Author Topic: 2030 FIRE Cohort  (Read 26851 times)

moonpalace

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Re: 2030 FIRE Cohort
« Reply #150 on: March 03, 2017, 05:57:04 AM »
Gavin -- great news all around! Your 457 sounds better than mine. :)

No kidding, that's a fantastic plan.

Yeah, I'm feeling really lucky about it. And can't quite believe that seemingly nobody else in my office of ~100 people is using it!

BeautifulDay

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Re: 2030 FIRE Cohort
« Reply #151 on: March 04, 2017, 08:46:19 AM »
Posting to follow.  Lots of unknowns right now, but hope to retire by about 2030-2033.  That will put us in early to mid 50's.  I was thinking we could retire in 2025, but life happens. Won't go into all the details right now. It's been a winding road and hopefully it will even out soon. 

We have a lot of work to do to make this ambitious goal. But I want to put it out there as something to strive toward.

Networth about $95k (up from about $35k this time last year)

Factors:
Income about $95k between two earners. 
Working on paying off $16k car (I know, not so smart, but for now not selling it) and the last 9k of my student loans.
Buying a home soon and hoping to keep those costs low as possible to avoid lifestyle creep. (Between 90k and 170k mortgage).
Want to start a side business in woodworking which will require a $10k investment and workshop space in new home.  Build the business over time and should offset retirement stash needs.
Looking to retire on about 1.2M stash plus side business income.
Won't try to estimate monthly saving until I know our housing costs. As things get more settled I'll update.

VCaddy

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Re: 2030 FIRE Cohort
« Reply #152 on: March 05, 2017, 03:39:55 PM »
I'll join in here, should be pretty simple to FIRE by 2030, since I'll be eligible to retire from the AF in 2028. 

TomTX

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Re: 2030 FIRE Cohort
« Reply #153 on: March 05, 2017, 04:21:45 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.

It appears that the pension alone would be more than enough for your retirement (with paid off house)

It appears that the investments alone would be more than enough for your retirement (even without the paid off house)
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aceyou

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Re: 2030 FIRE Cohort
« Reply #154 on: March 05, 2017, 08:00:23 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.

It appears that the pension alone would be more than enough for your retirement (with paid off house)

It appears that the investments alone would be more than enough for your retirement (even without the paid off house)

You are absolutely correct.  It's completely awesome and it sucks too in a very first world kinda way.  My wife and I could technically probably FIRE when we are 42/41 respectively, but that has us living off exactly 4% withdrawal and doesn't give us the ability to contribute to our kids college.  If I teach 6 more years till 48, then my stache will likely double due to extra contributions and growth, plus we'll hit two full pensions and go from FI at 42 to like quadruple FI at 48.  Ideally I'd just retire take a smaller pension at 42 and say peace out world, but that's not how pensions work...I need to hit my years.

NorthernDreamer

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Re: 2030 FIRE Cohort
« Reply #155 on: March 05, 2017, 08:06:09 PM »
I had shared that my father passed away in January. My two brothers and I were joint beneficiaries on his investments. Well, turns out that we are each receiving almost $210,000 (!). Some of this will be owed back as taxes, but I'll still have at least $175,000. Craziness. My husband and I had joint investments totalling around $190,000 before this so it has basically doubled. Plus home equity of $230,000.

It's been odd balancing grief with trying to figure out how best to invest this mini windfall. If he can't be here, my dad at least would be super pleased knowing he's made a huge difference in our financial lives.

aceyou

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Re: 2030 FIRE Cohort
« Reply #156 on: March 06, 2017, 08:01:18 PM »
If he can't be here, my dad at least would be super pleased knowing he's made a huge difference in our financial lives.

I think he would be.  And I bet he'd be pleased that you're the type of person who understands how to use it in a way that really improves your life. 

semiretired31

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Re: 2030 FIRE Cohort
« Reply #157 on: March 06, 2017, 08:40:03 PM »
Cheers to that. Sorry about your loss.

moonpalace

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Re: 2030 FIRE Cohort
« Reply #158 on: March 07, 2017, 06:44:54 AM »
Just made our first contribution to the brand spankin' new solo 401k.

$2,000 worth of future freedom!!

Feels really good!

FireHiker

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Re: 2030 FIRE Cohort
« Reply #159 on: March 07, 2017, 09:45:51 AM »
Congrats Gavin!

I remember when you posted about your dad, Northern Dreamer. Your dad is gone either way and that grief would be there either way. At least he gave you the gift of a financial step up as opposed to probate and debt, and you can honor his memory by using it wisely.

Cornel_Westside

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Re: 2030 FIRE Cohort
« Reply #160 on: March 16, 2017, 09:50:08 PM »
I just found out I should be able to do the mega backdoor Roth! I'm very excited although I think it only allows one in-service distribution per year. This means that my taxes will be a little more complicated since I'll have to pay taxes on any gains in the after-tax contributions before I roll it over to a Roth IRA. I also can contribute to a Roth 401(k) as well.

I'm a little worried about the execution though. From what I understand, these are the steps:

1. Transfer traditional IRA funds to my 401(k) (to avoid tax complications - this is what it says to do in [this](http://thecollegeinvestor.com/17561/understanding-the-mega-backdoor-roth-ira/) guide. I'm not sure how necessary it is though - does it really complicate my taxes that much? Or does it expose my Traditional IRA funds to taxes?
2. Make after-tax contributions to my 401(k)
3. Rollover the after-tax contributions into a Roth IRA (or if necessary, into a Traditional IRA and then to a Roth IRA). I can also send the earnings on this money to a traditional IRA. I don't know which is better, paying the taxes on the earnings, or rolling it over to a Traditional IRA.

Also, is it more worthwhile to skip this and contribute to a a Roth 401(k) instead? Does that run up against the normal 401(k) limit or the Roth IRA limit?

Aelias

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Re: 2030 FIRE Cohort
« Reply #161 on: March 17, 2017, 08:28:56 AM »
Ran the numbers yesterday--we're up to $836K invested for FIRE (not counting home equity or the kids' college funds).

Still got about $375K in mortgage and about $85K in other low interest debt, but still pretty encouraging.  Once the kids are out of daycare, our investments can really ramp up.

May have to drop out of this cohort and FIRE early ;)

mizzourah2006

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Re: 2030 FIRE Cohort
« Reply #162 on: March 17, 2017, 07:53:11 PM »
We just crossed the $400k NW mark in Feb and I received my bonus this month which allowed me to pay off our second car. Only debt left now is home mortgage, with essentially 2 brand new cars (24k and 17k miles). Should be able to start socking away $55-$60kish/yr now.

Anatidae V

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Re: 2030 FIRE Cohort
« Reply #163 on: March 17, 2017, 08:21:13 PM »
Ran the numbers yesterday--we're up to $836K invested for FIRE (not counting home equity or the kids' college funds).

Still got about $375K in mortgage and about $85K in other low interest debt, but still pretty encouraging.  Once the kids are out of daycare, our investments can really ramp up.

May have to drop out of this cohort and FIRE early ;)
That is the BEST reason to drop out of a cohort. You're so close, wow!

rebel_quietude

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Re: 2030 FIRE Cohort
« Reply #164 on: March 20, 2017, 09:34:39 AM »
Hey guys! Can I jump in on this?

My year should be 2031 for a bullet-proof, gold plated retirement with a pension (if I can hang on that long) and around $1.2 mil liquid investments (according to my current spreadsheet). Currently socking away about $3.5k a month on an $85k salary. I'll be 45. We'll see if I can stay the course or if life happens.

Aelias, I'm with V - I bet you can make it out of the rat race before 2025!

semiretired31

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Re: 2030 FIRE Cohort
« Reply #165 on: March 20, 2017, 09:42:37 AM »
Wow... I'm woefully behind the savings numbers.  Doing $1500/mo to taxable, $1250/mo to my 401(k), and $200/mo to my kids college funds.  I'm in sales, so I also dump any commissions/bonuses to my taxable.  So, just under $3000/mo on $130k of salary (plus side monies that could probably add up to $10-15k through the year).   


aceyou

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Re: 2030 FIRE Cohort
« Reply #166 on: March 20, 2017, 11:18:58 AM »
Wow... I'm woefully behind the savings numbers.  Doing $1500/mo to taxable, $1250/mo to my 401(k), and $200/mo to my kids college funds.  I'm in sales, so I also dump any commissions/bonuses to my taxable.  So, just under $3000/mo on $130k of salary (plus side monies that could probably add up to $10-15k through the year).   

Well, the US savings rate is about 6%, and you are destroying that.
Plus, even for this board, your salary is lapping just about everyone. 
A few lifestyle adjustments, and you'll be saving more than most people make in a year. 

I'd say you are anything but "woefully behind in savings", but yeah, you could definitely up your savings game quite a bit if you made it a priority.

semiretired31

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Re: 2030 FIRE Cohort
« Reply #167 on: March 20, 2017, 11:38:00 AM »
Yeah... reaction to rebelquietude's numbers.  I'm impressed by one and all on here.  Still in the "figuring this out" stage.  Continuing to make adjustments and see what is comfortable for me.  I guess that was meant as more of a "i'm impressed", than a "i suck"... 

aceyou

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Re: 2030 FIRE Cohort
« Reply #168 on: March 20, 2017, 12:00:49 PM »
Yeah... reaction to rebelquietude's numbers.  I'm impressed by one and all on here.  Still in the "figuring this out" stage.  Continuing to make adjustments and see what is comfortable for me.  I guess that was meant as more of a "i'm impressed", than a "i suck"...

Yeah, I agree, it's incredible to see what individuals on here are capable of.  The people who have similar salaries to mine who save like 70-80% of their income still have me in awe.  And the fact that there are actually lots of people around here doing it just blows me away.  People are amazing.

FireHiker

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Re: 2030 FIRE Cohort
« Reply #169 on: March 20, 2017, 12:20:44 PM »
Yeah... reaction to rebelquietude's numbers.  I'm impressed by one and all on here.  Still in the "figuring this out" stage.  Continuing to make adjustments and see what is comfortable for me.  I guess that was meant as more of a "i'm impressed", than a "i suck"...

The fact that you even care to try and "figure this all out" puts you lightyears ahead of mainstream society. I'll bet if you keep making adjustments from the wealth of knowledge here you will find yourself in awe of what you're able to accomplish!

Aelias

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Re: 2030 FIRE Cohort
« Reply #170 on: March 20, 2017, 12:23:54 PM »
Thanks for the encouragement, everyone.  I think there are many people in this cohort who will drop out early.  Great progress all around.

Honestly, our biggest challenge is figuring out what we want our FIRE life to look like and what level of comfort we need to pull the trigger.  My husband is a lot more conservative in his assumptions than I am.  He's also a lot more attached to our current home and current lifestyle than I am.  There's no right or wrong here--it's just an issue of what do we need, both materially and psychologically, to step away from the security of the careers we've built.

This has also forced me to do some careful thinking about what I actually WANT--for myself, for my family, for my community (however it's defined). A little embarrassed to say, I didn't really think about what I WANTED when I embarked on my career.  Mostly, I wanted to have a job!  Then, as I got a little more established, I wanted a job I didn't hate that let me have a life.

Well, I've got that now.  So what else? That's the big question.

semiretired31

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Re: 2030 FIRE Cohort
« Reply #171 on: March 20, 2017, 12:55:38 PM »
Yeah... reaction to rebelquietude's numbers.  I'm impressed by one and all on here.  Still in the "figuring this out" stage.  Continuing to make adjustments and see what is comfortable for me.  I guess that was meant as more of a "i'm impressed", than a "i suck"...

Yeah, I agree, it's incredible to see what individuals on here are capable of.  The people who have similar salaries to mine who save like 70-80% of their income still have me in awe.  And the fact that there are actually lots of people around here doing it just blows me away.  People are amazing.

Truly...  Love the attitude around here.  Seems like everyone has their head/heart in the right place. 

rebel_quietude

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Re: 2030 FIRE Cohort
« Reply #172 on: March 21, 2017, 06:33:47 AM »
Hey, semiretired - I never judge people's saving ratio when they have kids. My jaw tends to drop when I see childcare and activity prices. Besides, with that income "offense," I think the number on your spreadsheet in 2030 is going to be way more than 1.6m!

Aelias, I agree the "want" question is huge for us. We have a pretty long timeline, a solid plan - and the luxury of contemplating what we want our lives to look like when money isn't the primary motivator.

Anybody else thinking about going back to school after retirement for a thankless, 'improve the world' part time gig? When I think about 2031, I picture a mix of that and family time.

DeskJockey2028

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Re: 2030 FIRE Cohort
« Reply #173 on: March 21, 2017, 09:19:04 AM »
2030 is still a ways off! I suspect we'll have a few people 'dropping out' from being able to retire earlier than that! Also that we'll have a lot more folks joining in once we get less than a decade out (or up at 2025).

Mustachio Bashio

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Re: 2030 FIRE Cohort
« Reply #174 on: March 25, 2017, 10:15:02 AM »
Hey all, joining this thread/cohort.  It's looking good for me to meet my FIRE amount by 2030 at the age of 46.  Obviously a lot of unknowns out there since I want to start a family in a few years and have been thinking about doing a year of working remotely abroad while traveling, which probably wouldn't help my savings rates, but I think it's doable with that date.  Currently have about $181k stashed.  Only found this site/way of life around September, but I've always been a bit thrifty by nature, though usually the saved money was set aside for travel.  I'll probably always make space in my budget for travel and experiences (savings will definitely be lower this month after spending 3.5 weeks in Australia and New Zealand doing all of the costly things like ice climbing and scuba diving, though trying to make up for it by camping most of the time).  So we'll see how it goes, but hoping for 2030 or earlier!

TomTX

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Re: 2030 FIRE Cohort
« Reply #175 on: March 25, 2017, 07:36:09 PM »
Ran the numbers yesterday--we're up to $836K invested for FIRE (not counting home equity or the kids' college funds).

Still got about $375K in mortgage and about $85K in other low interest debt, but still pretty encouraging.  Once the kids are out of daycare, our investments can really ramp up.

May have to drop out of this cohort and FIRE early ;)

Feel free to join me in the 2027 thread  - that's when I can first take a partial pension (~50%) with medical insurance. :D
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aceyou

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Re: 2030 FIRE Cohort
« Reply #176 on: March 26, 2017, 09:25:42 PM »
Celebration...Just finished my monthly net worth update.  Two cool things happened this month:

1.  My Stache just passed the 100k mark for the first time, meaning investments that are solely earmarked for FIRE, and won't be spent on anything else.  90% of it is in VTSAX, and the other 10% is in S&P 500. 

2.  Apparently I'm getting 5k back from the feds.  Found out yesterday.  I guess sheltering so much money into 403b's skewed the amount my employer withheld, and my next month's net worth update should reflect that with a bigger than usual jump.  Sucks to give the fed an interest free loan for the year, but I'm happy to have a windfall.

FireHiker

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Re: 2030 FIRE Cohort
« Reply #177 on: March 27, 2017, 10:12:04 AM »
Celebration...Just finished my monthly net worth update.  Two cool things happened this month:

1.  My Stache just passed the 100k mark for the first time, meaning investments that are solely earmarked for FIRE, and won't be spent on anything else.  90% of it is in VTSAX, and the other 10% is in S&P 500. 

2.  Apparently I'm getting 5k back from the feds.  Found out yesterday.  I guess sheltering so much money into 403b's skewed the amount my employer withheld, and my next month's net worth update should reflect that with a bigger than usual jump.  Sucks to give the fed an interest free loan for the year, but I'm happy to have a windfall.

Congratulations! Just adjust the withholdings for next year; at least you are getting money back for a good reason, saving much more than you used to. When you start ramping up the pre-tax contributions it can take a year or two to dial it in. We expected to be pretty close to zero but ended up with $2000 back from the state. Guess we need to adjust ours a bit too. 

semiretired31

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Re: 2030 FIRE Cohort
« Reply #178 on: March 30, 2017, 09:39:41 AM »
Hey, semiretired - I never judge people's saving ratio when they have kids. My jaw tends to drop when I see childcare and activity prices. Besides, with that income "offense," I think the number on your spreadsheet in 2030 is going to be way more than 1.6m!

Aelias, I agree the "want" question is huge for us. We have a pretty long timeline, a solid plan - and the luxury of contemplating what we want our lives to look like when money isn't the primary motivator.

Anybody else thinking about going back to school after retirement for a thankless, 'improve the world' part time gig? When I think about 2031, I picture a mix of that and family time.

Thanks rebel...  We could be doing better.  No excuses on the kids.  There are a lot of expenses (sports, clothes, etc.).  But, we choose not to make better decisions on a lot of it.  No excuses, just truth.  We're working on it and going in a positive direction.  Have been spending a ton less on eating out and not missing it at all.  Sports season becomes tougher because you are always on the go.  Two girls in soccer means you are running around an awful lot and it makes it harder to not just grab dinner on the way home from a long day of traveling around to games. 

FireHiker

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Re: 2030 FIRE Cohort
« Reply #179 on: March 30, 2017, 11:41:06 AM »
Hey, semiretired - I never judge people's saving ratio when they have kids. My jaw tends to drop when I see childcare and activity prices. Besides, with that income "offense," I think the number on your spreadsheet in 2030 is going to be way more than 1.6m!

Aelias, I agree the "want" question is huge for us. We have a pretty long timeline, a solid plan - and the luxury of contemplating what we want our lives to look like when money isn't the primary motivator.

Anybody else thinking about going back to school after retirement for a thankless, 'improve the world' part time gig? When I think about 2031, I picture a mix of that and family time.

Thanks rebel...  We could be doing better.  No excuses on the kids.  There are a lot of expenses (sports, clothes, etc.).  But, we choose not to make better decisions on a lot of it.  No excuses, just truth.  We're working on it and going in a positive direction.  Have been spending a ton less on eating out and not missing it at all.  Sports season becomes tougher because you are always on the go.  Two girls in soccer means you are running around an awful lot and it makes it harder to not just grab dinner on the way home from a long day of traveling around to games.

Isn't that the truth on the kids. Like you, we have multiple kids in sports. We have become more selective on the number of activities they each do, but it adds up with three kids. We have made a huge amount of progress on the eating out too, and food spending in general. Our food numbers last year were outrageous. We're on track to be spending $600 less PER MONTH on food this year, just by watching it. Our youngest moves from preschool to public school summer program (and then before/after school care) mid-June, and I can't wait to be done paying for preschool!!

I have my husband on board now with the whole FIRE concept. He's 11 years older than I am so it won't be real "early" for him. He's been playing with all kinds of calculators though and is much more interested in our savings rate than he used to be. We make a LOT of money but we spend a LOT too. This month we had a 48% savings rate for the first time ever; 40.5% YTD. I am cautiously optimistic that we'll be moving to a date earlier than 2030, but we still have a pretty big "cone of uncertainty" on our calculations.

Tonyahu

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Re: 2030 FIRE Cohort
« Reply #180 on: March 30, 2017, 01:33:03 PM »
I am just hopping in here for the comradery, I wish you all the best!

I am aiming for a 2027 but very well may fall anywhere between 2027-2037 realistically, depending on economy, job growth, future spouse, if I decide to have kids..etc.

Currently:

-25/male/recent college grad

-First in-field job - Healthcare Compliance & Privacy, making $28,000 per year (hoping to hit $100,000 within ~5 years)

-60% savings rate - I plan to never go below this rate, my lifestyle will inflate (not proportionally) as my pay does

-I just started learning about investing in 2016, I am now on track to max out my Roth IRA for 2016 (and all years moving forward), allocate around 10% to 401k and additional funds to a taxable account, precious metals, crypto-currencies and a 1% savings account. Net worth stands around $30,000 with zero debt
« Last Edit: March 30, 2017, 01:37:03 PM by Tonyahu »

Slate-WA

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Re: 2030 FIRE Cohort
« Reply #181 on: March 31, 2017, 09:48:39 AM »
Hey everyone - 2030 is my date as well, but I'm not 100% sure I'm on track.  any feedback welcomed

I'm the sole earner, and am currently saving 15% (maxing two roths and the remaining on a 401k traditional).  It's a smidge over 15k in savings annually.

my current net worth is $582k, with $124k in home equity. 
Will have home paid off in 14 years.

I'd love to have a 30% savings rate, but with the 15 year mortgage taking up 28% of my expenses, it doesn't feel possible. 

How can I tell if I'm on track?  Our annual expenses including house are about $60k. 

aceyou

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Re: 2030 FIRE Cohort
« Reply #182 on: March 31, 2017, 01:41:57 PM »
Hey everyone - 2030 is my date as well, but I'm not 100% sure I'm on track.  any feedback welcomed

I'm the sole earner, and am currently saving 15% (maxing two roths and the remaining on a 401k traditional).  It's a smidge over 15k in savings annually.

my current net worth is $582k, with $124k in home equity. 
Will have home paid off in 14 years.

I'd love to have a 30% savings rate, but with the 15 year mortgage taking up 28% of my expenses, it doesn't feel possible. 

How can I tell if I'm on track?  Our annual expenses including house are about $60k.

Welcome. 

Most people, myself included, count all money paid towards principal on mortgage as saving, and the interest as a spending. So you may have a 30% savings rate already. 

My family's expenses, including the house, are probably right around 60k as well.  Congrats on such a high net worth already.  Your stache is big enough that it's will probably contribute as much towards your stache each year as you do! 

Slate-WA

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Re: 2030 FIRE Cohort
« Reply #183 on: March 31, 2017, 02:23:12 PM »
that puts me up to 27% - looking a little more in line.  thanks for the input.

FireHiker

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Re: 2030 FIRE Cohort
« Reply #184 on: March 31, 2017, 03:37:27 PM »
that puts me up to 27% - looking a little more in line.  thanks for the input.

I think that is pretty good if you're the sole earner!

We are sitting at a YTD savings rate of 40% not including our mortgage principal, and 45% if you include mortgage principal. We have two incomes (just) over six figures each and should save a lot more than we do, but we are moving in the right direction at least. We were definitely not to your savings percentage even last year. We are trying real hard to cut our unnecessary expenses this year, and it is working! I want to get to at least 50% not including the mortgage principal but it may take us another year to get that discipline down...

daymare

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Re: 2030 FIRE Cohort
« Reply #185 on: April 01, 2017, 10:26:00 AM »
Jumping into the fray here.  Tentative plan is for FI in 13 years (2030) when we'll both be 40.  I'm a financial planner, and my husband is a chemical engineer.  My focus as-of-late has been on our near-term goal: in 2 years (~April 2019), both of us are planning to leave our jobs and take a 5-month sabbatical (1-2 month intl travel, lots of hiking and camping in the summer months, seeing friends), ultimately moving to our permanent city. [We'll definitely take advantage of Roth conversions during that low-income year.]

Our incomes are going to go up a lot, plus we're planning to have one kid in 5-7 years, so plenty of unknowns, esp. with career trajectories.  But I believe our goal is reasonable and that we will achieve it.

Current investments:
$174k (66.4% - Roth IRAs)
$62k (23.6% - Trad 401(k)s)
$26k (10% - Taxable)
----------------
$262k
« Last Edit: April 01, 2017, 10:29:38 AM by daymare »

Cornel_Westside

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Re: 2030 FIRE Cohort
« Reply #186 on: April 02, 2017, 11:20:31 AM »
Managed a 62% savings ratio in March even with unnecessary expenditures that I'm still working on cutting out. Cutting out those expenses, I can get to a 68% savings ratio even with a decent restaurant budget (my main consumerist tendency). And if I happen to have months without restaurants/bars, I can get it to 71%! 6 months ago I would have never thought that was possible.

2017/04 NW: 133,780
March Savings: $3236

End of year goal is to save 35000 dollars total(and ideally, since I can do a Mega Backdoor Roth, keep it ALL in tax advantaged accounts).

10dollarsatatime

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Re: 2030 FIRE Cohort
« Reply #187 on: April 02, 2017, 03:56:56 PM »
My conservative estimated retirement will be January 2031.  I'll be 45.

I'm maxing a 457 and an HSA, and contributing around $3400 plus ~$1000 match in a 401k.  I also generally freelance enough to max an IRA.  Any extra this year will go into the 401k (and push up my retirement date).  So I'm at a solid 57% savings rate, not counting freelance $$, on a $50,000 salary.

Current net worth is $145,000.  January 2031 should see me with ~$750,000 in investments and 20 years toward a defined benefit pension.  I'm not really counting on the pension or SS in my plans. 

Currently, my budget has me at $20,000/year, so $750,000 is more than I need based on the 4% rule.  But lot's can change in 14 years... maybe I'll get married, maybe I'll spawn, maybe I'll finally win the Publisher's Clearing House sweepstakes...  If I continue to live a single, childless lifestyle (I'm fine either way), I may decide to retire sooner.

SustainableStache

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Re: 2030 FIRE Cohort
« Reply #188 on: April 19, 2017, 10:27:00 PM »
Hi guys, I want to jump in to. My wife and I are shooting to retire by the end of 2030. We'll both turn 50 in Q1 of 2031.

Right now our NW is just $109k. We have $210,100 in assets and a $101,000 home mortgage. Our NW grew $33,000 in the last 11 months (May 16 to April 17).

We both went to law school and graduated in 2010 with $200k in debt. We paid that debt off in 2015. Now we have two kids in daycare, so we're still not saving as much as we could be. So we've started saving for retirement pretty late in the game, but I think we're catching up fast. Based on my calculations we can retire by the end of 2030 by putting most of our raises to savings and when the kids go to public school we'll put most of our daycare tuition to savings.

I'm excited to follow everyone along in their journey to 2030.

moonpalace

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Re: 2030 FIRE Cohort
« Reply #189 on: April 20, 2017, 09:14:03 AM »
We both went to law school and graduated in 2010 with $200k in debt. We paid that debt off in 2015.

Much respect for your whole approach, but extra bonus respect for this, particularly since you're in a non-profit. I think it's the right move not to rely on PSLF. I'm in state government and, although I've decided to prioritize saving over paying extra on loans, I'm paying a bit extra on them from time to time and planning to pay them off in the next couple years (graduated law school in '06, so interest rates on my loans are super-low).

Anyway, welcome! Looking forward to moving towards FIRE 2030 with you.

FireHiker

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Re: 2030 FIRE Cohort
« Reply #190 on: April 20, 2017, 09:25:19 AM »
Welcome to the newcomers!

We just got back Sunday from a whirlwind trip to Italy over spring break. It really drove home how much we want to reach FIRE so we can engage in slower travel...more enjoyable and much cheaper overall. So, it's back to the grind with work and saving; no more big trips are on the schedule yet. I still hope we can pull our date in sooner than 2030, but I'm staying in this group for the foreseeable future.

LWTG

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Re: 2030 FIRE Cohort
« Reply #191 on: April 20, 2017, 09:48:11 AM »
Welcome to the newcomers!

We just got back Sunday from a whirlwind trip to Italy over spring break. It really drove home how much we want to reach FIRE so we can engage in slower travel...more enjoyable and much cheaper overall. So, it's back to the grind with work and saving; no more big trips are on the schedule yet. I still hope we can pull our date in sooner than 2030, but I'm staying in this group for the foreseeable future.

We are just back from Florida from Spring break and were talking about slow travel also.

Seems like so much of the hassle/expense is getting to your destination and then 1- 2 sort of specialty things.

Seems as though you could do a 2 week trip for only maybe 20- 30% more than a one week trip, especially  if you camp or keep lodging costs down another way.
I may have a long way to go but I'll have a helluva time getting there!!!

http://forum.mrmoneymustache.com/journals/somewhere-between-yolo-and-fire/

FireHiker

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Re: 2030 FIRE Cohort
« Reply #192 on: April 20, 2017, 10:29:31 AM »
Welcome to the newcomers!

We just got back Sunday from a whirlwind trip to Italy over spring break. It really drove home how much we want to reach FIRE so we can engage in slower travel...more enjoyable and much cheaper overall. So, it's back to the grind with work and saving; no more big trips are on the schedule yet. I still hope we can pull our date in sooner than 2030, but I'm staying in this group for the foreseeable future.

We are just back from Florida from Spring break and were talking about slow travel also.

Seems like so much of the hassle/expense is getting to your destination and then 1- 2 sort of specialty things.

Seems as though you could do a 2 week trip for only maybe 20- 30% more than a one week trip, especially  if you camp or keep lodging costs down another way.

I agree completely on getting the cost down with a 2-3 week trip. We did stay at one place for 7 nights this time so we got the week discount on airbnb. The last international trip we did was broken down: 4, 2, 2, 1 nights in different places, so this was a step in the "slower" (and cheaper) direction anyway. We stayed in Rome and did a couple (LONG) day trips. It was really nice to not pack/unpack multiple times. I wish I could go and stay a month though. Unfortunately with kids in traditional public school and both of us working full-time, we only had the one week. It was better than not going at all, but it was a LONG process to get there and back! We do like to camp, so that's what we'll be doing this summer...not much vacation time or budget left for anything else right now. Someday...

Mustachio Bashio

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Re: 2030 FIRE Cohort
« Reply #193 on: April 20, 2017, 11:05:42 AM »
Totally looking forward to slower travel in FIRE.  One of the main reasons I switched careers to being a software developer was to have the freedom to work remotely from anywhere.  My boyfriend is also a dev and we're hoping to spend a year living and working remotely in different countries a year from now before deciding on really settling somewhere.  I spent 3.5 weeks in Australia (5 days there for a wedding) and New Zealand recently, and it just made me sad that all the travel had to be kind of rushed and more of a taste of NZ instead of really getting to know any one place.

dreadmoose

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Re: 2030 FIRE Cohort
« Reply #194 on: April 28, 2017, 11:01:48 AM »
Count me in.

It's a long goal and I've barely started but I hope to FIRE by 2030.

I currently have a 59% savings rate.

I count my NW as 8K only (Investments - Debts ignoring mortgage)
Savings per month equate to $6.5K

(current plans don't sell the condo to retire, housing stays flat, depreciating assets aren't really assets unless I sell and downsize)
Just starting on my FIRE journey, hopefully posting here creates accountability and eventually lowers my very anti-mustachian life habits.

rebel_quietude

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Re: 2030 FIRE Cohort
« Reply #195 on: April 29, 2017, 10:32:36 AM »

I currently have a 59% savings rate.

I count my NW as 8K only (Investments - Debts ignoring mortgage)
Savings per month equate to $6.5K


Wow, Moose! Those are awesome numbers!

The first 100K is the longest slog and the sweetest reward. You know once you do that, you can do anything.  And it won't take long with 6.5k a month!

skip207

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Re: 2030 FIRE Cohort
« Reply #196 on: May 01, 2017, 06:47:44 AM »
Also aiming for 2030, FI will probably come before but RE around this time, at 50 years old.
Currently sitting at c.375k of 1M target.  13 years to run so need c.45K PA over that period.

Last few weeks I have been thinking about coming forward to 2025.  I think I can hit 1M by then, but we would probably be more like 800k.  I think if the markets play ball we might do it... anyway long way to go yet.

dreadmoose

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Re: 2030 FIRE Cohort
« Reply #197 on: May 03, 2017, 11:48:47 AM »

I currently have a 59% savings rate.

I count my NW as 8K only (Investments - Debts ignoring mortgage)
Savings per month equate to $6.5K


Wow, Moose! Those are awesome numbers!

The first 100K is the longest slog and the sweetest reward. You know once you do that, you can do anything.  And it won't take long with 6.5k a month!

Thank you! I do hope my recent switch to a more volatile industry (Consulting as a corporation to the Oil and Gas Industry) won't throw any large wrenches in my way in the near future.
Just starting on my FIRE journey, hopefully posting here creates accountability and eventually lowers my very anti-mustachian life habits.

haypug16

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Re: 2030 FIRE Cohort
« Reply #198 on: May 09, 2017, 03:00:32 PM »
My goal is FIRE by 2030 as well. It's a very optimistic goal but I'm an optimistic person. I just joined MMM about a month ago so we'll see how this goes. I'll have just turned 52 in 2030, DH will be 56. No kids right now but hoping to have 2 in the coming years, First one hopefully by next Spring/Summer if all goes well. Second will hopefully be 1-2 years later. 

Our finances are currently separate so my individual monthly savings is $1K while paying down $1.6K in Debt (CC and Student Loans) Once the Debt is paid off the full $2.6K will go into Savings, plus any raises, less any increased cost for raising 2 kids. Thankfully our work schedules are different and we should only need child care part-time for 3-4 days a week.


rebel_quietude

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Re: 2030 FIRE Cohort
« Reply #199 on: May 10, 2017, 05:18:02 AM »
Welcome, Pug!

Do you mind if I ask (forgive me if you've already run through this elsewhere), are you comfortable with the size of your emergency fund?  I might re-direct that $1k monthly savings into debt until it's paid off, if the answer is yes.

Regardless, congrats on coming this far - every step is an adventure!