Author Topic: Any reach their FIRE number and keep working?  (Read 1599 times)

beer-man

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Any reach their FIRE number and keep working?
« on: August 10, 2018, 09:17:39 AM »
As I get closer to my number I find myself less obsessed with aggressively pursuing it. My attitude towards work is also changing. Can anyone relate? I’m still a few years away but could possibly blow past my number and keep grinding away at work. Anyone done this?
 A change in market conditions could extend this but my number is based on a 4% return 


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onlykelsey

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Re: Any reach their FIRE number and keep working?
« Reply #1 on: August 10, 2018, 09:20:32 AM »
I don't have a firm number, but my stash would currently throw off about 20K a year (NW 750K ish but some tied up in house or retirement accounts I wouldn't be able to touch immediately as a millennial).  I'm struggling to parlay that in to more confidence and less angst at work, frankly, but it makes sense!

DreamFIRE

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Re: Any reach their FIRE number and keep working?
« Reply #2 on: August 10, 2018, 09:28:20 AM »
Iím still a few years away but could possibly blow past my number and keep grinding away at work. Anyone done this?

Yes, I hit a number to provide a comfortable FIRE some time ago, but I don't consider my work to be "grinding", so I've continued working longer (and will for maybe another year) while waiting to see how things shake out with the ACA, which still presents uncertainty.

mak1277

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Re: Any reach their FIRE number and keep working?
« Reply #3 on: August 10, 2018, 09:34:00 AM »
I am technically at my FIRE number (using a 3% withdrawl rate).  I have some significant golden handcuffs at work, though, so I'll be working most likely another two years before pulling the plug. 

SugarMountain

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Re: Any reach their FIRE number and keep working?
« Reply #4 on: August 10, 2018, 10:02:57 AM »
Yes, we're currently at about a 3.5% number and I haven't quit yet.  You can read my journal https://forum.mrmoneymustache.com/journals/you-can't-be-20-on-sugar-mountain/ if you're interested in angsty whiny details on why.  (tldr version - concerns about healthcare coverage, golden handcuffs, don't feel spending is really under control or consistent, and just general nervousness about leaping off the cliff.)

dandarc

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Re: Any reach their FIRE number and keep working?
« Reply #5 on: August 10, 2018, 10:24:36 AM »
I don't have a firm number, but my stash would currently throw off about 20K a year (NW 750K ish but some tied up in house or retirement accounts I wouldn't be able to touch immediately as a millennial).  I'm struggling to parlay that in to more confidence and less angst at work, frankly, but it makes sense!
https://forum.mrmoneymustache.com/investor-alley/how-to-withdraw-funds-from-your-ira-and-401k-without-penalty-before-age-59-5/

Don't let that 59.5 rule stop you from retiring when you think you're ready.

Altons Bobs

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Re: Any reach their FIRE number and keep working?
« Reply #6 on: August 10, 2018, 01:20:23 PM »
If we were to retire today, our withdrawal rate would be at 1.7%. We're not working very hard, we're working to keep our group insurance. I can just pack up and go anytime, but the hubby says it's easy money that I should just keep running my business, so here we are, still working.

onlykelsey

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Re: Any reach their FIRE number and keep working?
« Reply #7 on: August 10, 2018, 01:34:40 PM »
I don't have a firm number, but my stash would currently throw off about 20K a year (NW 750K ish but some tied up in house or retirement accounts I wouldn't be able to touch immediately as a millennial).  I'm struggling to parlay that in to more confidence and less angst at work, frankly, but it makes sense!
https://forum.mrmoneymustache.com/investor-alley/how-to-withdraw-funds-from-your-ira-and-401k-without-penalty-before-age-59-5/

Don't let that 59.5 rule stop you from retiring when you think you're ready.

Thanks.  I was aware of the work around but haven't started thinking heavily about it yet.  about 250K of my non-house NW in a taxable brokerage account, 40K in a roth IRA, and and 175K in a 401K.  5 years like such a long time away.  I'm sure I could retire in 5 years, but I am not convinced I will, so I haven't made any moves.

beer-man

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Re: Any reach their FIRE number and keep working?
« Reply #8 on: August 10, 2018, 02:12:59 PM »
I don't have a firm number, but my stash would currently throw off about 20K a year (NW 750K ish but some tied up in house or retirement accounts I wouldn't be able to touch immediately as a millennial).  I'm struggling to parlay that in to more confidence and less angst at work, frankly, but it makes sense!
https://forum.mrmoneymustache.com/investor-alley/how-to-withdraw-funds-from-your-ira-and-401k-without-penalty-before-age-59-5/

Don't let that 59.5 rule stop you from retiring when you think you're ready.

Thanks.  I was aware of the work around but haven't started thinking heavily about it yet.  about 250K of my non-house NW in a taxable brokerage account, 40K in a roth IRA, and and 175K in a 401K.  5 years like such a long time away.  I'm sure I could retire in 5 years, but I am not convinced I will, so I haven't made any moves.
That’s a pretty healthy taxable balance! A few more years and that should kick off healthy enough dividends that you could downshift to a different job and use dividends to supplement your income. Then your 401k could be rolled to an IRA and grow till 59.


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onlykelsey

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Re: Any reach their FIRE number and keep working?
« Reply #9 on: August 10, 2018, 02:16:37 PM »
I don't have a firm number, but my stash would currently throw off about 20K a year (NW 750K ish but some tied up in house or retirement accounts I wouldn't be able to touch immediately as a millennial).  I'm struggling to parlay that in to more confidence and less angst at work, frankly, but it makes sense!
https://forum.mrmoneymustache.com/investor-alley/how-to-withdraw-funds-from-your-ira-and-401k-without-penalty-before-age-59-5/

Don't let that 59.5 rule stop you from retiring when you think you're ready.

Thanks.  I was aware of the work around but haven't started thinking heavily about it yet.  about 250K of my non-house NW in a taxable brokerage account, 40K in a roth IRA, and and 175K in a 401K.  5 years like such a long time away.  I'm sure I could retire in 5 years, but I am not convinced I will, so I haven't made any moves.
Thatís a pretty healthy taxable balance! A few more years and that should kick off healthy enough dividends that you could downshift to a different job and use dividends to supplement your income. Then your 401k could be rolled to an IRA and grow till 59.


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That is definitely a plan I've considered.  Even if I never invested another dime in a 401K or IRA (or just did 5,500 a year) I think I'm frankly set for traditional retirement.

I went to grad school so I missed out on 401Ks until 6 years ago (although I did contribute some to an IRA in my early 20s), so I've been making up the difference in taxable accounts, hence the high ratio of taxable : tax-advantaged asset. 

Threshkin

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Re: Any reach their FIRE number and keep working?
« Reply #10 on: August 10, 2018, 06:35:21 PM »
I finally FIREd approaching 2 years ago but we hit our FI number a few years before that.  I kept working because A) The job paid well and was easy. and B) My mom was in mental decline and depended on me being available.  Since we could not travel or do much else I kept working.

Our WR is now embarrassingly low for this forum and we are starting to consider how to increase our expenses.  This is harder than it sounds when we both have deeply entrenched mustachian habits.  For example, we tried going out to eat but we keep deciding that we can make better meals at home and have more fun doing it.  As I type this we are talking about going out.......to the library......

PhrugalPhan

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Re: Any reach their FIRE number and keep working?
« Reply #11 on: August 10, 2018, 07:05:42 PM »
I am technically at my FIRE number (using a 3% withdrawl rate).  I have some significant golden handcuffs at work, though, so I'll be working most likely another two years before pulling the plug.
That's pretty much my scenario too, though I like the subsidized health insurance / HSA and I would probably need about a 3.5% withdrawal number.  Bad part is my golden handcuffs come off in four years.

Bateaux

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Re: Any reach their FIRE number and keep working?
« Reply #12 on: August 10, 2018, 07:41:48 PM »
Once meeting the FIRE number many decide to keep working.  Maybe call it advanced FU-Money.  You refuse to be pushed or stressed out at work since you hold a fortresses of fortitude.  Some of us move on to building legacy funds or build a stash with the capacity to empower philanthropy.   Reaching a FIRE number just to bail out of a hated job is just one path.

beer-man

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Re: Any reach their FIRE number and keep working?
« Reply #13 on: August 10, 2018, 08:32:30 PM »
I finally FIREd approaching 2 years ago but we hit our FI number a few years before that.  I kept working because A) The job paid well and was easy. and B) My mom was in mental decline and depended on me being available.  Since we could not travel or do much else I kept working.

Our WR is now embarrassingly low for this forum and we are starting to consider how to increase our expenses.  This is harder than it sounds when we both have deeply entrenched mustachian habits.  For example, we tried going out to eat but we keep deciding that we can make better meals at home and have more fun doing it.  As I type this we are talking about going out.......to the library......
Haha yes I hear you our last date was a money date. I updated my wife on our progress, set some goals, then split a glass of wine and an entree.
 I see a lot of bogleheads with sub 3% withdrawal rates but I get the vibe that they have less of a love for work but more of a cautious nature post recession.
  Thanks for all of the responses so far.


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Freedomin5

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Re: Any reach their FIRE number and keep working?
« Reply #14 on: August 11, 2018, 05:43:16 AM »
Yes, we are already at lean FIRE, and 1 to 2 years away from reaching full FIRE. No plans to stop working since we enjoy our work. I believe the term for happily working FIRE-able Mustachians is SWAMI = Satisfied Working Advanced Mustachian Individual.

Bateaux

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Re: Any reach their FIRE number and keep working?
« Reply #15 on: August 11, 2018, 06:54:37 AM »
Yes, we are already at lean FIRE, and 1 to 2 years away from reaching full FIRE. No plans to stop working since we enjoy our work. I believe the term for happily working FIRE-able Mustachians is SWAMI = Satisfied Working Advanced Mustachian Individual.

That's it.  I'm a SWAMI !   Love that shit.

misshathaway

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Re: Any reach their FIRE number and keep working?
« Reply #16 on: August 11, 2018, 09:09:19 AM »
Our WR is now embarrassingly low for this forum and we are starting to consider how to increase our expenses.  This is harder than it sounds when we both have deeply entrenched mustachian habits.  For example, we tried going out to eat but we keep deciding that we can make better meals at home and have more fun doing it.  As I type this we are talking about going out.......to the library......

Laughing. So many spending fails. At least YOU two like to travel.

The first thing we should do is leave this forum. Can't even do that. Too many do-it-yourself projects and other fascinating frugal ideas.

onlykelsey

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Re: Any reach their FIRE number and keep working?
« Reply #17 on: August 11, 2018, 09:10:21 AM »
Our WR is now embarrassingly low for this forum and we are starting to consider how to increase our expenses.  This is harder than it sounds when we both have deeply entrenched mustachian habits.  For example, we tried going out to eat but we keep deciding that we can make better meals at home and have more fun doing it.  As I type this we are talking about going out.......to the library......

Laughing. So many spending fails. At least YOU two like to travel.

The first thing we should do is leave this forum. Can't even do that. Too many do-it-yourself projects and other fascinating frugal ideas.
https://www.vice.com/sv/article/nnqkek/why-are-young-people-being-so-altruistic-209  I found a solution for you

wxdevil

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Re: Any reach their FIRE number and keep working?
« Reply #18 on: August 11, 2018, 10:17:28 AM »
Seems like once your at minimum FIRE levels, that any additional year worked should rapidly advance you towards more of a Fat-FiRE status. Barring a market crash, you wouldn't touch your investments and allow them to grow, while continuing to contribute to the main stash.

MissNancyPryor

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Re: Any reach their FIRE number and keep working?
« Reply #19 on: August 11, 2018, 10:51:52 AM »
I am definitely FI but have struggled immensely with the RE part.  Divorced last year out of the complete blue and against my wishes (he is a cheater).  All my plans changed.  In some ways it is easier because I don't have to convince a partner about anything or ask for any sort of permission, nor brace myself for his resentment as he continues to work and I do not.  Married 28 years before he flipped out and abandoned me, so I guess I deserve some time to get my head on straight and find my feet again. 

I set a limit out there for myself-- when my 2 adult daughters get their own health insurance or turn 26, I will leap, which puts me to spring 2022 at the latest for the youngest DD.  However, they both are graduating from their various colleges this summer, one masters, one undergraduate, and so that clock is actively ticking that they should really land a job with benefits this summer/fall.  If they do I might go next spring  in 2019 after one more bonus check and still be 49 years old.  That was my original plan when I was still married, to be done by the time I was 50, and it would feel wonderful to have achieved it anyway despite having my world shattered by a cheating fuckwit. 

Alternatively, I could do ONE MORE YEAR and go after another bonus check in the spring of 2020, still be just 50 years old which has a nice ring to it, and have a big pile of extra security.  If I could just hold my breath.       

I am at the point that I hate the job.  Highly compensated and pretty easy, but a grind.  The travel next week to the east coast will be another reminder.  At least I know that if I got fired I can go forward completely covered and that FU money does make it better.  Every day I wish they would show up with a severance check and a notice of downsizing my region.  It would be difficult to not giggle like winning the lottery, and I can absolutely say that when I leave I will not miss it, not one tiny bit.   

The mental part is complicated.  I am trying to tell myself that Life is Not a Waiting Room and to just get on with it already, but remain in that limbo for now.           

markbike528CBX

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Re: Any reach their FIRE number and keep working?
« Reply #20 on: August 11, 2018, 01:45:23 PM »
OP beer-man, google site:forum.mrmoneymustache.com OMY

I have to admit that I also exceeded my FIRE number1.75m (70k/year @4%) and my "enough" figure of 2M, sort of by accident as the stock gains outstripped my timeline.


MissNancyPryor,
Sounds like you have a good plan in place, now that it is documented on the forum, you should follow it.  My condolences for your situation. It is good to note that you can already see some upside to your situation.

dabears847

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Re: Any reach their FIRE number and keep working?
« Reply #21 on: August 11, 2018, 02:25:52 PM »
Yes, hit my number two years ago, each year adding more to net worth, resetting goal so I can stay motivated. Next goal is end of 2020 and potentially start a business.

Moved to Florida from Midwest one year ago. That was a ten year saving goal requiring fi to consider the move. 

John Doe

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Re: Any reach their FIRE number and keep working?
« Reply #22 on: August 11, 2018, 04:15:01 PM »
I hit my number about 18 months ago. Employer though offered me a ridiculous amount of money to continue working two days a week for two years.  Looks like they are prepared to continue to pay me at this level for another 2 years so I may sign once again. We really have not saved much over the last 18 months but the stash has of course continued to grow and our spending has been far removed from MMM principals.  I sort of like the spot we are in right now.