Author Topic: 2022 FIRE cohort  (Read 195858 times)

Playing with Fire UK

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Re: 2022 FIRE cohort
« Reply #800 on: October 07, 2020, 03:44:29 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. :)

Hello and welcome @blurkraken22 - good work on getting to the stage of being emotionally ready! The financial element is far simpler to manage. Do you have a date in mind? Care to join the February crew?

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Re: 2022 FIRE cohort
« Reply #801 on: October 07, 2020, 06:54:12 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. :)

Hello and welcome @blurkraken22 - good work on getting to the stage of being emotionally ready! The financial element is far simpler to manage. Do you have a date in mind? Care to join the February crew?

Thank you. It's nice to be here. I had originally planned for April as my own special birthday present to me. However, maybe by February I'll be ready to quit paid work. I will give it some thought over the next 16 months. ;)

A clarification on emotionally ready: In 2016 I was emotionally ready to not need to go to an office and do the work someone else wants me to. I'm learning that there is more to emotionally readiness for RE than that. I have still some lingering anxiety about stepping away from the career, the paycheck, and the security blanket those two provide. I think if I lost my job tomorrow and could not work, we could tighten our belts slightly and get by. So now, I guess I'm still working to get over the anxiety/security hump, which sounds like a lack of courage when I type it out for others to see. Then again, I'm still paranoid my investments could shrink by 30% in the next six months.

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Re: 2022 FIRE cohort
« Reply #802 on: October 11, 2020, 07:40:28 PM »
I let my big boss know that I'm leaving when my contract is up in summer 2022. It's a good feeling. I have the option to stay until 2023, but it already feels past time to move on. The job pays well, but it's stressful and unfulfilling and honestly I think I'll be fine.

My NW is $675k today. I expect to save another $240k between now and joblessness. Sadly, there is a good chance of a ~$120k inheritance very soon. And I'll have earned a (discounted by 25%) full retirement payment of $13k/year from social security, which I have no idea how to value as a lump sum, oh well. That's $1035k + SS by mid-2022, before any market gains or losses. I'm targeting a $30k spend initially with some income to lower the WR.

Despite the spending target, I'm still not exactly sure what my plan is (too many options!), but I like the idea of splitting my time between the US and SE Asia and Mexico/Central America until my COBRA runs out, then settling in Canada. I know I want to travel, learn a lot of new things, work here and there, and maybe start a family. But man big decisions have always been difficult.
« Last Edit: October 11, 2020, 08:39:07 PM by salt cured »

blurkraken22

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Re: 2022 FIRE cohort
« Reply #803 on: October 11, 2020, 10:07:56 PM »
I let my big boss know that I'm leaving when my contract is up in summer 2022. It's a good feeling. I have the option to stay until 2023, but it already feels past time to move on. The job pays well, but it's stressful and unfulfilling and honestly I think I'll be fine.

My NW is $675k today. I expect to save another $240k between now and joblessness. Sadly, there is a good chance of a ~$120k inheritance very soon. And I'll have earned a (discounted by 25%) full retirement payment of $13k/year from social security, which I have no idea how to value as a lump sum, oh well. That's $1035k + SS by mid-2022, before any market gains or losses. I'm targeting a $30k spend initially with some income to lower the WR.

Despite the spending target, I'm still not exactly sure what my plan is (too many options!), but I like the idea of splitting my time between the US and SE Asia and Mexico/Central America until my COBRA runs out, then settling in Canada. I know I want to travel, learn a lot of new things, work here and there, and maybe start a family. But man big decisions have always been difficult.

Is 3% withdrawal rate part of the plan? Seems comfortingly conservative. I was under the impression that ACA healthcare is massively cheaper than COBRA. Curious why you're planning to use COBRA. Also, it doesn't last for very long, does it?

salt cured

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Re: 2022 FIRE cohort
« Reply #804 on: October 12, 2020, 01:45:29 PM »
I let my big boss know that I'm leaving when my contract is up in summer 2022. It's a good feeling. I have the option to stay until 2023, but it already feels past time to move on. The job pays well, but it's stressful and unfulfilling and honestly I think I'll be fine.

My NW is $675k today. I expect to save another $240k between now and joblessness. Sadly, there is a good chance of a ~$120k inheritance very soon. And I'll have earned a (discounted by 25%) full retirement payment of $13k/year from social security, which I have no idea how to value as a lump sum, oh well. That's $1035k + SS by mid-2022, before any market gains or losses. I'm targeting a $30k spend initially with some income to lower the WR.

Despite the spending target, I'm still not exactly sure what my plan is (too many options!), but I like the idea of splitting my time between the US and SE Asia and Mexico/Central America until my COBRA runs out, then settling in Canada. I know I want to travel, learn a lot of new things, work here and there, and maybe start a family. But man big decisions have always been difficult.

Is 3% withdrawal rate part of the plan? Seems comfortingly conservative. I was under the impression that ACA healthcare is massively cheaper than COBRA. Curious why you're planning to use COBRA. Also, it doesn't last for very long, does it?

You're probably (definitely) right about COBRA vs the ACA, at least as things stand now. Hopefully I will be able to purchase insurance on the exchange for cheaper, but if not, at least I'll have the COBRA option. It provides up to 18 months of coverage (and can be added retroactively up to 2 months post-separation, which is nice).

WR is low, but I hope to inflate my lifestyle over time.

blurkraken22

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Re: 2022 FIRE cohort
« Reply #805 on: October 12, 2020, 08:58:24 PM »
You're probably (definitely) right about COBRA vs the ACA, at least as things stand now. Hopefully I will be able to purchase insurance on the exchange for cheaper, but if not, at least I'll have the COBRA option. It provides up to 18 months of coverage (and can be added retroactively up to 2 months post-separation, which is nice).

WR is low, but I hope to inflate my lifestyle over time.

I was confusing the enrollment deadline with how long you can keep it. But I would never pay the amount I saw on my COBRA application back in 2014.

Joking or serious about lifestyle inflation? :D

Arbitrage

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Re: 2022 FIRE cohort
« Reply #806 on: October 15, 2020, 08:45:03 AM »
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 now aiming to retire in mid-late 2021, but I'm at 75/25.  The plans have been in flux a bit, but I was staying somewhat risky because we still needed some hefty growth to hit our number in time, and I was only going to ramp down (probably to 60/40) once we hit the number, or at least once we would hit the number through contributions alone. 

Now, we're planning on having at least one of us working part-time for a year or more after relocating for FIRE, and thus I'm comfortable keeping my AA where it's at.  One of us working part-time should pretty much cover all living expenses.

ixtap

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Re: 2022 FIRE cohort
« Reply #807 on: October 15, 2020, 10:44:15 AM »
I don't see us ever dropping below 60/40, but hopefully we have long lives to find that out.

We don't count RSUs until they hatch. I would have loved to have counted them yesterday! But even at a month until vesting, I just look at that as a dream number, not real money.

DH seems to have fallen in love with the idea of a leave of absence in 2022. It is certainly a better option than OMY. Just the RSUs might make it worthwhile. We shall see; a lot can change in a year and a half!

asauer

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Re: 2022 FIRE cohort
« Reply #808 on: October 16, 2020, 08:46:01 AM »
OK friends.  Based on current projections, I'll be able to bounce from work about 6 months earlier than planned.  Now, I'm planning to FIRE in August 2021.  So, I'm hopping over to the 2021 forum.  Good luck everyone!

Need2Save

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Re: 2022 FIRE cohort
« Reply #809 on: October 17, 2020, 06:38:54 PM »
Best luck to you @asauer

Welcome to all 2022 newcomers.

Just a quick line to say we paid off our mortgage this week so FIRE plans are all on track! Discussions have been leaning a little towards pulling the trigger in 2021 but still too much to sort out to commit.

ScreamingHeadGuy

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Re: 2022 FIRE cohort
« Reply #810 on: October 17, 2020, 07:44:06 PM »
Best luck to you @asauer

Welcome to all 2022 newcomers.

Just a quick line to say we paid off our mortgage this week so FIRE plans are all on track! Discussions have been leaning a little towards pulling the trigger in 2021 but still too much to sort out to commit.

Awesome accomplishment Need2Save!  Once your numbers work out the "hardest" part is getting mentally ready to make the transition. 

asauer

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Re: 2022 FIRE cohort
« Reply #811 on: October 20, 2020, 08:04:05 AM »
Best luck to you @asauer

Welcome to all 2022 newcomers.

Just a quick line to say we paid off our mortgage this week so FIRE plans are all on track! Discussions have been leaning a little towards pulling the trigger in 2021 but still too much to sort out to commit.

Thanks!  Congratulations for the mortgage payoff!

blurkraken22

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Re: 2022 FIRE cohort
« Reply #812 on: October 20, 2020, 09:33:00 PM »
Can someone explain one year left syndrom? Seems we're all getting close to time to think about it, right?

ixtap

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Re: 2022 FIRE cohort
« Reply #813 on: October 29, 2020, 12:59:55 PM »
Can someone explain one year left syndrom? Seems we're all getting close to time to think about it, right?

It's like seniorities: you are just ready to move on and your heart and mind have hard time being in the present. It helps if you have some things you enjoy now! There are so many bike rides and hikes we haven't done here yet!

We also have big projects for the upcoming year: new bimini and dodger, replace stove and update propane system, install water maker...

Our current landlord expects 2 year leases, so we have already ticked one box (signed the last lease).


blurkraken22

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Re: 2022 FIRE cohort
« Reply #814 on: November 01, 2020, 03:05:14 AM »
Can someone explain one year left syndrom? Seems we're all getting close to time to think about it, right?

It's like seniorities: you are just ready to move on and your heart and mind have hard time being in the present. It helps if you have some things you enjoy now! There are so many bike rides and hikes we haven't done here yet!

We also have big projects for the upcoming year: new bimini and dodger, replace stove and update propane system, install water maker...

Our current landlord expects 2 year leases, so we have already ticked one box (signed the last lease).

I'm about to start a new job and I find myself daydreaming that maybe something will fall through in the background check and we'll be forced to lean-fire early. I guess I have the syndrome bad.

friedmmj

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Re: 2022 FIRE cohort
« Reply #815 on: November 01, 2020, 10:31:59 AM »
Can someone explain one year left syndrom? Seems we're all getting close to time to think about it, right?

It's like seniorities: you are just ready to move on and your heart and mind have hard time being in the present. It helps if you have some things you enjoy now! There are so many bike rides and hikes we haven't done here yet!

We also have big projects for the upcoming year: new bimini and dodger, replace stove and update propane system, install water maker...

Our current landlord expects 2 year leases, so we have already ticked one box (signed the last lease).

I'm about to start a new job and I find myself daydreaming that maybe something will fall through in the background check and we'll be forced to lean-fire early. I guess I have the syndrome bad.

I have 16 months to go but one more year syndrome in full bloom.  In fact, I've head it for about 3 years already.

ixtap

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Re: 2022 FIRE cohort
« Reply #816 on: November 01, 2020, 04:41:42 PM »
Two weeks vacation, two days back at work, then Saturday spent just like vacation. DH asks "Why don't we do this every day?" Uh, because someone wanted to keep working for a couple of more years and keeps talking about leaves of absence starting in 2022?? Also, because we need rest days!

Playing with Fire UK

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Re: 2022 FIRE cohort
« Reply #817 on: November 02, 2020, 12:08:52 AM »
Can someone explain one year left syndrom? Seems we're all getting close to time to think about it, right?

It's like seniorities: you are just ready to move on and your heart and mind have hard time being in the present. It helps if you have some things you enjoy now! There are so many bike rides and hikes we haven't done here yet!

We also have big projects for the upcoming year: new bimini and dodger, replace stove and update propane system, install water maker...

Our current landlord expects 2 year leases, so we have already ticked one box (signed the last lease).

I'm about to start a new job and I find myself daydreaming that maybe something will fall through in the background check and we'll be forced to lean-fire early. I guess I have the syndrome bad.

I have 16 months to go but one more year syndrome in full bloom.  In fact, I've head it for about 3 years already.

Medically speaking, One More Year (OMY) syndrome is a distinct condition from One Year Left (OYL) syndrome. OYL presents as itching to leave work and either a lack of energy for work or, conversely, an increased energy for work knowing that you have a limited time left and there are fewer long-term consequences for your career. OMY is when the prospective FIREee gets close to their date but then elects to work an extra year; this could be to pad the stash/safety margins, because work seems more tolerable (can be related to OYL symptoms), or because they are uncertain about their FRE plans, I'm sure there are other reasons too.

So if you are in the 2022 cohort and itching to move to 2021, you could have OYL; if you are eyeing up 2023 and thinking an extra year isn't so bad, it's OMY.

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Re: 2022 FIRE cohort
« Reply #818 on: November 02, 2020, 02:27:26 AM »
Can someone explain one year left syndrom? Seems we're all getting close to time to think about it, right?

It's like seniorities: you are just ready to move on and your heart and mind have hard time being in the present. It helps if you have some things you enjoy now! There are so many bike rides and hikes we haven't done here yet!

We also have big projects for the upcoming year: new bimini and dodger, replace stove and update propane system, install water maker...

Our current landlord expects 2 year leases, so we have already ticked one box (signed the last lease).

I'm about to start a new job and I find myself daydreaming that maybe something will fall through in the background check and we'll be forced to lean-fire early. I guess I have the syndrome bad.

I have 16 months to go but one more year syndrome in full bloom.  In fact, I've head it for about 3 years already.

Medically speaking, One More Year (OMY) syndrome is a distinct condition from One Year Left (OYL) syndrome. OYL presents as itching to leave work and either a lack of energy for work or, conversely, an increased energy for work knowing that you have a limited time left and there are fewer long-term consequences for your career. OMY is when the prospective FIREee gets close to their date but then elects to work an extra year; this could be to pad the stash/safety margins, because work seems more tolerable (can be related to OYL symptoms), or because they are uncertain about their FRE plans, I'm sure there are other reasons too.

So if you are in the 2022 cohort and itching to move to 2021, you could have OYL; if you are eyeing up 2023 and thinking an extra year isn't so bad, it's OMY.

Hmmm.  My problem is more security and I love my job.  I am a teacher and struggle to see myself without contact with younger people.  Maybe when grandkids arrive I will be fulfilled.

Playing with Fire UK

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Re: 2022 FIRE cohort
« Reply #819 on: November 02, 2020, 03:12:53 AM »
Hmmm.  My problem is more security and I love my job.  I am a teacher and struggle to see myself without contact with younger people.  Maybe when grandkids arrive I will be fulfilled.

Sounds like OMY to me, there are many causes. Have you looked into the volunteering space to see if there is something that fits? Or do you see yourself staying teaching full time until/unless the opportunity to be a full time grandparent comes up? (Also, I assume you are keeping your grandchild-hunger to yourself... my sibling had to hear about my parents' desire for grandkids while struggling to have a child and it was awful).

I find it telling when people describe their profession as who they are rather than what they do ("I am a teacher" whereas I would say "I work in financial services" but "I am an engineer"). There are many ways to continue to be a teacher, not all involve being employed as a teacher. I hope you find the right path for yourself.

friedmmj

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Re: 2022 FIRE cohort
« Reply #820 on: November 02, 2020, 09:23:48 AM »
Can someone explain one year left syndrom? Seems we're all getting close to time to think about it, right?

It's like seniorities: you are just ready to move on and your heart and mind have hard time being in the present. It helps if you have some things you enjoy now! There are so many bike rides and hikes we haven't done here yet!

We also have big projects for the upcoming year: new bimini and dodger, replace stove and update propane system, install water maker...

Our current landlord expects 2 year leases, so we have already ticked one box (signed the last lease).

I'm about to start a new job and I find myself daydreaming that maybe something will fall through in the background check and we'll be forced to lean-fire early. I guess I have the syndrome bad.

I have 16 months to go but one more year syndrome in full bloom.  In fact, I've head it for about 3 years already.

Medically speaking, One More Year (OMY) syndrome is a distinct condition from One Year Left (OYL) syndrome. OYL presents as itching to leave work and either a lack of energy for work or, conversely, an increased energy for work knowing that you have a limited time left and there are fewer long-term consequences for your career. OMY is when the prospective FIREee gets close to their date but then elects to work an extra year; this could be to pad the stash/safety margins, because work seems more tolerable (can be related to OYL symptoms), or because they are uncertain about their FRE plans, I'm sure there are other reasons too.

So if you are in the 2022 cohort and itching to move to 2021, you could have OYL; if you are eyeing up 2023 and thinking an extra year isn't so bad, it's OMY.

Oops....I mis-typed that.  I meant OLY.....there is no way I will get into OMY unless something forces me to.

Playing with Fire UK

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Re: 2022 FIRE cohort
« Reply #821 on: November 02, 2020, 10:08:00 AM »
Oops....I mis-typed that.  I meant OLY.....there is no way I will get into OMY unless something forces me to.

Phew!! Good luck with your push for OLY.

friedmmj

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Re: 2022 FIRE cohort
« Reply #822 on: November 02, 2020, 10:30:24 AM »
Oops....I mis-typed that.  I meant OLY.....there is no way I will get into OMY unless something forces me to.

Phew!! Good luck with your push for OLY.

Haha I screwed this up twice!  I actually meant OYL (one year left).  Too many similar acronyms!  I already OLY'd from 2023 to 2022; sadly no opportunity to further accelerate as I need to wait for my 55th birthday in December 2021 to get early retirement benefits (partly subsidized health care and ability to retain all outstanding unvested equity shares and options).

blurkraken22

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Re: 2022 FIRE cohort
« Reply #823 on: November 02, 2020, 05:05:33 PM »
Medically speaking, One More Year (OMY) syndrome is a distinct condition from One Year Left (OYL) syndrome. OYL presents as itching to leave work and either a lack of energy for work or, conversely, an increased energy for work knowing that you have a limited time left and there are fewer long-term consequences for your career. OMY is when the prospective FIREee gets close to their date but then elects to work an extra year; this could be to pad the stash/safety margins, because work seems more tolerable (can be related to OYL symptoms), or because they are uncertain about their FRE plans, I'm sure there are other reasons too.

So if you are in the 2022 cohort and itching to move to 2021, you could have OYL; if you are eyeing up 2023 and thinking an extra year isn't so bad, it's OMY.

I have both. I've reached the negative emotion, low energy stage of OYL. I should have NMFTG, yet I still get prickly about petty corporate BS. It frustrates me and makes me want to stop entirely.

On the other hand, since I could probably lean-fire right now, in some ways it's OMY that's keeping me working. I think I'm going to ask for advice on IT consulting (another thread). Maybe I should try working for myself since I'm both close to FIRE and also tired of corporate work...

ixtap

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Re: 2022 FIRE cohort
« Reply #824 on: November 03, 2020, 09:31:03 AM »
Although appreciated by his direct management, DH's work is not visible enough at the VP level to earn him the highest evaluation rankings. This means he is unlikely to be up for promotion next year. <Happy dance> this means he is unlikely to feel pressure to show appreciation for the promotion or stick around for the extra lump of RSUs :)

He also said he might not stick around to get his 2021 RSUs :0 I will be very surprised if that is the case. Among other things, my current project plan doesn't have everything wrapped up by then!

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Re: 2022 FIRE cohort
« Reply #825 on: November 05, 2020, 07:57:11 AM »
Just peeking in. Hello, 2022 people! :)

I've been fairly cohort-mobile: I started the 2027 thread - and now I'm solidly in 2023, presuming the ACA or an equivalent is in place.

friedmmj

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Re: 2022 FIRE cohort
« Reply #826 on: November 05, 2020, 12:29:36 PM »
Looks like I picked the wrong moment to revise my asset allocation from 45/55 to 40/60 on Monday.  Still, I feel very lucky to be sitting at 96% of my FIRE number with a very defensive asset allocation and about to pay down the last 20k of my mortgage next week.

From here, I will not be de-risking or selling down any equities from my portfolio in order to generate a rising equity glidepath.  After FIRE, I will live off cash and bonds and let the stock ride.  Sitting on 2-3 years in cash and 6-7 years in bonds.  Plan to sell the house in about 3-4 years to free up another 3-4 years of spending capital including rent expense.  This should get me to age 67 and SS income stream if needed or preferably living off stock appreciation while delaying claiming of SS to age 70.

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Re: 2022 FIRE cohort
« Reply #827 on: November 05, 2020, 04:10:59 PM »
Looks like I picked the wrong moment to revise my asset allocation from 45/55 to 40/60 on Monday.  Still, I feel very lucky to be sitting at 96% of my FIRE number with a very defensive asset allocation and about to pay down the last 20k of my mortgage next week.

From here, I will not be de-risking or selling down any equities from my portfolio in order to generate a rising equity glidepath.  After FIRE, I will live off cash and bonds and let the stock ride.  Sitting on 2-3 years in cash and 6-7 years in bonds.  Plan to sell the house in about 3-4 years to free up another 3-4 years of spending capital including rent expense.  This should get me to age 67 and SS income stream if needed or preferably living off stock appreciation while delaying claiming of SS to age 70.

That's awesome.  You're in a great position.

rachael talcott

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Re: 2022 FIRE cohort
« Reply #828 on: November 08, 2020, 09:04:49 AM »
Hi everyone.  Years ago I joined both this group and the class of 2017.  My plan was to quit my regular job (teaching at the college level) in 2017, then sell my rental properties one per year, and at the same time renovate and move into a trashed HUD house so that I could get the capital gains exclusion on two houses (with a two-year gap between them).  In 2022 I should be free from landlording and renovating and will move to France. 

I did meet the 2017 goal, and am loving semi-retirement.  I quit haunting the MMM forums at that point.  But now I find myself drawn back, as I'm feeling restless and ready to meet the next goal.  I'm pretty tired of all the construction work, but it's still much better than having a regular job, and I'm on track to sell all the houses and move to France in early 2022.  It was fun to track along in the 2017 group, especially at the end when people started to announce that they had actually FIREd. So I look forward to making the last bit of this long retirement journey with you all.

ixtap

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Re: 2022 FIRE cohort
« Reply #829 on: November 11, 2020, 11:49:14 AM »
DH is more and more on the side of 2021. I think he would quit now if it weren't for the fact that COVID limits what we can do, so he feels like he might as well keep earning money, rather than twiddling his thumbs. At least he agreed to try to work a little less. That usually lasts 2-3 weeks before he becomes obsessed with a new problem.

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Re: 2022 FIRE cohort
« Reply #830 on: November 11, 2020, 12:15:02 PM »
The DH and I met with our insurance guy last night to discuss 2021 health care options. (I currently have employer paid insurance and the DH is on the ACA).  On a whim I asked him to run quotes for my quitting mid-year next year and “poof” my fears about paying for health care when we FI/RE disappeared.  I still want to pad for fun stuff, but there’s something liberating about knowing affording healthcare isn’t the big scary monster I thought it was.

Ladychips

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Re: 2022 FIRE cohort
« Reply #831 on: November 11, 2020, 03:05:32 PM »
@ixtap and @SheWhoWalksAtLunch - you are both very welcome to join the 2021 group.  Some nice folks over there...

blurkraken22

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Re: 2022 FIRE cohort
« Reply #832 on: November 11, 2020, 05:25:10 PM »
The DH and I met with our insurance guy last night to discuss 2021 health care options. (I currently have employer paid insurance and the DH is on the ACA).  On a whim I asked him to run quotes for my quitting mid-year next year and “poof” my fears about paying for health care when we FI/RE disappeared.  I still want to pad for fun stuff, but there’s something liberating about knowing affording healthcare isn’t the big scary monster I thought it was.
That's awesome that you got over that hump! It's been on my mind too.

What kind of insurance guy can talk health care options? I would like to talk to a person about this too.

2Birds1Stone

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Re: 2022 FIRE cohort
« Reply #833 on: November 23, 2020, 07:07:52 AM »
I haven't been active in this group since late 2018 =D

Ended up exiting the workforce at the end of September in 2019, and just got back in 2 weeks ago. Spent most of 2020 wandering around Europe with my wife.

Speaking of wife, since we got married in 2019, it looks like we will be FI as a couple at some point in 2022 again. Hard to tell since our expenses have been so fluid.

We came back to the USA a little over a month ago, with no jobs, no insurance, no home, and no cars. We have no clue where we will settle or what life will look like in the next year, given the craziness going on right now.

Our combined spending for 2020 will be <$20k USD.

SheWhoWalksAtLunch

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Re: 2022 FIRE cohort
« Reply #834 on: November 23, 2020, 09:26:06 AM »
The DH and I met with our insurance guy last night to discuss 2021 health care options. (I currently have employer paid insurance and the DH is on the ACA).  On a whim I asked him to run quotes for my quitting mid-year next year and “poof” my fears about paying for health care when we FI/RE disappeared.  I still want to pad for fun stuff, but there’s something liberating about knowing affording healthcare isn’t the big scary monster I thought it was.
That's awesome that you got over that hump! It's been on my mind too.

What kind of insurance guy can talk health care options? I would like to talk to a person about this too.

I found mine through word of mouth which probably won't help you.   He advertises Affordable Care Act Coverage &  Medicare Advantage in addition to Individual Health Insurance on his website which might be a good set of key words for you to search for in your area.  I paid him nothing.  The ACA pays agents who sign people up which is why so many less than stellar Insurance agencies are advertising on late night tv right now.  Buyer beware.

***useful tip*** Go to https://www.healthcare.gov/ and type quotes into the search bar in the upper right hand corner, on the results screen click on Preview health plans & prices based on your income in the blue box.  Those two steps will get you to where you can view options in your area without having to start an account.  (when it asks for you 14 character plan id just hit skip) 

lollylegs

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Re: 2022 FIRE cohort
« Reply #835 on: November 23, 2020, 11:26:27 AM »
The last few months I've been thinking I might do OMY just to make sure we have enough. But yesterday at work I was approached by a manager about taking a higher paid position for 12 months full time and then in mid 2022 I could cut it back to two days a week.

I spent last night alternating between excitement at the thought of only working two days a week and worrying I wouldn't have 'enough' for retirement if I do it.  Possibly I could just work part time for 3-4 years, earn enough to cover our expenses, not add to our investments, just let them compound. it appealing - I'm 58 and I'm tired lol!

Lots to consider, but this is an option that I did not see coming! I also know that there is no guarantee this will all happen - they could change their mind. 2021 is going to be an interesting year.

TomTX

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Re: 2022 FIRE cohort
« Reply #836 on: November 24, 2020, 08:30:55 AM »
The last few months I've been thinking I might do OMY just to make sure we have enough. But yesterday at work I was approached by a manager about taking a higher paid position for 12 months full time and then in mid 2022 I could cut it back to two days a week.

I spent last night alternating between excitement at the thought of only working two days a week and worrying I wouldn't have 'enough' for retirement if I do it.  Possibly I could just work part time for 3-4 years, earn enough to cover our expenses, not add to our investments, just let them compound. it appealing - I'm 58 and I'm tired lol!

Lots to consider, but this is an option that I did not see coming! I also know that there is no guarantee this will all happen - they could change their mind. 2021 is going to be an interesting year.

If you think you would enjoy the higher paid position (or equivalent annoyance to the current one) - I would absolutely take it.

At 58, the 25x spending strategy really isn't needed. It's more "how much to bridge to Social Security, and what is 25x of any additional I need along with SS)"

2Birds1Stone

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Re: 2022 FIRE cohort
« Reply #837 on: November 26, 2020, 05:31:01 AM »
@TomTX, the situation might be a tad different outside of the USA.....but generally agreed. At 58 years old, you don't have to plan for a 50+ year retirement.

At 58 years old, each passing year is a larger portion of your remaining healthy and physically capable years, choose wisely.

TomTX

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Re: 2022 FIRE cohort
« Reply #838 on: November 26, 2020, 08:36:33 AM »
@TomTX, the situation might be a tad different outside of the USA.....but generally agreed. At 58 years old, you don't have to plan for a 50+ year retirement.

At 58 years old, each passing year is a larger portion of your remaining healthy and physically capable years, choose wisely.
True, though many other countries have similar systems/pensions - and at 58, your bridge shouldn't be any longer than 10-12 years.

Definitely check out your country's retirement system.

lollylegs

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Re: 2022 FIRE cohort
« Reply #839 on: November 26, 2020, 10:55:28 AM »
After a few days thinking about this and lots of calculating I've decided I am going to take this opportunity if it goes ahead.

Our SS system kicks in at age 67. I also can access my retirement funds from age 58 if I needed to though the plan would be to leave them alone for a few more years of compounding.

On the higher income the two days would cover our expenses as I wouldn't be adding to savings any longer. I can see lots of advantages. Working two days a week I would keep accruing leave and I would still have employer contributions to retirement funds. The work is management, not my favourite work but I could slog it out for 12 months knowing I'd be semi-retiring after that.

Doing some calculations over the last few days I can see we are in a better position financially than I feel like we're in. The last 10 years has been head down hard work to get out of debt (>$100,000) and turn our finances around. I've just been focused on save, invest, and save some more. I guess now I'm closer to being able to reap the rewards than I thought I was! My manager wants to meet with me next week to talk it over so will know more details then.

« Last Edit: November 26, 2020, 11:02:11 AM by lollylegs »

asauer

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Re: 2022 FIRE cohort
« Reply #840 on: November 27, 2020, 07:47:48 AM »
After a few days thinking about this and lots of calculating I've decided I am going to take this opportunity if it goes ahead.

Our SS system kicks in at age 67. I also can access my retirement funds from age 58 if I needed to though the plan would be to leave them alone for a few more years of compounding.

On the higher income the two days would cover our expenses as I wouldn't be adding to savings any longer. I can see lots of advantages. Working two days a week I would keep accruing leave and I would still have employer contributions to retirement funds. The work is management, not my favourite work but I could slog it out for 12 months knowing I'd be semi-retiring after that.

Doing some calculations over the last few days I can see we are in a better position financially than I feel like we're in. The last 10 years has been head down hard work to get out of debt (>$100,000) and turn our finances around. I've just been focused on save, invest, and save some more. I guess now I'm closer to being able to reap the rewards than I thought I was! My manager wants to meet with me next week to talk it over so will know more details then.
That's great!  Congrats on what seems to be an ideal situation- the hard work is paying off!

asauer

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Re: 2022 FIRE cohort
« Reply #841 on: November 27, 2020, 07:51:36 AM »
Well....Now I'm back in 2022.  I did hop over to 2021 briefly but after talking to DH, he'd really like to take a 6 month break when I retire and just rest for a while.  His company offers a 30% paid sabbatical at his 'years of service' and I can't blame him for wanting to take it.  However, that means we'll need just a bit more in the 'stache so we can stay on track for his retirement date.  So, instead of Aug 2021, it will be more like Feb/ March 2022.  I'll be 43.

TomTX

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Re: 2022 FIRE cohort
« Reply #842 on: November 28, 2020, 06:43:41 AM »
Well....Now I'm back in 2022.  I did hop over to 2021 briefly but after talking to DH, he'd really like to take a 6 month break when I retire and just rest for a while.  His company offers a 30% paid sabbatical at his 'years of service' and I can't blame him for wanting to take it.  However, that means we'll need just a bit more in the 'stache so we can stay on track for his retirement date.  So, instead of Aug 2021, it will be more like Feb/ March 2022.  I'll be 43.

Seems very reasonable. I'd be delighted to take a 6 month 30% paid sabbatical

asauer

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Re: 2022 FIRE cohort
« Reply #843 on: November 30, 2020, 01:00:51 PM »
Well....Now I'm back in 2022.  I did hop over to 2021 briefly but after talking to DH, he'd really like to take a 6 month break when I retire and just rest for a while.  His company offers a 30% paid sabbatical at his 'years of service' and I can't blame him for wanting to take it.  However, that means we'll need just a bit more in the 'stache so we can stay on track for his retirement date.  So, instead of Aug 2021, it will be more like Feb/ March 2022.  I'll be 43.

Seems very reasonable. I'd be delighted to take a 6 month 30% paid sabbatical

Right?!  I wish more companies in the US would do this.  They'd see their retention rates improve significantly.

skip207

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Re: 2022 FIRE cohort
« Reply #844 on: December 02, 2020, 08:04:46 AM »
We hit our 2020 goal of 740k.  Currently sitting at 746k.

This puts us right on track for mid / late 2022.  We have some money coming in the next week or so which will bump us to 775 ish too, which is a really good end to the year.  +35k over target.

It looks like our investment portfolio will probably look after itself now till mid 2022 to hit 850k so our target now is to concentrate on building ISA savings for the next 2 years which if we can max out will be IRO £80k.  So I guess that moves our actual real world "number" from 850 to lets call it £950k.  We are currently saving c.£6-7k a month before any investment returns so all being well we should be able to hit 950.

New target: £950k by Sept 2022.

:)

Vapour

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Re: 2022 FIRE cohort
« Reply #845 on: December 03, 2020, 08:36:38 PM »
I think it's time I officially join this cohort, if you'll have me. :)  I've been eying 2022 for quite a while, ever since I learned about FIRE and started planning for it.  It was a goal that seemed reasonable at the time based on average market returns and consistent savings.  Well now that it's getting close, I'm definitely on track and I better commit or I might fall into the OMY trap.

Back in March-April this year, I thought 2022 was out the window.  I was down almost $150k and didn't have much hope that things would rebound anytime soon with the world shut down and a raging global pandemic.  Of course, I was proven very wrong over the rest of the year.  I still don't understand how markets have gone up so much in this pandemic.  Just goes to show, don't market time...

I'm now quite ahead of plan.  I could still be done in 2022 even if the market stays flat and I just keep investing the same amount as I have been.  With any gains, I will hit my number next year.  And obviously with another crash/bear market, I could be pushing it out.  Either way, I'm planning to take summer of 2022 off.  Either RE or a sabbatical if the market is down.

I'm still young and single, so I'm still not exactly sure what RE will look like for me.  I'm worried I don't have enough to "retire to" as people say.  I just have generic plans of being outside a lot and doing some more traveling.  I love biking, hiking, kayaking, and just being outside on a nice day and would love to do all that while looking at some gorgeous new scenery.  I've considered full-time RVing, but not sure I want to do that on my own.  Might just go with Prius camper type setup and go for long road trips (still need to work on acquiring said Prius or suitable car!).  In any case, I think I will be happier not having to give up 40+ hours a week for the next 30+ years.  And if I change my mind, I can always go find a job again.  I am planning to volunteer so hope that fulfills my need to contribute and get some social interaction.

Anyway, I'm happy to be here joining the 2022 club.  Hope everyone is on track for meeting their planned date/FI number!

SheWhoWalksAtLunch

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Re: 2022 FIRE cohort
« Reply #846 on: December 04, 2020, 12:12:40 PM »
@ixtap and @SheWhoWalksAtLunch - you are both very welcome to join the 2021 group.  Some nice folks over there...

I'm doing it!  I'm jumping ship.  I've posted on the 2021 thread and am both excited and terrified to be considering going FI/RE almost 8 months earlier that planned.

Good luck everyone!  And thank you for all I've learned here.

lollylegs

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Re: 2022 FIRE cohort
« Reply #847 on: December 04, 2020, 01:42:59 PM »
@ixtap and @SheWhoWalksAtLunch - you are both very welcome to join the 2021 group.  Some nice folks over there...

I'm doing it!  I'm jumping ship.  I've posted on the 2021 thread and am both excited and terrified to be considering going FI/RE almost 8 months earlier that planned.

Good luck everyone!  And thank you for all I've learned here.

Congratulations @SheWhoWalksAtLunch - thats fantastic to be going earlier, drop back in late and tell us how it feels :)


ixtap

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Re: 2022 FIRE cohort
« Reply #848 on: December 04, 2020, 07:51:03 PM »
Today was financial snapshot day. Even doing it all before the markets closed, we were within spitting distance of 25x this year's expenses, which includes two home bases, one of which we will be giving up.

Current plan is to put in notice a year from now, expecting the final day to actually be in 2022. We are already discussing what to do with the furniture from the second home when we move out.

This is the first time we have said "one more year," after a few years of 5 more years, followed by a couple years of 2 more years.  It is starting to feel so very, very real.

Zinsch

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Re: 2022 FIRE cohort
« Reply #849 on: December 05, 2020, 02:07:50 AM »
Think I'll join this cohort for a bit of commitment. My current plan is to downscale to a sort-of part-time job in 2022. Ideally, I would like to teach for a semester and then take the other semester completely off. My (expected) expenses this year are ~3,75% of net worth, but I don't think I want to keep spending this low forever. Part-time job would certainly help create more spending cushion.