Author Topic: 2029 FIRE Cohort  (Read 19622 times)

DeskJockey2028

  • Pencil Stache
  • ****
  • Posts: 600
  • Age: 46
  • Aiming for 2028
Re: 2029 FIRE Cohort
« Reply #150 on: January 09, 2019, 08:15:30 AM »
Welcome!

I'm looking for a net worth around $850k as well (as I'll be in my mid-50s and my wife a few years older than me). We'll be doing SS within half a decade of retirement for both of us.

tozier

  • 5 O'Clock Shadow
  • *
  • Posts: 7
Re: 2029 FIRE Cohort
« Reply #151 on: January 09, 2019, 04:48:04 PM »
This time last year, my calculations gave me a retirement date of 1/1/2029 at age 58. I did not include annual wage increases or SS.

I also did not realize I would meet someone and get engaged. Sheís certainly better than the average consumer, but isnít MMM frugal. Still, she fully supports my goal of FI. I also lived in denial about some major improvements my house needs (plumbing issues and new floors).

Lots of unknowns that could offset each other, or not, so the finish line is not so crystal clear as I thought it was last year.

No debt but mortgage, 401k maxed and will max the Roth starting this year, with a Cheshire grin for catch-up contributions in a year or two. Iíll still be able to drop a couple hundred a month towards my mortgage. I was down about 6k from where I projected I would be this year, but thatís mostly market losses I can ignore.

So, Iíll still keep 2029 as my year, even if it means working part time that year to keep afloat.

BuffaloStache

  • Pencil Stache
  • ****
  • Posts: 725
  • Location: Colorado
Re: 2029 FIRE Cohort
« Reply #152 on: January 10, 2019, 01:59:02 PM »
...  How are you all determining your target amount?  ...

I have panic retirement savings anxiety!!  Hoping this site will help me stay focused and on course.

I have several years of actual spending data (how much spent per year), and multiplied that by 25. I also have some other safety factors for margin (e.g. I may qualify for a small pension depending on how the next couple years go at my job), but that is the basis of how I came up with my number. I also plan to either wind-down to a part time job before RE'ing outright, or tacking on OMY (one-more-year) or so to add some additional margin. I plan to re-evaluate as I get closer to FI.

I also deal with retirement savings anxiety sometimes. Reading blogs and articles of those who have done it (and advocate actually enjoying life while on the path) help me out. People like MMM, Mr. Tako, FrugalWoods, etc. etc. etc.
« Last Edit: January 11, 2019, 01:07:28 PM by BuffaloStache »

HeadedWest2029

  • Stubble
  • **
  • Posts: 152
Re: 2029 FIRE Cohort
« Reply #153 on: January 11, 2019, 09:15:28 AM »
Quote
How are you all determining your target amount?

My target amount is based on a 3.5% withdrawal rate (or 28.5 times spending) and 50 year retirement.  I've tracked spending via Quicken since I was in college so I roughly take the average of the last 3-4 years for my annual spending figure.  I believe a 75/25 asset allocation has a 100% success rate with a 3.41% WR over 50 years.  I track progress (somewhat unhealthily) via a rudimentary spreadsheet using the 3.5% WR / 5% CAGR on investments / plus expected future contributions during accumulation years and exclude social security, future side hustle, and inheritance. 

Less frequently I run the numbers through firecalc and cfiresim for the most accurate picture.  Those calcs torment me somewhat because you can easily massage the numbers with 100% success or as low as 80% success depending on if you include projected soc security, future side hustle (my wife plans on continuing her business), etc.  Using somewhat conservative assumptions with social security I can get near 100% success right now.  Liberating yes, but also probably too top of mind when it comes to productivity and filling in some extra contingencies while I still somewhat enjoy work.  Sometimes F You Money feels like a blessing and a curse

50ShadesOfStache

  • 5 O'Clock Shadow
  • *
  • Posts: 4
  • Age: 24
  • Location: Here
Re: 2029 FIRE Cohort
« Reply #154 on: January 16, 2019, 10:00:37 AM »
Hi, figured I'll add myself here. I'm looking to FIRE in 2029 before my 35th birthday if all goes according to plan. Might be a year earlier/later depending on how things go, 2029 is still a good ways out there after all. Looking forward to sharing this journey with the rest of you. I like how you all count down the days, that really makes it feel like I'm closer then just saying 10 years.

DeskJockey2028

  • Pencil Stache
  • ****
  • Posts: 600
  • Age: 46
  • Aiming for 2028
Re: 2029 FIRE Cohort
« Reply #155 on: January 16, 2019, 10:33:42 AM »
Welcome! While reading this forum, the time will go by a lot slower than you'd think.

While out there experiencing the world, it'll go by a whole Ferrari's worth faster. :)

Hi, figured I'll add myself here. I'm looking to FIRE in 2029 before my 35th birthday if all goes according to plan. Might be a year earlier/later depending on how things go, 2029 is still a good ways out there after all. Looking forward to sharing this journey with the rest of you. I like how you all count down the days, that really makes it feel like I'm closer then just saying 10 years.