Author Topic: 2030 FIRE Cohort  (Read 15823 times)

FrenchStache

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2030 FIRE Cohort
« on: May 06, 2016, 07:14:24 PM »
Hey guys,

I did not see a thread for 2030 after doing research.  Feel free to point me in the right direction if I missed it.  This will be the longest goal I have ever written down.  The longest thing I have concentrated on were probably college for 5 years or paying off debt for about 2 years. 

It's hard to pick a date as you want to be sure you will hit it, but if you don't write down your goals you are note likely to achieve them.  Plus I don't know about you guys, I have a tendency to want to over achieve or do better if I see set a target that is written down.  I have even considering starting some sort of journal or blog to keep myself on the path and hopefully motivate others. 

Who else wants to FIRE in 2030?

rufflina

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Re: 2030 FIRE Cohort
« Reply #1 on: May 07, 2016, 09:55:01 AM »
Our goal is to FIRE by 2030 and we are on our way to achieving it. However, we may change our goal to both of us working part-time (60% or 80%) part of the way which would extend our time to FIRE but allow us to spend more time with our children while they are at home. But if we get raises/promotions (very possible), that may counter the earnings decrease from working part-time so we could still be FI by 2030. We'll see how it goes. 14 years really isn't that long in the scheme of things!

VTD0918

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Re: 2030 FIRE Cohort
« Reply #2 on: May 07, 2016, 10:20:15 PM »
I have searched the forum for a 2030 FIRE cohort as well but didn't find one. I'm glad that you made one. Commenting to follow this thread.
FIRE Goal: 2030

Lanthiriel

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Re: 2030 FIRE Cohort
« Reply #3 on: May 07, 2016, 10:30:14 PM »
Thanks for starting this! This is my goal as well. My husband just found out he's being laid off, though, so hopefully that doesn't throw too much of a wrench in our plans :/

erae

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Re: 2030 FIRE Cohort
« Reply #4 on: May 09, 2016, 06:57:07 AM »
Aspiring member of the 2030 FIRE cohort here - thanks for starting this thread, FrenchStache. And so sorry to hear about your husband's role being eliminated, Lanthiriel. I saw on another thread that y'all have a strong action plan in place, though, so hoping this period ends up being just a small bump in your road to FIRE.

Hubs and I still have some curvy roads ahead that could push our FIRE date up or back, but 2030 is about where my current calculations put us, which would mean FIREing in our late 40's.

A little about our FIRE plans: We're 33. I hold my own as a mid-level manager in a large non-profit making around 75k, but my husband's paycheck as a physician currently drives our offensive strategy. He'll return to more post-graduate studies in 2019, but we are currently in three fat years before he's back on a student stipend from 2019-2022. We recently met with a mustachian financial planner who delivered some well-deserved face punches and we're now tightening our defensive strategy to take better advantage of these fat years to invest 50%+ of our take-home pay. Once he's out of fellowship in 2022, we're hoping for a big bump in pay justified by his shiny new status as a specialist. From there, we're looking at another 5 years or so of aggressive accumulation followed by down-shifting (likely the both of us working part-time) to cover our living expenses while we give the 'stache an undetermined amount of time to grow to support full retirement at some point.

We were both late to the earnings game as our 20's were consumed by his studies and my adventurous-but-not-lucrative early career path. We're now both in the grind making good money while watching our fitness and free time deteriorate under the stress of demanding jobs. If all goes well, I'll likely down-shift into something less stressful once he lands that specialist gig in 2022 because the differential in earnings will be so great that my salary will be less important to us. And then he would join me 3-5 years later by switching to a part-time gig. Until then, I'm hustling to keep my career in a positive trajectory that will help smooth out the upcoming dip when he goes back to student status. We've got a lot going for us, but the best laid plans....

 

HappierAtHome

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Re: 2030 FIRE Cohort
« Reply #5 on: May 09, 2016, 07:25:33 AM »
I'm in this cohort! Mr Happier will be 50ish, I'll be early 40s. We're planning to take the slow, easy route there as I already work part-time and once kids arrive, so will he. We'll enjoy the journey rather than push through and reach FIRE sooner.

Frs1661

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Re: 2030 FIRE Cohort
« Reply #6 on: May 09, 2016, 02:08:04 PM »
2030 is our target for fi as well! We have an infant and are down to my income only for the next few years, but we are still on target! Hoping to pick up our first rental property soon and really get rolling.

FrenchStache

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Re: 2030 FIRE Cohort
« Reply #7 on: May 10, 2016, 07:51:25 PM »
We currently have one child and we are managing to save a good amount of money.  I'm sure we will have more children and therefore slow down our savings when they are first born.  My wife stayed home for about a year after the birth of our first one for example.  It hurst mathematically for us nerds but we have to learn to balance our goals with real life.  The benefits of her staying home with our child the first year were tremendous and a great trade off in my opinion.  In 2030 we will be in our mid 40s and hopefully on top of our goad.  I would like to do some experiments like starting a small side hustle to help speed up the savings.  I'm considering internet business, uber etc.

Distshore

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Re: 2030 FIRE Cohort
« Reply #8 on: May 11, 2016, 04:36:30 AM »
Commenting to follow.  We are not in a hurry but my company will likely be up for sale nearby 2030, so there will go my decently paid, interesting, corporate job.  My husband plans to downshift in a couple of years but hopefully by mid-2020s we'll have enough stashed to just not touch it and let it grow, and be living in a paid-off house, and be able to survive on his income.

Then I guess it just depends on how many kids we finish up with as to how long I hang in with the jobs....hard to know about that until we get there.  I don't want to RE on a minimal budget but would rather have a good safety margin built in, even if we're unlikely to spend it every year.

Fastfwd

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Re: 2030 FIRE Cohort
« Reply #9 on: May 11, 2016, 06:07:50 AM »
I hope not to be in your cohort but it's 50/50 right now. I aim for 2025 but depending on future employment in a field that seems to be slowly going towards developing countries 2030 is also likely. In any case I should be out long before I turn 65.

k_to_the_v

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Re: 2030 FIRE Cohort
« Reply #10 on: May 11, 2016, 06:55:59 AM »
I'm shooting for FI by then...although not necessarily retirement, likely a shift to consulting, teaching, or some sort of fun work (I worked at a library when I was in college and would love to that for 20 hours a week post FI). So, I'm in.

FrenchStache

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Re: 2030 FIRE Cohort
« Reply #11 on: May 11, 2016, 06:55:55 PM »
Same for us, it doesn't mean that we will 100% retire and do nothing.  It will give us the freedom of choice which is huge in our book.  We could continue in our careers, start a small business or work part time in more fulfilling work.

nr

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Re: 2030 FIRE Cohort
« Reply #12 on: May 11, 2016, 07:07:26 PM »
Spot

aceyou

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Re: 2030 FIRE Cohort
« Reply #13 on: May 11, 2016, 07:43:31 PM »
I'm planning to FIRE in June of 2031, is that close enough for me to join this thread?  :) 

Our age  My wife and I are teachers.  I'm 33 and she is 32.  We have a 4 year old and a 1 year old.  Our oldest will be finishing his Freshman year of college and our youngest will be entering her Junior year of high school when I FIRE. 

Why 2031?  If we make it to 30 years we get full pension.  We each bought 5 years, so that means we only need to teach 25.  I'll have my 25 in 2031 and she'll have hers in 2032.  We'll likely be FI around 2025, but if we can snag two full pensions by doing jobs that help the community and that we enjoy anyways for an extra few years, well why not, right?

Our non-pension stash We are living off one of our salaries and we invest 100% of the other into Roth IRA's, 403B, and 457 accounts...VTSAX, VTSAX, and more VTSAX right now.  When we get a few hundred more thousand into VTSAX in a few years, we'll add some Vanguard Total International, and when we get really close to FIRE, we may add some Vanguard Bonds...maybe:)  Our home is on a 15 year fixed mortgage and has 14 years to go, it will be paid off a year before I retire.  As our incomes rise, far more of the extra income should be able to go to investments than spending. It's not like our mortgage will rise because we get a raise, and I already own more things than I want to have.

Pre-FIRE plans  As the kids get a little older, travel all over this world of ours on our summer, winter, and spring breaks.  In the meanwhile, enjoy what Michigan has to offer with my wife and children.  I am a tennis fanatic and I coach the boys and girls varsity teams where I teach.  The program is relatively strong, and that occupies lots of my time and provides me with plenty of fun as well as a little extra cash.  It also provides an outlet for my over competitive nature.   

Post-FIRE plans  Whatever we want.  It's a long ways off, so my interests will change...right now things that sound fun include, but are not limited to...
  • Traveling the world with my wife
  • Spending time with our kids, wherever they might be
  • Coaching
  • Reading voraciously
  • Becoming a financial planner for teachers
  • Gardening/Hydroponics/Aquaponics, etc.
  • Sleeping when I'm tired and getting up when I feel awake
  • Cooking delicious meals every day
  • ...Basically, I don't ever see myself getting bored:)

« Last Edit: May 11, 2016, 08:18:56 PM by aceyou »

spedleysam

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Re: 2030 FIRE Cohort
« Reply #14 on: May 11, 2016, 07:50:28 PM »
following! posting more when i have a keyboard
spedleysam

Nate R

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Re: 2030 FIRE Cohort
« Reply #15 on: May 16, 2016, 11:17:42 AM »
I don't have a nailed down plan, too many variables. But 2030 is in the ballpark, I think.

So, following. :-)

TheMoneyWizard

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Re: 2030 FIRE Cohort
« Reply #16 on: May 17, 2016, 09:49:10 AM »
2030 would be age 40 for me. My most recent calculations have me on pace to retire by 37, but I'm sure a little thing called "life" could easily push that date back 3 years. In on this thread and interested in tracking everyone's stories.
26 year old blogger with a $144,000 Net Worth and a 65% savings rate. On pace to retire by 37. See more at www.MyMoneyWizard.com.

FrenchStache

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Re: 2030 FIRE Cohort
« Reply #17 on: May 19, 2016, 08:04:33 PM »
What is everyone's starting point and monthly saving goals?  Here are the details for us:

Starting Point: ~$160k invested
Monthly savings target: ~$3k

aceyou

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Re: 2030 FIRE Cohort
« Reply #18 on: May 20, 2016, 08:30:08 PM »
What is everyone's starting point and monthly saving goals?  Here are the details for us:

Starting Point: ~$160k invested
Monthly savings target: ~$3k

Here's my starting point as of the end of April:

Net Worth    $417,837
Net Worth minus Pension value    $292,783


Assets   
My Pension    $63,206
Wife's Pension    $61,848
Bank    $33,750
Home Value (Zillow)    $296,000
Annuity    $27,191
Gold/Tips    $13,000
My 403B    $21,749
My 403B    $6,000
Roth IRA    $10,000
PayPal    $19,730
Life Insurance Policies    $8,000
Voya    $9,849
Prius wife  $5,900
Prius me    $4,900
Fanduel    $3,145    
Total Assets:    $584,268
   

Liabilities   
Mortgage    $159,265
wife's Years    $7,166
Total Liabilities    $166,431


Monthly savings goal: 5k for 2016

FrenchStache

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Re: 2030 FIRE Cohort
« Reply #19 on: May 20, 2016, 09:01:22 PM »
Nice aceyou!  Looks like you are well on your way.  What is your target number before you pull the trigger?

aceyou

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Re: 2030 FIRE Cohort
« Reply #20 on: May 24, 2016, 12:51:49 PM »
Nice aceyou!  Looks like you are well on your way.  What is your target number before you pull the trigger?

Yeah, it's kind of a rough estimate since it's so far away, but my plan is to be very conservative and have way more than I really need to cover expenses.  I'm predicting that I'll have approximately:

- About 1.5-2 million between the Roth IRA's, 403Bs, and 457's.  Probably closer to the 2 million number is most realistic. 
- Paid off house that's currently worth a bit under 300k
- Two universal life insurance policies of 500,000 each that should be self funding by FIRE.
- Two pensions that will be 45% of the average of our top 3 years teaching. 
- Social Security of course. 

That's kinda the bulk of it.  I'll probably keep coaching and doing other things that bring in income...not for the income, but just because I like to do it and it happens to pay me. 

It's really hard to predict though that far down the road.  There's plenty of wiggle room in those number though, so if markets go bad, it should still be FIRE away at 48. 

seathink

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Re: 2030 FIRE Cohort
« Reply #21 on: May 24, 2016, 03:56:28 PM »
This is where I see us going as well. Technically 2028 in my Excel, but giving lots of room for future kids.
“Keep what is of no use at the moment, and later you will find what you need, one of her grandmothers had told her, the water in which you soak them will also serve to cook them, and whatever remains from the cooking will cease to be water, but will have become broth. It is not only in nature that from time to time not everything is lost and something is gained.” ― José Saramago, Blindness

The stockmarket is the worst place you grow your money passively except for every other alternative.

erae

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Re: 2030 FIRE Cohort
« Reply #22 on: May 25, 2016, 05:52:11 AM »
Wow, aceyou. Pensions on a big heap of investments on property on insurance. I'm impressed - looks like y'all are barreling towards a bullet-proof and comfortable retirement.

My husband loves the idea of a pension. He's a fan of all things low-maintenance and adores the idea of someone else being responsible for cutting him a check each month for work he's already done. His mother describes his particular brand of low-maintenance-ness as "laziness," but I prefer to think that he just embraces simplicity :) Unfortunately, at 33 and with hopes of retiring at 48, it's not likely that  pension scheme that would benefit us more than if we just focus on building our investments. We flirted with the idea of VA Hospital jobs once he finishes his fellowship in 2022, but their pension scheme for someone working less than 10 years doesn't seem to justify the differential in pay if he were to practice at a private hospital and invest aggressively. Perhaps that will change by 2022, though, as the VA undergoes some much-needed reform.

To FrenchStache's question, we hit a milestone last night that we can use as our starting point for the purposes of this thread: $200,000 net worth! The numbers below don't add up to 200k b/c I've rounded off to the hundreds, but my Personal Capital app says we're at $200,116 :)

His Roth: $17,500
His 401k: $26,800
My Roth: $39,800
My 401k: $60,100
Taxable: $42,800
Cash: $13,000 (most of which is headed into the taxable this weekend when I can take a look at our asset allocation and decide where to put it)
 
We're trying to invest about 8k/month during these fat years and are averaging $8,200/month since February when we moved to a different tracking system.

Guava

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Re: 2030 FIRE Cohort
« Reply #23 on: May 25, 2016, 07:14:13 AM »
I originally was thinking 2035 but now it looks like it will be closer to 2030, depending what life throws my way.

My starting point is about $60,000 investable assets and shared ownership of some rentals. Monthly savings target is about $2,300 while I am still in school.

When SO and I combine assets when we marry later this year, those numbers will go up nicely.

scipsy

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Re: 2030 FIRE Cohort
« Reply #24 on: May 26, 2016, 08:58:25 PM »
I'll join this cohort.  I am around 2030-2032.

Current net worth at $225,000.
Saving about $4,500 a month.
Maxing funds in 401k (25% Roth, 75% traditional current allocation).  All contributions set to Traditional since 2015
Maxing Roth IRA (Will probably continue to keep this a Roth)
Vanguard account automated investments, majority in VTSAX.

I will also get a small pension for 15 years of service when I retire early.  I am in the process of getting an estimate of that monthly payment.  I am hoping for 20% of my salary.  I have a complicated situation since I left this company and came back over a year later, but I get the credit for my prior years.

Goal for the end of the year should be a little over 1/4 Million.  More fun to say that than $250,000. :)

« Last Edit: May 26, 2016, 09:02:51 PM by scipsy »

aceyou

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Re: 2030 FIRE Cohort
« Reply #25 on: May 27, 2016, 07:35:13 AM »
Wow, aceyou. Pensions on a big heap of investments on property on insurance. I'm impressed - looks like y'all are barreling towards a bullet-proof and comfortable retirement.

My husband loves the idea of a pension. He's a fan of all things low-maintenance and adores the idea of someone else being responsible for cutting him a check each month for work he's already done. His mother describes his particular brand of low-maintenance-ness as "laziness," but I prefer to think that he just embraces simplicity :) Unfortunately, at 33 and with hopes of retiring at 48, it's not likely that  pension scheme that would benefit us more than if we just focus on building our investments. We flirted with the idea of VA Hospital jobs once he finishes his fellowship in 2022, but their pension scheme for someone working less than 10 years doesn't seem to justify the differential in pay if he were to practice at a private hospital and invest aggressively. Perhaps that will change by 2022, though, as the VA undergoes some much-needed reform.

To FrenchStache's question, we hit a milestone last night that we can use as our starting point for the purposes of this thread: $200,000 net worth! The numbers below don't add up to 200k b/c I've rounded off to the hundreds, but my Personal Capital app says we're at $200,116 :)

His Roth: $17,500
His 401k: $26,800
My Roth: $39,800
My 401k: $60,100
Taxable: $42,800
Cash: $13,000 (most of which is headed into the taxable this weekend when I can take a look at our asset allocation and decide where to put it)
 
We're trying to invest about 8k/month during these fat years and are averaging $8,200/month since February when we moved to a different tracking system.

Thanks, and wow, you guys are rocking it too!!!  Your investments accounts are off to a booming start!  That's the area I need to beef up right now, and it's where every spare penny goes from now on.  I didn't know before MMM the value of the stache, so I put all my eggs into insurance, working for the pension, and paying off my house.  In retrospect I wish I'd have done it the other way around, but it does make me feel good to have a lot of safe things to add layers of security. 

Quick question for you...is that truly your net worth, or just your stache?  When I posted my net worth I counted the value of my cars, equity in house, pension value if I were to walk away from it, cash value of insurance policies, etc.  Seems like you are doing awesome, and might be doing even better than you are representing:)

FrenchStache

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Re: 2030 FIRE Cohort
« Reply #26 on: May 27, 2016, 08:17:38 PM »
Seriously you guys are killing it.  I need to step it up.  I may need to increase to $3500 month and that's also including the company match. 

About the net worth, I only included investment accounts and savings.

erae

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Re: 2030 FIRE Cohort
« Reply #27 on: May 29, 2016, 09:12:24 AM »
@aceyou Nope - that's it for us.

When we moved out of NYC last year and needed to buy a car, we valued very much the idea of being a one-car couple, but decided to go big on that one car and bought facepunch-worthy brand new Hyundai Santa Fe which we love and intend to drive into the ground. We'll be paying off the Santa Fe over 5 years at 0% interest. The KBB value on that car is almost exactly what we still owe, so we're at a net zero for vehicles. No property, either, since we've got two more relocations likely in the next six years with husband's career path. And life insurance - apart from the measly coverage offered by our employers  - isn't necessary now given we don't have dependents or a mortgage, and our expenses could be covered by the lower earner. Things are pretty simple over here.

kittenstache

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Re: 2030 FIRE Cohort
« Reply #28 on: May 29, 2016, 09:36:08 AM »
Count me in. I'm looking to retire in 2028-2030, at age 50-52.
I paid off my mortgage last week and my student loans will be gone by early '17.
I save about 50% of my gross income.

[a]bort

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Re: 2030 FIRE Cohort
« Reply #29 on: May 29, 2016, 11:50:03 AM »
Looking at FI around 2028 or sooner. So RE at 2030 sounds good to me, at age 39

spedleysam

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Re: 2030 FIRE Cohort
« Reply #30 on: May 31, 2016, 07:26:07 AM »
2030 sounds like a good cohort for me to be apart of.  I will be 43 then and am hoping to be FI by 40.  I think it will take me a couple more years to finally quit my job though so 2030 Fire Cohort it is!  My net worth including my house and mortgage is about 225k, goal is around 1.25M but I would feel more comfortable at 1.5M. 
spedleysam

jfisher3

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Re: 2030 FIRE Cohort
« Reply #31 on: May 31, 2016, 08:43:43 AM »
I'm in!  2030 is my more conservative, but still very optimistic goal for FI. In order to collect federal retirement, I need to stay until at least 2033, but that will be at a reduced rate after I reach FI.


Alf91

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Re: 2030 FIRE Cohort
« Reply #32 on: June 04, 2016, 08:57:38 PM »
I'm in for FIRE in 2030.

Currently putting approx. 60% of income toward student loans which should be paid off by Jan 2018. Once that's done, I will start saving/investing that 60%.

aceyou

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Re: 2030 FIRE Cohort
« Reply #33 on: June 05, 2016, 06:26:44 AM »
I paid off my mortgage last week.


I think that deserves a celebration...great job!!!!!

aceyou

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Re: 2030 FIRE Cohort
« Reply #34 on: June 05, 2016, 06:28:57 AM »
@aceyou Nope - that's it for us.

When we moved out of NYC last year and needed to buy a car, we valued very much the idea of being a one-car couple, but decided to go big on that one car and bought facepunch-worthy brand new Hyundai Santa Fe which we love and intend to drive into the ground. We'll be paying off the Santa Fe over 5 years at 0% interest. The KBB value on that car is almost exactly what we still owe, so we're at a net zero for vehicles. No property, either, since we've got two more relocations likely in the next six years with husband's career path. And life insurance - apart from the measly coverage offered by our employers  - isn't necessary now given we don't have dependents or a mortgage, and our expenses could be covered by the lower earner. Things are pretty simple over here.

Wow, so you guys just went straight to working on the stache, that's pretty cool actually.

KisKis

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Re: 2030 FIRE Cohort
« Reply #35 on: June 13, 2016, 12:40:04 PM »
I'm planning to FIRE in June of 2031, is that close enough for me to join this thread?  :) 

My wife and I are teachers.  I'm 33 and she is 32.  We have a 4 year old and a 1 year old.  Our oldest will be finishing his Freshman year of college and our youngest will be entering her Junior year of high school when I FIRE. 

Awesome.  Stealing your format.  DH and I are in a very similar situation.  Would love to hear your thoughts about possibly pulling the trigger earlier and forgoing the pension.  I am probably going to stick it out, but DH is on track to retire 10 years earlier than me and it is going to be rough going to work every morning while everyone else is having fun at home.

Our Age     DH is 31 in the tourism industry.  I am 32 in government.  Kids are 7 & 4. 

Also Class of 2031     I collect immediate full pension upon 25 years of service, which lands me in 2031.  We are planning on DH early retiring in 5 years in 2021.  He is the higher earner, but he called dibs on SAHP first. :)  I feel like the pension is the only thing keeping me from not retiring earlier.

Starting point as of June 1, 2016

Net Worth:     $679,928 (not including pension)

Assets
Bank     $27,242
Home Value (Zillow)     $316,000
(I don't typically include home value in any of my retirement projections since we don't plan on moving.)
My Roth IRA     $63,311
His Roth IRA     $75,332
(Grr, I do all the index fund picking, but the ones I pick for DH always do better)
My Traditional IRA     $6,099
His Traditional IRA     $6,352
My 457b     $98,743
His Simple IRA     $20,542
Treasury Bonds     $10,566
(Early experiment.  I'll sell these when they mature next year.)
Taxable     $82,074
Cars (2)     $10,000
Total Assets:     $716,261


Liabilities
Mortgage     $36,333
Total Liabilities:     $36,333


Annual Savings Goal:     $61,500
Looks like we may be overshooting our goal by about $5-10k for 2016, though we may blow it on some kitchen upgrades.  House will be paid off by end of 2017.

DH's arbitrary trigger is $1M in investments & cash, which we should hit in 2021 or 2022.
My trigger is reaching 25 years of service for the pension, which will happen in 2031, but we will have way more than we need by then.  Projected close to $2.5M.  (We'll continue to max out IRAs and 457b through my retirement.  DH will probably have some side income because everything he does, even when he's doing what he loves, makes or saves money somehow.)  We currently have about $30k in annual expenses, not including mortgage payments.  My estimated budget for retirement is $50k annually to cover health insurance and extra vacations.  Pension will pay out about $2k-$2.5k monthly based on my current salary, but the actual payout is determined by the average salary of my final few years.
« Last Edit: June 13, 2016, 02:08:23 PM by KisKis »

mizzourah2006

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Re: 2030 FIRE Cohort
« Reply #36 on: June 15, 2016, 08:17:05 AM »
I also am at least going to be FI around 2030. Probably won't be RE though. So I am interested in following along. A lot of people are doing great in this thread and I'm surprised by so many high NWs and pensions. That's awesome!.

Ages: 33 (Me) & 31 (Wife)

I didn't start my fulltime job until I was 29 (PhD program), so we are probably a little further behind than most.

Our NW is ~ $350k

Home: ~$90k
401ks and Traditional IRAs: ~$77k
Roth's: ~$43k
Brokerage and equivalents: $94k

The rest is in cars (I know, very anti-Mustachian), HSAs (which will be drained by the end of this year), and 529s.

We are saving about $4k/month at this point. That should scale up to $5k/month in the next few years.

aceyou

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Re: 2030 FIRE Cohort
« Reply #37 on: June 16, 2016, 09:19:13 PM »
I'm planning to FIRE in June of 2031, is that close enough for me to join this thread?  :) 

My wife and I are teachers.  I'm 33 and she is 32.  We have a 4 year old and a 1 year old.  Our oldest will be finishing his Freshman year of college and our youngest will be entering her Junior year of high school when I FIRE. 

Awesome.  Stealing your format.  DH and I are in a very similar situation.  Would love to hear your thoughts about possibly pulling the trigger earlier and forgoing the pension.  I am probably going to stick it out, but DH is on track to retire 10 years earlier than me and it is going to be rough going to work every morning while everyone else is having fun at home.

Our Age     DH is 31 in the tourism industry.  I am 32 in government.  Kids are 7 & 4. 

Also Class of 2031     I collect immediate full pension upon 25 years of service, which lands me in 2031.  We are planning on DH early retiring in 5 years in 2021.  He is the higher earner, but he called dibs on SAHP first. :)  I feel like the pension is the only thing keeping me from not retiring earlier.

Starting point as of June 1, 2016

Net Worth:     $679,928 (not including pension)

Assets
Bank     $27,242
Home Value (Zillow)     $316,000
(I don't typically include home value in any of my retirement projections since we don't plan on moving.)
My Roth IRA     $63,311
His Roth IRA     $75,332
(Grr, I do all the index fund picking, but the ones I pick for DH always do better)
My Traditional IRA     $6,099
His Traditional IRA     $6,352
My 457b     $98,743
His Simple IRA     $20,542
Treasury Bonds     $10,566
(Early experiment.  I'll sell these when they mature next year.)
Taxable     $82,074
Cars (2)     $10,000
Total Assets:     $716,261


Liabilities
Mortgage     $36,333
Total Liabilities:     $36,333


Annual Savings Goal:     $61,500
Looks like we may be overshooting our goal by about $5-10k for 2016, though we may blow it on some kitchen upgrades.  House will be paid off by end of 2017.

DH's arbitrary trigger is $1M in investments & cash, which we should hit in 2021 or 2022.
My trigger is reaching 25 years of service for the pension, which will happen in 2031, but we will have way more than we need by then.  Projected close to $2.5M.  (We'll continue to max out IRAs and 457b through my retirement.  DH will probably have some side income because everything he does, even when he's doing what he loves, makes or saves money somehow.)  We currently have about $30k in annual expenses, not including mortgage payments.  My estimated budget for retirement is $50k annually to cover health insurance and extra vacations.  Pension will pay out about $2k-$2.5k monthly based on my current salary, but the actual payout is determined by the average salary of my final few years.

Wow, I'm totally impressed at how awesome you are both doing, great job!!  Any reason you have such differing FIRE dates?  Do you and your spouse have different numbers in your mind about what FI is, or do you have the same number in your head, and this is just your plan for how to get there as a couple? 

fuzzy math

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Re: 2030 FIRE Cohort
« Reply #38 on: June 20, 2016, 10:52:40 PM »
Hoping to retire in 2030!! I will be 48 (turning 49 at the end of the year). Basically any time before 50 sounds amazing! My husband will be turning 50 that year. Our youngest will be finishing high school. I think the biggest unknown is what their college costs will be and what we realistically should contribute. I would feel like an asshole to say "sorry kids we can't afford to help you out at all. Mom's got to retire now" We live in the Portland OR metro, and they have free community college now. I really want to push them to do that.

Current assets about $65k. Saving $41k a year currently (403b, 457 and DH's IRA). With company match and average  it should get us somewhere near the minimum required to live like paupers. Real estate is a major shortage here with the population boom and the house should be nearly paid off - good to rent out. I want to glamp and maybe be a campsite host for a couple years. Live abroad eating noodles from street carts. Do all that idealistic stuff I never did before settling down to work marry and have kids.


DeskJockey2032

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Re: 2030 FIRE Cohort
« Reply #39 on: July 05, 2016, 11:25:47 AM »
I'll be 2030-2032 depending on the market and what life throws at me. That puts me at 58-60 years old but I've only been on this path for about 2 years now total and only really in the FIRE mindset for a couple three months now.

Got one measly $3500 credit card debt to finish off and then it's just our mortgage to pay down. We've got our emergency fund in order and enough to buy a newish (~3 years old) car when we need it in the next few years with cash. Upping my 403(b) contribution right now and looking to start up a Roth IRA in the very near future as well.

It's kind of a long road ahead but when I think that 3 years ago I was thinking I'd be working until I was 70 at least, it's far, far better than that alternative!

Aelias

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Re: 2030 FIRE Cohort
« Reply #40 on: July 19, 2016, 11:32:54 AM »
2030 is my ultra-conservative goal—as in there is no earthly reason we should not at least be fully FI by then, if not retired.  My husband and I are both 33, working full time, with 2 small kids.  We’re not advanced Mustachians by any means, but we’re high earners and have largely managed to avoid the lifestyle creep of our yuppie parent peers.

By maintaining our student-level lifestyle during our highest earning DINK years, we were able to do some significant saving.  We’re spending more now, but a big chunk of that is daycare ($22K a year for both—which is actually a steal in our area) and paying down low interest house renovation and student loan debt.  Our current retirement savings is $750K (401(k)’s and taxable investments—not including home equity or the kids’ 529s) and we’re contributing $48,000 annually. In the next 5 years, as the kids get into public school and the low-interest debt gets paid, we should be ramping up to $96,000 in annual savings.

According to FIREcalc, EVEN IF we maintained our contributions at $48,000 annually and never increased, and EVEN IF we never cut our embarrassingly un-Mustachian spending (restaurants and vacations, anyone?), we’d STILL have a 95.3% success rate of our Stache lasting 60 years.  Good enough for me.

My husband is skeptical—worried about market volatility, taxes, health care, “but what about all the nice things?”, etc.—but I think 14 years is long enough to bring him around.  There may be another kid in the mix, but I think we could still maintain our current saving level as we’d never have more than 2 kids in daycare at once.  And, given that we’ll still be just 47 by then, I think the chances of earning extra income over the years is high.

So, yeah, if I still need to work for money in 2030, somebody please punch me in the face ;)

The Viking

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Re: 2030 FIRE Cohort
« Reply #41 on: July 20, 2016, 02:24:26 PM »
Ok, count me in! I´ll be 50 in august that year, let´s make it a special year for a more grand reason: FIRE!
Taking control of the journey known as "my life" -since 2013.

FrenchStache

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Re: 2030 FIRE Cohort
« Reply #42 on: July 24, 2016, 07:52:29 AM »

To FrenchStache's question, we hit a milestone last night that we can use as our starting point for the purposes of this thread: $200,000 net worth! The numbers below don't add up to 200k b/c I've rounded off to the hundreds, but my Personal Capital app says we're at $200,116 :)


We are neck in neck with you now due to the recent rally the market had after the Brexit.  Just over $200k, pretty exciting to reach that milestone.

HappierAtHome

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Re: 2030 FIRE Cohort
« Reply #43 on: July 24, 2016, 06:00:09 PM »
I used the networthify calculator on the weekend and it suggested that we could retire in 5 years. Which is obviously very different from my stated goal of retiring in 2030.

What's making those numbers so different? The choices we're planning to make over the next 5-10 years. Right now we're dual high income, no kids. We're hoping to become dual part-time income, two-three kids. Which means the financial picture includes lower wages overall, more than one instance of a year-long maternity leave for me, and possibly increased expenses after kids (childcare at the very least when they're young).

The part-time work is key for us: the plan is for me to work three days a week and Mr Happier to work four. This (obviously) slows down our path to FIRE, but we want to take the scenic route and enjoy life with our hypothetical kids while they're young.

Aelias

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Re: 2030 FIRE Cohort
« Reply #44 on: July 24, 2016, 07:24:20 PM »
My husband and I have been talking about this a lot, and we've come around to our FIRE date -- September 15, 2032 -- our 25th wedding anniversary.  We'll both be just about 50.

I think he's got some crazy conservative assumptions, and he wants a pretty gold plated retirement, but I think I could live with working that long. This plan would also give us room for a third kid.

It's a long way our, but it's nice to have an actual date.  Makes it feel more real!

swick

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Re: 2030 FIRE Cohort
« Reply #45 on: July 24, 2016, 08:13:59 PM »
I'm in too :)

I have been avoiding joining any of these threads because there is a bunch of unknowns we are still trying to work out, but our most conservative estimates (Basically reaching FI solely on my husband's current  income) puts us at about 2030 when we'll be 44.  Naturally, we are going to be aiming for much sooner, but saying 2030 gives us a stick to measure progress against.

Looking forward to hearing about all your progress!

Anatidae V

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Re: 2030 FIRE Cohort
« Reply #46 on: July 26, 2016, 06:11:57 PM »
Hi! We look set to FIRE around 2030, but it's dependant on so many things that it could well be later.

Our ages: DINK 27 year old, but we're planning children in the near future. How we handle the transition could change our FIRE plans a lot.

Starting Point
Our net worth is $175,000AUD. That includes $50k of Super (retirement account), which we can't touch until 65 or older. There rest of our stash is:
$155k cash
-$30k student loans at 2.5% interest

So we need to get on with investing ;)

bhleigh

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Re: 2030 FIRE Cohort
« Reply #47 on: August 07, 2016, 09:46:13 PM »
I will definitely be FIRE'd by 2030. My goal is to get FIRE'd by 2025.

35 years old, married, 2 young kids, small house, $209k in assets not including value of the house, $191k in liabilities including the mortgage. Future looks good anyway I slice it just need to get the other half on board or off the boat...
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meerkat

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Re: 2030 FIRE Cohort
« Reply #48 on: August 08, 2016, 07:01:30 AM »
Marking my place.

Our Age     DH is 40, I'm early 30s

Originally our FIRE date was estimated at 2033, but we've made some MMM adjustments since then and we might have a second child so we'll see when that actually ends up being. The target amount is $750,000 at 4%WR ($30,000).

Starting point as of August 2016

Net Worth:     $99,590 (not including cars)

Annual Savings Goal: As much as possible? No idea really. It's on my to do list to figure out where we're at now, much less what a goal would be.
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Will this matter in ten years?

LazyBones

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Re: 2030 FIRE Cohort
« Reply #49 on: August 09, 2016, 09:21:38 AM »
Count me in.

My DW and I are in our early 30s, and the current plan is to FIRE by 2030 (originally 2035). 

We have a 6 month old at home, and my DW is back to working full time. We have been adjusting to the new expenses, and are going to be putting our new investment plan into practice at the end of this month. 

The next few months should give us a much clearer picture as to how everything will come together.  I hope to see that I have been conservative with my estimates.