Author Topic: FIRE path feedback  (Read 4420 times)

fireready

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FIRE path feedback
« on: May 11, 2023, 03:07:25 PM »
Our progress/ current status/ future plan

My wife and I want to FIRE in 5 years, more specifically, end of March 2028.
Married couple, 4 kids, 3 still in the house.  Oldest graduated from college and moved home because Portland is expensive.  She pays $500 per month in rent.  Other two are graduating high school this year and will live at home during college.  No rent.
Me: Age 47, salary $175K plus bonus of up to 20% (depending on year).  Average gross is $190K
Wife: Age 45, works for herself cleaning house’s part time.  Other part of the time she helps care for our elderly neighbors.  Makes about $10K per year.
Total income: $200K

Debt:
House: we owe $175K on a $300K loan we took out in 2009.  We refinanced to a 2.75% 30 year 2 years ago.  Keeping this payment. 
No other debt.

Expenses:
Mortgage/taxes/insurance - $1250
Utilities - $200
Car insurance - $270 (we still pay for our youngest kids insurance and it’s kinda spendy being 18.  This will drop off in a year or so)
Cell phones - $60
Garbage - $28
Water - $120 (Portland has SPENDY water)
Internet - $40
Food/ misc house - $500
Gasoline- $100
Travel expenses - $300 (We do travel films as a hobby/side gig no real money yet from this)
Total – Around $2900 per month.
Notes:
-   We never really eat out.  Too expensive
-   I ride my bike to work and have been for 20 years.  Wife works super local at her cleaning jobs and we drive a 21 year old VW 4 cylinder.
-   Grow a lot of our own veggies
-   Reclaim our grey water and rainwater to cut down on summer garden watering
-   Do all of our own car repairs, house repairs, DIY.  We don’t hire anything out.
-     All of our clothes come from Goodwill or thrift stores.

Assets:
Taxable Accounts
-   Dividend account (before we got wise on dividend investing) - $250K
o   Generates $10K per year in dividends now that are DRIP’d
-   VTI account - $270K
-   CD - $25K at 4.25% for one year.
-   Cash/ emergency fund - $40K
Total - $585K

Non Taxable
-   401(k) – $550K
-   Roth - $100K
-   HSA - $22K
Total - $672K
Total current assets - $1.25M

Expected assets in 5 years:
Dividend account: Based on DRIP only, 5% dividend increases, and 5% growth rate.
-   $365K or around $14K per year in dividends.  We average 3.8% dividend now.

VTI account: Invest $6600 per month, 1.5% dividend DRIP’d, 5% growth rate.
-   $775K value with $10K in dividends per year.

HSA - $50K

Total - $1.19M with an annual income of about $50K with a 4% SWR.

That does not include touching the 401(k) or Roth until we are around 60.
At age 60:
401(k) - $700k
Roth - $130K



We currently save 70% of our after tax money per month.  I do not max out the 401(k) but do put in enough to get the match and more.  All of our extra money goes to taxable accounts so we can easily use it in 5 years.  Not 100% sure that is the best strategy as we are leaving some tax deductions on the table.
We expect our monthly burn rate to stay relatively the same after FIRE with an increase in health insurance of around $250 per month based on estimates now.  As our kids all move out, our monthly expenses will drop more as well. We will also travel more for our side gig and expect our total yearly expenses to be around $42K but most likely less.  We can cut that back easily to $30K per year without the additional travel in our van.  We plan on selling our house a few years after FIRE and hitting the road full time for a few years.  Then might buy my dads property as he ages out of his house. 

Summary:
FIRE income - $50,000
FIRE expenses - $42,000
Delta $8,000

Thoughts?



« Last Edit: May 17, 2023, 09:24:53 AM by fireready »

MDM

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Re: FIRE path feedback
« Reply #1 on: May 11, 2023, 03:35:04 PM »
fireready, welcome to the forum.

Thoughts?
The prioritization in the Investment Order post is appropriate for most people.  How do you see yourselves relative to that?

Have you tried putting your information into the case study spreadsheet to see if the "Available for taxable investment" number there (cell Calculations!D144) matches your perception? 

Any specific information you are looking for?

fireready

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Re: FIRE path feedback
« Reply #2 on: May 11, 2023, 03:53:51 PM »
fireready, welcome to the forum.

Thoughts?
The prioritization in the Investment Order post is appropriate for most people.  How do you see yourselves relative to that?

Have you tried putting your information into the case study spreadsheet to see if the "Available for taxable investment" number there (cell Calculations!D144) matches your perception? 

Any specific information you are looking for?

I have read that post but I guess I don't really "get" most of it.  We contribute 9% on our 401(k) so we are close to maxing it out.  We are also close on our HSA.  Maybe I see that ease of using taxable accounts to grow my FIRE fund as a lazy way to get to my money whenever I need it but I do pay taxes on the dividends they produce. 

I have not seen that spreadsheet but I will take a look at it.  Definitely seems complicated!

I guess I have been looking at this super simple. 
- Married couple, no taxes on capital gains up to $82K so we pay no tax on our withdrawls
- Our dividends and SWR on VTI is more than our desired expenses.  This is not including 401k or roth that we will tap into at 60 so our income goes up substantially.  We can tap into earlier if really needed.
- ACA should be available for health insurance and we will have $50K in HSA to help pay medical bills.

I guess the feedback would be if I am missing something big or if we are on the right track?
thanks!!

Freedomin5

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Re: FIRE path feedback
« Reply #3 on: May 11, 2023, 04:51:14 PM »
Nice work on the high savings rate and optimizations! I probably would maximize your retirement accounts to maximize tax deductions. Technically, your taxable accounts only need to last you until you can access your retirement accounts without penalty. If you retire in 5 years at age 43, your taxable accounts only need to last you seven years, and it looks like you have more than enough to meet that goal. So your current strategy of not maxing retirement accounts is leaving money on the table.
« Last Edit: May 11, 2023, 04:54:30 PM by Freedomin5 »

MDM

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Re: FIRE path feedback
« Reply #4 on: May 11, 2023, 05:54:26 PM »
I have read that post but I guess I don't really "get" most of it.  We contribute 9% on our 401(k) so we are close to maxing it out.  We are also close on our HSA.  Maybe I see that ease of using taxable accounts to grow my FIRE fund as a lazy way to get to my money whenever I need it but I do pay taxes on the dividends they produce.
If there are parts that don't make sense in general, let us know: things can be edited if the edits will help a broader population.

As Freedomin5 implied, your lifespan after age 59.5 will likely be much longer than prior to that age.  Yes, some consideration may be needed for earlier access to funds, but as long as Roth contributions plus the taxable balance is sufficient to get you to 59.5, you should be all set.  Also, consider How to withdraw funds from your IRA and 401k without penalty before age 59.5

Quote
I have not seen that spreadsheet but I will take a look at it.  Definitely seems complicated!
When in doubt, read the instructions. ;)  Asking questions here is also fair game. :)

Quote
I guess I have been looking at this super simple. 
- Married couple, no taxes on capital gains up to $82K so we pay no tax on our withdrawls
- Our dividends and SWR on VTI is more than our desired expenses.  This is not including 401k or roth that we will tap into at 60 so our income goes up substantially.  We can tap into earlier if really needed.
- ACA should be available for health insurance and we will have $50K in HSA to help pay medical bills.
If your marginal tax rate in retirement will be low, all the more reason to maximize traditional contributions now and do Roth IRA conversions later.  Although, check Roth Conversion and Capital Gains On ACA Health Insurance because that can have an effect.

fireready

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Re: FIRE path feedback
« Reply #5 on: May 12, 2023, 07:26:55 AM »
Thanks for the feedback so far everyone!  I will look over the spreadsheet and try and make sense of it and ask questions.

I never really thought about using the money to get to 60 and then using taxable.  I was stuck in a mindset that I need the money at 52 and then I get a raise at 60.  I'm gonna re-run some numbers with maxing out my 401k and hsa and see what it does to my after tax monthly nugget to invest.

The roth conversion/ACA limits are definitely on my radar for when we FIRE

Glad to have a second set of eyes on this as I have been hyper focused on this for a while.  We have worked very hard to have a 70% savings rate and are proud of what we have accomplished raising 4 kids in an expensive area.  We are the exact opposite of all of our neighbors.  We don't fly to Hawaii every year (or ever), never bought a new car (or even newish), and we cook all of our own food.
Even though a lot of what is talked about on this forum is above my head, I have learned TONS from this team
thanks


Laura33

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Re: FIRE path feedback
« Reply #6 on: May 12, 2023, 10:31:01 AM »
Short answer:  you should be more than good to go in 5 years.  You have low expenses and great savings.  But more important, you have the mindset to be happy spending little and the flexibility to adjust if you need to down the road.

The one thing I would suggest is looking at your money as all in one bucket, rather than focusing on using Bucket A until a particular age and then Bucket B.  One thing none of us can predict is what is going to happen with tax rates.  So having some pre-tax and some post-tax accounts allows you to have the flexibility to adjust where you're drawing your money from in a particular year.  For example, in a year when you're in a lower tax bracket, you may want to withdraw some extra from your 401(k) to convert to a Roth to take advantage of that low tax rate.  And maybe another year you earn money from a side project and need to keep the extra income low, so you take more from your taxable accounts.  Etc.  Luckily, you have plenty of time to read up on withdrawal strategies.  ;-)

ixtap

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Re: FIRE path feedback
« Reply #7 on: May 12, 2023, 10:53:12 AM »
Our income and spending are similar. We max out tax advantaged space because for tax deferred we expect to be in a lower tax bracket in the future and Roth gives us flexibility in the future. We have access to after tax contributions in DH's 401k and are currently deferring 80% of salary between 401k and ESPP. Obviously, this means we are actually reducing our taxable accounts.

We were hemming and hawing about being this aggressive now that we have downshifted and can no longer max out accounts and pay the bills from income, but then we cashed out some equities to make a purchase that we backed out of. Since we already sold the equities, might as well spend the cash and get the tax sheltered savings into place.

Two real eye openers for us:
-the rules around withdrawing Roth contributions and conversions
-the fungibility of money

Understanding both of these helped optimize taxes and relax about withdrawal strategies, in particular choosing to forego any bucket strategies.

fireready

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Re: FIRE path feedback
« Reply #8 on: May 12, 2023, 02:18:18 PM »
Short answer:  you should be more than good to go in 5 years.  You have low expenses and great savings.  But more important, you have the mindset to be happy spending little and the flexibility to adjust if you need to down the road.

The one thing I would suggest is looking at your money as all in one bucket, rather than focusing on using Bucket A until a particular age and then Bucket B.  One thing none of us can predict is what is going to happen with tax rates.  So having some pre-tax and some post-tax accounts allows you to have the flexibility to adjust where you're drawing your money from in a particular year.  For example, in a year when you're in a lower tax bracket, you may want to withdraw some extra from your 401(k) to convert to a Roth to take advantage of that low tax rate.  And maybe another year you earn money from a side project and need to keep the extra income low, so you take more from your taxable accounts.  Etc.  Luckily, you have plenty of time to read up on withdrawal strategies.  ;-)

I am starting to understand that and I appreciate the new perspective. 

Laura33

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Re: FIRE path feedback
« Reply #9 on: May 12, 2023, 03:13:44 PM »
OK, now that I have that silly work stuff done, to follow up.  You seem a bit like me, in that I am intimidated by big fancy spreadsheets; I mean, sure, they can be highly precise, but if I'm not going to take the energy to learn how to get all the inputs right, then how does that help?

If that sounds like you, don't let the perfect be the enemy of the good.  If you want a somewhat simpler approach, here's an idea I picked up here several years ago -- it's a "bucket" method, but the "buckets" are different than what you're looking at. 

First thing you do is to lay out a basic chronology of how you see your income and expenses changing, starting from the day you FIRE through until the day you die.  So maybe if you retire at 52, you estimate you'll need $40K/yr then; at 58, the kids will all be independent so you can drop down to $35K/yr; then at say 62 you take SS, which will provide you $18K/yr; then at 75 you assume your medical expenses go up and you need $40K/yr; etc. -- you just map that out in a very big-picture way. 

Then you group each set of stable years together and calculate out the money you will need to cover your expenses during each of those chunks of years.  So from 52-58, you have $40K x 6 years = you will need around $240K by the age of 52 to get you to age 58;* 58-62 = $35 x 4 years = you need $140K by the time you hit 58 to make it to 62; 62-75 you need $35K/yr but you are now getting $18K SS, so the remaining need is only $17K/yr x 13 years = you need $221K by age 62 to make it to 75; etc. all the way out.

So now you have a list of buckets of money you will need and the date by which you will need them.  Now comes the fun part:  now you start applying your current savings to those buckets, starting from the furthest one out (the "XX until death" one).  But here's the thing:  we all know $1 today is worth a lot more than $1 in 30 years, right?  And your job is to figure out how many of today's dollars you will need to fill each bucket as of the date you need it.  So say that you've assumed you will live to 100, and you assume that from 87-100 you'll need $50K/yr to cover extra medical care.  So 40 years from now, you will need to have $50K x 13 years = $650K.  But that doesn't mean you need $650K now.  You need to present-value that $650K.  And you don't need too much money now to cover $650K 40 years in the future. So I just pulled up The Google and found a present-value calculator, and it is telling me that if I set aside $63K now and get 6% returns, in 40 years I'll have $650K.  So guess what?  That bucket is already filled -- you have plenty of money invested already to cover your last 13 years. 

Do that same exercise for every bucket, and as you go, mentally subtract that chunk of money from your total investments.  So you have $1.25M now; you need say $65K of that for those final 13 years, which leaves you $960K to cover those earlier buckets.  Then you do the next-farthest bucket, pop out that present-value calculator, and subtract that from the remaining assets you have.  If you make it all the way back to 52 without running out of money, then you're already good to FIRE at 52, even without saving another penny, and maybe you can look at FIRE even sooner.  But if you run out of $ before you have all the buckets filled, then you know what that gap is, and you can compare it to the additional amount you plan to save over that period of time to see if you're on track.   

I have found this particularly useful because the 4% rule doesn't count for big variations in income and expenses over time (we will likely still be paying college tuition when we quit, and we're certainly not planning on that continuing forever!).  IME, doing the math this way tells me I need a lot less money than the 4% rule says.


*Note this is not actually true, because of course your investments will continue to grow over those years.  But I am going for "easy" more than "precise."

ixtap

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Re: FIRE path feedback
« Reply #10 on: May 12, 2023, 05:12:53 PM »
OK, now that I have that silly work stuff done, to follow up.  You seem a bit like me, in that I am intimidated by big fancy spreadsheets; I mean, sure, they can be highly precise, but if I'm not going to take the energy to learn how to get all the inputs right, then how does that help?

If that sounds like you, don't let the perfect be the enemy of the good.  If you want a somewhat simpler approach, here's an idea I picked up here several years ago -- it's a "bucket" method, but the "buckets" are different than what you're looking at. 

First thing you do is to lay out a basic chronology of how you see your income and expenses changing, starting from the day you FIRE through until the day you die.  So maybe if you retire at 52, you estimate you'll need $40K/yr then; at 58, the kids will all be independent so you can drop down to $35K/yr; then at say 62 you take SS, which will provide you $18K/yr; then at 75 you assume your medical expenses go up and you need $40K/yr; etc. -- you just map that out in a very big-picture way. 

Then you group each set of stable years together and calculate out the money you will need to cover your expenses during each of those chunks of years.  So from 52-58, you have $40K x 6 years = you will need around $240K by the age of 52 to get you to age 58;* 58-62 = $35 x 4 years = you need $140K by the time you hit 58 to make it to 62; 62-75 you need $35K/yr but you are now getting $18K SS, so the remaining need is only $17K/yr x 13 years = you need $221K by age 62 to make it to 75; etc. all the way out.

So now you have a list of buckets of money you will need and the date by which you will need them.  Now comes the fun part:  now you start applying your current savings to those buckets, starting from the furthest one out (the "XX until death" one).  But here's the thing:  we all know $1 today is worth a lot more than $1 in 30 years, right?  And your job is to figure out how many of today's dollars you will need to fill each bucket as of the date you need it.  So say that you've assumed you will live to 100, and you assume that from 87-100 you'll need $50K/yr to cover extra medical care.  So 40 years from now, you will need to have $50K x 13 years = $650K.  But that doesn't mean you need $650K now.  You need to present-value that $650K.  And you don't need too much money now to cover $650K 40 years in the future. So I just pulled up The Google and found a present-value calculator, and it is telling me that if I set aside $63K now and get 6% returns, in 40 years I'll have $650K.  So guess what?  That bucket is already filled -- you have plenty of money invested already to cover your last 13 years. 

Do that same exercise for every bucket, and as you go, mentally subtract that chunk of money from your total investments.  So you have $1.25M now; you need say $65K of that for those final 13 years, which leaves you $960K to cover those earlier buckets.  Then you do the next-farthest bucket, pop out that present-value calculator, and subtract that from the remaining assets you have.  If you make it all the way back to 52 without running out of money, then you're already good to FIRE at 52, even without saving another penny, and maybe you can look at FIRE even sooner.  But if you run out of $ before you have all the buckets filled, then you know what that gap is, and you can compare it to the additional amount you plan to save over that period of time to see if you're on track.   

I have found this particularly useful because the 4% rule doesn't count for big variations in income and expenses over time (we will likely still be paying college tuition when we quit, and we're certainly not planning on that continuing forever!).  IME, doing the math this way tells me I need a lot less money than the 4% rule says.


*Note this is not actually true, because of course your investments will continue to grow over those years.  But I am going for "easy" more than "precise."

Because predicting the future is easy....

fireready

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Re: FIRE path feedback
« Reply #11 on: May 15, 2023, 03:53:36 PM »
OK, now that I have that silly work stuff done, to follow up.  You seem a bit like me, in that I am intimidated by big fancy spreadsheets; I mean, sure, they can be highly precise, but if I'm not going to take the energy to learn how to get all the inputs right, then how does that help?

If that sounds like you, don't let the perfect be the enemy of the good.  If you want a somewhat simpler approach, here's an idea I picked up here several years ago -- it's a "bucket" method, but the "buckets" are different than what you're looking at. 

First thing you do is to lay out a basic chronology of how you see your income and expenses changing, starting from the day you FIRE through until the day you die.  So maybe if you retire at 52, you estimate you'll need $40K/yr then; at 58, the kids will all be independent so you can drop down to $35K/yr; then at say 62 you take SS, which will provide you $18K/yr; then at 75 you assume your medical expenses go up and you need $40K/yr; etc. -- you just map that out in a very big-picture way. 

Then you group each set of stable years together and calculate out the money you will need to cover your expenses during each of those chunks of years.  So from 52-58, you have $40K x 6 years = you will need around $240K by the age of 52 to get you to age 58;* 58-62 = $35 x 4 years = you need $140K by the time you hit 58 to make it to 62; 62-75 you need $35K/yr but you are now getting $18K SS, so the remaining need is only $17K/yr x 13 years = you need $221K by age 62 to make it to 75; etc. all the way out.

So now you have a list of buckets of money you will need and the date by which you will need them.  Now comes the fun part:  now you start applying your current savings to those buckets, starting from the furthest one out (the "XX until death" one).  But here's the thing:  we all know $1 today is worth a lot more than $1 in 30 years, right?  And your job is to figure out how many of today's dollars you will need to fill each bucket as of the date you need it.  So say that you've assumed you will live to 100, and you assume that from 87-100 you'll need $50K/yr to cover extra medical care.  So 40 years from now, you will need to have $50K x 13 years = $650K.  But that doesn't mean you need $650K now.  You need to present-value that $650K.  And you don't need too much money now to cover $650K 40 years in the future. So I just pulled up The Google and found a present-value calculator, and it is telling me that if I set aside $63K now and get 6% returns, in 40 years I'll have $650K.  So guess what?  That bucket is already filled -- you have plenty of money invested already to cover your last 13 years. 

Do that same exercise for every bucket, and as you go, mentally subtract that chunk of money from your total investments.  So you have $1.25M now; you need say $65K of that for those final 13 years, which leaves you $960K to cover those earlier buckets.  Then you do the next-farthest bucket, pop out that present-value calculator, and subtract that from the remaining assets you have.  If you make it all the way back to 52 without running out of money, then you're already good to FIRE at 52, even without saving another penny, and maybe you can look at FIRE even sooner.  But if you run out of $ before you have all the buckets filled, then you know what that gap is, and you can compare it to the additional amount you plan to save over that period of time to see if you're on track.   

I have found this particularly useful because the 4% rule doesn't count for big variations in income and expenses over time (we will likely still be paying college tuition when we quit, and we're certainly not planning on that continuing forever!).  IME, doing the math this way tells me I need a lot less money than the 4% rule says.


*Note this is not actually true, because of course your investments will continue to grow over those years.  But I am going for "easy" more than "precise."
Sorry for the delay, we had amazingly warm weather here in western Oregon and we were out enjoying it!  Also had a very Mustachian Mothers Day with home made cards, flowers picked from our garden and family time at home.  A zero dollar celebration! 
Appreciate the feedback and the "bucket" idea is one that I have been doing in my own way so far.  I didn't go at it like you but I did try and factor in our expected expenses after FIRE and what money we would have from 52-60.  Then when my 401k and Roth kick in, what my bucket of money would be then.  I do not know what my expenses will be as we age but the biggest unknown is health care.  We are both currently healthy, strong BMI, and have no real underlying health conditions.  We stay pretty active as well.
We also factor social security at 65 so we would have another "raise" then (if it is still available :) )

ixtap, we are not trying to predict the future of course but to use past indicators to figure out what might happen in the future.  I don't know of a better way to do it?

Love all the support and feedback from this forum!  We are going to continue to refine our plan and are more excited than ever to keep at it!

fireready

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Re: FIRE path feedback
« Reply #12 on: September 18, 2023, 02:58:57 PM »
Update:
We are doing what we can to accelerate our FIRE due to a number of reasons but on being one of my long time close friends just passed a few months ago suddenly.  Genetic heart issue he didn't know about.  If that doesn't fuel the fire to use my time how I want, nothing will.  He was just a bit older than me at 54.  I am 48.

Goal now is to FIRE when I am 50 so around March of 2026.  To do that we will be adjusting our SWR to something that is not as safe but appears to be totally manageable. 
Targets by March 2026:
Dividend Account - $300K value putting out $11,400 per year at 3.8%
VTI Account - $550K value putting out $7500 in dividends
We will pull out as much as $35K per year from VTI if needed to give us a total of around $53K of income which is 50% more than we spend now.  Based on a return rate of 5%, after 10 years we should still have over $400K in that account.  Even at a 2% return rate, we would have over $200K left. I have even ran the numbers with a 20% drop in the market just after we retire, and even with not adjusting our withdrawals, we should be fine.

What clicked for me was a comment here about buckets and only needing to last so long. Not trying to die with the most amount of money. We need to provide income from 50-60 without our tax deferred accounts which we should have covered.  Then at 60, we take our 401(k) which should be valued around $1M at that time along with our Roth at $165K. 
We then stop using our VTI money and let it grow for emergency's or old age or whatever.  We still collect from the ever increasing dividend account, 401(k), and Roth.  That should put us over $75K per year easy at 60 (if we want/need it).  Then we can take SS at 62 and add in another $20K per year.

We are getting excited.  Recently talked with another couple our age that are on almost the exact same timeframe as us.  They have no kids so less planning but fun to share ideas.
I can't thank this group enough for helping me cement ideas, look for new ways of thinking, helping me understand tax strategies, and being a place to reassure myself every week that we are on the right path.  We are not there yet but can feel the pull of FIRE.
 


fireready

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Re: FIRE path feedback
« Reply #13 on: February 07, 2024, 05:00:07 PM »
Update:
Nothing really new just investing money different in 2024.

For starters, current values as of close today:
VTI account value: $400K
Dividend account value: $255K
Cash/CD value: $55K
Roth Value: $110K
401k value: $700K
HSA value: $30K

Total today- $1.5M

We are now investing 100% of our monthly investment money into cash yeilding 4.8% into CD ladders expering over the next 12 months.  I would like to have addtional cash on had when we start FIRE for expenses that are not forseen or for just fun money.  That way we can manage our yearly income for ACA and tax purposes and use the cash to fill in where needed.  I wouldn't be doing this if the interest rates were lower.  Then in 2025, we will go back to investing 100% into VTI.
We would like to have around $150K in cash/cd's by year end.

But we do not plan on keeping this kind of cash on hand if interest rates go back down.  We will invest it at that point (at least some of it)  Or spend it :)

« Last Edit: February 07, 2024, 05:04:53 PM by fireready »

Freedomin5

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  • Posts: 6533
    • FIRE Countdown
Re: FIRE path feedback
« Reply #14 on: February 08, 2024, 03:33:22 PM »
That makes sense. And it also helps to mitigate SORR especially if you’re FIRE-ing in 2 years.

Have you started looking through the pre-FIRE checklist?

https://forum.mrmoneymustache.com/post-fire/pre-fire-checklist/

fireready

  • 5 O'Clock Shadow
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  • Posts: 35
Re: FIRE path feedback
« Reply #15 on: February 08, 2024, 04:40:39 PM »
That makes sense. And it also helps to mitigate SORR especially if you’re FIRE-ing in 2 years.

Have you started looking through the pre-FIRE checklist?

https://forum.mrmoneymustache.com/post-fire/pre-fire-checklist/

I look at my checklist everyday....Re-run scenarios for market situations, what if's, ACA subsidies, what am I going to do on Monday morning, etc.  I am obsessed with this date.

I laid in bed this morning before getting up for work at 5am thinking of how I would tell my boss and long time friends/coworkers I am leaving.  It was sad and fun at the same time.