Author Topic: 2022 FIRE cohort  (Read 196202 times)

dsw

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Re: 2022 FIRE cohort
« Reply #750 on: July 15, 2020, 03:22:29 PM »
Hi all! I hope everyone is keeping well. I am kicking myself out of 2022 and into 2021. A few months ago, my job took a turn for the much worse. If not for the working at home situation, I don't think I could have made it this far. The good news is that my investments have done fairly well during the pandemic, and my savings rate has gone up as well. I've been running the math over the last few weeks and it looks really good for me being able to get out some time next year. I had been exploring a new job opportunity (less pay, but a better situation), but I think I'll gut out the old one for as long as I can and call it a career. Of course, if things get worse, then I may find myself in the 2020 cohort, but for now, one year at a time.

Best of luck to all of you! If circumstances change, I may find myself back here again!

ItsALongStory

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Re: 2022 FIRE cohort
« Reply #751 on: July 15, 2020, 05:32:14 PM »
My wife and I have had continuous discussions about the scenarios we could be faced with in the near term. I was actively pursuing jobs within my current company, jobs that would enable us to make an international move to Europe. Unfortunately due to my inability to get hired for the 3 I interviewed for, we may need to make the difficult decision to pull forward my FIRE date. OK, wasn't that difficult :-)

Current plan of record is to stay with my employer through the end of August, get one last relatively small round of stock vesting and then move abroad in late September/early October. I am nowhere near FIRE but my wife's pension (roughly $5k per month) will be sufficient as we pursue slow travel across the European continent in the first few years. We plan to switch off more expensive with cheaper locations enabling us to leave the stashe (currently only $576k) mostly untouched.

In summary while it's not final yet but we are looking at 2020 instead of 2022.

Need2Save

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Re: 2022 FIRE cohort
« Reply #752 on: July 16, 2020, 05:45:31 AM »
Wow! Changes are a foot around here.  Well, moving one's date up for good financial reasons is a win in my book.

@ItsALongStory - Are you worried that you'll be allowed into Europe and permitted to move freely this fall coming from the U.S.?
@dsw - I hope everything works out for you in 2021 (or 2020).
@highlander - and you too?

I suspect DH will not make it to December 2021 as currently planned. After we pay off our mortgage (November this year) it's going to be very hard for him to put up with the BS so he may have to look for some freelance work for a little while next year to keep busy, until I work out the rest of my sentence (May 2022). But less than 22 months to go now for me! I'm currently in the "well this is the 2nd to last time I have to do x project/task" phase. 

ItsALongStory

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Re: 2022 FIRE cohort
« Reply #753 on: July 16, 2020, 08:58:37 AM »
@Need2Save I have been communicating at length with the local consulate to ensure we have our ducks in a row. As an EU citizen I have many more options than a US citizen would. My US wife can join me provided we are following certain application rules for a long term visa.

asauer

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Re: 2022 FIRE cohort
« Reply #754 on: July 17, 2020, 01:06:28 PM »
Wow! Changes are a foot around here.  Well, moving one's date up for good financial reasons is a win in my book.

@ItsALongStory - Are you worried that you'll be allowed into Europe and permitted to move freely this fall coming from the U.S.?
@dsw - I hope everything works out for you in 2021 (or 2020).
@highlander - and you too?

I suspect DH will not make it to December 2021 as currently planned. After we pay off our mortgage (November this year) it's going to be very hard for him to put up with the BS so he may have to look for some freelance work for a little while next year to keep busy, until I work out the rest of my sentence (May 2022). But less than 22 months to go now for me! I'm currently in the "well this is the 2nd to last time I have to do x project/task" phase.

I’m doing the same with counting down (RE March 30 2022). So I find my self saying “only ONE more of these BS annual meetings to plan after this one!”)

Le Dérisoire

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Re: 2022 FIRE cohort
« Reply #755 on: July 23, 2020, 09:36:03 AM »
I just left the 2023 cohort to join you!

I am targeting FIRE on my 35th birthday in April 2022. My plan is to move with my family on a sailboat and travel around for at least a year and then see after that (more travel around the world or getting back on land to do something, I don't know what).

ixtap

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Re: 2022 FIRE cohort
« Reply #756 on: July 23, 2020, 01:32:39 PM »
I just left the 2023 cohort to join you!

I am targeting FIRE on my 35th birthday in April 2022. My plan is to move with my family on a sailboat and travel around for at least a year and then see after that (more travel around the world or getting back on land to do something, I don't know what).

Congratulations. Do you have the boat yet?

marty998

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Re: 2022 FIRE cohort
« Reply #757 on: July 31, 2020, 04:30:12 PM »
I just left the 2023 cohort to join you!

I am targeting FIRE on my 35th birthday in April 2022. My plan is to move with my family on a sailboat and travel around for at least a year and then see after that (more travel around the world or getting back on land to do something, I don't know what).

Congratulations. Do you have the boat yet?

More importantly is the family on board with your plan? :)

rachaelandthegoose

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Re: 2022 FIRE cohort
« Reply #758 on: August 01, 2020, 11:19:47 AM »
I just left the 2023 cohort to join you!

I am targeting FIRE on my 35th birthday in April 2022. My plan is to move with my family on a sailboat and travel around for at least a year and then see after that (more travel around the world or getting back on land to do something, I don't know what).

Welcome @Le Dérisoire ! I've added you to the list. Your plans sound very exciting!

DH & I are pretty excited today as we checked our numbers last night to discover that we've finally hit $1m NW, sans house! Very surreal. This is our "technically FI" point, and the next 22 months will be for building up an extra security/fun money buffer. I kinda can't believe we've made it this far, especially in this crazy year. I keep expecting the lightening bolts to come down and get us at any moment, but so far so good... :)

skip207

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Re: 2022 FIRE cohort
« Reply #759 on: August 02, 2020, 02:14:19 AM »
Had a long sit down with our accountant and a long discussion with the DW and we are pushing ahead for 2022.

Maybe early 2022. 

There were some things I had not considered in terms of money in the business which I never counted as my NW but now it’s been explained then any shortfall we might have on our number of 850k will probably be made up.

It’s not set in stone but my accountant says 18 months or so and we should be in a position to RE. 

Head down now for a year and hopefully we will have a better idea of exact timings around this time next year.

Update.. its been a couple of months and things have been moving.  We have been looking for a house to retire into - we have only really stayed in our current one due to its proximity to work.  Once that stops we can move anywhere really so we are looking now. 

As of next week we will be 100% debt free.  I have a car payment that finishes and then thats it.  The only outgoings will be normal living costs.

We are going to top the pensions up this year and into next year as its likely we will stop paying into them when we retire and it will help reduce our tax.  We are at max stache now I think managing to put away over £6k a month.  So in the next 2 years maybe £150k.  Should bring us very close to our goal of £850k by mid 2022 but as I said we may have a bit of extra cash in the company which might pull that forward by a few months, maybe not.  Dont think we will know that until we get towards Nov 2021.

rachaelandthegoose

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Re: 2022 FIRE cohort
« Reply #760 on: August 02, 2020, 09:45:22 AM »
Had a long sit down with our accountant and a long discussion with the DW and we are pushing ahead for 2022.

Maybe early 2022. 

There were some things I had not considered in terms of money in the business which I never counted as my NW but now it’s been explained then any shortfall we might have on our number of 850k will probably be made up.

It’s not set in stone but my accountant says 18 months or so and we should be in a position to RE. 

Head down now for a year and hopefully we will have a better idea of exact timings around this time next year.

Update.. its been a couple of months and things have been moving.  We have been looking for a house to retire into - we have only really stayed in our current one due to its proximity to work.  Once that stops we can move anywhere really so we are looking now. 

As of next week we will be 100% debt free.  I have a car payment that finishes and then thats it.  The only outgoings will be normal living costs.

We are going to top the pensions up this year and into next year as its likely we will stop paying into them when we retire and it will help reduce our tax.  We are at max stache now I think managing to put away over £6k a month.  So in the next 2 years maybe £150k.  Should bring us very close to our goal of £850k by mid 2022 but as I said we may have a bit of extra cash in the company which might pull that forward by a few months, maybe not.  Dont think we will know that until we get towards Nov 2021.

Very curious, as we are starting the process of house hunting, too, what sort of criteria are you using in your search? Are you looking in LCOL areas? Rural areas? Are you still looking in your current general area? Another specific region? Nationwide?

One of the things that really inspired me about FIRE early on was geographical arbitrage (within the US, I don't have the constitution for being a global nomad), but as we creep closer to our FIRE date, more down-to-earth considerations are factoring in, like access to good health care, and proximity to family members. We hope to spend much of 2021 doing some scouting around the upper midwest, which is where we'd most like to settle, but will be looking in more rural pockets to try to find a good balance between privacy/low property taxes/good land availability and proximity to good quality health care and family.

Would love to hear more about what you're doing, or anyone else in the cohort who's planning on relocating after FIRE.

ixtap

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Re: 2022 FIRE cohort
« Reply #761 on: August 10, 2020, 08:35:26 AM »
We are FI for our planned lifestyle, but not for our current HCOL lifestyle. Even though we are only one month into a two year lease, and two years worth of additions is enough to push us over "current FI," even without growth, DH seems stressed about our numbers. Almost as stressed as he is about work.

Unfortunately, I believe it is wrong to feed your spouse edibles without their knowledge.

goat_music_generator

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Re: 2022 FIRE cohort
« Reply #762 on: August 10, 2020, 11:38:51 AM »
We are FI for our planned lifestyle, but not for our current HCOL lifestyle.

Well, that *is* concerning, if your "planned lifestyle" is something you haven't tried out to be sure it's sustainable for you... have you done it before?

ixtap

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Re: 2022 FIRE cohort
« Reply #763 on: August 10, 2020, 01:52:54 PM »
We are FI for our planned lifestyle, but not for our current HCOL lifestyle.

Well, that *is* concerning, if your "planned lifestyle" is something you haven't tried out to be sure it's sustainable for you... have you done it before?

Our planned lifestyle budget is from our time living aboard, after careful comparisons with cruising budgets (published ones tend to be very skewed, so adjustments were made. Oh, we didn't include travel home because it isn't important. We didn't include insurance because some other people don't buy it...). We even built in a 10% lifestyle transition fund in determining our FI number to buy an RV or LCOL home when we tire of cruising, without worrying about the budget in a transition year. However, as traffic got heavier, the commute became unbearable for DH. I couldn't get planning permission to flood the valley below his office, so we now rent a place a mile from his office while continuing to maintain our 40' sailboat. It has its perks, but running two households is not how I hope to spend our time, much less our money, in the future.


TempusFugit

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Re: 2022 FIRE cohort
« Reply #764 on: August 18, 2020, 03:38:25 PM »
I've only recently discovered this whole subculture of FIRE having stumbled upon MMM via his Tim Ferriss podcast interview.   I've been kind of obsessively running my numbers for a few weeks now to see if I'm potentially able to FIRE in the not-too-distant future and... I think I just might be!

I recently took the time to change my investment mix, moving out of some actively managed funds and into index funds.  I invested some idle cash.  I ramped up funding of a Roth IRA. 

Now 2022 is looking like it could be my year.   My struggle is going to be reducing my spending.  I've done a pretty good job (by normal standards, not by Mustachian standards) in the savings category and so I now have a 'stache of around 800K + ~140K home equity (remaining mortgage of 120K).  I have a savings rate of around 36% (low by Mustachian standards, I know).  My spending is about 50% discretionary (restaurants, mostly) but it will be a hard habit to break. 

I'm single w/no kids so I only have to support one person (so long as my mom's $ lasts for her retirement, which it probably will, fingers crossed).   

My spending goal for post-FIRE is around 47K/yr so I'm hoping to have my 'stache at the 1.2M level by 2022.  That seems to be where things are headed assuming average returns over the next 5 years (7%).  There's also a lot of fluff built into that 47K figure, so plenty of room to adjust if needed. 

If everything falls into place and I pull the trigger in 2022 at 52 years of age, I should have around 260K in taxable accounts to draw from and 950K or so in retirement accounts.  Some reading over at the Mad Fientist site enlightens regarding the access to retirement account funds to bridge the post-FIRE to 59.5yr gap, so I think that would be doable.   


My recent research into the world of FIRE has clued me in on the fact that financial freedom is at my fingertips. That makes my job both less frustrating and more frustrating.  Less so because I don't have to think so long term anymore regarding my career. I don't need another promotion.  I don't have to play the political game.  I can be more honest and open about issues.   But also more frustrating because I can see the end, so close... yet not quite here.



So this is my one year post-iversary!*    How has the plan been going over the past year?  Well, let's see...

A couple of things from my initial post can now be revised.   First, my savings rate has improved.  At the time of my first post, I had approx a 36% savings rate. I ended 2017 with a 49% (post tax) savings rate and so far in 2018 I'm actually at 59% (I include mortgage principle in that calc).   So that's a win and works the needle in the FI sooner direction.  My spending has reduced just a little bit (maybe 8% so far).  I do plan to take a couple of short trips later this year, so that might get me closer to last years spending. 

My net worth has increased by $143K since this first post and I became a millionaire, which is also good.  That also works the FI needle closer to now. 

I no longer intend to pay off my mortgage in any hurry. I've read lots of the posts in these forums about the issue and the math seems to be solidly in the 'keep your mortgage' category.  Since I've got 12 more years on my 3.75%, I think I'll stay the course and just pay it off on the normal schedule.  I may move before then, anyway. 

Now that I am tracking my spending more closely, I have revised my target RE spend upward.  Now, I realize that there are many on the forums who rightly point out that MMM is all about finding sufficiency (nay, bounty) in low cost living.  I get it.  We bigger spenders are dragging up the average on the boards, but we're doing better than we would have without the MMM influence.  So while my 2017 self used 47K as my expected RE spend, I'm now looking for something more around 60K.  Frankly, healthcare costs have me a little freaked out.  Where I live, right now the ACA plan at the Silver level with no subsidies would cost me around 8K/year.  It's only going up.  I'm expecting to need 10-12K/year when I start my RE life.   Trying to predict this is almost pointless, but clearly all signs point to 'more expensive'. 

Increasing my target RE spend obviously moves the RE needle away from now. 

Now that my stash is adequate to provide for me in a 'skinny FIRE' scenario, I do feel somewhat liberated at work.  I find myself being less obliging to early meetings, pointless conference calls, etc.  While my job has never been bad by most standards, I chafe at the fundamental reality of being someone else's servant. I don't want to work their schedule. I don't want to be on call in the middle of the night.  I don't want other people's crappy work to reflect on me.  And I don't want to have to plan my life around being in a cubicle 5 days a week.  Having more financial resources takes a little bit of the edge off of that, since I know that I could walk away at any time.  But I also have to check myself sometimes because I'm not yet where I want to be when I pull that trigger. 

All in all, I see myself still on target for a 2022 RE.  I still extrapolate my stash will be somewhere in the $1.2-1.3M range at that point.  I have a small pension that kicks in at 60, which should reduce my WR by almost 1.5 percentage points. FIRECalc has me at 100% historical success with my current numbers.   

Will I have the guts to really pull the trigger in 2022?  I don't know. It's too far away to be real just yet.  Of course, 20% of my 5 year horizon from first post has now slipped into the past, and it didn't seem to take very long. 

I think my finances are pretty much in snowball mode at this point so the most important thing I need to be doing now to prepare myself for RE is finding new hobbies, interests, and friends that I can spend my time with post-FIRE.  I think this is the most likely stumbling block for me come 2022.  I couldn't retire today if I had the money, because I'm not mentally and socially prepared.  I've got to focus on getting that part in order.
 

Hope everyone else has made good progress on your goals for the past year and I look forward to the final stretch! 


*close enough


And here we are at my 2 year post-iversary!    Not sure what the correct gift is for that... 

Kind of scary to realize that since my first post now 2 years or 40% of the time from then to my planned FIRE year has passed.  5 years never seems so short until it's behind you, I guess. 

So how did my second year toward the FIRE goal go?     Things seem to be pretty much on track, even though market performance last year was... not good.    My liquid net worth (a.k.a. the stash) increased by a mere 31K in 2018, helped along by my 2018 saving rate of - wait for it - 53% (yay, me).   

In 2019, I think the saving rate will be a bit lower due to no work bonus (boo trade war) and some high home & auto maintenance work that totaled around $7,500.  But, as most of us have probably learned, once we're rich enough to be planning our early exit from the workforce, our stash growth isn't really affected by a few thousand dollars of unexpected expenses here or there.  Not when mister market can trim off tens of thousands in a week,  as he has done lately (boo trade war).   

I just looked and see that the S&P 500 is a mere 1% higher today than it was one year ago. 

What else has gone right in the second year?  My general fitness level has improved. Retiring early only to be physically unable to enjoy my freedom would be sort of sad.  Not to mention the chance of departing this plane entirely.  I want to improve my chances of having a healthy, long retirement.  To that end, I have been able to stick with a very basic workout routine 3x / week for about the past 9 months.  Just some stretches, some body weight exercises (planks, push-ups, dips), some free weight and kettle bell routines and then either biking or running.  I've been a (casual) runner for years, but I never really stuck with any kind of resistance training.  It really doesn't take very much time to make a noticeable (to me, anyway) difference. I am very much looking forward to fall weather, though, to make the outdoor parts more pleasant. 

I've been working a small side project with some folks that I hope to keep good business relationships with over the next few years as a way to perhaps ease into RE.  It will generate about 10K this year (before tax man gets his cut, so probably net of only about $7K) but it also will only have required 100-120 hours of my time.  I took the project more for the relationship and possible future business than I did for the money.  I kind of hope to have one or two small (very small) projects each year to keep my mind sharp once I leave corporate America.  Bringing in 10-20K each year would do wonders for the withdrawal rate! My pension starts in 2030, and it will be about that amount so this would be a nice little safety bridge if I can pull it off for 6-8 years. 

My spending is basically on par with the last couple of years, aside from the noted maintenance stuff above.  For planning purposes, I am using $5K / year as my maintenance expense between home and auto.  I don't know if I will stay in my current home through my early retirement years or if I will find some other living arrangement.  It is something to think about, since acquiring a mortgage without an income producing job might present challenges.  I do like my suburban town so I'm actually considering a local move sometime before RE.  If I do, it would probably be a net expense of about $100-$150K. That might be the thing that triggers a OMY.  We'll see. 
 
I'm still using the $60K/yr number for spending post FIRE, which gives me a 96% fireCalc success rate for the 2022 time frame.   The poor markets last year brought that down from a projected 100% a year ago.  Noise, I guess.

My spend number obviously includes a great deal of discretionary spending.  My 'skinny' FIRE spending - which wouldn't require downsizing or ditching cable or eating only beans and rice or anything like that, is about $40K and my 'slim' FIRE number which would include more frills is about 50K. These levels are pretty much within reach right now, but I am aiming for a more 'husky' FIRE.   I think I keep up with these other lower FIRE levels just as a way to stay confident that if I lose my job for some reason before I decide to pull the cord, I don't have to freak out.  I can gauge the level of bullshit up with which I am willing to put at the corporate gig.  I can stay confident that my corporate overlords don't really have any power over me. 

I have >5 years of spending in post-tax accounts, so when I hit the door, I've got the money available.  I have a rather conservative asset allocation, at 65/35.  I back tested against my portfolio for what would have happened in the 2008 meltdown and my stash would have lost 26%.  When I actually FIRE, I will be taking a cash payout for one of my pensions, which I currently consider part of my bond allocation. When that happens, I plan to shift a percentage of that cash into equities and bring my AA to 70/30.  I'm sure that will depend on how things look at the time. If we are still at PE levels of 30... maybe not. 

2 years into my journey I now recognize that 3 more years until 2022 is not very long at all.

How are everyone else's plans coming along?  Do you all have different 'levels' of FIRE that you keep track of? Is work more or less frustrating as we get closer to the finish line?  Have you adopted any coping strategies?


And here we are now at my 3 year post-iversary.   How the time has flown. Never have I related more to the old saying that sometimes "the days drag on while the years fly by."  When I first posted in this thread (which was my first post on the forums) five years seemed like a very long time indeed.  I had so much time to figure everything out and to have a solid plan for how I would spend my days after I was done punching the proverbial clock.  Yeah, I haven't got that figured out yet by a long shot and 60% of that time has now passed into the past. 

Financially, everything is actually ahead of schedule.  Two years ago I predicted that my stash would reach $1.2M by 2022, but in fact I reached that level last week.  I firmly believe that the current market is a bit of a mirage, so I think we are in for either several years of low/zero market growth or we are in for another big drop to get things somewhat in sync with economic reality.  I wouldn't have the cajones to RE using today's stash level as my 4% rule jumping off point. No way. 

My savings rate was a bit lower in 2019 than 2018, at 45%.  Income was pretty much identical to 2018 but I had some home and auto maintenance costs that took out a bite.

My current FIRE estimated spending levels are $57k/67k/87k for basic/comfortable/fat FIRE.  The 'comfortable' level is pretty much current spending + health insurance at non-subsidized rates.   When my stash has reached the point it can cover that level, I'll consider myself truly FI.   

I bet we have all come to appreciate more than ever how important a nice financial safety cushion is.  This is now the third great (national) economic disruption I've experienced during my adult life.  I'm considering the dotcom bust to be the first, more because I saw the damage that it did to my parent's generation.  Then the Great Recession and now whatever we end up calling this debacle.   I was fortunate in both those circumstances to have either diversified income streams or a very healthy financial reserve.

It amazes and saddens me that most people are willing to forgo the sense of safety and security that regularly saving money can provide.  So many people are a month or 3 months or 6 months away from true economic hardship.  Some of those same people make fun of me for driving a 12 year old (still rather nice) car.  It baffles me. And then I sleep soundly at night. 

So, what about FIRE 2022?  My gut tells me that I will probably not yet be where I want to be financially in just 2 short years, but who knows?  Every year, I adjust my targets upward and I'm sure that will continue. 

I'm also beginning to consider my housing situation.  I'm not sure I want to stay in my current home for the long term.  I'm not ready to move yet, but I know that obtaining a mortgage after FIRE can be problematic, so I may have to come to a decision on that front in the next year or so.  My car is.. well, it isn't going to last forever.  It cost me about 3K last year in repairs / maintenance and my threshold for seriously considering a replacement is when I no longer would consider driving my car on a multi-hour road trip.  That time has arrived.  I don't have any road trips planned in my immediate future, though, so I have some breathing room. 

How is everyone else doing on the 2022 FIRE goals? 

goat_music_generator

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Re: 2022 FIRE cohort
« Reply #765 on: August 18, 2020, 04:13:24 PM »
I thought we'd been pushed further out because of all this COVID stuff, but now it's really hard to say. The market is back to where it was, but whether we're in for some more bumpiness in the next couple years... who knows.

Right now, our life plans have shifted around so much that we might end up finishing before the end of 2021, which I never would have expected (mostly because of COVID allowing us to work remotely from a less expensive place). But, I don't want to jinx it by being over-optimistic; 2022 still seems like the most likely year for us. I don't want to hazard a guess at the actual date just yet.

Thoughtful Mule

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Re: 2022 FIRE cohort
« Reply #766 on: August 22, 2020, 01:16:46 PM »
What a wild past six months. I hope everyone held steady through it.  We went forward as planned with our relocation to Colorado. In a strange turn of events, my wife's ability to work remotely meant that she could stay employed and has since transitioned to a new teaching job with 30% more pay. Sold the house, invested it in stocks/bonds (at the tail of the recovery unfortunately) and are happily renting. Expenses are up, income is up. Kind of the opposite of what most people are doing.

My spreadsheet spits out an exact date in 2021, but I try not to pay it too much attention. After all, a change in one of many assumptions shifts that date.  My plan is to take baby steps into the FI lifestyle over the next few years rather than "pulling the rip cord."  As I pursue other interests or opportunities arise, it will eventually become evident that my full time creates too much conflict.

Anyone else looking to feel-out rather than plan their FIRE date?

TempusFugit

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Re: 2022 FIRE cohort
« Reply #767 on: August 22, 2020, 04:27:45 PM »
What a wild past six months. I hope everyone held steady through it.  We went forward as planned with our relocation to Colorado. In a strange turn of events, my wife's ability to work remotely meant that she could stay employed and has since transitioned to a new teaching job with 30% more pay. Sold the house, invested it in stocks/bonds (at the tail of the recovery unfortunately) and are happily renting. Expenses are up, income is up. Kind of the opposite of what most people are doing.

My spreadsheet spits out an exact date in 2021, but I try not to pay it too much attention. After all, a change in one of many assumptions shifts that date.  My plan is to take baby steps into the FI lifestyle over the next few years rather than "pulling the rip cord."  As I pursue other interests or opportunities arise, it will eventually become evident that my full time creates too much conflict.

Anyone else looking to feel-out rather than plan their FIRE date?

I also find some appeal to the idea of dipping my toes into the lifestyle a bit before taking the plunge.  I'm not quite sure how that will look, though.  I had hoped to begin with some new-hobby-focused vacation trips this year...but, 2020.   "Vacation" time is now pretty darn similar to "working" time, since they both occur at the same location around the same people (no one). I had also been working on more social activities as part of preparing for a post-career life, but...2020.

I've given thought to how I might possibly maybe go to part time as a first step rather than full RE, but I'm doubtful that my current corporate overlords will go for that plan.  Maybe when I'm about to jump I'll give that a shot and see what happens.

Sounds like you are already taking the initial steps, having relocated.  What other 'feel-out' steps do you envision?

 

ixtap

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Re: 2022 FIRE cohort
« Reply #768 on: August 22, 2020, 04:55:34 PM »
We had agreed to start travelling more, starting last Spring. Now we don't even go to the boat as often because our dock neighbors are covidiots.

Our current lease expires mid 2022, but whether or not we actually leave then will be up in the air until DH puts in his notice. He has considered quitting a few times in the last few months, but there isn't much to retire to at this point, since our goal was slow travel.

Need2Save

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Re: 2022 FIRE cohort
« Reply #769 on: August 23, 2020, 06:51:59 AM »
Only 20 more full months of working for me. Yay! I'm going in to a busy work time for me so the next three months will fly by and we'll be at the holidays.

I'm feeling sad about all our vacation plans we had to cancel this year. Hoping very much that our vacations for next year happen as planned, but still so much uncertainty remains. Right now I'm thrilled that the company is lifting our vacation time carry over cap for next year so I can hoard some more hours to use next year when hopefully we can move about with cautious freedom (?). It will make my last full year of working more bearable if I can take some of that time off next year instead. Plus the company pays out one week each January if you are over a certain amount of hours. So I can use these payouts over the next two January payouts to pad our vacation spending bucket even more. Silver lining and all that.

It's interesting to read updates from others so keep 'em coming.

arrintonpalmer

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Re: 2022 FIRE cohort
« Reply #770 on: August 28, 2020, 09:57:26 AM »
Oh boy it's been a while since I posted in here, you guys have been busy!

We have too. We paid off the house this week, some combination of worrying about the upcoming election and feeling that we are in the right place. It feels great, and so far we are glad to have done it. NW ~800k with ~600k in the market.

I finished a master's degree this summer, and then transitioned back to a full time military role in preparation for a 2021 deployment. This is good and bad. I'd like to be working on my PhD, but I'll be throwing lots more money into the 'stache as an Army Captain/Major for the next ~15 months and I'm in a very rewarding position for this deployment so I should enjoy it as best I can while missing wife and kiddos. COVID has not changed the plans for us luckily

@ixtap , cool there is someone else who is sailing/going to cruise in FI/RE in this cohort! It has just become a possibility for us. I've been sailing on and off for a while, and father in law has the boat. Until this summer DW had never set foot on the boat. That changed, and she is shockingly into it. We've been on the boat for about two weeks so far this season and she keeps wanting to go out again. The boat is available to us, and if things keep going the way they are I think we will be spending a good bit of time cruising in FI/RE. Wife loves St John, and I've got some pipe dreams about a trip un to the Torngat mountains in Newfoundland.

So our date holds, my military retirement date of June 2022 at age 37. There is a good chance I'll stay in the National Guard for the 'stash padding and health insurance, or continue on the PhD because I enjoy it so much, but we will be well into FI and doing what we want.

« Last Edit: August 28, 2020, 01:20:23 PM by arrintonpalmer »

ixtap

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Re: 2022 FIRE cohort
« Reply #771 on: August 28, 2020, 11:16:44 AM »
. I've been sailing on and off for a while, and father in law has the boat. Until this summer DW had never set foot on the boat. That changed, and she is shockingly into it. We've been on the boat for about two weeks so far this season and she keeps wanting to go out again. The boat is available to us, and if things keep going the way they are I think we will be spending a good bit of time cruising in FI/RE. Wife loves St John, and I've got some pipe dreams about a trip un to the Torngat mountains in Newfoundland.


@arrintonpalmer DH went to sailing camp as a child and played with hobie cats on spring break, but I had never stepped onboard a sailboat in the water when we bought our trailer sailer. I had been canoeing and kayaking and rafting and a few motor boats, and I love all things water, so we took the leap. That was 2012. By mid 2014 we owned our liveaboard boat. We DIY everything except the rigging, the diving and the waxing (and probably the sewing for the bimini and dodger - my machine makes smaller stiches than I would like for that work). Wanna see my blog?

arrintonpalmer

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Re: 2022 FIRE cohort
« Reply #772 on: August 28, 2020, 01:18:02 PM »
(and probably the sewing for the bimini and dodger - my machine makes smaller stiches than I would like for that work). Wanna see my blog?

Yes, send the blog link! DW sewed up lee cloths for the boat, which have been great, but I think it's a big leap to covers and sails (though we blew out the spinnaker last weekend :ooch:)

ixtap

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Re: 2022 FIRE cohort
« Reply #773 on: August 28, 2020, 01:22:50 PM »
(and probably the sewing for the bimini and dodger - my machine makes smaller stiches than I would like for that work). Wanna see my blog?

Yes, send the blog link! DW sewed up lee cloths for the boat, which have been great, but I think it's a big leap to covers and sails (though we blew out the spinnaker last weekend :ooch:)

Don't start at the top, the landlubbing stories are depressing: https://svseastory.wordpress.com/

Need2Save

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Re: 2022 FIRE cohort
« Reply #774 on: August 30, 2020, 07:06:15 AM »
We paid off the house this week, some combination of worrying about the upcoming election and feeling that we are in the right place. It feels great, and so far we are glad to have done it. NW ~800k with ~600k in the market.


We are so close to paying ours off I can taste it! Only 2 or 3 more payments to go (probably 2 to be honest). It's very important for our Roth Conversion and ACA health plan strategies to have no mortgage so we are almost there. Then we'll be padding our gap year money like mad next year! It's gonna be awesome to only have tax and insurance costs.

I have to internally giggle every time my boss or someone else says "oh, we can plan to do this or that project in 2022 or 2023".  Tee-hee.  Maybe you can but I'll be on the fast train out of here!

RWTL

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Re: 2022 FIRE cohort
« Reply #775 on: August 30, 2020, 07:23:29 AM »
Quote from: Need2Save link=topic=34753.msg2691315#msg2691315

I have to internally giggle every time my boss or someone else says "oh, we can plan to do this or that project in 2022 or 2023".  Tee-hee.  Maybe you can but I'll be on the fast train out of here!

I have the same feeling :)

ixtap

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Re: 2022 FIRE cohort
« Reply #776 on: August 30, 2020, 10:01:21 AM »
In a complete turn around from his normal hemming and hawing about dates, last night DH said "Maybe I won't even wait for the mid year RSUs in 2022."

I had mentioned that without ESPP contributions, we could max the 401k even sooner. He asked about building up cash and I pointed out that we don't need to save from paychecks if we just cash out the final RSU and, well, as seen above...

What started the conversation was the fact that my mind is set on 2022, much more so than it was set on 2020 two years ago. I am thinking through checklists and planning cash flow. Putting it off this time was like, yeah that makes sense. Putting it off in 2022 might involve tears.

rantk81

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Re: 2022 FIRE cohort
« Reply #777 on: August 31, 2020, 07:44:10 AM »
I am publicly declaring my retirement date of April 15, 2022.  I want to tag in here and put this down, so that I stop OMY'ing.

On that date, I'll be partially into my 40th year alive.  Sounds nice to be able to retire at 40, right?  Especially if it's a Fat FIRE.  Unless there's a stock market collapse between then-and-now, let's be real.. it'll be a Very Fat FIRE.

And assuming nothing changes between then and now, employment-wise, I'll have just had some more RSUs vest.  I'll still be leaving a fair amount of un-vested RSUs on the table though... Oh well.  I don't need it.  April 15 should be late enough to get an annual bonus (if any) too.

Picking late Spring is good timing for max'ing out 401k and IRA contributions.

From there-on-out, I anticipate my annual tax burden will be absolutely minuscule.  Gone will be the days of paying $60K/yr in combined Fed/State/FICA -- more than I actually spend in a year!

About a year and a half away! I can already taste it!

arrintonpalmer

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Re: 2022 FIRE cohort
« Reply #778 on: September 01, 2020, 09:49:50 AM »

We are so close to paying ours off I can taste it! Only 2 or 3 more payments to go (probably 2 to be honest). It's very important for our Roth Conversion and ACA health plan strategies to have no mortgage so we are almost there. Then we'll be padding our gap year money like mad next year! It's gonna be awesome to only have tax and insurance costs.

I have to internally giggle every time my boss or someone else says "oh, we can plan to do this or that project in 2022 or 2023".  Tee-hee.  Maybe you can but I'll be on the fast train out of here!

It's great that your mortgage payoff is part of a real plan, unlike ours which was a pretty emotional driven decision.

Our 'internal giggle' is now triggered whenever family members mention mortgages, which are a thing you never wont have....I'm pretty nervous about telling certain family members when the time comes that I'm no longer working.

friedmmj

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Re: 2022 FIRE cohort
« Reply #779 on: September 01, 2020, 10:42:36 AM »
Quote from: Need2Save link=topic=34753.msg2691315#msg2691315

I have to internally giggle every time my boss or someone else says "oh, we can plan to do this or that project in 2022 or 2023".  Tee-hee.  Maybe you can but I'll be on the fast train out of here!

I have the same feeling :)

This is a rather pleasurable form of....

scha·den·freu·de
/ˈSHädənˌfroidə/
Learn to pronounce
noun
pleasure derived by someone from another person's misfortune.
"a business that thrives on schadenfreude"

I know it's time to retire because I find myself living in a version of Groundhog Day.  Same discussions, same debates, same meetings as I was having 5 years ago (or 15 years ago).

Need2Save

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Re: 2022 FIRE cohort
« Reply #780 on: September 02, 2020, 12:46:58 PM »
"Maybe I won't even wait for the mid year RSUs in 2022."

I had mentioned that without ESPP contributions, we could max the 401k even sooner. He asked about building up cash and I pointed out that we don't need to save from paychecks if we just cash out the final RSU and, well, as seen above...


The treatment of ESPP contributions to terminating employees is not entirely clear to us so to avoid any danger of screwing anything up, DH is not going to use the ESPP the last quarter he plans to work (Q4 of 2021).  If he wants to give up the game sooner than 9/30, he's going to have to opt out of this a quarter in advance. He doesn't want to ask his HR team too many questions about it to avoid any scrutiny right now. His stock options are also worthless so that is a non-factor and actually more of a take-away than an incentive. We will use his last quarter of wages to boost our cash savings.

@friedmmj - but does that require "another person's misfortune"? 

I would say that the person taking over my job whoever that gal or guy may be is a lucky person. It's a good company, I've been rewarding well financially, I have a large amount of autonomy, and it's generally rewarding to do good for other people.  I don't feel like I'm sticking it to the next person or my team when I leave. I hope I didn't give that impression. But I think the company will benefit from a fresh perspective on things to find ways to improve on what I've built.  I benefit from leaving on my own terms with ongoing projects in a stable place, I just won't be here to see any new projects through all the way which I'm totally fine with.

asauer

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Re: 2022 FIRE cohort
« Reply #781 on: September 02, 2020, 12:53:30 PM »


I know it's time to retire because I find myself living in a version of Groundhog Day.  Same discussions, same debates, same meetings as I was having 5 years ago (or 15 years ago).
[/quote]

Yes!  This!  I have the same feeling most work days.

friedmmj

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Re: 2022 FIRE cohort
« Reply #782 on: September 10, 2020, 07:20:39 AM »

@friedmmj - but does that require "another person's misfortune"? 

I would say that the person taking over my job whoever that gal or guy may be is a lucky person. It's a good company, I've been rewarding well financially, I have a large amount of autonomy, and it's generally rewarding to do good for other people.  I don't feel like I'm sticking it to the next person or my team when I leave. I hope I didn't give that impression. But I think the company will benefit from a fresh perspective on things to find ways to improve on what I've built.  I benefit from leaving on my own terms with ongoing projects in a stable place, I just won't be here to see any new projects through all the way which I'm totally fine with.

Not really misfortune in the truest sense of the word.  I do think there will be a sort of guilty pleasure in seeing or thinking about people in their everyday work routines knowing that I don't need to stress about those things any more.

Well Respected Man

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Re: 2022 FIRE cohort
« Reply #783 on: September 21, 2020, 09:33:40 PM »
OK, my wife is back to work with a greatly reduced population (different school) and good PPE. The city has also committed that the nurses will not be furloughed, so her situation is feeling more normal. Our daughter's education is back on track, and we have money set aside for it. My employer is doing just fine during the pandemic. So I'm OLYing into the 2021 cohort, with a target of August or September, depending on whether a COVID-postponed wedding happens.

couponvan

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Re: 2022 FIRE cohort
« Reply #784 on: September 22, 2020, 06:02:33 AM »
Congrats @Well Respected Man ! It sounds like your COVID year has been a bonus to make spending even less so you hit your target earlier. Great news.

BFGirl

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Re: 2022 FIRE cohort
« Reply #785 on: September 24, 2020, 07:37:47 AM »
I'm moving from the 2020 cohort to here.  For a multitude of reasons 2020 no longer makes sense for me.  Fortunately, I've mainly been able to WFH for the last few months and my boss seems open to partial WFH even after the pandemic.

couponvan

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Re: 2022 FIRE cohort
« Reply #786 on: September 24, 2020, 08:39:59 AM »
I'm moving from the 2020 cohort to here.  For a multitude of reasons 2020 no longer makes sense for me.  Fortunately, I've mainly been able to WFH for the last few months and my boss seems open to partial WFH even after the pandemic.

Welcome! I hang out on two years because I'm still not sure 2019's FIRE date is going to stick. ;-)

friedmmj

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Re: 2022 FIRE cohort
« Reply #787 on: September 24, 2020, 01:15:35 PM »
Wondering where you folks are with your asset allocations with 1+ years to go before pulling the plug on work.

Over the past 12-18 months, I significantly reduced my equity percentage from approximately 65% to presently 40-45% depending on the day to day gyrations in the market.  I sort of bought into the concept of reverse glide path which entails going into retirement with a low exposure to stocks and dampening the sequence of returns risk in the first years.

Of the 40-45% stock, I have around a quarter of that tied up with the stock of my Megacorp employer in the form of RSUs and NQSOs.   I sell the RSUs each year immediately upon vesting and I exercise the options based on market conditions and taxable bracket considerations.

A part of me wants to get the stock down to around 30% right now, but I'm resisting that due to the poor return on bonds as well as the need to generate a bit more stash to hit my number. 


salt cured

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Re: 2022 FIRE cohort
« Reply #788 on: September 24, 2020, 03:00:54 PM »
I've gone from 85/15 to 80/20 over the last several months. Feeling comfortable with that.

friedmmj

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Re: 2022 FIRE cohort
« Reply #789 on: September 24, 2020, 03:09:02 PM »
I've gone from 85/15 to 80/20 over the last several months. Feeling comfortable with that.

How old are you?  I should have mentioned that I will be 55 upon retirement.

salt cured

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Re: 2022 FIRE cohort
« Reply #790 on: September 24, 2020, 04:21:33 PM »
I've gone from 85/15 to 80/20 over the last several months. Feeling comfortable with that.

How old are you?  I should have mentioned that I will be 55 upon retirement.

I'll be 40 in 2022. I should also say I'm hoping to keep my withdrawal rate around 3% for the first several years and expect work earn a little income here and there.

RWTL

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Re: 2022 FIRE cohort
« Reply #791 on: September 24, 2020, 04:31:43 PM »
Wondering where you folks are with your asset allocations with 1+ years to go before pulling the plug on work.

Over the past 12-18 months, I significantly reduced my equity percentage from approximately 65% to presently 40-45% depending on the day to day gyrations in the market.  I sort of bought into the concept of reverse glide path which entails going into retirement with a low exposure to stocks and dampening the sequence of returns risk in the first years.

Of the 40-45% stock, I have around a quarter of that tied up with the stock of my Megacorp employer in the form of RSUs and NQSOs.   I sell the RSUs each year immediately upon vesting and I exercise the options based on market conditions and taxable bracket considerations.

A part of me wants to get the stock down to around 30% right now, but I'm resisting that due to the poor return on bonds as well as the need to generate a bit more stash to hit my number.

I'm in the class of 2023.  About a year ago I moved from 100% stocks to 60/40 (stocks/bonds).  Just prior to this most recent dip, I decided to move to 50/50 - which is where I'll likely stay.  My thinking is that even with a 50% pullback on equities, I could still likely retire in 2023.  I'll setup a glide path just after retirement using some of the articles from Big ERN. 

friedmmj

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Re: 2022 FIRE cohort
« Reply #792 on: September 24, 2020, 04:46:06 PM »
Wondering where you folks are with your asset allocations with 1+ years to go before pulling the plug on work.

Over the past 12-18 months, I significantly reduced my equity percentage from approximately 65% to presently 40-45% depending on the day to day gyrations in the market.  I sort of bought into the concept of reverse glide path which entails going into retirement with a low exposure to stocks and dampening the sequence of returns risk in the first years.

Of the 40-45% stock, I have around a quarter of that tied up with the stock of my Megacorp employer in the form of RSUs and NQSOs.   I sell the RSUs each year immediately upon vesting and I exercise the options based on market conditions and taxable bracket considerations.

A part of me wants to get the stock down to around 30% right now, but I'm resisting that due to the poor return on bonds as well as the need to generate a bit more stash to hit my number.

I'm in the class of 2023.  About a year ago I moved from 100% stocks to 60/40 (stocks/bonds).  Just prior to this most recent dip, I decided to move to 50/50 - which is where I'll likely stay.  My thinking is that even with a 50% pullback on equities, I could still likely retire in 2023.  I'll setup a glide path just after retirement using some of the articles from Big ERN.

Wow, Kudos to you for having some brass balls to stay 100% stocks for that long.  Must have felt weird to shift all at once to a 60/40 and now to 50/50.

RWTL

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Re: 2022 FIRE cohort
« Reply #793 on: September 24, 2020, 06:45:24 PM »

Wow, Kudos to you for having some brass balls to stay 100% stocks for that long.  Must have felt weird to shift all at once to a 60/40 and now to 50/50.

Just ignorance - no brass balls :)

It was more like, "Holy crap....I have too much risk - what the heck am I going to do if the market drops."

Well Respected Man

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Re: 2022 FIRE cohort
« Reply #794 on: September 24, 2020, 07:30:01 PM »
Wondering where you folks are with your asset allocations with 1+ years to go before pulling the plug on work.

Over the past 12-18 months, I significantly reduced my equity percentage from approximately 65% to presently 40-45% depending on the day to day gyrations in the market.  I sort of bought into the concept of reverse glide path which entails going into retirement with a low exposure to stocks and dampening the sequence of returns risk in the first years.

Of the 40-45% stock, I have around a quarter of that tied up with the stock of my Megacorp employer in the form of RSUs and NQSOs.   I sell the RSUs each year immediately upon vesting and I exercise the options based on market conditions and taxable bracket considerations.

A part of me wants to get the stock down to around 30% right now, but I'm resisting that due to the poor return on bonds as well as the need to generate a bit more stash to hit my number.
There's a post in this thread about a strategy for dealing with sequence of returns risk in your drawdown strategy, and part of it involves setting up a bond tent in the years just before and just after retirement. So, the bond allocation ramps up for some period of time, then you retire, then the bond allocation ramps down. Maybe the same link or a different one, calls for a couple of years' expenses held in cash, to be used if the market is down in any given year, and then replenished when markets recover.

I have to go re-read these links in detail, but I have been putting more new money into bond funds for the past couple of years, and less into stocks. At the moment, I am very much hunkered down, so I have a massive cash allocation, and a decent amount of bonds, with a much lower than "normal" stock allocation. My wife's accounts are more balanced, kind of 60/40-ish, as she will continue to work for some time after I retire.

OK, I found some of the links:
https://earlyretirementnow.com/safe-withdrawal-rate-series/
https://earlyretirementnow.com/2020/07/15/when-can-we-stop-worrying-about-sequence-risk-swr-series-part-38/
https://earlyretirementnow.com/2016/12/07/the-ultimate-guide-to-safe-withdrawal-rates-part-1-intro/

https://livingafi.com/2014/05/09/drawdown-part-1-the-basics/
https://livingafi.com/2014/05/18/drawdown-part-3-strategy/

I'm off to do some reading.

BlueHouse

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Re: 2022 FIRE cohort
« Reply #795 on: September 25, 2020, 06:44:49 AM »
I lost track of this thread.  I signed up a few years ago as a pipe dream, but I wrote it down as my goal, and as it gets nearer, it gets more realistic. 

I liked someone else's date of 2/22/2022 so I co-opted that as my own too.  Not sure I'll stick with that, but 2022 is definitely the year I'm aiming for.  I've had a few issues that make me likely to fall into the OMY category, but here's what I'm now planning activities to make sure that doesn't happen:

1.  Read up on Bond-tenting to reduce sequence of return risk.
2.  Mind-map my retirement dreams.  (I still don't know what I really want to do)
3.  Start living some of my retirement dreams within the next 12 months. 

I'll probably have to stick around this location for family caregiving, but I don't have to stay in my oversized, overpriced home. So I may try to move in 2021.  If I do, that will push me to quit working even earlier.

Prairie Gal

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Re: 2022 FIRE cohort
« Reply #796 on: September 25, 2020, 07:06:41 PM »
I lost track of this thread.  I signed up a few years ago as a pipe dream, but I wrote it down as my goal, and as it gets nearer, it gets more realistic. 

I liked someone else's date of 2/22/2022 so I co-opted that as my own too.  Not sure I'll stick with that, but 2022 is definitely the year I'm aiming for.  I've had a few issues that make me likely to fall into the OMY category, but here's what I'm now planning activities to make sure that doesn't happen:

1.  Read up on Bond-tenting to reduce sequence of return risk.
2.  Mind-map my retirement dreams.  (I still don't know what I really want to do)
3.  Start living some of my retirement dreams within the next 12 months. 

I'll probably have to stick around this location for family caregiving, but I don't have to stay in my oversized, overpriced home. So I may try to move in 2021.  If I do, that will push me to quit working even earlier.

I also have that date on a sticky note on my computer.

friedmmj

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Re: 2022 FIRE cohort
« Reply #797 on: September 25, 2020, 10:32:37 PM »
I lost track of this thread.  I signed up a few years ago as a pipe dream, but I wrote it down as my goal, and as it gets nearer, it gets more realistic. 

I liked someone else's date of 2/22/2022 so I co-opted that as my own too.  Not sure I'll stick with that, but 2022 is definitely the year I'm aiming for.  I've had a few issues that make me likely to fall into the OMY category, but here's what I'm now planning activities to make sure that doesn't happen:

1.  Read up on Bond-tenting to reduce sequence of return risk.
2.  Mind-map my retirement dreams.  (I still don't know what I really want to do)
3.  Start living some of my retirement dreams within the next 12 months. 

I'll probably have to stick around this location for family caregiving, but I don't have to stay in my oversized, overpriced home. So I may try to move in 2021.  If I do, that will push me to quit working even earlier.

I also have that date on a sticky note on my computer.

I've been planning 2/25/22 but now that this is becoming "a thing" I might need to shave 3 days!

arrintonpalmer

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Re: 2022 FIRE cohort
« Reply #798 on: October 06, 2020, 06:38:06 PM »
Boy it would be fun to have flexibility in the date to grab up all those 2s!

I just resumed active military service last moth prepping for this deployment. Damn if it does not feel like a real job compared to Grad school. 2022, let's go!!

blurkraken22

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  • C:。ミ
Re: 2022 FIRE cohort
« Reply #799 on: October 07, 2020, 03:00:01 AM »
Hi all. May I join your cohort? I know it's a little late. I never realized such a group existed. My wife and I have been heavily focused on FIRE since I came back from a sabbatical (self-made, I'm not in academia) in 2016 and I sort of instantly realized that I was emotionally ready to be done with corporate work. We're at the point now of adding safety into our savings and I have some suspicions about the sustainability of the current equities market that make me think I might just play it safe and keep working all the way to '22, which was the original plan. I'll start reading some back posts now. :)