2035 FIRE Cohort

[Sanitary Stache]

I went through and adjusted my projections.  I am solidly FI at 2035 (with this projection).  I prefer a version of coast FI that has me earning $15,000 starting in 2032 when the mortgage ends and being fully FI when I can start taking a reduced pension in 2038.

My projections are pretty basic and I haven't started playing with simulators yet.  I assume a 7% return annually and continuing 2020 expenses. I also assume I will be taking half of my expected pension. I wonder if, when we get there, I'll find more things I want to pay for and make those reasons to keep working.  Some big reasons could be to buy property, to pay for kids college, to come up with startup funds for some other adventure like a community recycle/reuse warehouse, or building a bike path or buying and renovating properties in my neighborhood or building 3-D models of sewer systems from flushable 3-d mapping capsules (which I think of as a poop drone).

For a while I was thinking I was trying to reach FIRE in 2030 and maybe I will keep thinking that and work towards Financial Independence even earlier!

I think it might be time to spend even more of my analytical effort maximizing efficiency.  I think reaching 80% of pre-MMM level carbon consumption might be a good target.
 

[SCUBAstache]

Hello!

Apparently I am suffering from extreme OMY / golden handcuffs. I consider myself fairly recently FI already, but factoring in my husband and child (soon to be children) I'm not sure we're quite there as a family. Though, if you ask me, I could quit tomorrow and we'd still be OK, we'd just have to be much more careful about our spending. My husband is older and has a small pension from the military, and we both have substantial investments (and, thankfully, separate finances - he's a bit more spendy than me).

2035 is the magical year I turn 50 and would be eligible for my government pension. I am not 100% sure I will stay that long, but it is a pretty generous pension and I think it would virtually eliminate my need to worry about money again. Not that I really do now, but easy to say with a high salary - I would worry if I quit. The other thing is, I actually really like my job at the moment, so I don't feel that burning desire to achieve FIRE like I did when I found MMM in my 20s, which is both good and bad. I never know how long that will last as bosses and assignments change, and I won't commit to being miserable for years again when I am already FI. But for now, things are good, and I'm trying to still put at least ~75% away while also indulging a bit here and there. I've actually become a bit sloppy financially, and I should really straighten that out, but life with a young child has exhausted me a bit.

Speaking of, another reason I don't want to quit now is that FIRE with a toddler would not be my cup of tea. I love him so much, but I am a much better parent when I am working (as I've discovered due to multiple COVID-imposed days off, weird schedules this past year). So at a minimum I would want to work until the kiddos are in full time school. I am very fortunate that my husband is a SAHD, but it's not for me. But maybe I could be a SAHM once they're school... Conversely, I might consider going a few years over 2035 to keep the kids in a stable high school situation in a HCOL area, depending on my work satisfaction at the time.

Nice to virtually meet you all and see that this thread already exists!

[ender]

I am still on pace for at least a 2035. Probably earlier realistically if the market is reasonably steady.

Definitely ahead of pace so far.

2035 is almost assuredly going to be after when I could FIRE :)

[joe189man]

i am throwing our hat in this approximate ring for a 2035 (+/- 2 or 3 years) FIRE date. we will be in our early to mid fifties but we got a pretty late start and aren't nearly as frugal as we should be.

I saw this thread is ~6 years old, how have your projections vs. reality changed over time for the OG's?

[sparkytheop]

I'm still plugging along, things are still projected as they were (though somewhat better with the crazy market this year).  Hoping for another ~5% raise this year to boost my pension numbers (we have some convoluted calculations used to determine our raises, but one agency we base ours off of will get a 5% raise this year, so hopefully that filters down nicely).

I've been giving serious consideration to leaving even earlier again though.  If I can escape with full benefits, I might be out by 2025.  A lot less money coming in compared to my fatFIRE goals/intentions, but I could make it work, life just wouldn't be as care-free.  If I could just find a working crystal ball...

[jamesbond007]

My FIRE moved up by 7 years to 2028 due to market and new job which brought in significant pay bump. My savings rate now is at 68.5% based on take home pay and that helped.

[jemfermree]

So I'm about to start nursing school in January '22. Assuming I finish two years later, that gives me ten years to be aggressive and aim for FI at age 52 between investing accounts and rental real estate. Let's go!

[Saffron]

It's been an eventful year and a half since I first joined this cohort. Some big life stuff has happened, I've become engaged to a fantastically supportive and awesome dude. He's onboard with my "downshift" plan, but in my calculations I'm still assuming we have completely separate finances. If you read my "Implications of marrying a high NW partner " thread, you'll understand that I am in an exceptionally privileged position. I'm still using all my "single person" numbers out of caution (and pride), but I will have the backup and privileges that my partner brings with him. It still just feels hard as a 30-something who's been so independent for so long to relax to what appear to be the coming realities.

I'm still anticipating reaching my "single person" FI number by 2035. But this is because I'm now planning on coasting for a bit of that interim. I've made some good progress especially due to boosted savings due to split living costs. SO and I moved in with one another at the beginning of the pandemic. The largest change in my plans are that I've decided that I want to focus toward a downshift to part time work in 2025 rather than charge headlong towards FI. I am really liking work at the moment, unlike when I first really discovered the RE part of FIRE. I am a government engineer and really enjoy my subject area.  There current feelings about my employment can change, but I'm now in a supreme place of being able to say FU to bad work conditions. I am also in a position that can support going to 20 hour workweek. I really want to focus on what I like and shed the parts I don't enjoy. 

Through some kludged excel models, the biggest thing I've come to realize is that after I hit $500K NW, the capital seems to just compound upon itself dramatically even if I'm just coasting.  I've also rediscovered the "Engaging Data - Rich, Broke, Dead" calculator I think I'm feeling even more confident in my plans to downshift when SO and I anticipate having children around 2025. The current plan is to save ~$500K by 2025; I'm halfway there now. This savings goal is highly dependent upon the market continuing in a near-term relative upward trajectory. I will then plan go half time at work cutting my anticipated salary ($135K) in half ($67K), roughly rimed when SO and I want to start having children. In this model I've assumed that in 2030ish, about when the kids are ready to start school,  I will attempt to get a "consulting role" as a contractor ($40K/yr). I really don't know what my ego or desires will be in 10 years, so that is really the "laziest" course I imagine. Who knows, maybe I'll be feeling ambitious enough to go for a GS-15 or SES role, lol. I've also assume that at age 57 I can begin drawing my federal pension (~$25K/yr). And of course at 62 I'll be eligible to draw whatever SS pension exists (conservatively assuming ~33K/yr).

Here is the Engaging Data Chart modelling my current plan:



It's amazing what a year and a half's worth of time can change. I've learned a lot about FI modelling and I've had a lot of life developments. I hope I'm still flying high next time I give a general update. Who knows what course corrections I might make? I should be Mrs. Reynolds by then. :p

[TwoCommas]

I've been a lurker for a few years, and stumbled upon this thread today which triggered me to finally create an account.

I'm on the older age of the spectrum from what I can tell after reading through the thread (38), but 2035 is the conservative we-are-finally-both-retired date for my wife and I.

Current breakdown for June 2021:
FIRE target: % towards goal
lean-for-us: 28.6%
nominal: 22.9%
stretch: 15.3%

Lofty thinking is for me to transition out of the workforce in a few years, or at least phase down a bit, leaving my spouse to continue working until 2035 (with planned opportunities for her also to move to part time)...having healthcare paid for being the main concern at the top of our list. I'm already struggling with the, 'but what if I work for just one more year' plan but burnout is one hell of a motivator.

[BurtMacklin]

I'll join this cohort. I'm an assistant principal and my wife is a teacher in Eastern NC. She'd like to retire a year before me. I'll be 57 in 2035. I'd like to be a principal by the time I'm 50. I'll qualify for full retirement by the time I'm 53 which is about the same time our two girls should be through college. The extra few years will allow us to pad the savings prior to retirement. We'd like to move to Western NC for our retirement. The sale of our home and our 457B's should allow us to buy a home without a mortgage. With two pensions and Roths/SS in our 60's we should be in good shape. 30-40 years in retirement will be plenty for me.

[lifeisshort123]

Well, this is going to be my goal.  If I can’t hit it, or can’t move into a part time work by then then maybe 2039 is where we will end up.  I’ll be retiring somewhere between 45-50, which I think would be a good age.  I enjoy what I do, but I find myself doing too much of it, and I would love to move into a more part time role.  Enjoy the beautiful weather, simpler life, outside, time with families, and not have to worry about the alarm clock.

Is anyone in this cohort still? Wondering your experiences, and I would love to be not alone!

[Phenix]

Well, this is going to be my goal.  If I can’t hit it, or can’t move into a part time work by then then maybe 2039 is where we will end up.  I’ll be retiring somewhere between 45-50, which I think would be a good age.  I enjoy what I do, but I find myself doing too much of it, and I would love to move into a more part time role.  Enjoy the beautiful weather, simpler life, outside, time with families, and not have to worry about the alarm clock.

Is anyone in this cohort still? Wondering your experiences, and I would love to be not alone!

Welcome aboard! I too have similar aspirations. If not fully FIRE'd by 2035, I will certainly be part-time doing work I truly enjoy (teaching college courses, CFO consulting, & personal finance coaching).

[MMMary]

This cohort feels ambitious to me, but heck why not I'll shoot for it!  I'm 32 and this year I will finally hit the elusive 50% savings mark (well not for the whole year, but by month starting in September :-D ).  I don't want to math right now but I know 50% savings is a good goal.  I'm manifesting this now, 50% savings here I come!

[BeautifulDay]

I was hanging out in the 2030 group but many things have changed in the past couple years that make me think that 2035-2038 is more appropriate. Accounting for future inflation is my biggest challenge so I’m having to adjust my expectations. I’ve been fairly conservative in my forecast below, so i hope to exceed this plan and I am aiming for 2035.

I am currently lowering expenses so I’ll have a 40% net or higher savings rate next year. I’ll see how that plays out and if I can keep pushing towards 50% while balancing living for today & saving for the future.
 
A little about me and my husband, DINKs who work for a nonprofit and earn a upper-middle class income. Live in a very low cost of living area. May semi-retire to a more expensive cost of living area.
 

I will officially track on Dec 31st  — estimates in black and actual numbers in blue
Goal 25x annual spending

2022 - 3.50x
2023 - 4.29x
2024 - 5.06x
2025 - 5.89x
2026 - 6.79x
2027 - 7.79x
2028 - 8.84x
2029 - 9.97x
2030 - 11.20x
2031 - 12.52x
2032 - 13.95x
2033 - 15.49x
2034 - 17.16x
2035 - 18.96x
2036 - 20.90x
2037 - 23.00x
2038 - 25.27x

[BeautifulDay]

Looking forward to December when I officially track!

Goal for dec 2023 was 4.29x spending. I am currently at 5.75x.

Not bad.

[footwear]

i'm hoping/thinking i will be in this group. based on my calculations we should have enough saved by 2035 to safe withdrawal ~$80k per year, which i think is on the very high side of what we would actually spend in retirement!

[lifeisshort123]

One of my challenges is how to calculate for a pension, and figuring out the best time to start taking the pension.  Anyone know of a good calculator that can take account of that?

[TyGuy]

Nice to see everyone setting goals for the now, not so distant future. I will likely fall into this thread, though it will depend on how much I enjoy work when 2035 comes around. Currently, I am apart of the 2030 group, this would be my bare-bones FI date, 2035 is a much more likely date in regards to me actually leaving work, so I'll be joining this group as well!

I will be 41 in 2035 so I would still be reaching my goal of retiring early! There is a small possibility of me working until 2044 (when I turn 50), as I would receive a full pension and post retirement healthcare. Regardless of when I choose to leave, I will be working the absolute minimum hours required after I reach FI!

I look forward to tracking my progress here, together with you all. My "Net Worth" below does not included my home equity, pension, or mandatory retirement accounts.


Net Worth:

 12/01/23: $143.5 K

[Metalcat]

I'm in, I was originally in 2025, but life kind of went completely fucking insane and plans changed.

I'll be finished in my new graduate degree in late 2024 and ramping up a new career in 2025. DH will stay in his federal government job until 2035 (+/- 2 years).

We're unlikely to give up work and actually retire, but DH leaving the feds will radically alter the landscape of options that we have available to us, especially geographically.

[TyGuy]

My goal is, and I'm still on track to be able to reach FI by 2030, though I will likely continue to work past 2030 until 2035. By the year 2030, I will have the ability to leave at any point if I no longer derive joy/purpose from my work! My bare bones number was $625K but with recent inflation, I am upping that number to $700K. Plan is to be retired from full time work by 2035 with a fat-fire net worth of $1,300k to $1,600k (not including house/pension/SS). I will also be entitled to a pension at a later date. If I am really enjoying things, or my finances were to completely tank, I have an absolute date of 2044. At that time I will be eligible for a full pension. There are currently a lot of options on the table, and I hope to get a clearer picture of when my retirement will actually be in the coming years!


EOY Net Worth:
2021: $63.0K
2022: $87.7K
2023: $157.3K

[jimmyshutter]

So I'm about to start nursing school in January '22. Assuming I finish two years later, that gives me ten years to be aggressive and aim for FI at age 52 between investing accounts and rental real estate. Let's go!

Congrats on finishing nursing school. That's about the time I realized I could start saving. Appr 10 years after completing nursing school i was already close to FI without really trying. Now i show up to work knowing i could walk out at anytime yet so many of my coworkers are still living paycheck to paycheck with car loans and student loans.

Over the years they've joked with about me not spending. I've got the last laugh though as I'll be retiring much sooner than they'll ever be able to.