Author Topic: 2021 FIRE Cohort  (Read 353970 times)

FireLane

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Re: 2021 FIRE Cohort
« Reply #1400 on: September 12, 2021, 07:24:23 AM »
Congrats to all the newly FIREd! It's going to be great!

XGE

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Re: 2021 FIRE Cohort
« Reply #1401 on: September 12, 2021, 10:53:37 AM »
Thanks, @Dreamer40 and @Ladychips.

I'm looking forward to being done with the government bureaucracy.  I tell people that they don't call it Civil _Service_ for nothing.  Many people feel that government workers are lazy, and while there are some that are (just as in society at large), I've been fortunate to work with a team of really good people that have put in a lot of extra hours over the years to get the mission done.  They have to fight every day against the bureaucracy and "leadership" that work against them.  After a while, you just get worn down.  I'll miss the people, but I won't miss the job.

dougules

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Re: 2021 FIRE Cohort
« Reply #1402 on: September 14, 2021, 06:21:14 PM »
I have an official date now, 25 October.  I'll be 43 for @ScreamingHeadGuy 's stats.  I'm planning on putting in notice in the next few days. 

monarda

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Re: 2021 FIRE Cohort
« Reply #1403 on: September 14, 2021, 07:47:34 PM »
Not going to retire this year, but discussed today with the boss a move to working part-time, to 60% (3 days a week). Still gets full benefits! Probably going to switch over to that soon. Maybe next month, even?

Arbitrage

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Re: 2021 FIRE Cohort
« Reply #1404 on: September 15, 2021, 10:36:26 AM »
Had a conversation with my boss the other day about where my career was going to go next (I went coast-FIRE/part-time and fully remote, out of state, a few months ago).  I wasn't sure exactly how to answer him, since I still feel like I should keep my options open if possible, so I made various noncommittal statements about how I still want to work there, blah blah blah. 

Truthfully, my current job will be ending in 1-2 years due to program changes outside of my company's control, and a follow-on arrangement will be challenging.  My thought was that a 1-2 year coast-FIRE arrangement should give us more than enough financial security to go full FI, but that's easy to say now with the (much smaller) paychecks still rolling in, with no health insurance headaches. 

Those smaller paychecks still cover all of our living expenses, even though we've been spending up a storm, by our standards, in order to get us settled in our new lifestyle up here.  I'll definitely need to make sure that all of these "one-time" expenses are indeed one-time, or at least very infrequent (things like kayaks, mountain bikes, ski gear, cold-weather gear to survive the winters, a bit of furniture for the new house...the list has seemed endless but I think it's finally slowing down).  It's felt very non-mustachian; however, one of the big reasons we moved was to partake in all of these fabulous outdoor activities.  At least I've mostly been buying used, where practical.

Ideally, we work this part-time schedule for another year, 18 months, and the job naturally goes the way of the dodo bird.  My company then allows me to stay on a casual basis, just grabbing work here and there when I feel the hankering to scratch an itch, earning a few bucks, and our stash grows to a more comfortable 3% SWR or better level in the meantime.    I'd definitely feel more comfortable there, given the unknowns of some potentially huge dental bills for my son and eventual college expenses.

However, I'm not quite ready to tell the boss that I want to quit part-time status just yet.  Thus, I will continue to string them along for a bit...

dougules

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Re: 2021 FIRE Cohort
« Reply #1405 on: September 15, 2021, 02:18:59 PM »
So apparently it's a big deal to quit on a Monday.  So my date is now 15 October.  Even better.  Two less Mondays involving an alarm to wake up to. 

Nutty

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Re: 2021 FIRE Cohort
« Reply #1406 on: September 15, 2021, 02:26:22 PM »
So apparently it's a big deal to quit on a Monday.  So my date is now 15 October.  Even better.  Two less Mondays involving an alarm to wake up to.
Why is it a big deal?  You have interested me here.  You get paid for one day for the week? 

Congratulations getting to freedom 2 Mondays earlier.

dougules

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Re: 2021 FIRE Cohort
« Reply #1407 on: September 15, 2021, 02:44:21 PM »
So apparently it's a big deal to quit on a Monday.  So my date is now 15 October.  Even better.  Two less Mondays involving an alarm to wake up to.
Why is it a big deal?  You have interested me here.  You get paid for one day for the week? 

Congratulations getting to freedom 2 Mondays earlier.

Apparently it makes the paperwork harder for the HR folks to have me on for just one day of a pay period.  On some level I wish I'd asked more questions, but the honest truth is I'm beyond caring.  If you want me to quit on a Friday, whatever.

Dicey

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Re: 2021 FIRE Cohort
« Reply #1408 on: September 18, 2021, 01:27:05 PM »
So apparently it's a big deal to quit on a Monday.  So my date is now 15 October.  Even better.  Two less Mondays involving an alarm to wake up to.
Why is it a big deal?  You have interested me here.  You get paid for one day for the week? 

Congratulations getting to freedom 2 Mondays earlier.
Apparently it makes the paperwork harder for the HR folks to have me on for just one day of a pay period.  On some level I wish I'd asked more questions, but the honest truth is I'm beyond caring.  If you want me to quit on a Friday, whatever.
Hooray! You can afford to be gracious to the poor slobs who aren't getting to retire. You'll be fine.

Edited to fix wonky quotes.
« Last Edit: September 21, 2021, 02:36:06 PM by Dicey »

asauer

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Re: 2021 FIRE Cohort
« Reply #1409 on: September 21, 2021, 11:05:29 AM »
Woohoo!  I gave my notice today!  It was anti-climactic because I had been trying to get ahold of my boss (CPO) for a week and she kept blowing me off.  The CEO is out of the country and the VP of HR (my peer) was out on PTO until today.  So I was actually having trouble finding someone to quit to 🤣.  Finally got ahold of the VP of HR this morning. I can finally tell my team, wrap things up and start decompressing!  Last day is 10/6!

dougules

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Re: 2021 FIRE Cohort
« Reply #1410 on: September 21, 2021, 02:06:51 PM »
Woohoo!  I gave my notice today!  It was anti-climactic because I had been trying to get ahold of my boss (CPO) for a week and she kept blowing me off.  The CEO is out of the country and the VP of HR (my peer) was out on PTO until today.  So I was actually having trouble finding someone to quit to 🤣.  Finally got ahold of the VP of HR this morning. I can finally tell my team, wrap things up and start decompressing!  Last day is 10/6!

I suppose you wouldn't have been able to quit if you hadn't been able to get ahold of anybody.  Crisis averted.  Congrats!

Malee55

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Re: 2021 FIRE Cohort
« Reply #1411 on: September 21, 2021, 03:24:26 PM »
Woohoo!  I gave my notice today!  It was anti-climactic because I had been trying to get ahold of my boss (CPO) for a week and she kept blowing me off.  The CEO is out of the country and the VP of HR (my peer) was out on PTO until today.  So I was actually having trouble finding someone to quit to 🤣.  Finally got ahold of the VP of HR this morning. I can finally tell my team, wrap things up and start decompressing!  Last day is 10/6!

Ihad not realized resigning from a job was so difficult. Congratulations!

2Birds1Stone

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Re: 2021 FIRE Cohort
« Reply #1412 on: September 21, 2021, 03:25:42 PM »
Funny situation this reminded me of from a couple of years back. I had to travel suddenly due to a family health scare on another continent. When I tried to submit paperwork for the leave there was no response.....turns out my boss got shitcanned while I was gone and no one ever processed anything, 6 weeks later I returned to work without anyone realizing that I had left in the first place.

Might FIRE in a similar fashion.

asauer

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Re: 2021 FIRE Cohort
« Reply #1413 on: September 21, 2021, 03:58:22 PM »
Funny situation this reminded me of from a couple of years back. I had to travel suddenly due to a family health scare on another continent. When I tried to submit paperwork for the leave there was no response.....turns out my boss got shitcanned while I was gone and no one ever processed anything, 6 weeks later I returned to work without anyone realizing that I had left in the first place.

Might FIRE in a similar fashion.

Damn!  I might have just taken some extra time…Haha.

asauer

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Re: 2021 FIRE Cohort
« Reply #1414 on: September 21, 2021, 04:00:14 PM »
Woohoo!  I gave my notice today!  It was anti-climactic because I had been trying to get ahold of my boss (CPO) for a week and she kept blowing me off.  The CEO is out of the country and the VP of HR (my peer) was out on PTO until today.  So I was actually having trouble finding someone to quit to 🤣.  Finally got ahold of the VP of HR this morning. I can finally tell my team, wrap things up and start decompressing!  Last day is 10/6!

Ihad not realized resigning from a job was so difficult. Congratulations!
Right?!  This is their m.o.  though.  I think my boss has shown up for maybe 25% of our scheduled meetings so I’m not shocked.

dblaace

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Re: 2021 FIRE Cohort
« Reply #1415 on: September 22, 2021, 07:03:10 AM »
63 Days till I stop working plus ~ 30 days vacation.

Starting to get nervous about health care. :(

I have 6 appointments this left this year to make sure there are no major problems and I'm good for the next few years at least.

I'm generally healthy but some chronic diseases if you know what I mean.

boarder42

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Re: 2021 FIRE Cohort
« Reply #1416 on: September 22, 2021, 11:26:45 AM »
i'm officially in the 2022 thread that i figured i'd end up in just b/c i have to be there jan 2 to get a full extra year of returns on the company stock.

dougules

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Re: 2021 FIRE Cohort
« Reply #1417 on: September 22, 2021, 11:28:53 AM »
i'm officially in the 2022 thread that i figured i'd end up in just b/c i have to be there jan 2 to get a full extra year of returns on the company stock.

You're dead to us. 

sisto

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Re: 2021 FIRE Cohort
« Reply #1418 on: September 22, 2021, 02:40:13 PM »
Hilarious @dougules

Dicey

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Re: 2021 FIRE Cohort
« Reply #1419 on: September 22, 2021, 02:53:27 PM »
i'm officially in the 2022 thread that i figured i'd end up in just b/c i have to be there jan 2 to get a full extra year of returns on the company stock.

You're dead to us.
HaHaHa, DH is pondering something similar, only on a much smaller scale. He figures if he collects just one paycheck in 2022, we can qualify for one more year of Roth contributions. Dude, $14k isn't going to move the needle, but the lure of tax-free dollars is strong.

You do you, b42; you'll never be dead to me.
« Last Edit: September 24, 2021, 07:12:20 AM by Dicey »

Prairie Gal

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Re: 2021 FIRE Cohort
« Reply #1420 on: September 23, 2021, 06:26:24 AM »
I gave my notice on Tuesday. I was hoping to make it to the end of the year and give notice early January 2022, but I just don't have it in me. I don't have a precise end date yet as I said I would work for two to four more weeks to make the transition smoother.

I will probably look for a couple of small bookkeeping jobs to do from home, but they would need to be super flexible so that I am free to travel or whatever.

asauer

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Re: 2021 FIRE Cohort
« Reply #1421 on: September 23, 2021, 06:52:44 AM »
I gave my notice on Tuesday. I was hoping to make it to the end of the year and give notice early January 2022, but I just don't have it in me. I don't have a precise end date yet as I said I would work for two to four more weeks to make the transition smoother.

I will probably look for a couple of small bookkeeping jobs to do from home, but they would need to be super flexible so that I am free to travel or whatever.

Congratulations!

Malee55

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Re: 2021 FIRE Cohort
« Reply #1422 on: September 23, 2021, 03:30:11 PM »
I have technically moved to the 2022 class. I am currently on leave until the end of October. My boss had just approved an extension of my leave until the end of December. So I will resign my permanent job at start of January. Without having worked since mid July to try to use up my accumulated paid leave. Can't say that I am missing work.

billy

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Re: 2021 FIRE Cohort
« Reply #1423 on: September 24, 2021, 05:08:49 AM »
I also just put in a request to use my paid leave. The tension I was feeling just turned into excitement :)
https://www.timeanddate.com/countdown/launch?iso=20211008T1430&p0=%3A&msg=fire&font=hand

asauer

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Re: 2021 FIRE Cohort
« Reply #1424 on: September 28, 2021, 07:56:41 AM »
Only 1 week of notice to go and it feels like forever.  My narc boss has decided to try and make my life hell as punishment for leaving.  It's not working as well as she would like but it much harder than I would like.

Nutty

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Re: 2021 FIRE Cohort
« Reply #1425 on: September 28, 2021, 09:05:02 AM »
Only 1 week of notice to go and it feels like forever.  My narc boss has decided to try and make my life hell as punishment for leaving.  It's not working as well as she would like but it much harder than I would like.
How could they make it harder?  What would they do, fire you?  Make it too hard and I would leave immediately.

Thank you, may I have another with a severance package?

jeroly

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Re: 2021 FIRE Cohort
« Reply #1426 on: September 28, 2021, 12:01:12 PM »
i'm officially in the 2022 thread that i figured i'd end up in just b/c i have to be there jan 2 to get a full extra year of returns on the company stock.

You're dead to us.
HaHaHa, DH is pondering something similar, only on a much smaller scale. He figures if he collects just one paycheck in 2022, we can qualify for one more year of Roth contributions. Dude, $14k isn't going to move the needle, but the lure of tax-free dollars is strong.

You do you, b42; you'll never be dead to me.
He will need earned income equal to or greater than the Roth contribution, of course, so fingers crossed that that 'one paycheck in 2022' is more than his Roth limit!

Dicey

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Re: 2021 FIRE Cohort
« Reply #1427 on: September 28, 2021, 02:21:24 PM »
i'm officially in the 2022 thread that i figured i'd end up in just b/c i have to be there jan 2 to get a full extra year of returns on the company stock.

You're dead to us.
HaHaHa, DH is pondering something similar, only on a much smaller scale. He figures if he collects just one paycheck in 2022, we can qualify for one more year of Roth contributions. Dude, $14k isn't going to move the needle, but the lure of tax-free dollars is strong.

You do you, b42; you'll never be dead to me.
He will need earned income equal to or greater than the Roth contribution, of course, so fingers crossed that that 'one paycheck in 2022' is more than his Roth limit!
That's kind of my point. To allow us both to max out, it would probably take more than one check and that becomes a very slippery slope! Noooooooooo!

nazar

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Re: 2021 FIRE Cohort
« Reply #1428 on: September 28, 2021, 05:44:58 PM »
I'll be going into overtime, with my October 1 date pushing out to October 15.  I had some projects take a delay and need just a bit more time to land the plane and make a graceful exit. 

Sent from my SM-G991U using Tapatalk


ospreyjp

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Re: 2021 FIRE Cohort
« Reply #1429 on: September 28, 2021, 07:19:46 PM »
Yes! The day finally came and I retired from Fed job on the 27th of September.  My send-off was very nice with thoughtful gifts and kind words.  I am now looking forward to enjoying the beautiful mountains of North Carolina and spending unencumbered time with my family and friends.
All the best, y'all!
« Last Edit: October 01, 2021, 08:07:19 AM by ospreyjp »

asauer

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Re: 2021 FIRE Cohort
« Reply #1430 on: September 29, 2021, 05:43:56 AM »
Yes! The day finally came and I retired from Fed job on the 27th of September.  My send-off was very nice with thoughtful gifts and kind words.  I am now looking forward to enjoying the beautiful mountains of North Carolina and spending unencumbered time with my family and friends.
All the best, ya'll!

Congratulations! I live in NC and we love going to the mountains.  Our favorite area is the Brevard/Cashiers area.  Enjoy!

asauer

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Re: 2021 FIRE Cohort
« Reply #1431 on: September 29, 2021, 05:47:14 AM »
Only 1 week of notice to go and it feels like forever.  My narc boss has decided to try and make my life hell as punishment for leaving.  It's not working as well as she would like but it much harder than I would like.
How could they make it harder?  What would they do, fire you?  Make it too hard and I would leave immediately.

Thank you, may I have another with a severance package?
I won't get my big PTO/ bonus payout if I leave immediately and I want both of those things.  My boss is just guilt tripping, blocking my transfer of projects to people, constantly interrupting work on slack but not showing up to meetings, bad mouthing me to my internal stakeholders etc.  It's just very annoying but it's only 6 more work days.

dblaace

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Re: 2021 FIRE Cohort
« Reply #1432 on: September 29, 2021, 06:24:53 AM »
Only 1 week of notice to go and it feels like forever.  My narc boss has decided to try and make my life hell as punishment for leaving.  It's not working as well as she would like but it much harder than I would like.
How could they make it harder?  What would they do, fire you?  Make it too hard and I would leave immediately.

Thank you, may I have another with a severance package?
I won't get my big PTO/ bonus payout if I leave immediately and I want both of those things.  My boss is just guilt tripping, blocking my transfer of projects to people, constantly interrupting work on slack but not showing up to meetings, bad mouthing me to my internal stakeholders etc.  It's just very annoying but it's only 6 more work days.
Maybe you were exposed to covid and need to self quarantine for 6 days! :)

Jack0Life

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Re: 2021 FIRE Cohort
« Reply #1433 on: September 30, 2021, 11:12:39 PM »
My wife left her job finally on Sept 3 before she turned 38.
It's almost been a month and she do not know why the time fly so fast.
I'm pretty much CoastFI. Down to ~25 hrs a week.
We have things planned out for the next year.
There's a Colorado trip this month. We have our big Tahiti trip end of Nov. Then it's winter season and we bought the Epic pass. We are planning to hit a whole lot of Ski resorts with the pass. This will bring us to end of April. Then we would like to go to Japan or Europe again.
By that time, if we want to continue we will get a camper van and drive around the US.
I'm 49 and our NW is around $1.3 million. I plan to make around $50k per year and with the our IRA contributions, it will bring our AGI to $37k which we will use ACA for insurance.

I just learn something new today in that we wanted to sell our rental but the capital gain will hit our AGI which negate our chance for ACA. Even though the long term capital gain won't hit us tax wise, it will go against the ACA. Gonna have to keep renting the house.
Negating our rental incomes with expenses and depreciation net us very little net income.

Need2Save

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Re: 2021 FIRE Cohort
« Reply #1434 on: October 04, 2021, 06:28:54 AM »
Congratulations to the recent graduates. Welcome to the FIRE club!

I really enjoy reading about other people's transitions so I figured others do as well. Here is an update on ours:

It's been just about three months in for me (Five months in for Mr.N2S) and we've settled into what I would describe as a nice leisurely routine.  Most days one of us wakes up to deal with our doggie and the other sleeps in (a little) and then we sit around and enjoy our coffee, read the paper, take doggie for walk, etc. Then it's time for the days exercise whether it be hiking, biking, running, walking or whatever we have planned.  Occasionally we'll hit a nearby lake and kayak there.  Both of us have loss significant amount of needed weight since leaving work and exercising every day (also eating much better and cutting down carbs significantly). Then by the time we clean up and shower, etc. it's time to make lunch. The afternoons usually involve some time working on/learning about our new hobbies or interests, then we make dinner, walk the dog again, etc. In between we usually spend about a half hour a day on typical house/yard/garden upkeep type chores, and of course some time browsing the internet (planning upcoming trips perhaps) or taking a course online just for the heck of it. We have had the time to visit nearby family, help and support our two sons who are finishing up college soon, and generally be unstressed about time crunches or weighing work demands. We haven't done too much traveling yet together, but we have plans over the next six months with a few multi-week trips which we are very much looking forward to. We've each had a few small trips with other people/friends/family. We've tackled a few small house projects like repainting rooms and fixing a few minor things as well.

Overall, very productive so far and also unproductive as well, if that makes sense.  I recently caught up with a dear friend from work that I have known for over ten years. He is experiencing very difficult health issues right now with multiple uncertain diagnosis and a serious immunocompromised situation. He's nearly died a couple times. It's just a huge reminder to enjoy every single day and be there for your dearest family and friends, because tomorrow is not promised.

friedmmj

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Re: 2021 FIRE Cohort
« Reply #1435 on: October 04, 2021, 06:41:59 AM »
My wife left her job finally on Sept 3 before she turned 38.
It's almost been a month and she do not know why the time fly so fast.
I'm pretty much CoastFI. Down to ~25 hrs a week.
We have things planned out for the next year.
There's a Colorado trip this month. We have our big Tahiti trip end of Nov. Then it's winter season and we bought the Epic pass. We are planning to hit a whole lot of Ski resorts with the pass. This will bring us to end of April. Then we would like to go to Japan or Europe again.
By that time, if we want to continue we will get a camper van and drive around the US.
I'm 49 and our NW is around $1.3 million. I plan to make around $50k per year and with the our IRA contributions, it will bring our AGI to $37k which we will use ACA for insurance.

I just learn something new today in that we wanted to sell our rental but the capital gain will hit our AGI which negate our chance for ACA. Even though the long term capital gain won't hit us tax wise, it will go against the ACA. Gonna have to keep renting the house.
Negating our rental incomes with expenses and depreciation net us very little net income.

Very cool!  I also bought the Epic Pass this year for the first time although I'm not pulling the plug until end Feb.  Which mountains are you planning to go to?

magus

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Re: 2021 FIRE Cohort
« Reply #1436 on: October 04, 2021, 06:47:38 AM »
My wife left her job finally on Sept 3 before she turned 38.
It's almost been a month and she do not know why the time fly so fast.
I'm pretty much CoastFI. Down to ~25 hrs a week.
We have things planned out for the next year.
There's a Colorado trip this month. We have our big Tahiti trip end of Nov. Then it's winter season and we bought the Epic pass. We are planning to hit a whole lot of Ski resorts with the pass. This will bring us to end of April. Then we would like to go to Japan or Europe again.
By that time, if we want to continue we will get a camper van and drive around the US.
I'm 49 and our NW is around $1.3 million. I plan to make around $50k per year and with the our IRA contributions, it will bring our AGI to $37k which we will use ACA for insurance.

I just learn something new today in that we wanted to sell our rental but the capital gain will hit our AGI which negate our chance for ACA. Even though the long term capital gain won't hit us tax wise, it will go against the ACA. Gonna have to keep renting the house.
Negating our rental incomes with expenses and depreciation net us very little net income.

Sounds like some fun trips! One thing to keep in mind if you've never sold a rental before - the LT Capital gains tax may not be much in taxes but the *depreciation recapture* can cause a huge tax bill if you've owned the property for a while ($200k over 27.5 years is $72k in depreciation recapture income after 10 years). You can 1031 your property into another RE investment if you want, though, to defer the taxes altogether.

billy

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Re: 2021 FIRE Cohort
« Reply #1437 on: October 04, 2021, 06:49:40 AM »
My wife left her job finally on Sept 3 before she turned 38.
It's almost been a month and she do not know why the time fly so fast.
I'm pretty much CoastFI. Down to ~25 hrs a week.
We have things planned out for the next year.
There's a Colorado trip this month. We have our big Tahiti trip end of Nov. Then it's winter season and we bought the Epic pass. We are planning to hit a whole lot of Ski resorts with the pass. This will bring us to end of April. Then we would like to go to Japan or Europe again.
By that time, if we want to continue we will get a camper van and drive around the US.
I'm 49 and our NW is around $1.3 million. I plan to make around $50k per year and with the our IRA contributions, it will bring our AGI to $37k which we will use ACA for insurance.

I just learn something new today in that we wanted to sell our rental but the capital gain will hit our AGI which negate our chance for ACA. Even though the long term capital gain won't hit us tax wise, it will go against the ACA. Gonna have to keep renting the house.
Negating our rental incomes with expenses and depreciation net us very little net income.

Good to know with sale of home effecting AGI for ACA, even though a good portion of capital gain is not taxed by the feds. I'm looking if my wife and I want to move in the future, but want to find something no income tax and with expanded medicaid to make it worth wild. So if I sell my house in the spring, move to another state, my capital our capital gain of say 150k will make me ineligible for ACA looks like.

asauer

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Re: 2021 FIRE Cohort
« Reply #1438 on: October 06, 2021, 11:41:04 AM »
Well, I'm officially done!  Last day was today, 10/6 for @ScreamingHeadGuy 's tally.  I just deleted my work apps from my phone and realized a few things:
1. This is the 1st time in 12 years that I won't have anything work related on my phone
2. First time since I was 14 that I won't be doing paid work
3. First time since I was 18 that I'm not working at least 40 hours/ week

It's exciting and scary!

dblaace

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Re: 2021 FIRE Cohort
« Reply #1439 on: October 06, 2021, 11:45:59 AM »
Well, I'm officially done!  Last day was today, 10/6 for @ScreamingHeadGuy 's tally.  I just deleted my work apps from my phone and realized a few things:
1. This is the 1st time in 12 years that I won't have anything work related on my phone
2. First time since I was 14 that I won't be doing paid work
3. First time since I was 18 that I'm not working at least 40 hours/ week

It's exciting and scary!
Congrats!

Jack0Life

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Re: 2021 FIRE Cohort
« Reply #1440 on: October 06, 2021, 01:28:23 PM »
My wife left her job finally on Sept 3 before she turned 38.
It's almost been a month and she do not know why the time fly so fast.
I'm pretty much CoastFI. Down to ~25 hrs a week.
We have things planned out for the next year.
There's a Colorado trip this month. We have our big Tahiti trip end of Nov. Then it's winter season and we bought the Epic pass. We are planning to hit a whole lot of Ski resorts with the pass. This will bring us to end of April. Then we would like to go to Japan or Europe again.
By that time, if we want to continue we will get a camper van and drive around the US.
I'm 49 and our NW is around $1.3 million. I plan to make around $50k per year and with the our IRA contributions, it will bring our AGI to $37k which we will use ACA for insurance.

I just learn something new today in that we wanted to sell our rental but the capital gain will hit our AGI which negate our chance for ACA. Even though the long term capital gain won't hit us tax wise, it will go against the ACA. Gonna have to keep renting the house.
Negating our rental incomes with expenses and depreciation net us very little net income.

Good to know with sale of home effecting AGI for ACA, even though a good portion of capital gain is not taxed by the feds. I'm looking if my wife and I want to move in the future, but want to find something no income tax and with expanded medicaid to make it worth wild. So if I sell my house in the spring, move to another state, my capital our capital gain of say 150k will make me ineligible for ACA looks like.

If your home is your primary, it won't affect ACA.

Jack0Life

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Re: 2021 FIRE Cohort
« Reply #1441 on: October 06, 2021, 01:34:55 PM »
My wife left her job finally on Sept 3 before she turned 38.
It's almost been a month and she do not know why the time fly so fast.
I'm pretty much CoastFI. Down to ~25 hrs a week.
We have things planned out for the next year.
There's a Colorado trip this month. We have our big Tahiti trip end of Nov. Then it's winter season and we bought the Epic pass. We are planning to hit a whole lot of Ski resorts with the pass. This will bring us to end of April. Then we would like to go to Japan or Europe again.
By that time, if we want to continue we will get a camper van and drive around the US.
I'm 49 and our NW is around $1.3 million. I plan to make around $50k per year and with the our IRA contributions, it will bring our AGI to $37k which we will use ACA for insurance.

I just learn something new today in that we wanted to sell our rental but the capital gain will hit our AGI which negate our chance for ACA. Even though the long term capital gain won't hit us tax wise, it will go against the ACA. Gonna have to keep renting the house.
Negating our rental incomes with expenses and depreciation net us very little net income.

Sounds like some fun trips! One thing to keep in mind if you've never sold a rental before - the LT Capital gains tax may not be much in taxes but the *depreciation recapture* can cause a huge tax bill if you've owned the property for a while ($200k over 27.5 years is $72k in depreciation recapture income after 10 years). You can 1031 your property into another RE investment if you want, though, to defer the taxes altogether.

Our income won't ever be over $80k anymore so when ever we do sell our rental, the LT capital gani should be taxed $0.
My wife said long term, we will probably sell our primary which is bigger and more expensive and move back to the rental which we will save us money and make it a primary again.
« Last Edit: October 06, 2021, 08:57:48 PM by Jack0Life »

Jack0Life

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Re: 2021 FIRE Cohort
« Reply #1442 on: October 06, 2021, 01:43:00 PM »
My wife left her job finally on Sept 3 before she turned 38.
It's almost been a month and she do not know why the time fly so fast.
I'm pretty much CoastFI. Down to ~25 hrs a week.
We have things planned out for the next year.
There's a Colorado trip this month. We have our big Tahiti trip end of Nov. Then it's winter season and we bought the Epic pass. We are planning to hit a whole lot of Ski resorts with the pass. This will bring us to end of April. Then we would like to go to Japan or Europe again.
By that time, if we want to continue we will get a camper van and drive around the US.
I'm 49 and our NW is around $1.3 million. I plan to make around $50k per year and with the our IRA contributions, it will bring our AGI to $37k which we will use ACA for insurance.

I just learn something new today in that we wanted to sell our rental but the capital gain will hit our AGI which negate our chance for ACA. Even though the long term capital gain won't hit us tax wise, it will go against the ACA. Gonna have to keep renting the house.
Negating our rental incomes with expenses and depreciation net us very little net income.

Very cool!  I also bought the Epic Pass this year for the first time although I'm not pulling the plug until end Feb.  Which mountains are you planning to go to?

We have a trip to Okemo/Mount Snow in Dec.
In Jan, we will take a 2 week trip to Northern Cali and do the Tahoe resorts.
My buddy has a house in Park City so we will go there 1/2 trip.
A extend trip to Colo is on the agenda. Been to Keystone many times but plan to hit the other resorts.
Plan to hit another big resort if time permit.
Best of all most of this will be "free" as i have tons of hotel and airline points.

Ladychips

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Re: 2021 FIRE Cohort
« Reply #1443 on: October 06, 2021, 01:51:52 PM »
Well, I'm officially done!  Last day was today, 10/6 for @ScreamingHeadGuy 's tally.  I just deleted my work apps from my phone and realized a few things:
1. This is the 1st time in 12 years that I won't have anything work related on my phone
2. First time since I was 14 that I won't be doing paid work
3. First time since I was 18 that I'm not working at least 40 hours/ week

It's exciting and scary!

It's wonderful! Congratulations!!!

billy

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Re: 2021 FIRE Cohort
« Reply #1444 on: October 06, 2021, 06:05:06 PM »
Well, I'm officially done!  Last day was today, 10/6 for @ScreamingHeadGuy 's tally.  I just deleted my work apps from my phone and realized a few things:
1. This is the 1st time in 12 years that I won't have anything work related on my phone
2. First time since I was 14 that I won't be doing paid work
3. First time since I was 18 that I'm not working at least 40 hours/ week

It's exciting and scary!

Hell ya....I'm right behind you, I have 1 more day :)

Malee55

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Re: 2021 FIRE Cohort
« Reply #1445 on: October 06, 2021, 06:42:55 PM »
Well, I'm officially done!  Last day was today, 10/6 for @ScreamingHeadGuy 's tally.  I just deleted my work apps from my phone and realized a few things:
1. This is the 1st time in 12 years that I won't have anything work related on my phone
2. First time since I was 14 that I won't be doing paid work
3. First time since I was 18 that I'm not working at least 40 hours/ week

It's exciting and scary!

Hell ya....I'm right behind you, I have 1 more day :)

Wahoo for both of you. You are going to have a great weekend.

Dicey

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Re: 2021 FIRE Cohort
« Reply #1446 on: October 07, 2021, 09:20:57 AM »
Well, I'm officially done!  Last day was today, 10/6 for @ScreamingHeadGuy 's tally.  I just deleted my work apps from my phone and realized a few things:
1. This is the 1st time in 12 years that I won't have anything work related on my phone
2. First time since I was 14 that I won't be doing paid work
3. First time since I was 18 that I'm not working at least 40 hours/ week

It's exciting and scary!

Hell ya....I'm right behind you, I have 1 more day :)

Wahoo for both of you. You are going to have a great weekend rest of your life.
FTFY

asauer

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Re: 2021 FIRE Cohort
« Reply #1447 on: October 08, 2021, 07:27:39 AM »
Well, I'm officially done!  Last day was today, 10/6 for @ScreamingHeadGuy 's tally.  I just deleted my work apps from my phone and realized a few things:
1. This is the 1st time in 12 years that I won't have anything work related on my phone
2. First time since I was 14 that I won't be doing paid work
3. First time since I was 18 that I'm not working at least 40 hours/ week

It's exciting and scary!

Hell ya....I'm right behind you, I have 1 more day :)

Wahoo for both of you. You are going to have a great weekend rest of your life.
FTFY
Thank you!!

4tify

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Re: 2021 FIRE Cohort
« Reply #1448 on: October 08, 2021, 08:50:36 AM »
Well, I'm officially done!  Last day was today, 10/6 for @ScreamingHeadGuy 's tally.  I just deleted my work apps from my phone and realized a few things:
1. This is the 1st time in 12 years that I won't have anything work related on my phone
2. First time since I was 14 that I won't be doing paid work
3. First time since I was 18 that I'm not working at least 40 hours/ week

It's exciting and scary!

@asauer you beat me by 2 days, congrats!! I’m excited and scared too lol.

Today is my last day! No more mega Corp!! Thanks to everyone for the help & inspiration!

dougules

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Re: 2021 FIRE Cohort
« Reply #1449 on: October 08, 2021, 09:18:11 AM »
Well, I'm officially done!  Last day was today, 10/6 for @ScreamingHeadGuy 's tally.  I just deleted my work apps from my phone and realized a few things:
1. This is the 1st time in 12 years that I won't have anything work related on my phone
2. First time since I was 14 that I won't be doing paid work
3. First time since I was 18 that I'm not working at least 40 hours/ week

It's exciting and scary!

@asauer you beat me by 2 days, congrats!! I’m excited and scared too lol.

Today is my last day! No more mega Corp!! Thanks to everyone for the help & inspiration!

Congrats!!  I'm only a week behind you.