Author Topic: 2025 Fire Cohort  (Read 22744 times)

druth

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Re: 2025 Fire Cohort
« Reply #50 on: July 05, 2016, 03:18:37 PM »
I'm at 3x.  It took me the last 5 months to save 1x expenses, so it is moving pretty quickly, targeting another 5 months to get to 4x.

sweetest

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Re: 2025 Fire Cohort
« Reply #51 on: July 23, 2016, 10:09:47 AM »
My first post!

2025 is our goal year.  My husband has no plans to retire but will definitely be cutting back on his hours and will be able to mostly work when he wants to (airline pilot).  I'm a SAHM to 4 kids (from 1-16), so I get my retirement in increasingly larger doses as they all mature :)

We have a 50K annual military pension, plus 925K in net worth at the moment.  We are focused on maxing out our retirement vehicles and paying off our 400K mortgage.  Saving about 80K/year currently (including the extra principle payments).  Currently have about 18.5% of spending saved... would be more than 25% if we didn't have a mortgage...

Our goals are to have 1.5M net worth (which should happen well before 2025) and a paid off house before we consider ourselves FI (this is a bit of a stretch, but we are pretty sure we can do it!).   I will be 53 and DH will be 55...

hucktard

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Re: 2025 Fire Cohort
« Reply #52 on: July 26, 2016, 08:35:44 AM »
2025 is my graduation year give or take a year or so depending on how things go. Our net worth is probably 8-9X our annual spending. But our income has increased quite a bit this year so we are really upping the savings and investing rates. We may be FI by 2023 or so, but our kids will still be in high school then so we will probably work another couple years. So 2025 it is!

Need2Save

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Re: 2025 Fire Cohort
« Reply #53 on: July 27, 2016, 05:52:05 PM »
Welcome to both Hucktard and sweetest.   Good to see more people joining our little 2025 group.  I'm sure I'm not the only one hoping it turns into 2024 or even 2023 though (tee-hee).

For hucktard - if your FI arrives prior to college app time for your high schoolers - it could work out good for financial aid applications since your income could be none or very low in the year prior.   We have the opposite problem.  Income is highest it's ever been now that our kids are applying for college/going to college, but for most of their school years we had very average income as a one income family for part of it.  No finanical need based aid for us!

Frugal D

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Re: 2025 Fire Cohort
« Reply #54 on: July 31, 2016, 02:08:32 PM »
In for 2025! Will be 40 years old.

NW worth is currently at 27x expenses, but investable assets are only at 8x expenses.
The ability to let that which does not matter truly slide.

screwit

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Re: 2025 Fire Cohort
« Reply #55 on: August 07, 2016, 01:57:29 AM »
Count me into the 2025 crowd. I'll be 50, DH 56... so if we manage to bump down into another group I'll be really happy also. Nothing against you guys, of course ;)

I started 12 months ago, so here's the progress:

Aug 2015: 8.55x
Aug 2016: 10.1x

we've just dived into rental properties, so while I've counted that into the net worth spending mutliple, I'm not sure that's the right way to do it. Still learning!

Projection: uhoh. I just ran the numbers, assuming 5% income and investment growth and 3% inflation and it looks worse than I had hoped. Going to have to work on this becaue 2025 is DEFINATELY my aim!

2017     12.2
2018     13.1
2019     14.1
2020     15.1
2021     16.1
2022     17.1
2023     18.1
2024     19.2
2025     20.2
2026     21.3
2027     22.4
2028     23.5
2029     24.7
2030     25.9
« Last Edit: August 07, 2016, 02:02:09 AM by wtw »

beach2133

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Re: 2025 Fire Cohort
« Reply #56 on: August 08, 2016, 09:47:25 AM »
Posting to follow and committed to going for 2025.

2025 will put me at 43 which is my stretch goal.  Although, I think @ 45 (2027) my risk aversion illness will be finally be able to be quelled. DW is a teacher and wants to work forever, but I'm looking forward to having my summers free to spend with my family.  Only one kiddo right now that is 11 months, but I expect there will be one more in the future.

I'm currently 19.3x my FIRE budget (no mortgage/no daycare) and 10.8x my current budget.  I'm tracking both in case I decide to take on a 2nd mortgage for rental property. 

I've also created a 4 phase retirement plan (45 - 55, 55-60, 60-70, 70+) and track my current assets against the amount of Today's $ it would take to support that plan.  It's another fun way to compare the numbers when you get bored.  I'm @ 60.91% as of August 1st, 2016.

dougules

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Re: 2025 Fire Cohort
« Reply #57 on: August 16, 2016, 11:06:12 AM »
Our official countdown date is 1 Feb 2025.  By current numbers we'll probably get there a bit before then, but we're still using 2025 for our countdown.  We've had it running for a couple years now.   

I'm essentially just posting to follow. 

BeautifulDay

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Re: 2025 Fire Cohort
« Reply #58 on: August 16, 2016, 04:56:27 PM »
Current projections put me over the line in 2027. Here's hoping I can beat that.  We can also work on lowering the projected amount we need or figure out some part time work that will move that number back a few years.

Number as of January 1 each year.

         Projected      Actual
2016  1.575   -       1.575
2017  2.3 
2018  3.4
2019  5.2
2020  7.1
2021  9.2
2022 11.5
2023  14.0
2024  16.6
2025  19.5
2026  22.5
2027  25.9

chloe1733

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Re: 2025 Fire Cohort
« Reply #59 on: August 17, 2016, 01:14:06 PM »
My current spreadsheet has us FIRE in 2026, however, I was fairly conservative in accounting for raises, bonuses, or windfalls. So I guess count me in for the 2025 group as well!  I'll be 41, the husband 44.

Only thing I'm a little concerned about is how much of our money is going to be tied up into 401k/IRAs, as we'll have 15 years to cover before we can get into the hubby's accounts without penalty. How are you guys handling that situation? Seems wasteful not to max out work 401ks now considering the company matches we each get and the tax benefits, but seems like we may need to reevaluate.

beach2133

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Re: 2025 Fire Cohort
« Reply #60 on: August 17, 2016, 03:01:43 PM »
My current spreadsheet has us FIRE in 2026, however, I was fairly conservative in accounting for raises, bonuses, or windfalls. So I guess count me in for the 2025 group as well!  I'll be 41, the husband 44.

Only thing I'm a little concerned about is how much of our money is going to be tied up into 401k/IRAs, as we'll have 15 years to cover before we can get into the hubby's accounts without penalty. How are you guys handling that situation? Seems wasteful not to max out work 401ks now considering the company matches we each get and the tax benefits, but seems like we may need to reevaluate.

I'm sure this has been posted elsewhere, but your question reminded me of this article of how to access your Retirement accounts before 59.5.

http://www.madfientist.com/how-to-access-retirement-funds-early/

oneday

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Re: 2025 Fire Cohort
« Reply #61 on: August 17, 2016, 03:30:32 PM »
beach2133, thanks for posting.  One of these days, I'll work my way through Mad FIentist archives, but until then, getting these unsolicited pointers to relevant articles is really helpful!
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kitkat

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Re: 2025 Fire Cohort
« Reply #62 on: August 17, 2016, 03:39:17 PM »
In!

25 y/o, 1.25x annual expenses saved, ~60% savings rate.

Expecting a lot to change over the years.. Marriage? Kids? Cross-country move? Back to school for PhD? Big promotions? All very real possibilities. But if life froze how it is today, I would expect FI (RE is doubtful) in late 2025.

frugalecon

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Re: 2025 Fire Cohort
« Reply #63 on: August 29, 2016, 06:01:23 PM »
My countdown spreadsheet shows 1900 work days left, but I have 105 sick days on the books, and will earn 110 more sick days in the meantime. They could potentially count against the work days...

2Birds1Stone

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Re: 2025 Fire Cohort
« Reply #64 on: August 30, 2016, 06:24:52 AM »
I originally thought I would fire on $18-24k a year but after much thought and so many unknowns it is much more likely that my spending will be more along the lines of $24-30k/yr.

2025 would put me at 38 years old, definitely a feasible goal.

Currently have ~5x annual expenses saved.

Just cracked 7x annual expenses today!

Thanks to strong markets and good commission I just cracked 9X annual expenses.
"A small house can hold as much happiness as a big one." - Fortune Cookie

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deeshen13

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Re: 2025 Fire Cohort
« Reply #65 on: August 30, 2016, 06:40:41 AM »
Good work 2Bird! Curious if you're annual expenses estimate is w/ a paid off house? Thanks

2Birds1Stone

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Re: 2025 Fire Cohort
« Reply #66 on: August 30, 2016, 08:39:37 AM »
My annual expenses includes 50% of rent/mortgage/utilities on a modest domicile.

I don't necessarily need a house. I plan to do a lot of slow travel, RVing, etc. Prefer to rent 1-2 bedroom apartments/house shares.

My projected number is $25,000/yr for my half of total expenses. I estimate SO and I would live very comfortably on $50k/yr adjusted for inflation. 
"A small house can hold as much happiness as a big one." - Fortune Cookie

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Zamboni

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Re: 2025 Fire Cohort
« Reply #67 on: August 31, 2016, 09:00:13 PM »
Thank you for starting the thread, and good luck to everyone.

I'm committing to being FI by 2025. My children should be graduating from college that year. There are logistical reasons I won't RE before 2025 regardless of how my stash builds. Right now have just over 10x current annual expenses stashed . . . you made me look!

Whether or not I actually RE in 2025 depends on two things:
1) What one thinks qualifies as "early" (by the mainstream definition I will be early, but not extreme.)
2) What my job is like at that time. Current job is pretty cushy and fun with flexible hours and tons and tons of PTO, so unless it goes to shite I'll likely just try to hang on to it.

Still, it's nice to think about being really and truly FI in 2025. I already have a pretty FU attitude at work about anything or anyone I don't like . . . hard to imagine what I'll be like in nearly another decade!

adamb

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Re: 2025 Fire Cohort
« Reply #68 on: September 01, 2016, 08:29:23 AM »
Jumping into this thread. I'll probably be more like 2026 but this is close enough. Just turned 25 and have 2x expenses saved (about 17k a year I think) with no debt and 401k maxed out. (I make 45k now with potential to make 70k in a year if I keep it up) Hoping to have 650k-700k and a paid off house by age 35-36!

Need2Save

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Re: 2025 Fire Cohort
« Reply #69 on: September 01, 2016, 06:58:22 PM »
In other good news, with the market increases over the last couple months, we now are around 13.5X annual spending in retirement savings! 

Great to see some more folks joined!  We are almost to 14.5X now!!   This does not include mortgage principal as we are likely to sell current home and buy another property (or two) post FIRE with the proceeds. not sure any $ will be leftover. 

In sad news, it is 99% certain that we will lower the company match on the employer 401(k) match in 2017.  I'm of course taking full advantage this year, but it bums me out that I know before all the other employees do and can't share this disapointment with them yet.  There are about 25% of our employees who don't contribute to the 401(k) at all though.  So those are basically giving up the free money and it won't be a loss to them.  The other 75%, yes.  :-( 

I hope all the 2025 cohorts are funding at least enough to get a full match each year in their employer's retirement plan!

Icecreamarsenal

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Re: 2025 Fire Cohort
« Reply #70 on: September 18, 2016, 09:16:16 AM »
In other good news, with the market increases over the last couple months, we now are around 13.5X annual spending in retirement savings! 

Great to see some more folks joined!  We are almost to 14.5X now!!   This does not include mortgage principal as we are likely to sell current home and buy another property (or two) post FIRE with the proceeds. not sure any $ will be leftover. 

In sad news, it is 99% certain that we will lower the company match on the employer 401(k) match in 2017.  I'm of course taking full advantage this year, but it bums me out that I know before all the other employees do and can't share this disapointment with them yet.  There are about 25% of our employees who don't contribute to the 401(k) at all though.  So those are basically giving up the free money and it won't be a loss to them.  The other 75%, yes.  :-( 

I hope all the 2025 cohorts are funding at least enough to get a full match each year in their employer's retirement plan!

I have no match at all through the company, but I dutifully tuck it away anyway.  I was thinking of following the Mad fientist's advice and frontloading next year, if I still have a job.

Need2Save

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Re: 2025 Fire Cohort
« Reply #71 on: September 21, 2016, 04:54:02 PM »
I can definetly see why you would want to do that if you are choosing to leave your current employer. 

If the choice is not yours, and you do get another job later next year that does provides match you would prevent yourself from contributing and getting that match because you already contributed the max for the year. Potentially.  Is that likely in your line of work? Just something to think about.

Good luck to you, though!

AK

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Re: 2025 Fire Cohort
« Reply #72 on: September 21, 2016, 07:46:42 PM »
Tossing my hat in the ring. We currently have about 3x current yearly expenses, with debt comprising half the expenses, in investable assets. The plan is to pay off the mortgage and student loans before being done. My wife and I will be in our early 40s and DD will be in elementary school.

In some ways, I already feel R.E. by becoming self-employed, working from home, and going on occasional daytime outings with my wife and DD when I feel like it. So far, I have never been happier.

Good luck everyone!

moof

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Re: 2025 Fire Cohort
« Reply #73 on: September 21, 2016, 08:03:53 PM »
Aiming for first of 2025.  Currently at about 10x spending excluding mortgage, 7x including mortgage.  Currently saving just under 1x per year.  Health insurance for the first year will blow.  House will be paid off in 2031, kid will be through college about 2035.  I expect our expected spending plan to be overkill once the kid flies the coop.

The bonus news is that the wife is making serious noise to go back to work in two years when the kid starts school.  It is because she wants to despite us not needing her to in the slightest.  That might really speed things up by a year or three.

ardrum

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Re: 2025 Fire Cohort
« Reply #74 on: September 27, 2016, 11:27:36 AM »
How is everyone in the 2025 cohort doing?  I am happy to say I'm basically right on the cusp of the 2x living expenses mark for net worth (gotta save maybe $1000 more), which was my target by the end of 2016 (my goal is 25x by the end of 2025; see signature). 
Multiples of Annual Living Expenses "Stache" Goals by Year
2017: 4.07x
2018: 6.27x
2019: 8.57x
2020: 10.98x
2021: 13.52x
2022: 16.18x
2023: 18.98x
2024: 21.92x
2025: 25x

Need2Save

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Re: 2025 Fire Cohort
« Reply #75 on: September 27, 2016, 06:41:27 PM »
We are still above 14x expected living expenses at this moment.
 
Your plan is impressive.  I guess it's taking us a little longer but 2025 is still our anticipated date.  We have 1 mortgage to retire and 2 kids to put through college first.
:-)

rentalnewbie

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Re: 2025 Fire Cohort
« Reply #76 on: September 27, 2016, 07:16:54 PM »
I am going to join this thread as 2025 is our goal year for FIRE. Honestly it's so far out right now that I'm not sure we can hit it but my original goal when joining MMM was age 40, which me and my SO will both hit in 2025. I am impressed that it seems so settled for many of you when it's 9 years away and so much can happen!

Our current status:
- modest 401(k)/IRA with 2x expenses (and growing!)
- .5x expenses liquid, which will be a future "forever" house down payment/pay for our wedding & honeymoon next year
- 1 rental house + house we currently live in, which will become rental #2 (these are both mortgaged at slightly less than 80%currently)

Right now our FIRE spreadsheet has us targeted at age 44, however, that doesn't include any wage growth that we can reasonably expect or income from our to be acquired rental properties. The key for us, will be to pay off our primary residence and 2-3 rentals. After we get our "forever" house (~2 years), we'll focus on paying off the properties for a while before we buy more.

oneday

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Re: 2025 Fire Cohort
« Reply #77 on: September 28, 2016, 12:55:38 PM »
ardrum, still plugging along.  Have recently increased 401k contribution percentage.  We are looking for an amount that will still allow us to pay living expenses.  Mr. O is paid hourly and his hours are variable, so it's a balancing act we are still refining.

rentalnewbie, as you can see from the above, we are not any more "settled" on 2025 than sounds like you are.  That's just what my 3rd or 4th revision of the spreadsheet (created earlier this year) says is likely, but with conservative assumptions.  At this point, it's a wait & see game.  After December, I'll update the spreadsheet again & see if 2025 is still possible/probable.  I don't think it will change much more over time, but you never know what the market will do.
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Dragonswan

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Re: 2025 Fire Cohort
« Reply #78 on: September 29, 2016, 04:19:14 PM »
I should like to join this cohort.  I am not mustachian but rather I am careful with my funds.  I hope to retire from my human cover occupation in August 2025. My human persona is already middle aged and will be able to retire in 2025 with a full pension.  I had to do a full financial reboot in 2003 (I call 2000-2003 the poor years) and since I like my creature comforts, I shall have to stay the course and rely on the pension. 

The plan is to retire with pension, claim Social Security two years later with those two income sources together covering my basic living expenses (includes a mortgage).  The money in investments will be for non basics that are essential for my happiness (travel, opera, spa), emergencies and irregular but predictable expenses (new roof, teeth implants, community college).

I hope to have 500K in investments by the time I retire and another 75K for a down payment on the house I downsize into for retirement.  If the market cooperates and I keep maxing the work retirement account, I should get there.


Lizzaroo

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Re: 2025 Fire Cohort
« Reply #79 on: September 30, 2016, 12:51:04 PM »
We hope to be FI in 2025. It is the year our youngest finishes school. Hubby will be 59 and I will be 52. Definitely not Spring chickens, but still young enough to have some fun.

Current goal is to kill the mortgage while still maximizing 401K and IRA contributions. Also putting in enough 529 deposits for the max state tax credit for the earning years so that 2 kids are 50% funded for in state university tuition. The remainder will be up to their own ingenuity: scholarships, grants, summer work.

My biggest concern at the moment is that we live a LCOL area and are able to save around 60%, and live off less than 20K per year (once mortgage is gone, anyway). When I look at some of the beautiful places in the US that we would love to experience post retirement (Colorado being numero uno on the list) I am wondering if the 25X calculation might be a little optimistic. Obviously, there are ways to have it all (travel for a few months in HCOL and live the rest of the year in LCOL etc). I am curious if others are in the same boat and maybe have some strategies (other than a bigger 'stash before pulling the plug, this is...).
"He who has a why to live can bear almost any how."

thebeautywithout

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Re: 2025 Fire Cohort
« Reply #80 on: October 01, 2016, 03:00:55 PM »
Based on my novice calculations we're looking to FIRE near the end of 2025.  There is a lot of room for fluctuation - my husband is a consultant and his income fluctuates and I'm not sure I can stay in the corporate game for the full 10 years. I may take a pay cut to move to a job I love more or I might start a business and possibly earn more.  My husband might take on more lucrative clients or he could decide to cut back to spend more time with family.

I'm 29 and my husband is 33 and we have two young children.  We currently have 3.4x of our expected spending in 2025 saved and another 2x in property we plan to sell in the next year.

Looking forward to checking in here periodically to see how everyone's plans evolve.

neverrun

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Re: 2025 Fire Cohort
« Reply #81 on: October 03, 2016, 06:11:01 PM »
Count me in too.  My eligible date to receive full US Federal Government benefits is 7/17/2025.  I will be 47 at that time and have more than I likely will ever need at that point.  I'm hoping to get to FI earlier and be able to say FU to needing the benefits and just go.  I'd still get some pension money at 57 or 62.   

ETA:  Currently I'm sitting on 13.75X annual spending and a paid for house.
« Last Edit: October 03, 2016, 06:14:56 PM by neverrun »

economist

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Re: 2025 Fire Cohort
« Reply #82 on: October 05, 2016, 01:27:24 PM »
2025 seems like a reasonable goal for me. I was lucky to discover MMM right after graduating college, so i avoided lifestyle inflation and got serious about paying off student loans and investing early.

25 years old, maybe 3X annual expenses in retirement accounts, saving roughly 1.5X expenses per year. So if the markets return 0% over the next 10 years I will have 18X expenses. If the markets are reasonably cooperative and return 6-7% I should have in the ballpark of 25X expenses.

It actually should work for my GF and myself jointly as well. She will finish her PHD in 2019, so she'll have less time to work before 2025, but she'll most likely be making a lot more than me at that point (we joke that our relationship is going to help reduce the gender pay gap) so she will be able to save up faster.

wienerdog

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Re: 2025 Fire Cohort
« Reply #83 on: October 05, 2016, 07:16:36 PM »
Slowed down some as spending has slipped a little but up to 5.42 of spending.

Frugalman19

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Re: 2025 Fire Cohort
« Reply #84 on: October 08, 2016, 11:24:21 AM »
Where do you all get the calculator for expense multipliers?

druth

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Re: 2025 Fire Cohort
« Reply #85 on: October 08, 2016, 05:42:59 PM »
Where do you all get the calculator for expense multipliers?

I just figure it out by hand personally.  It's a pretty straightforward number, current savings/retirement expenses which I know both of off hand.

Icecreamarsenal

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Re: 2025 Fire Cohort
« Reply #86 on: October 08, 2016, 09:37:29 PM »
I can definetly see why you would want to do that if you are choosing to leave your current employer. 

If the choice is not yours, and you do get another job later next year that does provides match you would prevent yourself from contributing and getting that match because you already contributed the max for the year. Potentially.  Is that likely in your line of work? Just something to think about.

Good luck to you, though!

Great idea, I check this forum so infrequently.  I will frontload next year, if I make it, serious burnout issues occurring.  Just looking to hedge against burnout and work issues.

tssuila

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Re: 2025 Fire Cohort
« Reply #87 on: October 16, 2016, 04:32:46 PM »
Count me in for 2025 (Likely May/June) .

My calculations with my pension (DB) is hard to calculate - but likely with it alone it would cover most of our expenses ($25-30K) .

Currently net worth is around $25K. Just getting started and a few years to go yet!

Noel

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Re: 2025 Fire Cohort
« Reply #88 on: October 31, 2016, 03:36:25 PM »
Late 2025 is my and Mr. Yogi's target retirement. He will wrap up 20 years in the military and start collecting his pension (barring any unforeseen circumstances.) He'll be 40 and I'll be 36. It's possible I will continue to work, but we will see.

We are both high earners and getting serious with our savings this year for the first time. We still have a lot of work to do on lowering our expenses, but most of our spending is discretionary and if we buckled down we could do much better. This year I started using YNAB so I have a good handle on where our money is going. We are not mustachian by nature so this is a journey and a process for us.

travelawyer

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Re: 2025 Fire Cohort
« Reply #89 on: November 15, 2016, 01:14:19 PM »
Hi team!

I'm moving from a lurker to a poster and joining this "group."  I want to retire in 2026 (close enough) with $2 million and a paid-off house (our house is worth 250k).  We are high income (lawyers) and LCOL (San Antonio), with combined income of approx. $330,000 (with bonuses) (or $350,000 including 401k matches as "income," which I do).  Annually, taxes about $110k, spending about $80k, savings about $150k.  I realize that doesn't quite add up, but I'm not super into budgeting, and my husband's job keeps changing, so close enough.  Ages 33 and 34, one child on the way but plan to have two (FIRE ages 43, 44, 9, and 6?).

Current savings (not including house/cars) of $280,000 (50% 401k, 50% taxable) or 3.5x expected expenses of $80k.  I want to travel the world, and am not interested in the $30k a year a lifestyle, especially since our child(ren) will be young and so we need to pay for their travel expenses as well. (Although 43 seems so old and far away :) ). 

My 6 years in the workforce so far have gone to pay for $210k in combined student loans, a down payment, a wedding, 2 cars (go ahead and murder me, it's Texas and it's worth it), and a poor attempt at getting rich as a day trader (stay away from options, people, it's a bad idea).
« Last Edit: November 15, 2016, 01:16:32 PM by travelawyer »

skiddieleet

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Re: 2025 Fire Cohort
« Reply #90 on: November 19, 2016, 10:15:19 PM »
I'm also shooting for 2025, the year I turn 40.

Same, turning 40 and I think I can be FI by then.  There was a thread on reddit about how 300K is about halfway to 1M taking into account compounding and depending on your yearly contribution.  So I'm banking on that and calling it to say I will be FI by 2025.

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Re: 2025 Fire Cohort
« Reply #91 on: November 19, 2016, 10:51:33 PM »
Hi team!

I'm moving from a lurker to a poster and joining this "group."  I want to retire in 2026 (close enough) with $2 million and a paid-off house (our house is worth 250k).  We are high income (lawyers) and LCOL (San Antonio), with combined income of approx. $330,000 (with bonuses) (or $350,000 including 401k matches as "income," which I do).  Annually, taxes about $110k, spending about $80k, savings about $150k.  I realize that doesn't quite add up, but I'm not super into budgeting, and my husband's job keeps changing, so close enough.  Ages 33 and 34, one child on the way but plan to have two (FIRE ages 43, 44, 9, and 6?).

Current savings (not including house/cars) of $280,000 (50% 401k, 50% taxable) or 3.5x expected expenses of $80k.  I want to travel the world, and am not interested in the $30k a year a lifestyle, especially since our child(ren) will be young and so we need to pay for their travel expenses as well. (Although 43 seems so old and far away :) ). 

My 6 years in the workforce so far have gone to pay for $210k in combined student loans, a down payment, a wedding, 2 cars (go ahead and murder me, it's Texas and it's worth it), and a poor attempt at getting rich as a day trader (stay away from options, people, it's a bad idea).

I read a fantastic post on a conservative way to do options, but I don't have the necessary capital or a high enough tax bracket for it to make sense :-D :

https://earlyretirementnow.com/2016/10/05/passive-income-through-option-writing-part-2/

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Re: 2025 Fire Cohort
« Reply #92 on: November 22, 2016, 01:59:59 PM »
Also a lurker to first-time poster. Nice to see some "older folks" also planning on 2025. I'll be 59.5 so will be able to start the 401K withdraws. Kudos to the younger folks who have their financial house in order at a younger age than I did. I had to do a complete financial reboot after some challenging times in 2010 after the housing mess(short sale), laid off in 2012 after 24 years on the job and divorced in 2014. Lessons learned but instead of having to work until full retirement age (67 for me), i can cut out at 59 and I'm good with that. Thanks to getting a great job that put me back to the payscale of 2012. Also new spouse who shares the same financial goals helps. We bought a reasonably affordable townhouse in a HCOL area and will have it paid off in 2021. I finally live below my means significantly for the first time in a long time.

EngineerYogi

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Re: 2025 Fire Cohort
« Reply #93 on: November 22, 2016, 03:27:18 PM »
There was a thread on reddit about how 300K is about halfway to 1M taking into account compounding and depending on your yearly contribution.  So I'm banking on that and calling it to say I will be FI by 2025.

That's a nice thought... Seems like good motivation to to hit that 300k number sooner rather than later. Mr. Yogi and I hit $120k this month... we're making progress!

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Re: 2025 Fire Cohort
« Reply #94 on: November 23, 2016, 07:03:07 AM »
I'm moving from a lurker to a poster and joining this "group."  I want to retire in 2026 (close enough) with $2 million and a paid-off house (our house is worth 250k). 
There honestly is a 2026 cohort as well, but hey, we are better! (well, I have no facts to support that but isn't shooting for one year sooner a nice goal)?

I just wanted to say welcome to all the new 2025 cohort members.  We embrace the diversity in ages and income levels.  Here we can all give each other a little pat on the back for accomplishments and encouragement if we start to stray off the path.  Sounds like many of us are really off to a good start! 

Happy Thanksgiving.

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Re: 2025 Fire Cohort
« Reply #95 on: December 06, 2016, 01:04:14 PM »
Just starting out on the journey and 2025 sounds like a good goal date. I'm an optometrist so 20/25 is the next best thing to 20/20 which seems a little out of reach. Currently have 119k in student loan debt and 70k or about 3x in investments while saving 70% of income. Looking forward to our shared success!

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Re: 2025 Fire Cohort
« Reply #96 on: December 06, 2016, 01:26:57 PM »
Just starting out on the journey and 2025 sounds like a good goal date. I'm an optometrist so 20/25 is the next best thing to 20/20 which seems a little out of reach. Currently have 119k in student loan debt and 70k or about 3x in investments while saving 70% of income. Looking forward to our shared success!

Let's do it; I'll 'see' you there.


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Re: 2025 Fire Cohort
« Reply #97 on: December 06, 2016, 06:21:10 PM »
I started on my FIRE journey early last year, I'm shooting for 1MM some time between 2025 and 2027.  I'm single, childless, and 33 so I could live off 500k, but I want to have the buffer to support a potential family.

I have a 73% savings rate (I'm social security exempt, otherwise I'd be at 65%) and have 8 times my yearly expenses saved and I'm looking forward to breaking the $200K mark next year.

I'm really happy I found this community and I hope we help each-other stay on the path this next decade.

frugalecon

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Re: 2025 Fire Cohort
« Reply #98 on: December 09, 2016, 06:54:54 AM »
Countdown clock informs me that I have 99 months to go. Liking being out of triple digits.

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Re: 2025 Fire Cohort
« Reply #99 on: December 11, 2016, 03:56:32 PM »
Yah chief, sign me up. Likely as FI rather than FIRE, with a few extra years to pad on after, but so much could change from now to then. Aged 27, 8.5x current expense saved, no house, 65% or so savings rate give or take. Single, readiness-to-mingle currently TBD
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