
Why hello there.

I'll be 40 in 2022 and hopefully free of the current corporate omnipotent oppression that resides over my life.

See you there :)

Mr Z

Welcome and with a solid plan you will make it a reality.

Thanks :)

Battered my expenses down and savings rate of 60%+ - CHECK.
Investing in cheap equity trackers - CHECK.
Creeping and lurking around websites and forums to continue learning - CHECK

Mr Z
Battling the Consumer Hordes since 2012.

msmarieh

  • 5 O'Clock Shadow
  • *
  • Posts: 17
  • Location: Chicagoland area
  • Married woman on a journey to FI
Re: 2022 FIRE cohort
« Reply #341 on: May 30, 2017, 04:10:57 PM »
I'm game for this one to at least be FI, if not FIRE. I'm eligible for early retirement in late 2021 at age 55. I'd love to be ready to go by then.

Unique User

  • Bristles
  • ***
  • Posts: 362
Re: 2022 FIRE cohort
« Reply #342 on: June 23, 2017, 08:37:17 AM »
I'm still set for April 2021 at the earliest, April 2022 at the latest.  Teenager will be entering her senior year of college in 2022.  I'll be 52 and DH a few years older.  Someone mentioned if ACA is gone to move to a state that supports health insurance.  Are there any in warm climates besides CA?  We both have pre-existing conditions so that is always the concern.     

TheAnonOne

  • Handlebar Stache
  • *****
  • Posts: 1189
Re: 2022 FIRE cohort
« Reply #343 on: June 28, 2017, 09:57:59 AM »
This club MIGHT be for us???

Currently, 27 and 25 with a 300k stache' and approximately 78k in debt. (that includes our house @61k and a car for 17k)

So we will be "Debt free" with more than 300k in 2ish months.

Our HHI is around 200 and we need around 40k to live per year. So we need 700k more to FIRE.

2022 gives us 5 years or so to do this, and even though 5 years is "Short" I could see this being LONGER if we get a recession or shorter if we get a mega-boom (or it continues to do so)

We are saving around 100k a year. (200k income -50k taxes leaves us 150k in income -40k to live give or take)

------------------------------RAMBLE OVER

Jist-

Stache- 300k
Debt- 17k
Mort- 61k
Savings- 100k/year

5 years @ 100k is obviously 500k

Giving us 800k total and hopefully returns over 5 years can make the other 200!


Oh well, even if it takes 6 or 7 years we are on the right path! In certain runs, networthify.com shows under 5 years. I guess I am self-adding some padding!

SDH

  • 5 O'Clock Shadow
  • *
  • Posts: 41
  • Location: Deep in the heart of Texas
Re: 2022 FIRE cohort
« Reply #344 on: July 12, 2017, 07:44:58 AM »
I'm gonna join this cohort for some accountability!

Currently most of our stache' is in home equity with 2 rental properties that have ~320000 in equity that we could sell off plus a primary home with ~40K.  Debts on rentals is 121000 that we should be paid off in the next 5 years with the rents collected. 

If we keep the rentals and not sell we are considering moving into one and let the other continue to pay it down, try to start working less but still throw some money to get the other pd off quicker ( this is if we move into it before the 5 year mark when lease is up in a 18 months)  Rent our primary home to let someone else pay it down while we keep the equity for future use if needed.  Has anyone ever FIRED while still keeping a mortgage? 

If we do above situation we would net aprox 1k a month but have no house payment(at least not for very long) but still have equity
401K currently at 242K
Roth iras combined at ~100K
1k a month pension available at age 55 in 2026 to help out


Not sure what all to include in our savings rate.  We max out a t401K, 2 Roth IRA's, plus ~450 a month in an emergency fund, plus pay extra $300 from our income to pay down on a rental.  I'd say about 40%, which we are now more hyper focused than ever to save more!

Downfall is no taxable account to pull from.  I'm starting one right away once we get through the hiccups of transferring our IRA's to vanguard.  I'm struggling with how to invest these monies moving forward.  Wondering if we'll have enough, will/or should we sell a property to get that cash in the market to push us along?  We are real estate heavy because I always thought that would be our plan for a typical retirement.  Anyways, thanks for letting me ramble and put my thoughts out there!  Suggestions, as always, are welcomed! 

GO TEAM 2022!

Canadian Ben

  • Bristles
  • ***
  • Posts: 416
  • Age: 27
  • Location: Quebec City
Re: 2022 FIRE cohort
« Reply #345 on: July 12, 2017, 10:08:27 AM »
I'm gonna join this cohort for some accountability!

Currently most of our stache' is in home equity with 2 rental properties that have ~320000 in equity that we could sell off plus a primary home with ~40K.  Debts on rentals is 121000 that we should be paid off in the next 5 years with the rents collected. 

If we keep the rentals and not sell we are considering moving into one and let the other continue to pay it down, try to start working less but still throw some money to get the other pd off quicker ( this is if we move into it before the 5 year mark when lease is up in a 18 months)  Rent our primary home to let someone else pay it down while we keep the equity for future use if needed.  Has anyone ever FIRED while still keeping a mortgage? 

If we do above situation we would net aprox 1k a month but have no house payment(at least not for very long) but still have equity
401K currently at 242K
Roth iras combined at ~100K
1k a month pension available at age 55 in 2026 to help out


Not sure what all to include in our savings rate.  We max out a t401K, 2 Roth IRA's, plus ~450 a month in an emergency fund, plus pay extra $300 from our income to pay down on a rental.  I'd say about 40%, which we are now more hyper focused than ever to save more!

Downfall is no taxable account to pull from.  I'm starting one right away once we get through the hiccups of transferring our IRA's to vanguard.  I'm struggling with how to invest these monies moving forward.  Wondering if we'll have enough, will/or should we sell a property to get that cash in the market to push us along?  We are real estate heavy because I always thought that would be our plan for a typical retirement.  Anyways, thanks for letting me ramble and put my thoughts out there!  Suggestions, as always, are welcomed! 

GO TEAM 2022!

Don't forget for your SR that all the money you are putting into the principal (not just the extra) is also savings. A lot of people with rentals forget them, and only realize after how much money they are saving! Total income - total expenses (equity isn't an expense, just the interest and taxes)

ItalianGirl

  • 5 O'Clock Shadow
  • *
  • Posts: 10
Re: 2022 FIRE cohort
« Reply #346 on: August 06, 2017, 09:48:54 AM »

 In certain runs, networthify.com shows under 5 years. I guess I am self-adding some padding!

Just checked out that site-- went to the view demo and it's a jumbled mess? How do you get it to work?

RWD

  • Handlebar Stache
  • *****
  • Posts: 1507
  • Location: Mississippi
Re: 2022 FIRE cohort
« Reply #347 on: August 06, 2017, 09:10:34 PM »

 In certain runs, networthify.com shows under 5 years. I guess I am self-adding some padding!

Just checked out that site-- went to the view demo and it's a jumbled mess? How do you get it to work?

Use this page: http://networthify.com/calculator/earlyretirement

skip207

  • Stubble
  • **
  • Posts: 143
  • Location: UK
Re: 2022 FIRE cohort
« Reply #348 on: August 08, 2017, 03:22:49 PM »
2022 is my main goal so joining this thread now.  :)
Goal 850k (650 invested / 200 liquid). 

jalich

  • 5 O'Clock Shadow
  • *
  • Posts: 38
Re: 2022 FIRE cohort
« Reply #349 on: August 17, 2017, 11:36:06 AM »
So I'm pretty late to this cohort party, but I'm shooting for a 2022 FIRE date as well. Like another poster earlier in the thread, I liked the look of 2/22/22, and I needed a goal, so that's my date! We have about $214k in assets, no debt, and are saving about $10,000/month between tax-advantaged and post-tax accounts so I think we are looking good with no real dependency on stock market returns to do much of the heavy lifting.


I have more details in my journal for you financial voyeurs. I just started it yesterday while re-reading the MMM article about making goals public so it's still in the development stages.


http://forum.mrmoneymustache.com/journals/22222-58656/

I was looking for another post and stumbled across this one again and decided to post a quick update. About 13 months later from my initial post we are at $346k, so still on track! It's so close and still so far away at the same time.

Talk to ya'll again in 2018 :)