How did I get here?

[Gin1984]

I have no one else to say this to.  I occasionally check our future projections and did so a couple of days ago.  There is a large chance that my husband will change to a tenure track job come August and I looked how that would change our future.  Not much change but once he gets tenure (3.5-5.5years) we won't need my income to retire.  Based on our current savings and that salary (and the match he gets), we could tightly have him retire at 65 with only putting pennies away. And based on our current spending, we'd have those pennies.  The only thing we are missing is college costs for our kids and some life inflation that I'd like. 
This was not the state of affairs even a year ago.  A year ago, we could pay for our minimum expenses but not where we are now and my husband would not have been able to retire at 65.  Obviously, the 65 retirement is not a goal but knowing one person income would get us there, is amazing.  How did we get to coast-fire in one year, wow!

[K-ice]

My guess is that your husband "got here" with many years of hard work and school with minimal income and student loan debt.

But congratulations on the tenure track, my understanding is that those positions are becoming more difficult to get and even tenure isn't guaranteed.

However, since the TT is stressful I would certainly still make FI a goal even if he does not want to RE.

It would be interesting to hear from some TT or even tenured Mustacians and how they balance FIRE with the golden handcuffs of Tenure. 

[soccerluvof4]

Yea , I agree ^. Sounds like your in a great spot now.

[Just Joe]

Congrats! Don't forget to do a little contingency planning just in case of anything unexpected.

[Gin1984]

Congrats! Don't forget to do a little contingency planning just in case of anything unexpected.

Lol, I don't plan to quit my job which is the higher income until 55 so we have quite a bit of contingency built in.  The ability for my husband to cover what we need plus a little bit of lifestyle inflation and retirement is the contingency plan.  I have some medical issues and we all know jobs are not secure.

[Gin1984]

My guess is that your husband "got here" with many years of hard work and school with minimal income and student loan debt.

But congratulations on the tenure track, my understanding is that those positions are becoming more difficult to get and even tenure isn't guaranteed.

However, since the TT is stressful I would certainly still make FI a goal even if he does not want to RE.

It would be interesting to hear from some TT or even tenured Mustacians and how they balance FIRE with the golden handcuffs of Tenure.

You know I considered ignoring this comment more than once, but I just can't.  The sexism in the post is just ridiculous. My husband and I got here by many years hard work, not just my husband.  I have a graduate degree as well and as the frugal one in the marriage, helped pay off his undergrad debt.  So, your "guess" would not be correct.  I came on here to post about being happy that we are so close to coast-FIRE which we were not a year ago and I have to deal with this crap?  Given that I mentioned that last year we would not have been able to have him retire without my income and am a long time poster, maybe consider that my income might be the large push here? 

[maizefolk]

Congrats to both of you! When you talk about not needing your income once he gets tenure, is that based on just not needing the redundancy of either of you being able to cover your household expenses with your individual incomes once his job security increases, or is there a significant raise associated with tenure/promotion to associate prof at his institution?

(We usually get $10k/year extra with promotion where I work, but in bad budget years there can be no raise pool at all and you just keep the same salary. If that happens one never gets a chance to make it up, so it can pay to be strategic about the year of going up for tenure if there is flexibility.)

It would be interesting to hear from some TT or even tenured Mustacians and how they balance FIRE with the golden handcuffs of Tenure. 

TT but not yet tenured academic here: Like most jobs, it's the same trade off: stress and the lack of freedom to spend your days doing whatever you'd like to do vs a paycheck.

I don't think golden handcuffs is really the right metaphor, because that's usually a big chunk of deferred compensation if you stick around long enough. Tenure is just the guarantee that if you want to show up and be paid to work another year, your employer will continue to allow you to do so. Which is nothing to sneeze out, it just doesn't alter the amount of work:amount of compensation ratio.

[Gin1984]

Congrats to both of you! When you talk about not needing your income once he gets tenure, is that based on just not needing the redundancy of either of you being able to cover your household expenses with your individual incomes once his job security increases, or is there a significant raise associated with tenure/promotion to associate prof at his institution?

(We usually get $10k/year extra with promotion where I work, but in bad budget years there can be no raise pool at all and you just keep the same salary. If that happens one never gets a chance to make it up, so it can pay to be strategic about the year of going up for tenure if there is flexibility.)

It would be interesting to hear from some TT or even tenured Mustacians and how they balance FIRE with the golden handcuffs of Tenure. 

TT but not yet tenured academic here: Like most jobs, it's the same trade off: stress and the lack of freedom to spend your days doing whatever you'd like to do vs a paycheck.

I don't think golden handcuffs is really the right metaphor, because that's usually a big chunk of deferred compensation if you stick around long enough. Tenure is just the guarantee that if you want to show up and be paid to work another year, your employer will continue to allow you to do so. Which is nothing to sneeze out, it just doesn't alter the amount of work:amount of compensation ratio.

It is 5% raise at TT from titled and then 5% from TT to tenure here and with those two raises, our budget is covered if you don't include college (and private high school which we plan to cover) and you subtract the costs that come with double incomes (like daycare/after school care).  So it is both the income and security.  We already are living on my income but that is higher and less secure.

[maizefolk]

Nice!

[K-ice]

So, your "guess" would not be correct.

Often tone, intent, details & assumptions do not come off well in text.

I apologize if my comment came off as sexist, and I can see how it reads that way. Without getting into too many personal details it really wasn’t ment to be sexist.  I will admit, and apologize, that my underlying cynicism in marriage & divorce came through in my post. Sorry for that negativity, especially at a time when you are excited & proud.

Your original post said “How did I...” and then focused on your husband. You have now shared more information and I’m sure you can both make FI your goal together.

[Cassie]

That’s great! My husband and I each have small government pensions of 20k each. We started our careers later in life. Unfortunately, due to WEP we will lose 60% of our SS.  But we are grateful for what we have.

[DreamFIRE]

That’s great! My husband and I each have small government pensions of 20k each. We started our careers later in life. Unfortunately, due to WEP we will lose 60% of our SS.  But we are grateful for what we have.

You're not really "losing" anything, you're just not getting the benefit at the rate a lower income person would get who doesn't get a pension on top of his SS, which is only fair.  $40K in pensions sounds pretty good to me.