Single mustachians within 5 years of FIRE and no pension. What's your $number?

[tipster350]

I' m interested in learning about FIRE plans for the unattached. Many of the previous polls mixed singles/couples. Also, I'm would like to hear from those without pensions.  All others welcome to comment, but I'd like to keep the poll to those in the same circumstances to see a clearer picture.

[AlanStache]

Wait a second.... I am am most of the way to the low end of the range I selected!!!! FUCK-YEAH!

I suspect I will go down to 30hr/wk when I get at about my number, 6hr work days sounds nice.  Will still have some structure but more time to find things to do outside of the job. 

[MonkeyJenga]

My original target number was $500,000, including housing, but I'm adjusting estimated medical expenses upward.

[brooklynmoney]

I’m aiming for 2MM plus because I am an idiot and live in one of the most expensive cities in the US although I hope to escape someday.

[jlcnuke]

I have a pension, but voted using a 4% equivalent stache amount for that income. (i.e. 25x pension amount added to my "number" for voting purposes), then added in extra for healthcare costs as well (same way) since mine is covered in FIRE. That put my vote in the $1.4x million category. However, that's for my "ideal FIRE" number, and my "I'm tired of this and can cut spending if needed" FIRE number would be about $0.25M less than that. I'm sure I'm not the only one with FIRE "ranges", depending on how sick of working I am when I hit the leaner FIRE numbers.

[Eowyn_MI]

My target is $500k and a paid off house ($169k).  This would allow me to continue my current lifestyle indefinitely with a (small) amount of leeway.  I'm not counting on social security to be there (27 y/o) but if it does come in then it will be all bonus.  Hopefully, it would smooth out any unexpected expenses related to aging.

Once I reach this target, my plan is to ask for part time work at my current job or look for other part time work opportunities that are more interesting.  I do not expect to stop working precisely when I reach $500k, its just the FI number in my head.

[tipster350]

My number is $1.2 million. I have a mortgage, though. The 1.2 mil is equivalent to $1 mil with a paid off house.

[secondcor521]

I have a pension, but voted using a 4% equivalent stache amount for that income. (i.e. 25x pension amount added to my "number" for voting purposes), then added in extra for healthcare costs as well (same way) since mine is covered in FIRE. That put my vote in the $1.4x million category. However, that's for my "ideal FIRE" number, and my "I'm tired of this and can cut spending if needed" FIRE number would be about $2.5M less than that. I'm sure I'm not the only one with FIRE "ranges", depending on how sick of working I am when I hit the leaner FIRE numbers.

I hear ya ;-)

It's my personal policy not to explicitly discuss income or assets.  But my $number was hit when:

1.  I had a paid off house.
2.  I had my kids' college target number saved up.
3.  I had 25x my non-house, non-college expenses saved in investments.
4.  I had 5 years expenses in accessible funds (taxable + Roth contributions) to start my Roth conversion ladder.

At that point I worked for another year or two because the job was still OK.  Then the job got crummy and my Mom was on hospice so I FIREd.

I did realize at some point after I retired that, although I didn't plan on earning any income not related to my portfolio, I was earning about 1% to 1.5% in what I call non-portfolio income.  It's from a variety of small sources, but it adds up.

[WYOGO]

2.2YRS w/1M - No home ownership. Long term renter/Single/No Traditional Pension/ACA Participant

[robartsd]

My target is $500k and a paid off house ($169k).  This would allow me to continue my current lifestyle indefinitely with a (small) amount of leeway.  I'm not counting on social security to be there (27 y/o) but if it does come in then it will be all bonus.  Hopefully, it would smooth out any unexpected expenses related to aging.

I think I'd have a similar target if I were single and relying only on the stache. Could possibly get by on that amount as a couple without kids if we needed to, but $750k plus paid off house is more my target for a stache only retirement as a couple. I will have a pension available at age 50 (would only be worth about $500/mo if I quit now - so currently it's only worth about as much as my mortgage). On my current trajectory, I expect to cross the FI line in my mid 50's with pension covering about half of expenses and stache covering the other half.

[brooklynmoney]

^curious what kind of housing expenses you have. If renting do you expect your stash to keep pace with housing costs in such a HCOL area? I'm from coastal SoCal but bought in during a housing market crash so able to live in a HCOL area pretty cheap (and got a roomate too occasionally). Otherwise, if I was FIREing today I'd have to live elsewhere because of high housing costs - especially rents which have increased in some places by 10% or more each year. One good thing is that it's much easier for single and kidless people to move and find cheap but nice digs in many places.

Hi Spartana — I actually own and bought in 2012 before the market went crazy. Right now housing costs are pretty low for me but they will jump up when I have to start paying property taxes in a few years (it’s a weird system). They will still be much below what market rate for a rental would be. But the only reason I live here is my job. Once I’m done working I will move somewhere with trees! Or at least sand. I also figure I will need 10k a year for healthcare.

[SweetTPi]

Voted for the $750k - $999k, but aiming at the higher end of that range.  Based on current spending numbers my target is overkill, but based on some family medical history I feel better planning in such a way that I will likely have large resources late in life.  Sure, I can do all I can now to take care of myself to avoid or mitigate things, but being single and child-free means I'm on my own if things go as they might.  No pension, either, to act as a safety net, only SSI.

[wageslave23]

I voted for 500-750.  But my lean FIRE number is networth of $450k.  In a lcol area, that would include fun budget, cable, and car so not exactly austere living. I'm surprised more people aren't in the <500 category.  Especially single mustachians who will probably earn income after FIRE by accident.  Anyone planning on using real estate to FIRE could buy a $100k house and have $350k in rental properties producing $35k a year with a 450k stache.  Also there is no possibility of no social security, reduced to 75% is possible but if anything entitlements will increase as the nation becomes more and more liberal/progressive.

[Padonak]

I voted for 500-750.  But my lean FIRE number is networth of $450k.  In a lcol area, that would include fun budget, cable, and car so not exactly austere living. I'm surprised more people aren't in the <500 category.  Especially single mustachians who will probably earn income after FIRE by accident.  Anyone planning on using real estate to FIRE could buy a $100k house and have $350k in rental properties producing $35k a year with a 450k stache.  Also there is no possibility of no social security, reduced to 75% is possible but if anything entitlements will increase as the nation becomes more and more liberal/progressive.

I also voted for 500-750.

I currently live in a HCOL area but planning to move overseas when I'm done with my corporate job. I may come back to the US eventually if I find a LCOL area that I like and get free or cheap health care. If I have to pay a lot for healthcare in the US, I'd rather live overseas. I have an option to settle in a country with free healthcare through I'd rather not move there unless I had to. Another option is to live in LCOL countries where health care is not free but cheap enough to either self insure or buy an inexpensive insurance policy (e.g. South East Asia or Eastern Europe).

I'm curious, where in the US can you buy a decent $100K house and also make $35K/year on $350K in rental properties?

[wageslave23]

I voted for 500-750.  But my lean FIRE number is networth of $450k.  In a lcol area, that would include fun budget, cable, and car so not exactly austere living. I'm surprised more people aren't in the <500 category.  Especially single mustachians who will probably earn income after FIRE by accident.  Anyone planning on using real estate to FIRE could buy a $100k house and have $350k in rental properties producing $35k a year with a 450k stache.  Also there is no possibility of no social security, reduced to 75% is possible but if anything entitlements will increase as the nation becomes more and more liberal/progressive.

I also voted for 500-750.

I currently live in a HCOL area but planning to move overseas when I'm done with my corporate job. I may come back to the US eventually if I find a LCOL area that I like and get free or cheap health care. If I have to pay a lot for healthcare in the US, I'd rather live overseas. I have an option to settle in a country with free healthcare through I'd rather not move there unless I had to. Another option is to live in LCOL countries where health care is not free but cheap enough to either self insure or buy an inexpensive insurance policy (e.g. South East Asia or Eastern Europe).

I'm curious, where in the US can you buy a decent $100K house and also make $35K/year on $350K in rental properties?

Just about anywhere in the Midwest or southeast.  Specifically I'm considering the Florida panhandle - Pensacola area.  In the US you can get medishare or libertyshare for $100-$200 a month.

[FIREstache]

I' m interested in learning about FIRE plans for the unattached. Many of the previous polls mixed singles/couples. Also, I'm would like to hear from those without pensions.  All others welcome to comment, but I'd like to keep the poll to those in the same circumstances to see a clearer picture.

I'm not sure if you're looking for stash or networth dollars.  Since networth includes my home, I'm going to stick with stash dollars.

Also, there's an overlap in the choices.  Two of your choices would apply to me, since I'm looking to FIRE with about $1.45M as a single guy with no pension.

$1mil - $1.99 million
1.4 mil - $1.499 mil

[ItsALongStory]

Not single but for the purposes of FIRE i am on my own, my target is on the lower end of the $750-$999 range with hopes of slow traveling/snow birding in Europe where it is still an uncommon thing so seasonal rents in Florida-like winter climates like Spain and Portugal are super low.

[AlotToLearn]

My target is 1MM although 500k with a paid off primary residence in a local area (FL,TN) could make it work.

[Metalcat]

My single person target was 1.5-2M, no home.ownership as I was planning on staying a renter.

[runningthroughFIRE]

I'm placing myself in the $500-750K range for total net worth regardless of whether I continue to rent or if I buy a house.

I'll likely continue past that however, in part because I enjoy what I do and in part because I think it'd be fun to have two commas in my net worth.  Odds are good that I'll get to that point eventually anyways just from inflation, but I'm stubborn like that.  Naturally, everything is subject to adjustment if I don't stay single or if priorities change.

[jaysee]

Current net worth is about $800k AUD ($500k USD).

My FIRE number for semi-retirement is between that and $1M AUD ($700k USD). Planning to begin semi-retirement later this year, starting with cutting work back to 6-9 months per year and taking the rest of the time off.

By the time I reach 40, I hope to have about $1M AUD, then I'll cut back further to 3-6 months per year, earning enough to cover that year's expenses, while living fairly frugally (~$25-35k AUD p/year expenses). If this works out, I can hopefully continue this lifestyle into my 60s.

Then for full-retirement around my mid-60s, assuming the stock market gods smile upon me, my net worth should hopefully be about $2-5M AUD ($1-3M USD). That, combined with living as healthily as possible (exercising every day, eating clean) and frugally, should hopefully work out for a nice enough full retirement, assuming no catastrophes.

At any point between now and then I could drop off, but I think I enjoy paid work enough that I could keep doing it for life, at around 3-6 months per year.

[Fomerly known as something]

I voted $2mil even though I have a pension.  I'm going to hit my FIRE number about the same time I can access my Pension at the earliest.  While I don't mind practicing Stoicism.  I don't want to have to.  The $80,000 from a $2mil stach means I get all my needs covered and 99% of my wants.