Author Topic: How do you stay motivated if FIRE might be impossible?  (Read 4414 times)

Cassie

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Re: How do you stay motivated if FIRE might be impossible?
« Reply #50 on: June 16, 2019, 10:02:13 AM »
SS is not going anywhere. It would be disaster for our country and people would be rioting.

koshtra

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Re: How do you stay motivated if FIRE might be impossible?
« Reply #51 on: July 08, 2019, 09:18:58 AM »
Yeah, I think the risk of Social Security disappearing is smaller than the risk of a fatal auto accident in the next ten years. (Which would also abruptly solve your retirement problem.) You try to budget for all the minor risks,  you'll always end up with unachievable numbers. You're not in a position to swan home with a 3% SWR, but you're in a position to retire in under a decade. 110K is good money. Seize the opportunity!

happy

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Re: How do you stay motivated if FIRE might be impossible?
« Reply #52 on: July 08, 2019, 05:04:58 PM »
OP, take heart, there's a whole thread of us oldies:
https://forum.mrmoneymustache.com/welcome-to-the-forum/are-there-other-folks-here-who-didn't-discover-fire-until-after-40/?topicseen.

43% is a damn fine savings rate. With your income you should be able to get over 50% without too much difficulty...and as others have said as a single with no dependents 60-80% is doable and will decrease your time to FIRE dramatically.

Shoot yourself with an optimism gun, and make it your mission to get your savings rate up. Make it a game to see how much you can reduce your expenses.


FIREstache

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Re: How do you stay motivated if FIRE might be impossible?
« Reply #53 on: July 08, 2019, 05:21:28 PM »

That $19K on health care is a killer, but is any of the pre-tax?  It could make a big difference on a large amount like that.

Mine is less than $1K for a year, but it's paid pre-tax, so it's more like $650 actual cost.  Of course, I still have to pay $100 deductible every year as well.

As others mentioned, it's unlikely SS goes away completely.  Budgeting expectations for a 25% cut in benefits wouldn't be a bad idea just to be conservative.