First of all, how do you define FIRE?
For me, FIRE is:
- set with my kids (no more additions and youngest past 10 years old)
- set with my house (no debt)
- set on savings to pay for expenses until ss/401K kicks in
To me that will be mid-2026, or in my early 50s.
So yes, I am going to start my sex, I mean, six year countdown starting next month.
So the calculation of cumulative non-retirement savings is:
2020 Year End Target: $185K (age 48)
2021 Year End Target: $230K (age 49)
2022 Year End Target: $285K (age 50)
2023 Year End Target: $350K (age 51)
2024 Year End Target: $420K (age 52)
2025 Year End Target: $500K (age 53, youngest child is 10 years old, house is fully paid)
Plan A. USA
To me, the target of about $525K by mid-2026 at age 53 (still) is good enough for me to FIRE. From that amount, I could live off at $35K for 14 years until age 67 when SS/401K kicks in.
Plan B. Asia
As an alternative, I can relocate in Asia mid-2026 with my youngest kid. I would need to work for 5 years there for a simple job that pays for part of my expenses. The other part is taking out $10K per year for 5 years. At night, I would do stock trading since it is daytime here in US. No conflict with work schedule there.
2026 Year End Target: $555K (age 54)
2027 Year End Target: $620K (age 55)
2028 Year End Target: $700K (age 56)
2029 Year End Target: $785K (age 57)
2030 Year End Target: $880K (age 58)
From 2031 onwards, I can retire and increase my COL budget to $30K per year with savings still growing each year.
2031 Year End Target: $970K (age 59)
2032 Year End Target: $1,070K (millionaire at age 60)
2033 Year End Target: $1,190K (from here on in retirement baby! just enjoying life and spending on stuff)
2034 Year End Target: $1,300K
2035 Year End Target: $1,400K