Author Topic: 2023 FIRE cohort  (Read 20571 times)

TomTX

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Re: 2023 FIRE cohort
« Reply #100 on: September 30, 2018, 09:55:52 AM »
Hello new friends!

I started in the 2027 group (first day of pension eligibility if I keep working) - then I got more ambitious and straddled between 2027 and 2025 for awhile.

Wife's been back to work this year and other than child care, we've kept the expenses down. In addition to the ~10% of my salary going into the pension, we will max out my 457 + both IRAs.

I'm officially moving from 2027 to 2025 as my "base" year for planned ER, and 2023 as my stretch goal.

Retiring 2 years sooner (2025) will push my pension/medical eligibility back by 4 years + 4 months, and (perhaps obviously) reduce the monthly payout for my pension.

Retiring 4 years sooner (2023) will push my pension/medical eligibility back by 8 years + 4 months, and (perhaps obviously) further reduce the monthly payout for my pension.

TomTX

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Re: 2023 FIRE cohort
« Reply #101 on: September 30, 2018, 11:16:47 AM »
I want to jump into this thread.  A LOT of things are in flux...my family for one (1st child is 14 mos old) and my job (big changes on the horizon).

We are FI by most mustachian standards but my wife doesn't really buy into it so failure (returning to work) is not an option.  My goal is to pull the plug in 5 years at 43. the immutable laws of math will lead readers to know i am 38.

We are in a HCOL area but I would like to move to the Carolinas or somewhere similar so we can buy more house for less money.  thinking Charlotte.

I am sure i'll get shunned for this but our situation is:

- $3.2M net worth including house; $2.4M excluding the house, all in pre and post tax investments
- annual expenses ~$80-90K per year, elevated by $20K in childcare costs, $15K in property tax and insurance costs on the house.
-  we have made major improvements in the last 18 months to our expenses.  had i found MMM 5 years ago we would be MUCH better off.  We are lucky to be high earners but for the past few years we lived like it and until a year or so ago we spent way too much.  Equinox gym memberships, $$$ cars, $$$ wine, etc.

if our jobs and the market hold up for the next 4-5 years, i can't imagine having to work much longer.  my wife enjoys her job, has great pay and benefits and can work from anywhere.  frankly i look forward to tossing the golden handcuffs  and being a SAHD.

Um, you've already won. If your wife wants to keep working - that's fine. You have the resources to stay home and do the SAHD thing. You will save a lot in child care costs and taxes.

TomTX

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Re: 2023 FIRE cohort
« Reply #102 on: September 30, 2018, 11:22:42 AM »
Let me create the list for this year:

12/2023 garyjames8
12/2023 PhrugalPhan
12/2023 Spiffsome
12/2023 stupidiot8
12/2023 Le Dérisoire
12/2023 Landlady
05/2023 Wanttobehome
12/2023 rpr
12/2023 NESailor
06/2023 friedmmj
12/2023 Stache-O-Lantern
12/2023 OurTown
12/2023 SpeedReader
12/2023 UKstu2017

This is the year that I turn 55. Potentially I could withdraw from the 401k without penalties anytime that I retire in 2023 or later. Still on track as long as the market keeps up with this. Just a bit nervous that we could be hit by a slump just after retiring.

So, I noticed the predominance of December targets. Have folks considered the potential benefits of retiring earlier in the year? At least in the USA, the potential tax benefits are pretty large.

I was thinking that Summer would be great to optimize the EITC while maxing the 401k & 457 early in the year.

rpr

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Re: 2023 FIRE cohort
« Reply #103 on: September 30, 2018, 03:59:51 PM »
it's been a while since I posted in this thread but good to see so much action. Welcome to all the newcomers. Here is an updated list:

04/2023 PhrugalPhan
04/2023 SEAK
05/2023 TomTx
05/2023 Wanttobehome
06/2023 friedmmj
10/2023 Phryne
12/2023 Arbitrage
12/2023 Bateaux
12/2023 beer-man
12/2023 CindyBS
12/2023 dougules
12/2023 FI Curious
12/2023 FireryFIRE
12/2023 garyjames8
12/2023 grantmeaname
12/2023 I'm Fred
12/2023 Landlady
12/2023 Le Dérisoire
12/2023 Mathew675
12/2023 NESailor
12/2023 OurTown
12/2023 PVkcin
12/2023 RedHotLama
12/2023 rpr
12/2023 SpeedReader
12/2023 Spiffsome
12/2023 Stache-O-Lantern
12/2023 stupidiot8
12/2023 UKstu2017
12/2023 wannabe-stache

The list is sorted first by retirement month and then alphabetically ignoring case. I have gone through the posts and if you did not specify a month, I put it as December. Feel free to modify as needed.

Once again, welcome to all and best wishes. Stay the course!

ETA: Moved PhrugalPhan and TomTX.
« Last Edit: September 30, 2018, 10:24:40 PM by rpr »

PhrugalPhan

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Re: 2023 FIRE cohort
« Reply #104 on: September 30, 2018, 05:04:58 PM »
I don't know about anyone else, but in reply #32 I marked myself as 04/2023.  Though it may turn out to be a few months earlier.

rpr

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Re: 2023 FIRE cohort
« Reply #105 on: September 30, 2018, 05:20:02 PM »
I don't know about anyone else, but in reply #32 I marked myself as 04/2023.  Though it may turn out to be a few months earlier.
PhrugalPhan -- my apologies. I was only looking at the first posts made. I should have read the follow ups. But that is good news. Best wishes.

TomTX

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Re: 2023 FIRE cohort
« Reply #106 on: September 30, 2018, 06:38:17 PM »
Put me down for 5/2023 please.

Phryne

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Re: 2023 FIRE cohort
« Reply #107 on: October 02, 2018, 06:51:22 AM »
it's been a while since I posted in this thread but good to see so much action. Welcome to all the newcomers. Here is an updated list:

04/2023 PhrugalPhan
04/2023 SEAK
05/2023 TomTx
05/2023 Wanttobehome
06/2023 friedmmj
10/2023 Phryne
12/2023 Arbitrage
12/2023 Bateaux
12/2023 beer-man
12/2023 CindyBS
12/2023 dougules
12/2023 FI Curious
12/2023 FireryFIRE
12/2023 garyjames8
12/2023 grantmeaname
12/2023 I'm Fred
12/2023 Landlady
12/2023 Le Dérisoire
12/2023 Mathew675
12/2023 NESailor
12/2023 OurTown
12/2023 PVkcin
12/2023 RedHotLama
12/2023 rpr
12/2023 SpeedReader
12/2023 Spiffsome
12/2023 Stache-O-Lantern
12/2023 stupidiot8
12/2023 UKstu2017
12/2023 wannabe-stache

The list is sorted first by retirement month and then alphabetically ignoring case. I have gone through the posts and if you did not specify a month, I put it as December. Feel free to modify as needed.

Once again, welcome to all and best wishes. Stay the course!

ETA: Moved PhrugalPhan and TomTX.

Thanks for the list! I'm ridiculously happy to see my name on it!

That said, after a good quarter I am toying with a new plan of finishing before Christmas, December 2022. That's a stretch goal & will require some luck in addition to extra savings, so will see how the next few months pan out. For now, very happy to be here!

dougules

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Re: 2023 FIRE cohort
« Reply #108 on: October 02, 2018, 11:04:30 AM »
04/2023 PhrugalPhan
04/2023 SEAK
05/2023 TomTx
05/2023 Wanttobehome
05/2023 dougules (44) - could vary a lot
06/2023 friedmmj
10/2023 Phryne
12/2023 Arbitrage
12/2023 Bateaux
12/2023 beer-man
12/2023 CindyBS
12/2023 FI Curious
12/2023 FireryFIRE
12/2023 garyjames8
12/2023 grantmeaname
12/2023 I'm Fred
12/2023 Landlady
12/2023 Le Dérisoire
12/2023 Mathew675
12/2023 NESailor
12/2023 OurTown
12/2023 PVkcin
12/2023 RedHotLama
12/2023 rpr
12/2023 SpeedReader
12/2023 Spiffsome
12/2023 Stache-O-Lantern
12/2023 stupidiot8
12/2023 UKstu2017
12/2023 wannabe-stache

Mathew675

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Re: 2023 FIRE cohort
« Reply #109 on: October 03, 2018, 03:33:27 PM »
We are looking at 1 October 2023 as that is when my bonus is secured.

OurTown

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Re: 2023 FIRE cohort
« Reply #110 on: October 04, 2018, 07:37:23 AM »
Just hit $502 invested.  That's a nice threshold to pass.

Mathew675

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Re: 2023 FIRE cohort
« Reply #111 on: October 05, 2018, 05:28:12 AM »
Nice Our Town! Huge milestone. Now the compounding really takes over.

Stache-O-Lantern

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Re: 2023 FIRE cohort
« Reply #112 on: October 06, 2018, 02:30:08 PM »
I wanted to see what, if anything, you guys are doing to prepare to pull the plug.

I'm looking at a job change that could result in increased income, or at least increasing hours at my current job.  I've been 75% time at my current job since my 5 yr old was a baby.  I don't regret it at all, but i do think now may be the time to "finish strong."  Also since I am a little on the aggressive side with 2023 as my target year.  But now that I'm on that list above, I can't let down all these strangers on the internet.

TomTX

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Re: 2023 FIRE cohort
« Reply #113 on: October 06, 2018, 07:37:04 PM »
I wanted to see what, if anything, you guys are doing to prepare to pull the plug.

I'm looking at a job change that could result in increased income, or at least increasing hours at my current job.  I've been 75% time at my current job since my 5 yr old was a baby.  I don't regret it at all, but i do think now may be the time to "finish strong."  Also since I am a little on the aggressive side with 2023 as my target year.  But now that I'm on that list above, I can't let down all these strangers on the internet.

Good for you! I also am looking at options, and have a job application in for a really appealing position. I need to push for more where I am as well in case the potential new job doesn't work out.

Stache-O-Lantern

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Re: 2023 FIRE cohort
« Reply #114 on: October 06, 2018, 08:11:57 PM »
I wanted to see what, if anything, you guys are doing to prepare to pull the plug.

I'm looking at a job change that could result in increased income, or at least increasing hours at my current job.  I've been 75% time at my current job since my 5 yr old was a baby.  I don't regret it at all, but i do think now may be the time to "finish strong."  Also since I am a little on the aggressive side with 2023 as my target year.  But now that I'm on that list above, I can't let down all these strangers on the internet.

Good for you! I also am looking at options, and have a job application in for a really appealing position. I need to push for more where I am as well in case the potential new job doesn't work out.

Thanks, and your advice above about retiring earlier in the year for 401k and tax reasons is well taken.  As the date approaches, I'll have to think about that a little more.

Wanttobehome

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Re: 2023 FIRE cohort
« Reply #115 on: October 11, 2018, 01:54:16 AM »
Hi
Still on track to retire in May 2023
Travel plans going well,  enjoyed my first cruise and managed another break to a beach resort to recover.
Savings on track
Pension on track ......  Discovered I can take it now at 50, but reduced, I will hold out to 55 lose to much otherwise
55 months to go can't wait




PhrugalPhan

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Re: 2023 FIRE cohort
« Reply #116 on: October 11, 2018, 08:59:29 AM »
Hi
Still on track to retire in May 2023
Travel plans going well,  enjoyed my first cruise and managed another break to a beach resort to recover.
Savings on track
Pension on track ......  Discovered I can take it now at 50, but reduced, I will hold out to 55 lose to much otherwise
55 months to go can't wait
Sounds good.
  • For me, despite the down draft in stocks lately, everything is still going well for me.
  • GF moving in with me in a few months.
  • Will have Florida Disney vacation next month, a cruise is tentatively planned for May 2019 (Its the GF's idea - me... not so sure)
  • At one point all my investments were well over $900k but I am afraid to add them up now.
  • Pension going strong (up to $31k/year vested, but I have to wait to late Mar. 2023 to get it).
  • 54 month to go for me.

OurTown

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Re: 2023 FIRE cohort
« Reply #117 on: October 12, 2018, 05:15:51 AM »
Bull market strategy: buy, hold, buy, hold.
Bear market strategy: buy, hold, buy, hold.

Phryne

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Re: 2023 FIRE cohort
« Reply #118 on: October 12, 2018, 04:23:29 PM »
Bull market strategy: buy, hold, buy, hold.
Bear market strategy: buy, hold, buy, hold.

Yes, this! That’s the reminder I needed after a bumpy week.
Next week I will crack the less than 5 years to go barrier!

friedmmj

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Re: 2023 FIRE cohort
« Reply #119 on: October 13, 2018, 04:45:53 AM »
Hi
Still on track to retire in May 2023
Travel plans going well,  enjoyed my first cruise and managed another break to a beach resort to recover.
Savings on track
Pension on track ......  Discovered I can take it now at 50, but reduced, I will hold out to 55 lose to much otherwise
55 months to go can't wait
Sounds good.
  • For me, despite the down draft in stocks lately, everything is still going well for me.
  • GF moving in with me in a few months.
  • Will have Florida Disney vacation next month, a cruise is tentatively planned for May 2019 (Its the GF's idea - me... not so sure)
  • At one point all my investments were well over $900k but I am afraid to add them up now.
  • Pension going strong (up to $31k/year vested, but I have to wait to late Mar. 2023 to get it).
  • 54 month to go for me.

Phrugal congrats on having such a large pension!  That is a really nice base for your retirement.  I’m curious what is your asset allocation on other investments between stocks, bonds, cash?  I’ve got about 60% stocks and rest in bonds and cash.

TomTX

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Re: 2023 FIRE cohort
« Reply #120 on: October 13, 2018, 06:13:00 AM »
Hi
Still on track to retire in May 2023
Travel plans going well,  enjoyed my first cruise and managed another break to a beach resort to recover.
Savings on track
Pension on track ......  Discovered I can take it now at 50, but reduced, I will hold out to 55 lose to much otherwise
55 months to go can't wait
Sounds good.
  • For me, despite the down draft in stocks lately, everything is still going well for me.
  • GF moving in with me in a few months.
  • Will have Florida Disney vacation next month, a cruise is tentatively planned for May 2019 (Its the GF's idea - me... not so sure)
  • At one point all my investments were well over $900k but I am afraid to add them up now.
  • Pension going strong (up to $31k/year vested, but I have to wait to late Mar. 2023 to get it).
  • 54 month to go for me.

Phan - serious question: So, do you really need to keep working? For a 4.5 year gap, you could just put enough in (CDs/TIPS/High interest savings) - and calculate whether the rest of your stash + pension would get you through from 2023 onward.

Lets say you need $40k per year. Set aside $200k* to spend during the 4.5 years, and you still have $700k+ left in the stash.

Your pension will be $31k, so you will only need a 1.3% withdrawal rate from the stash, presuming no growth in the stash between now and 2023.

*Allows for some inflation.

PhrugalPhan

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Re: 2023 FIRE cohort
« Reply #121 on: October 13, 2018, 07:06:22 PM »
Phrugal congrats on having such a large pension!  That is a really nice base for your retirement.  I’m curious what is your asset allocation on other investments between stocks, bonds, cash?  I’ve got about 60% stocks and rest in bonds and cash.
Since I have a pension I have been near 90% stocks which has done me well the past ~ 9 years.  I know when I retire I should dial that back some, but I figure I don't need to do that much. The pension & SSI should give me enough to cover well over 100% of my expenses (I spend less than $40k / year currently).



PhrugalPhan

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Re: 2023 FIRE cohort
« Reply #122 on: October 13, 2018, 08:12:40 PM »
Phan - serious question: So, do you really need to keep working? For a 4.5 year gap, you could just put enough in (CDs/TIPS/High interest savings) - and calculate whether the rest of your stash + pension would get you through from 2023 onward.

Lets say you need $40k per year. Set aside $200k* to spend during the 4.5 years, and you still have $700k+ left in the stash.

Your pension will be $31k, so you will only need a 1.3% withdrawal rate from the stash, presuming no growth in the stash between now and 2023.

*Allows for some inflation.
Realistically, I probably could retire now, but it's complicated.  I can only get the pension immediately, but at a discount by working up through late 2020. I get the full pension immediately in 2023. If I leave now I have to wait until 2027 to start getting the pension.  So I take a very large hit if I retire early, especially now.

There is no retiree health benefit with this job so that's an issue.  But if I marry my GF (who is moving in this winter) I can get health benefits for life (she will be a Fed retiree) so there's that.

And I need to fix up my house & get a new-er vehicle which will probably take a year's worth of take home pay.  And the GF wants to continue working after retiring this winter. We'll see how long that desire lasts.  Not sure I want to retire until I know how her long term will play out.

And there's more, but suffice it to say while I can retire its not realistic, at least for the next year or so.

TomTX

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Re: 2023 FIRE cohort
« Reply #123 on: October 14, 2018, 05:13:33 AM »
Phan - serious question: So, do you really need to keep working? For a 4.5 year gap, you could just put enough in (CDs/TIPS/High interest savings) - and calculate whether the rest of your stash + pension would get you through from 2023 onward.

Lets say you need $40k per year. Set aside $200k* to spend during the 4.5 years, and you still have $700k+ left in the stash.

Your pension will be $31k, so you will only need a 1.3% withdrawal rate from the stash, presuming no growth in the stash between now and 2023.

*Allows for some inflation.
Realistically, I probably could retire now, but it's complicated.  I can only get the pension immediately, but at a discount by working up through late 2020. I get the full pension immediately in 2023. If I leave now I have to wait until 2027 to start getting the pension.  So I take a very large hit if I retire early, especially now.

There is no retiree health benefit with this job so that's an issue.  But if I marry my GF (who is moving in this winter) I can get health benefits for life (she will be a Fed retiree) so there's that.

And I need to fix up my house & get a new-er vehicle which will probably take a year's worth of take home pay.  And the GF wants to continue working after retiring this winter. We'll see how long that desire lasts.  Not sure I want to retire until I know how her long term will play out.

And there's more, but suffice it to say while I can retire its not realistic, at least for the next year or so.

If you go to the top of Page 3, you will see that I have a similar pension situation, though the "strike date" for me is 2027.

I also have a significantly lower stash and a wife who has no pension.

I'm Fred

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Re: 2023 FIRE cohort
« Reply #124 on: October 15, 2018, 09:25:06 PM »
But if I marry my GF (who is moving in this winter) I can get health benefits for life (she will be a Fed retiree) so there's that.


Yes you should marry your girlfriend.  What's wrong with you!  What's taking so long! These are all questions I used to get from the friends/family. :)  She probably gets these questions 10 fold.

PhrugalPhan

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Re: 2023 FIRE cohort
« Reply #125 on: October 15, 2018, 09:38:27 PM »
But if I marry my GF (who is moving in this winter) I can get health benefits for life (she will be a Fed retiree) so there's that.
Yes you should marry your girlfriend.  What's wrong with you!  What's taking so long! These are all questions I used to get from the friends/family. :)  She probably gets these questions 10 fold.
She does ask some days.  Other days she is happy as it is.  She will be happy with a very long engagement, so that is how it will probably go.  On the financial end, I have a small reason not to marry now.  I can only get put on the health insurance right after we get married.  But if I do that I will be technically disqualified for the HSA at work.  Financially it makes sense to marry only after I retire.  We've been together 7 years, I think we can make it another 4.

5Years2Freedom

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Re: 2023 FIRE cohort
« Reply #126 on: October 20, 2018, 12:15:08 PM »
Back in late August I arbitrarily came up with a five full calendar year (12/31/23) FI goal. This month, my partner and I had a long chat about our big picture, both financially and personally. At some point, she said, "It sounds like you're trying to sell me [on FI]. There's no need. I'm in."

She was a bit incredulous about an end of 2023 target, so I spent a couple hours developing a spreadsheet laying out how our dream scenario could (should?) work by then.... and, I'm glad I did, because it does! Now, for the fun part. FI in 2023 or bust!*

* Ok, maybe "or close" rather than "or bust!"

Arbitrage

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Re: 2023 FIRE cohort
« Reply #127 on: October 24, 2018, 04:02:33 PM »
You can take me off this list...I've promoted myself down to 2021.  Don't know if I'll make it, but that's the goal!

frugal rph

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Re: 2023 FIRE cohort
« Reply #128 on: October 24, 2018, 08:48:49 PM »
I'm setting a goal of November 1, 2023.  I finally settled my very expensive divorce and am ready to get back on track. I was spending so much on legal fees that I developed a few bad spending habits since the extra money was small in comparison to my legal bills. My plan is to go down to on call only in Nov 2023.  I need to figure out health insurance for me and the kids, but I hope there will be a decent option by then.

5Years2Freedom

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Re: 2023 FIRE cohort
« Reply #129 on: October 26, 2018, 07:58:52 PM »
Go get 'em, Arbitrage!

FIREupDOOON

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Re: 2023 FIRE cohort
« Reply #130 on: December 03, 2018, 01:36:38 PM »
Hi all

Class of 2023 checking in.

I think my wife and I will hit our FIRE target by the end of 2022 - but I’m building in a buffer - so my FIRE date right now is 4 MARCH 2023 (Might sound like a weird date - but it’s my birthday, so I figured it’s as good a date as any)

Current NET Worth: approx $450(AUD) (combination of home equity, VTS and retirement fund)

Passive income after FIRE: $1.2million (VTS) + a fully paid off apartment which will be rented out when we travel (or perhaps even permanently if we can find a cheaper but still nice rental and pocket the difference!)

After FIRE: would be great to live in the UK for a little while. I have family there. Otherwise, looking forward to relaxing at the beach or just spending quality time with my wife.

Will check in regularly with updates.

« Last Edit: December 04, 2018, 06:05:33 PM by FIREupDOOON »