Author Topic: 2027 FIRE Cohort  (Read 6868 times)

TomTX

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2027 FIRE Cohort
« on: June 03, 2016, 05:41:06 PM »
Yeah, I'm way conservative - despite investments, despite house payoff in 2021, I'm planning on hanging around til I can get my (partial) pension and medical at age 53.
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TomTX

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Re: 2027 FIRE Cohort
« Reply #1 on: October 23, 2016, 10:14:37 AM »
Bueller?
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LateToTheParty

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Re: 2027 FIRE Cohort
« Reply #2 on: October 23, 2016, 10:27:49 AM »
We need to start a support group for that affliction
I arrived late to the party, but am a quick study.

TomTX

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Re: 2027 FIRE Cohort
« Reply #3 on: October 23, 2016, 11:49:16 AM »
Around here, I'm going to be ancient at that retirement date. Insufficiently ambitious.

In the rest of the world, I'm going to be quite early.
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alexb2746

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Re: 2027 FIRE Cohort
« Reply #4 on: November 30, 2016, 06:58:24 AM »
Well I'm marking this as my aggressive hopefully FIRE date with my wife. I'm 25 now and I am trying to fire by 35. By my calculations we should hopefully have together, 500k in our 401k, maybe another 140k in traditional IRA, Paid for 200k ish home. All extra money I still want to see about getting a rental house to cover some expenses and some after-tax investments.

Breadwinner

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Re: 2027 FIRE Cohort
« Reply #5 on: November 30, 2016, 07:14:55 AM »
2027 is my semi-FIRE target. Also planning house pay off in 2021. Then will aggressively beef up index fund stache between 2021 and 2027.

I am looking forward to being able to estimate semi-FIRE in only 1 digit, 9 years or less!

TomTX

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Re: 2027 FIRE Cohort
« Reply #6 on: December 03, 2016, 01:45:18 PM »
My house payoff is also 2021, but I've been thinking about taking out some equity and superstuffing 457/401k to get down well into EITC range.
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PhoenixHeat

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Re: 2027 FIRE Cohort
« Reply #7 on: January 24, 2017, 07:59:48 PM »
I am 34 now and my goal is to be FI in 10 years or less. (Now that I found MMM and all of you!)

Current net worth is about $31,000.

Assuming:
My wife starts working as an RN in June 2018 taking home $3K monthly.  (High faith this will happen)
daycare cost for 2 kids until they start school full time $44K
using conservative savings numbers regarding my income.
Still would be renting so wouldn't own a home at this point.


Using conservative calculations we can have about $520,000 in 10 years using a 5% return.

Using 4% withdrawal rate would def. have a shortfall of about $1266 if expenses are $3K monthly. (Maybe my wife will want to keep working! :) )

Only time will tell but would definitely have plenty of FU money at this time even if a bunch were tied up in 401K or Roths. Have faith we could make that money liquid without unjust penalty for just being younger than 59 1/2.

Also, the idea f doing work I really enjoy to cover the shortfall may be the better way to live a happy and fulfilled life rather than the corporate meat grinder (although I like my job and am thankful so I wont complain) i have heard others describe it as. I just really like the idea of living life on my own terms and spending my time how I want :)





markpst

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Re: 2027 FIRE Cohort
« Reply #8 on: January 26, 2017, 10:33:02 AM »
I didn't know there was a thread for this year!

I actually have this year as my projected retirement date too. I will be 55 and (hopefully) can withdraw from my 403b then instead of 59.5, and not mess with conversion ladders, 72t substantially equal payments, etc. I haven't talked to my plan administrators to make sure I can do this.

I am being super conservative and only projecting 4% growth on my investments between now and then, and not factoring in new savings outside of maxing my 403b and Roth IRA. If the markets do well, I should be able to do so earlier, but I don't trust this, and also am concerned about how health insurance will price out.

TomTX

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Re: 2027 FIRE Cohort
« Reply #9 on: January 28, 2017, 06:12:18 PM »
I didn't know there was a thread for this year!

I actually have this year as my projected retirement date too. I will be 55 and (hopefully) can withdraw from my 403b then instead of 59.5, and not mess with conversion ladders, 72t substantially equal payments, etc. I haven't talked to my plan administrators to make sure I can do this.

I am being super conservative and only projecting 4% growth on my investments between now and then, and not factoring in new savings outside of maxing my 403b and Roth IRA. If the markets do well, I should be able to do so earlier, but I don't trust this, and also am concerned about how health insurance will price out.

Welcome!

My pension comes with (fairly large OOP) health insurance - that's one of the big reasons for me to hang on until 2027 (age 53.5)
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DeskJockey2028

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Re: 2027 FIRE Cohort
« Reply #10 on: March 26, 2017, 06:10:38 AM »
Just popping in here to say hi! Most likely I'll go at 2029 or 2028. 2027 is the first year I'll qualify for my workplace paying a goodly chunk of my health insurance premiums though. So this year would be the earliest I'd most likely leave.

TomTX

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Re: 2027 FIRE Cohort
« Reply #11 on: March 26, 2017, 05:45:51 PM »
Hi there!
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Viking Thor

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Re: 2027 FIRE Cohort
« Reply #12 on: March 31, 2017, 02:23:17 PM »
I will jump into the 2027 crew, I will be 53 then, same age as Tom. DW and I have two kids, at that point the youngest will be in college.

By my projections if we maintain current savings rate and get 5% real return on investment we should be right on edge of FI. However DW or I will probably also do something fun that generates at least a little income. It would be nice to leave the current high pressure corp environment then; I am managing ok now but in 10 years probably very ready to leave the rat race.

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Re: 2027 FIRE Cohort
« Reply #13 on: March 31, 2017, 06:14:23 PM »
I replied in the 2026 thread, but 2027 may be more realistic as that would give us both kids graduated from high school.

As always though, it depends on the status of health insurance at the time. In ten years I'll be 44, H 52, so we'll need private insurance for 2 decades.
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TomTX

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Re: 2027 FIRE Cohort
« Reply #14 on: April 01, 2017, 06:32:39 AM »
My planned (latest) FIRE date is a few months before my little one should start High School.
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DMoney

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Re: 2027 FIRE Cohort
« Reply #15 on: April 07, 2017, 06:29:59 PM »
Hi, everyone, this is when we are planning to retire.  I'll be mid-40s.  I can start receiving my military pension in 2027.  We have a pretty big nest egg, thanks largely to my spouse's high income, to make up the difference between pension and expenses. Feel rather obligated to stick around for the pension since it is so good/health care, etc.  So not much incentive to be more frugal in order to increase our savings rate (currently around 65%).  But I am super impressed by those who can accelerate their path to FIRE by saving/working smarter.  Cheers!  10 years to go!

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Re: 2027 FIRE Cohort
« Reply #16 on: April 07, 2017, 07:41:24 PM »
Throwing my hat in for 2027, this would be my FI year if all goes very well.  Realistically I'll likely move to part time work either this year or in '28 or  '29.

frugalecon

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Re: 2027 FIRE Cohort
« Reply #17 on: April 10, 2017, 10:55:56 AM »
I vacillate between 2025 and 2027, so I should probably follow this thread as well. I guess it will boil down to how finances look in 2025...the value of waiting two more years would be a substantial pension boost. But is that worth 2 years of my life? Time will tell...

faroguy

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Re: 2027 FIRE Cohort
« Reply #18 on: May 02, 2017, 11:06:16 AM »
I'm planning on retiring in 2027. I'm 28 and recently got married. Hopefully, with both our incomes, we can just keep saving and be FIREd before I'm 40. One of the big concerns at the moment is that we are still renting an apartment and will want to get a house soon. If the mortgage payment is roughly the same as rent, then it should be alright.

TomTX

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Re: 2027 FIRE Cohort
« Reply #19 on: May 02, 2017, 05:29:16 PM »
I'm planning on retiring in 2027. I'm 28 and recently got married. Hopefully, with both our incomes, we can just keep saving and be FIREd before I'm 40. One of the big concerns at the moment is that we are still renting an apartment and will want to get a house soon. If the mortgage payment is roughly the same as rent, then it should be alright.

Do some research here and elsewhere before buying a house. It is not a panacea, and locks you to a particular location - which limits your job prospects.

The typical "frictional cost" of a house purchase is maybe 8-12% - ie, you plunk down $200k on the table and by the time every realtor, lawyer, title company, finance company, inspector, etc has dipped their hand in the pile, the seller gets $180k. And then needs to pay off the mortgage.
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raven2963

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Re: 2027 FIRE Cohort
« Reply #20 on: May 10, 2017, 12:52:36 PM »
Jumping in on this!  Current net worth is $320,000 but that is with the house and a separate unimproved lot.  $83,000 in retirement savings, $2,000 in a brokerage.  Home should be paid off in early 2019, and we have a small loan on the lot that will be paid off this year.  DH is on board somewhat and our goal is $1,000,000 not including home equity.  I will be 50 and he will be 61.  Recent deaths in the family have played the main role in our decision to FIRE.  We had a 75% savings rate up until we bought the lot, but we got a very sweet deal on it that we simply could not pass up.  We have some potential job changes (me:  possible promotion - same company, him:  migrate from small company to very large due to takeover) coming up that may move the date into 2026.  Mortgage is at 2.875 and we owe $67,000. 

Planning on waiting until bonus and vacation $ are in my pocket before leaving.

batemama

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Re: 2027 FIRE Cohort
« Reply #21 on: May 12, 2017, 01:38:04 PM »
I'm jumping in on this cohort.  I have my FIRE date set at November 23, 2027.  Oddly specific, but it seems more real when I have an exact date set versus just saying "sometime in 2027."

TomTX

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Re: 2027 FIRE Cohort
« Reply #22 on: May 12, 2017, 06:03:45 PM »
I'm jumping in on this cohort.  I have my FIRE date set at November 23, 2027.  Oddly specific, but it seems more real when I have an exact date set versus just saying "sometime in 2027."

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OzStash

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Re: 2027 FIRE Cohort
« Reply #23 on: May 21, 2017, 05:10:37 AM »
Hi all

I'm very new to this - first post!

I'd like to add my name to this cohort....makes it feel more real, somehow.

Only discovered the MMM blog and concept recently, and I'm hooked! Never even contemplated retiring early before. I'll be 53 in 2027, so not that early - wish I'd got started sooner - but, better 10 years away than 25!

Excited for the journey 😊

TomTX

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Re: 2027 FIRE Cohort
« Reply #24 on: May 21, 2017, 06:04:36 AM »
Hello there and welcome!
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OzStash

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Re: 2027 FIRE Cohort
« Reply #25 on: May 21, 2017, 04:18:31 PM »
Hello there and welcome!

Hello back atcha and thanks 😊

me1

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Re: 2027 FIRE Cohort
« Reply #26 on: July 19, 2017, 05:00:30 PM »
I think this is me. Or I hope this is me!
using MMM's post about how to calculate net worth I come out at about 300K. Of that just under 100K is in the house (still owe 250K), which we should have paid off by 2027 too. About 135K is in retirement  investments (combo of 401K and IRAs), and about 50 K is in after tax investments with Vanguard. The rest is in a savings account.
I think we spend too much, but hopefully we can make it in 10 years!



frugalecon

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Re: 2027 FIRE Cohort
« Reply #27 on: July 20, 2017, 07:07:06 AM »
I think this is me. Or I hope this is me!
using MMM's post about how to calculate net worth I come out at about 300K. Of that just under 100K is in the house (still owe 250K), which we should have paid off by 2027 too. About 135K is in retirement  investments (combo of 401K and IRAs), and about 50 K is in after tax investments with Vanguard. The rest is in a savings account.
I think we spend too much, but hopefully we can make it in 10 years!

Welcome to the club! Some days 2027 seems like so long...my specific date is 502 weeks away. Aaargh... Some days I say "I've gotta really make a push for 2025..."

Roe

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Re: 2027 FIRE Cohort
« Reply #28 on: August 06, 2017, 12:44:16 PM »
Sign me up for 2017!

By then we will have about 500k usd, very loosely converted. We currently spend 40k/year, but quitting work will bring that down to about 30k. Once we quit work we can sell our apartment, that should add another 100k. 

30k from 600k is a 5% withdrawal, answer are hoping for a pretty high return (8%). However there is some other upsides. The numbers are all post taxes. The numbers from sale of the apartment is very conservative, we might look at 300k profit. So if we are lucky, we might see a huge profit from the apartment. If we are horrible unlucky, we will also add one or two inheritances.

We might travel for a year or two after RE. Living in cheap countries while the money from the apartment is invested would increase the stash enough to then let us buy a small house from the increase, leaving us the same size stash as after we sell our home AND have a home.

I love MMM. Even if I never FIRE, my life is better this way.
Beans&rice, my love!

taylost3

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Re: 2027 FIRE Cohort
« Reply #29 on: August 08, 2017, 06:51:55 AM »
I'm very new to FIRE, I hope to be FI at the latest 2017. We're saving 24k per year with 50k in savings and 100k equity in the house.

We should have around 350/400k by 2027 in investment which should be enough for us to retire if we wish. I'll be 42 and my wife will be 38 I still struggle to believe this is possible.

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Re: 2027 FIRE Cohort
« Reply #30 on: August 08, 2017, 07:02:23 AM »
Jumping groups. I think I was in 2030 or 2032. A newer job has really catapulted my savings ability, and I'm putting away about $63k tax deferred a year. Current net worth about $140k. Hoping to get to $1mil in 10 years. Spouse will be working after finishing school in 2 years. We have 3 kids to get through college right around that 2027 timeframe and I'm not comfortable retiring on $600k even though I know as a couple we could live off withdrawals quite easily. My work offers college tuition $ and I can't see retiring any earlier even though we will be FI by hopefully 2024 or so.
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frugalecon

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Re: 2027 FIRE Cohort
« Reply #31 on: August 08, 2017, 06:57:54 PM »
Some days I think I need to switch to the 2021 thread...

TomTX

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Re: 2027 FIRE Cohort
« Reply #32 on: August 11, 2017, 08:20:11 PM »
Some days I think I need to switch to the 2021 thread...

Get me some universal healthcare and I might follow, at least a couple of rungs that direction.
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frugalecon

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Re: 2027 FIRE Cohort
« Reply #33 on: August 12, 2017, 04:19:21 AM »
Some days I think I need to switch to the 2021 thread...

Get me some universal healthcare and I might follow, at least a couple of rungs that direction.

I hit my federal MRA that year, so under the current rules that would satisfy the health care piece. A lot depends on stock returns between now and then, in terms of my willingness to pull the plug then.

TomTX

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Re: 2027 FIRE Cohort
« Reply #34 on: August 12, 2017, 07:38:41 AM »
Some days I think I need to switch to the 2021 thread...

Get me some universal healthcare and I might follow, at least a couple of rungs that direction.

I hit my federal MRA that year, so under the current rules that would satisfy the health care piece. A lot depends on stock returns between now and then, in terms of my willingness to pull the plug then.

Yep, as mentioned earlier in the thread - retiring in 2027 gets me not just the pension, but healthcare.
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Duchess of Stratosphear

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Re: 2027 FIRE Cohort
« Reply #35 on: August 13, 2017, 07:22:58 AM »
Same as above. If I can stick it out until 2026 or 2027, I can get partial pension and healthcare benefits. I will be 57/58, but I can't figure out a way to get out earlier. I'm really thankful to have the pension, but in a way it has kept me from looking for other opportunities that might pay better. Does anybody else feel like the pension is a two-edged sword?

Roe

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Re: 2027 FIRE Cohort
« Reply #36 on: August 13, 2017, 08:01:09 AM »
Sign me up for 2017!

By then we will have about 500k usd, very loosely converted. We currently spend 40k/year, but quitting work will bring that down to about 30k. Once we quit work we can sell our apartment, that should add another 100k. 

30k from 600k is a 5% withdrawal, answer are hoping for a pretty high return (8%). However there is some other upsides. The numbers are all post taxes. The numbers from sale of the apartment is very conservative, we might look at 300k profit. So if we are lucky, we might see a huge profit from the apartment. If we are horrible unlucky, we will also add one or two inheritances.

We might travel for a year or two after RE. Living in cheap countries while the money from the apartment is invested would increase the stash enough to then let us buy a small house from the increase, leaving us the same size stash as after we sell our home AND have a home.

I love MMM. Even if I never FIRE, my life is better this way.

I see I might have been a smidge optimistic.... I mean 2027 ofcourse.
Beans&rice, my love!

Roe

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Re: 2027 FIRE Cohort
« Reply #37 on: August 13, 2017, 08:04:50 AM »
Same as above. If I can stick it out until 2026 or 2027, I can get partial pension and healthcare benefits. I will be 57/58, but I can't figure out a way to get out earlier. I'm really thankful to have the pension, but in a way it has kept me from looking for other opportunities that might pay better. Does anybody else feel like the pension is a two-edged sword?

I don't get pension from my work, but I know what you mean. I have other perks that probably have made me stay longer than i should have.

It should be easy to calculate from your point. If you apply for a job and get an offer you will know how much they would pay you. You could then calculate from there if the extra amount you are able to save would beat the pension and healthcare benefits.
Beans&rice, my love!

TomTX

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Re: 2027 FIRE Cohort
« Reply #38 on: August 13, 2017, 08:41:13 AM »
Same as above. If I can stick it out until 2026 or 2027, I can get partial pension and healthcare benefits. I will be 57/58, but I can't figure out a way to get out earlier. I'm really thankful to have the pension, but in a way it has kept me from looking for other opportunities that might pay better. Does anybody else feel like the pension is a two-edged sword?

Absolutely. I could get a higher salary elsewhere.

But I also feel that I am in too deep to jump now - and the work/life balance is good.
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Fastfwd

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Re: 2027 FIRE Cohort
« Reply #39 on: August 14, 2017, 07:07:42 AM »
I'm in. Optimistic plans make it possible at 2025 but 2027 or maybe even later is more likely.

Duchess of Stratosphear

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Re: 2027 FIRE Cohort
« Reply #40 on: August 14, 2017, 10:06:21 AM »
Same as above. If I can stick it out until 2026 or 2027, I can get partial pension and healthcare benefits. I will be 57/58, but I can't figure out a way to get out earlier. I'm really thankful to have the pension, but in a way it has kept me from looking for other opportunities that might pay better. Does anybody else feel like the pension is a two-edged sword?

I don't get pension from my work, but I know what you mean. I have other perks that probably have made me stay longer than i should have.

It should be easy to calculate from your point. If you apply for a job and get an offer you will know how much they would pay you. You could then calculate from there if the extra amount you are able to save would beat the pension and healthcare benefits.

I have thought of looking elsewhere for a higher salary and doing this calculation (my salary is not horrible, but much lower than most on this forum, and since I work for government, I'm not likely to get much in the way of raises). I think I'd have to make quite a lot more to be able to save enough to stop working sooner and cover healthcare if I retired earlier. I don't have credentials that make me sought after in the job world, and I'm not super ambitious either, so it's a trade off. It's easier to stay here than to make myself more hireable, if that makes sense. And, if I found a new job making 20-30k+ more, it would still take a few years for me to save enough. See, I've just talked myself into staying right where I am. The end is in sight! Sorta.

Roe

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Re: 2027 FIRE Cohort
« Reply #41 on: August 14, 2017, 12:09:11 PM »
Same as above. If I can stick it out until 2026 or 2027, I can get partial pension and healthcare benefits. I will be 57/58, but I can't figure out a way to get out earlier. I'm really thankful to have the pension, but in a way it has kept me from looking for other opportunities that might pay better. Does anybody else feel like the pension is a two-edged sword?

I don't get pension from my work, but I know what you mean. I have other perks that probably have made me stay longer than i should have.

It should be easy to calculate from your point. If you apply for a job and get an offer you will know how much they would pay you. You could then calculate from there if the extra amount you are able to save would beat the pension and healthcare benefits.

I have thought of looking elsewhere for a higher salary and doing this calculation (my salary is not horrible, but much lower than most on this forum, and since I work for government, I'm not likely to get much in the way of raises). I think I'd have to make quite a lot more to be able to save enough to stop working sooner and cover healthcare if I retired earlier. I don't have credentials that make me sought after in the job world, and I'm not super ambitious either, so it's a trade off. It's easier to stay here than to make myself more hireable, if that makes sense. And, if I found a new job making 20-30k+ more, it would still take a few years for me to save enough. See, I've just talked myself into staying right where I am. The end is in sight! Sorta.


It sounds like you have thought it trough and made the best choice for your situation.

The end in sight sure is a good thing!
Beans&rice, my love!

Roe

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Re: 2027 FIRE Cohort
« Reply #42 on: August 14, 2017, 12:10:45 PM »
I'm in. Optimistic plans make it possible at 2025 but 2027 or maybe even later is more likely.

Welcome, and may you leave us earlier than predicted.

(Not a lot of circumstances you can say something like that without being rude!)
Beans&rice, my love!

TomTX

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Re: 2027 FIRE Cohort
« Reply #43 on: August 14, 2017, 06:45:30 PM »
I'm in. Optimistic plans make it possible at 2025 but 2027 or maybe even later is more likely.

Welcome, and may you leave us earlier than predicted.

(Not a lot of circumstances you can say something like that without being rude!)

GTFO of my thread!

...because you FIREd earlier than expected ;)
Credit card signup bonuses:

$150 bonus on $500 spend for Chase Freedom:
https://www.referyourchasecard.com/2/MU4TDQ1N3K

$50 bonus (no min spend, just use it once) plus double all cash back at the end of 1 year for Discover, including the initial $50:
https://refer.discover.com/s/37e3u

$500 bonus on $4,000 spend for Chase Sapphire Preferred:
https://www.referyourchasecard.com/6/Z8JIP66H7G

frugalecon

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Re: 2027 FIRE Cohort
« Reply #44 on: August 14, 2017, 07:41:48 PM »
I'm in. Optimistic plans make it possible at 2025 but 2027 or maybe even later is more likely.

Welcome, and may you leave us earlier than predicted.

(Not a lot of circumstances you can say something like that without being rude!)

I just hope you won't think less of me if I get out in 395 weeks instead of 499...not that I am counting...
GTFO of my thread!

...because you FIREd earlier than expected ;)

Mustache ride

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Re: 2027 FIRE Cohort
« Reply #45 on: August 14, 2017, 08:07:30 PM »
End of 2027 is my goal, but I think I'll either come up a little short or still want to work when the time comes. I have a feeling it's going to be hard to walk away from a high salary while my 1+ mil in investments are sitting and growing. Who knows though, 10 years is a lot of time for good or bad things to happen. Hope for the best, plan for the worst.

Roe

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Re: 2027 FIRE Cohort
« Reply #46 on: August 15, 2017, 11:31:11 AM »
I'm in. Optimistic plans make it possible at 2025 but 2027 or maybe even later is more likely.

Welcome, and may you leave us earlier than predicted.

(Not a lot of circumstances you can say something like that without being rude!)

GTFO of my thread!

...because you FIREd earlier than expected ;)

...but then I had to go back for another 10 years!



My subconscious clearly is very eager to retire. I had no idea I wrote 2017 in the first post, and when I tried to correct it I wrote 2017 again. 

Beans&rice, my love!

rockstache

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Re: 2027 FIRE Cohort
« Reply #47 on: October 11, 2017, 01:32:54 PM »
Welp, I'm going to post here because 2027 is what my current (quite conservative) calculator says now. Health insurance is a factor naturally, and we don't know if we'll end up with a kid, so there are a lot of unknowns. But HI!

TomTX

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Re: 2027 FIRE Cohort
« Reply #48 on: October 12, 2017, 07:48:38 PM »
Hi rockstache!
Credit card signup bonuses:

$150 bonus on $500 spend for Chase Freedom:
https://www.referyourchasecard.com/2/MU4TDQ1N3K

$50 bonus (no min spend, just use it once) plus double all cash back at the end of 1 year for Discover, including the initial $50:
https://refer.discover.com/s/37e3u

$500 bonus on $4,000 spend for Chase Sapphire Preferred:
https://www.referyourchasecard.com/6/Z8JIP66H7G

Roe

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Re: 2027 FIRE Cohort
« Reply #49 on: October 15, 2017, 08:40:31 AM »
Welp, I'm going to post here because 2027 is what my current (quite conservative) calculator says now. Health insurance is a factor naturally, and we don't know if we'll end up with a kid, so there are a lot of unknowns. But HI!

Welcome to the a-decade-away group!

Beans&rice, my love!