Author Topic: 2023 FIRE cohort  (Read 202881 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 »

frugal rph

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Re: 2023 FIRE cohort
« Reply #131 on: December 12, 2018, 08:11:49 PM »
I guess I'm really committed to 2023 now. I accidentally posted "only 4 years and 11 months left" to a group work chat that includes my boss, his boss, and her boss.  I meant to post in a private chat with just 1 coworker. It could have been worse as I often vent to him about not liking my job. I'm a little worried about it, but there's nothing I can do now.

OurTown

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Re: 2023 FIRE cohort
« Reply #132 on: December 13, 2018, 11:35:52 AM »
Nobody in my workplace has a frickin' clue that I'm planning to bail out in 5-ish years.  Lawyers make a lot of money, but they also spend it like it is going out of style.  I make less than the people above me, therefore it is impossible that I could leave while they had to keep working, right?  My savings rate is only about 40%, which is low compared to some of the people here, but compared to other lawyers, dude that's huge.

PhrugalPhan

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Re: 2023 FIRE cohort
« Reply #133 on: December 13, 2018, 07:10:57 PM »
Nobody in my workplace has a frickin' clue that I'm planning to bail out in 5-ish years.
My GF told her boss at work she was retiring the end of this month, and was not believed.  The boss came back from vacation and still didn't believe.  She finally had to give her a bunch of filled out paperwork before she was taken seriously.  None of her co-workers understood why she was leaving too.  Ummmm.... she has a pension she is now eligible to get, and she has paid for retiree medical benefits.  And unlike you dweebs she saved for years and has a goodly 'stache and can live very inexpensively.  And now she going to move in with me and my paid off house. 

Only fly in the ointment is she has trained this fall to do tax preparation, so she is going to keep working part time for now.  She can't imagine not working for some money, at least for the moment - sigh - small steps, she'll get there eventually.
« Last Edit: December 13, 2018, 07:18:41 PM by PhrugalPhan »

PhrugalPhan

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Re: 2023 FIRE cohort
« Reply #134 on: December 13, 2018, 07:21:09 PM »
I guess I'm really committed to 2023 now. I accidentally posted "only 4 years and 11 months left" to a group work chat that includes my boss, his boss, and her boss.  I meant to post in a private chat with just 1 coworker. It could have been worse as I often vent to him about not liking my job. I'm a little worried about it, but there's nothing I can do now.
They're going to remember that 4 years from now????  I suspect a year from now no one will remember a word of your chat today.  Not that retiring in 2023 is a bad thing, but just saying...

garyjames8

  • 5 O'Clock Shadow
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  • Posts: 28
  • Age: 50
  • Location: Canberra, ACT, Australia.
  • 50 / 63% SR / RE Targets: 31.12.2024 & AU$1million
Re: 2023 FIRE cohort
« Reply #135 on: December 22, 2018, 01:08:51 AM »
Hi 2023 Cohort,

Well, another year has passed since I first set up the 2023 Cohort, and again for me it has flown by. 

As I said in a previous post, it won't be long before 2023 is here!

Here is my (delayed) progress report for myself as at the end of the Australian financial year (June 30, 2018):

***
Age:  44

RE Target 1:  31.12.2023 - Still on track.
RE Target 2:  AU$1million - Net worth AU$489,000 (as at June 30, 2018).

The main target for me going into 2018 was to save as much as possible to help me to be able to purchase a house in England in 2019 and help set myself up with some passive/semi-passive income after RE in December 31, 2023.

My Savings Goal:  To save $70,000+ each year until December 31, 2023.

By June 30, 2018 I had amassed AU$39,000 which is just over half of what I need to achieve the goal for 2018.

The main purpose of the savings is to accomplish the following:

1. Buy 1 property in England every year for the next 5 years (1 a year in 2019, 2020, 2021, 2022 & 2023).
2. Buy or Build 1 property in Thailand in 2022/2023.

My Target Passive/Semi-passive income after RE is: AU$52,000+ p.a.

I will post again in January with my progress report for January 1, 2018 to December 31, 2018.

***

Merry Christmas and All the Best in 2019 for everyone on this forum!

Looking forward to reading everyone else's updates.

Kind Regards,

Gary
--
"In '23 I Will Be Free"
--

Slow road to freedom

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Re: 2023 FIRE cohort
« Reply #136 on: January 02, 2019, 08:23:48 AM »
Hi 2023 Cohort,

Hope everyone is ready for a year of ‘stocks on sale’! Only 4-5 years to accumulate now...

Update from me (and OH):
Tax free tracker funds / cash: £170k
Pension pot: £300k
Final salary pension equivalent transfer value: £260k
Total FIRE ‘stash: £730k

Amazingly no debt, and the above doesn’t include home value of c £500k. No plans to move so not included in above.

Not quite sure how we got to this point - in theory, could probably pare back and cut the chord earlier than 2023. That’s quite liberating. But quite like current work, so will keep saving for now. This board allows a really good point of reflection.

How’s everyone else?


garyjames8

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  • Location: Canberra, ACT, Australia.
  • 50 / 63% SR / RE Targets: 31.12.2024 & AU$1million
Re: 2023 FIRE cohort
« Reply #137 on: January 03, 2019, 04:52:39 AM »
Hello again 2023 Cohort,

Just adding my figures for the calendar year 2018.

Savings Rate 64.67% for the calendar year 2018.
RE Target 1:  31.12.2023 - Still on track.
RE Target 2:  AU$1million - Net worth AU$522,000 (as at December 31, 2018).

The main target for me going into 2018 was to save as much as possible to help me be able to purchase a house in England in 2019 and help set myself up with some passive/semi-passive income following RE in December 31, 2023.

My Savings Goal for the next 5 years is:  To save $70,000+ each year until December 31, 2023.

By December 31, 2018 I had amassed AU$67,000 in savings which should be enough to pay for my 1st UK house purchase in 2019.

The main purpose of the savings over the next 5 years is to accomplish the following:

1. Buy 1 property in England every year for the next 5 years (1 property per year in 2019, 2020, 2021, 2022 & 2023).
2. Buy (or Build) 1 property in North East Thailand in 2022/2023.

As an aside, my Target Passive/Semi-passive income after RE is: AU$52,000+ p.a.

***

Happy New Year for everyone on this forum!

Looking forward to reading everyone else's updates.

Kind Regards,

Gary
--
"In '23 I Will Be Free"
--

friedmmj

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Asset Allocation
« Reply #138 on: January 04, 2019, 06:19:51 PM »
Interested in your current asset allocation. I look at this two ways.  First just retirement specific assets (401k, IRAs, HSA, etc.).  I also look at asset allocation of total net worth including home equity.

Retirement
Equities 57.5%
Bonds 33.1%
Cash Equivalents 9.5%

Total NW
Equities 45%
Bonds 20.5%
Cash Equivalents 14.2%
Home Equity 14.5%
529 College Savings 5.9%

Stache-O-Lantern

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  • Location: Northern California
Re: 2023 FIRE cohort
« Reply #139 on: January 04, 2019, 07:26:07 PM »
Our investable assets are currently 41.5% of our target amount.

As of 1-Jan-18 our investable assets are exactly 50.0% of our target amount.


As of 1-Jul-18 our investable assets are 53.5%  of our target amount.

As of 1-Jan-19 our investable assets are 49.8% of our target amount.

Well, that 4th quarter sucked for stocks.  Of course, I'll look on the bright side, that after a year where our equity mutual funds were down around 6%, our investable assets were only down 0.2% due to savings.

In other news, in about a month i'm increasing my work hours 10% to 85% time, so that will help with the savings, but just a little bit.

Stache-O-Lantern

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Re: Asset Allocation
« Reply #140 on: January 04, 2019, 07:38:56 PM »
Interested in your current asset allocation. I look at this two ways.  First just retirement specific assets (401k, IRAs, HSA, etc.).  I also look at asset allocation of total net worth including home equity.

Retirement
Equities 57.5%
Bonds 33.1%
Cash Equivalents 9.5%

Total NW
Equities 45%
Bonds 20.5%
Cash Equivalents 14.2%
Home Equity 14.5%
529 College Savings 5.9%

I'll play!  I'm 43.  I split out REITs, although those could be counted in equities.  I have 1% more in cash right now than I usually do due to a bank account special offer.

Retirement
Equities 63%
Bonds 24%
REIT's 9%
Cash Equivalents 4%

Total NW
Equities 50%
Bonds 19%
REIT's 7.5%
Cash Equivalents 3.5%
Home Equity 20%

friedmmj

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  • Age: 57
  • Location: USA
Re: Asset Allocation
« Reply #141 on: January 05, 2019, 08:48:06 AM »
Interested in your current asset allocation. I look at this two ways.  First just retirement specific assets (401k, IRAs, HSA, etc.).  I also look at asset allocation of total net worth including home equity.

Retirement
Equities 57.5%
Bonds 33.1%
Cash Equivalents 9.5%

Total NW
Equities 45%
Bonds 20.5%
Cash Equivalents 14.2%
Home Equity 14.5%
529 College Savings 5.9%

I'll play!  I'm 43.  I split out REITs, although those could be counted in equities.  I have 1% more in cash right now than I usually do due to a bank account special offer.

Retirement
Equities 63%
Bonds 24%
REIT's 9%
Cash Equivalents 4%

Total NW
Equities 50%
Bonds 19%
REIT's 7.5%
Cash Equivalents 3.5%
Home Equity 20%

Not too much different than mine.  I'm trying to decide whether to rebalance to 60% equity in retirement accounts.  Right ow, I just shifted my future contributions away from bonds to get the equity allocation up gradually assuming we don't see a rapid recovery in the market.

Mmm_Donuts

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Re: 2023 FIRE cohort
« Reply #142 on: January 24, 2019, 06:28:11 AM »
I would like to join in on this cohort.

I've been unsure about an end date for a while, because I've been wavering between working full and part time. If my current FT plan works out, then I'll be ready to FIRE on Jan 1 2023. I'm leaning more and more towards this route. I think I can handle four years of my current job and it would be really great to just quit altogether and do whatever I want in 4 years vs. doing prolonged stints of part time work.

I'd like to track our FIRE progress here as well.

We have a paid off house that I won't count towards FIRE since we're not sure whether we'll be selling / downsizing or not. So the conservative planner in me will just count liquid assets. The percentage represents the amount of our target number that we currently have saved. Hopefully this will motivate me to stick to my current plan!

January 1 2019: 64%

PhrugalPhan

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Re: 2023 FIRE cohort
« Reply #143 on: January 29, 2019, 07:22:55 PM »
OK, time for me to post my 2018 end of year follies (errr... investment update)  Ugh.

==============
Investments
==============
I won't post details because they were too painful to look at.  Even with putting in a nice big chunk of money my overall balance went down.  I started the year at 841,000, ended at 825,000, and that's with investing about 40k.  Like others my numbers were going up mid year and I was within maybe $25k of 1 million.  Sigh.  Oh well, dividends are going well, so that's a plus & my investments should be more solid going forward (I hope).  (P.S.: Now at the end of January I'm up a good $50k, so who knows how this year will go)


===============
Everything Else
===============
No major expenses again in 2018. The GF & I had our usual vacation to Florida. Went to WDW again because it turned out Disney expanded (temporarily) their deep discount tickets from active military to all DoD employees.  Since she is DoD, we decided to go to WDW again on the cheap.  With a free time share to use as well, the trip was very inexpensive (maybe $650 for everything for the two of us).  We really didn't have other vacations (see write up below)  Still haven't spent anything on home repairs, but they'll come sooner or later.  And the car is still hanging in there, though I almost got a new car in November - seller backed out at the last second.

My GF is retired now.  She didn't want to vacation during the year so she would get a large vacation buyout at retirement - so that's good financially, but not great for enjoying the year.  She basically FIRE'd (if you call retiring at our age early).  She was supposed to move in with me, but.... well she decided she wanted to be able to use her brain again (the old job was making her brain dead).  So she took classes and is now working as a tax preparer at her city, and will move to where I live after tax season.  The bad is she is still working and not moved in here, the good is she sees how little most people have and now understands she had plenty to retire, so retirement anxiety is going away for her.  Her pension hasn't started yet as they are still working out the final numbers, but she should start getting something in the next month or so.

I am still doing two-a-day workouts at work, lunchtime and after work. I will most likely stop the after work workouts once the GF moves in with me.  My ebay sales were fairly good, about $2,500 so that's a plus.  My health was great over the year, I didn't need to see a doctor once.  (Already broke that streak this year - threw my back out bad two weeks ago and am seeing a chiropractor to fix it - maybe 65% better at this point)

At work ... well still on the project from hell.  I tried to make it better, management (& contractor) messed that up.  A few times I thought I was going to have a heart attack, I was getting so upset on it.  After me getting belligerent (what did I have to lose really?) they finally backed off some of the crazy items, and now I am mostly a paper pusher - at least for now.  The project is still stupid, but if they want to go this way.... well I can survive I guess.  I may end up getting like the GF and just be brain dead.  I feel that way in meetings now.  Its better than a stroke, right?  One good item is my vacation time increased and now I get 8 hrs per pay period (26 days per year).  My vacation time bank has really started to grow for once - I can see decent time off in my future.

==================
Not so Random Item
==================
I found out my 457 plan will start allowing in plan conversions of pre-tax to post-tax (that is - to Roth).  I don't think it makes sense to consider this unless I am already doing 100% of Roth contributions at this time.  Right now I am about 66% Roth contributions - 33% pre-tax.  If this was my only retirement money (and I was really retiring early) I wouldn't consider it.  But since I will be 60 at retirement and I will have a pension that will fill all of my low tax rate brackets, at some point I may feel this makes sense.  I'll have to keep this idea on the back burner for now.

I'm still looking at April 2023, though it's possible I could up it a month or three.  At least I am now basically 4 years from retirement.  Its like starting high school, and realizing that this will pass.  So too will this job, I just need to stay sane until then.
« Last Edit: February 06, 2019, 09:52:51 PM by PhrugalPhan »

friedmmj

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Re: 2023 FIRE cohort
« Reply #144 on: January 29, 2019, 08:12:30 PM »
Thanks for the update.  Glad that your health is good.  That is your most important asset!

Valvore

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  • Formerly known as FireryFIRE
Re: 2023 FIRE cohort
« Reply #145 on: February 01, 2019, 02:21:31 PM »
I’ll join the class of 2023! It’ll take some outrageous optimism and a 2022 bull market to get me there, or else you guys may have to boot me out into the class of 2024.

I’m 25 and hoping to be done by 30. I’m aiming for the bog-standard MMM-level FI of about $750k of assets/$30k annual spending. My current NW is about $50k and I’m hoping to double that in 2018 and again in 2019. Then if I can keep up the pace of at least $100k in new assets a year for the four years after, plus market returns, I’ll have a decent chance of getting to FI at 31.

“Man plans, and god laughs.” I’m pumped to look back on this thread over the next couple of years and see how far off things actually turn out!

Hi @grantmeaname! I was reading through this thread but didn't want to post because everyone else is so much older than me, but you are exactly my age. I'm 25 (soon to be 26) and would like to FIRE in 2023 too but might get pushed out to 2024/25. We are at the same NW too. I'm at about 50K NW right now (~80k including home equity) and want to be at over 100K by the end of the year and double that every year to retirement.

My DH and I are in a very lucky spot in that we already have passive income that could cover all bare bones expenses, but we are looking to make sure we are always safe and will be able to live the semi-decent life. We have the same plan to focus on child rearing near FIRE and possibly get back into a career once kiddos are in school

Current Age: 25
FIRE Age: 31
Target date: 12/31/2023

Projected FIRE Annual Spending: 47K
Current Passive Annual Income: 33K
Annual WR needed to bridge the gap: 15K

Total Stache needed: 375,000
Current Stache: 47K (17.6%)

2018 Goals:

1) Max IRA for 2017
2) Max IRA for 2018
3) Pay down student loans from 28K to 14K
4) Contribute 12K to 401K (Stretch goal, Max 401K)
5) Reach 100k in stache accounts(!)

Hope to stay motivated. End of 2017 was bad bad savings rate for us. We went from 60+% to 35%. ugh. This month is looking good so far though. Have to stay the course, 5 years isn't so far away.

Update! Sorry it's been a while. I'm just a lurker by nature... I still visit the forum daily.

First of all, my DH and I could TECHNICALLY FI by 2023 but there have been new developments that have pushed us to 2027. :0  I KNOW SO FAR, RIGHT? The main reason is I'm at a new job with a pension and the best way to maximize and FIRE it is to stay for 9 years 4 months (10 years earned service). Therefore 2027 is the goal and I should receive an extra $15-20k per year starting at age 60. This will go entirely to healthcare. Healthcare by far the biggest issue to figure out when planning FIRE. But the extra 15K/year will come at the most perfect time as I project healthcare costs will start to rise rapidly through age 60.

Additional note, all of my numbers are without a mortgage because we plan on paying it off by the time we FIRE. I am trying to reach FIRE and simultaneously payoff mortgage. I understand the math behind putting it all towards income, but made the decision regardless. This plan works for me.

Current Age: 25 26
FIRE Age: 31 35
Target date: 12/31/2023 2027

Projected FIRE Annual Spending: 47K
Current Passive Annual Income: 33K
Annual WR needed to bridge the gap: 15K
Current theoretical WR: 3.2K

Total Stache needed: 375,000
Current Stache: 47K (17.6%) 82K (21.9%)

2018 Goals:

1) Max IRA for 2017 I am an idiot and when I did a final transfer to my IRA for 2017, I accidentally selected 2018 contribution... UGH. Total 2017 contributions $2,700
2) Max IRA for 2018 Easily maxed because of my dumb mistake.
3) Pay down student loans from 28K to 14K Student Loans currently at 17K. Could have made this goal but DH wanted to put money into fixing up our house first... Everything is a compromise
4) Contribute 12K to 401K (Stretch goal, Max 401K) Even changing jobs, I made this goal. 2018 contributions ~14K with employer match
5) Reach 100k in stache accounts(!) SO CLOSE. Currently at 82K. Plan to max DH 2018 IRA which would bump us to 87K

2019 Goals:
1)MAX IRA for 2019 both mine and DH
2)MAX 401K for 2019, meet DH employer match (stretch goal, max DH 401K too)
3) Reach 125K in stache accounts (this is a push!)


I am heading over to 2027 cohort but thank you all for your support. And I wish you the best. Only 4 more years for you!

OurTown

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Re: 2023 FIRE cohort
« Reply #146 on: February 11, 2019, 11:35:31 AM »
Just hit $502 invested.  That's a nice threshold to pass.


4 months later we are back at $502 again.

friedmmj

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Re: 2023 FIRE cohort
« Reply #147 on: February 12, 2019, 07:57:39 PM »
Just realized that my # of months left to work is the same as my age - 52.  So I need to work another month for every year that I've been alive.  Not sure if that makes it seem shorter or longer hmmm!

Another interesting data point is that a few weeks ago I broke the thousand day barrier and currently sitting at 984 more work days to go.  Every two work weeks is roughly 1% of the total knocked off.

The Jan-Feb recovery has me back to 63% of overall retirement goal saved.  I've set a specific sub-goal for each "pot of money" as follows which are listed in descending order of representation to my overall retirement savings goal.

401k             62% to target. 
Taxable         56% to target.  I include home equity here because I intend to sell my house soon after retiring and rent.
RSUs/Options   71% to target which seems good, but the stock has made a big run lately and could be due for a correction.
Traditional IRAs   74% to target but no new money since I make too much to do deductible IRA.  will need to grow to 100%
Pension Fund    64% to target.  This is a cash balance pension with defined contribution % of salary; will take as annuity.
Roth IRA         72% to target.  No new money going in for same reason as traditional IRA will need to grow to 100%.
« Last Edit: February 12, 2019, 07:59:58 PM by friedmmj »

Stache-O-Lantern

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Re: 2023 FIRE cohort
« Reply #148 on: February 18, 2019, 11:57:41 AM »
Just hit $502 invested.  That's a nice threshold to pass.


4 months later we are back at $502 again.

We also just about are back at our peak investable assets again.  The market (as measured by VTSAX) is still down about 5.5% from the top, but savings rate makes up for it.

Mmm_Donuts

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Re: 2023 FIRE cohort
« Reply #149 on: March 03, 2019, 03:30:09 PM »
January 1 2019: 64%
March 1 2019: 68%