Author Topic: 2023 FIRE cohort  (Read 15222 times)

garyjames8

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2023 FIRE cohort
« on: December 23, 2015, 11:49:57 PM »
Hi,

My deadline for FIRE is December 31, 2023.

Here is a thread for people who also have the year 2023 as their target for FIRE.


***
Target RE date: December 31, 2023.
Target RE Net Worth: AU$1,000,000.
Target RE Passive/Semi-passive income: AU$52,000 p.a.
***

garyjames8

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  • 44 / 65% SR / RE Targets: 31.12.2023 & AU$1million
Re: 2023 FIRE cohort
« Reply #1 on: December 24, 2015, 10:47:02 PM »
Those with a FIRE date in 2023 feel free to share your goals for 2023...

Target $$$ amount...

Sources of passive / semi-passive income after FIRE...

What you plan to do after you achieve FIRE...

and any other items of interest that you think are relevant...



***
Target RE date: December 31, 2023.
Target RE Net Worth: AU$1,000,000.
Target RE Passive/Semi-passive income: AU$52,000 p.a.
***

garyjames8

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  • 44 / 65% SR / RE Targets: 31.12.2023 & AU$1million
Re: 2023 FIRE cohort
« Reply #2 on: December 27, 2015, 08:48:42 PM »
Here is mine:

***
Target $$$ amount...

1. Dual-key apartment in Australia paid off in full.
2. House or apartment in the UK paid off in full.
3. $250,000 AU$ cash for flipping properties in the UK (Although could possibly do this with $125,000).
4. $250,000 AU$ cash for investing in the stock market ($125,000 would be fine if I don't manage to have accumulated $250k).

***
Sources of passive / semi-passive income after FIRE...

1. Rental income from a dual-key apartment in Australia.
2. Rental income from 1 property in the UK.
3. Flipping vehicles (Cars, scooters, camper vans, motor homes)
4. Flipping jewellry

***
Sources of capital growth...

1. Flipping properties in the UK
2. Increase in value of share capital

***
What do you plan to do after you achieve FIRE...

1. Live as an investor (real estate & stock market).
2. Spend more time with my wife
3. Read my favourite books more often
4. Use house sitting as a cheap way to spend some time in Europe & the USA at intervals during each year

***
and any other items of interest that you think are relevant...

1. Wake up on as many days as possible without an alarm clock waking me up!

***
***
Target RE date: December 31, 2023.
Target RE Net Worth: AU$1,000,000.
Target RE Passive/Semi-passive income: AU$52,000 p.a.
***

PhrugalPhan

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Re: 2023 FIRE cohort
« Reply #3 on: December 28, 2015, 12:38:05 PM »
Well.... a 2023 group.  That certainly fits me.  Lets see.... first I guess it won't really be FIRE, as it won't be early (I'll be 60) but I started at $0 net worth at 40, so in 20 years I have gone from zero to retire which I think isn't bad.  I plan on getting out the first day I am eligible for a full pension -- 3/31/2023. 

Some specifics...

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Target $$$ amount...
==============
No target really.  I have approx. $500k in investments right now.  I'm saving ~$40k/year (across 457, Roth IRA, & brokerage), so that will be an extra $320k.  With some growth over a few years I hope it hits $1 Mil. (really should end up more, but who knows the future).

==================================
Sources of passive / semi-passive income after FIRE...
==================================
Pension should be in the range of $40k/year.  At my current rate of contributions my ROTH IRA should be in the $150k range at FIRE, giving a tax free dividend of $5,000 / year.  My 457 plan funds should be in the $600-$700k range, and of that about $150k should be of the ROTH variety as well, so for every $4 I withdraw, $1 should be tax free as well (I'm required to withdraw proportionately).

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What you plan to do after you achieve FIRE...
=============================
Who knows?  Really, don't know other than travel some with the GF.  Possibly workout more - I currently do once a day - 5 days a week.  I might up it to 2 a days. Perhaps grow my own food (I currently do canning on fruit from my trees).

======================================
and any other items of interest that you think are relevant...
======================================
Currently have paid off house in DC suburbs, so plan is to sell house and buy house in lower COL area and pocket the difference (or upgrade the house). 
Current GF has TSP of over $700k, and can retire in 3 years with a ~$30k pension.
I currently live on maybe $25,000/year.   If it wasn't for golden handcuffs I would consider retiring at same time as GF, but will probably stick it out unless job gets bad (currently it is "OK", hopefully it can stay that way).
SS + Pension should cover all my needs.  Savings will be for mad money.  Will probably pull out ~3% / year, though I will be trying to optimize withdrawals to minimize my tax hit.

Spiffsome

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Re: 2023 FIRE cohort
« Reply #4 on: January 01, 2016, 03:39:12 AM »
Class of 2023 checking in:

Target income: $40,000 plus paid-off house. Paid off the house this year!

Next: to acquire the stash over the next 8 years.

After we quit: more gardening, cheap travel, more community volunteering.

stupidiot8

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Re: 2023 FIRE cohort
« Reply #5 on: January 09, 2016, 11:51:21 PM »
Gday,

Australian citizen(dual) here, nice to know there are other Aussies around.

Target $$$ amount: $1m 

Sources of passive income: rental, dividends from diversified etf, term deposit interest

Plans after ER: travel, explore south east asia (sri lanka, myanmar, thailand), long term meditation retreat

Current net worth: $366k
Net savings per year: $120k (at 70% savings rate)
Years to reach $1m: 5 years
Technically makes me a cohort for 2021 but let's just say I want to be sure and save some more buffer so let's make it 2023.




Those with a FIRE date in 2023 feel free to share your goals for 2023...

Target $$$ amount...

Sources of passive / semi-passive income after FIRE...

What you plan to do after you achieve FIRE...

and any other items of interest that you think are relevant...

Le Dérisoire

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Re: 2023 FIRE cohort
« Reply #6 on: February 29, 2016, 07:09:25 PM »
Hello!

I aim for 2023 too. That would put me at 1M$ at 35 years old. I live in Quebec.

Target: 1M$
Current net worth: 440K$
Net savings / year: minimum 36K$
Source of income: Stocks and bonds!
Years to reach FI: 7 years

I plan to buy a sailboat, live on it with my family, and travel until we are bored and want to do something else.

garyjames8

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  • 44 / 65% SR / RE Targets: 31.12.2023 & AU$1million
Re: 2023 FIRE cohort
« Reply #7 on: July 11, 2016, 05:15:58 AM »
Hello again 2023 FIRE Cohort,

Just touching base with the cohort as we just pass the half way mark in 2016.  6 months closer to FIRE!!!

Let me know how you are all getting on.

I am currently at 35.6% towards my RE Net Worth figure of AU$1,000,000.

And 85% towards my RE date of December 31, 2023.

***
Target RE date: December 31, 2023. (85.0%).
Target RE Net Worth: AU$1,000,000. (35.6%).
Target RE Passive/Semi-passive income: AU$52,000 p.a.
***

Hope to hear from you all.

Kind Regards,

Gary
***
Target RE date: December 31, 2023.
Target RE Net Worth: AU$1,000,000.
Target RE Passive/Semi-passive income: AU$52,000 p.a.
***

PhrugalPhan

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Re: 2023 FIRE cohort
« Reply #8 on: July 25, 2016, 01:14:38 PM »
Apparently 2023 is a very unpopular year to retire - I have to wonder why. 

Anyway how have things gone since I wrote here last 7 months ago...

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Investments
==============
I thought I was doing bad but in checking I see I went from a little over $500k to just over $600k.  I've put in almost $30k, so the remainder is growth I guess.  I don't get it - did I do that well or am I missing something?  Well I'm not going to complain in any case.  Note: Realized I wasn't including my DRIPs in the original amount.  So actually I started the year with $540k.  So $30k growth in a *meh* market for 6 months ain't bad.

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Everything Else
===============
Everything else is pretty much the same.  Six months closer sounds great until I realize I still have over 6.5 years to go - Ugh.  Now the GF is down to 2.5 years to go, and I am getting jealous (even if she does hate her current job, I'm still jealous).  I think she finaly realizes she can retire then, but is talking about working a different job afterwards anyway because I will still be working.  We'll see how this plays out...

My one big change for me has been to change up / increase my workouts.  I may be tired after workouts, but I am enjoying the extra upper body strength I never had before.

My biggest issue is learning that I can spend money.  I finally spent some money and got some work done on my car and house that was really needed.  There's still more to be done, but they can wait.  But should I wait is the question...

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Random Thought
================
I know people mostly have target RE amounts, but having a pension to work towards I don't have a target RE amount.  That said, I wonder how much it would take for me to say "forget it, I have more than enough, I don't need to work until I get the pension.".  It won't happen... unless... my mother dies suddenly.  I know if that were to happen I would eventually get in the $300k range, and most of that is money I would not have to pay tax on.  $900k and a pension coming down the road, along with SS.  It would be tempting....
« Last Edit: November 30, 2016, 02:06:25 PM by PhrugalPhan »

Landlady

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Re: 2023 FIRE cohort
« Reply #9 on: August 29, 2016, 01:09:36 PM »
Joining this thread since I'm hoping to retire when I'm 40 and my husband is 49. 2023 sounds like a good year!

My journal:
http://forum.mrmoneymustache.com/journals/a-family-a-house-build-and-a-search-for-fire/

PhrugalPhan

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Re: 2023 FIRE cohort
« Reply #10 on: August 30, 2016, 07:19:15 AM »
Welcome to our small contingent.  Seems like a long time to 2023 doesn't it?  Hopefully it will be believable as it gets closer.
Joining this thread since I'm hoping to retire when I'm 40 and my husband is 49. 2023 sounds like a good year!

My journal:
http://forum.mrmoneymustache.com/journals/a-family-a-house-build-and-a-search-for-fire/

Wanttobehome

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Re: 2023 FIRE cohort
« Reply #11 on: October 30, 2016, 10:16:40 AM »
Hi
I am aiming for May 2023 when I will be 55 years old.
Mortgage will be paid off and I can draw one my pensions.
At 66 years I will get an additional pension if the government doesn't change the rules again!!
I will have savings and investments which I hope to leave untouched as long as possible.
My plan in the intervening years is to ensure I am healthy to enjoy retirement, ensure all large maintenance jobs are completed and have a simple uncluttered lifestyle.

rpr

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Re: 2023 FIRE cohort
« Reply #12 on: November 13, 2016, 11:01:13 PM »
Posting to follow.

This would be year 55 for me as well. Unfortunately no pensions and majority of money is in 401k plans with some in Roth IRA  and some  in taxable. May have to do the Roth ladder conversion strategy if that is still possible at that time. Also planning to defer SS till age 70 in order to let it grow.  Spouse would like to work forever if able to. No concrete post retirement plans yet. Assuming market goes not do anything crazy, there should be enough to sustain a decent lifestyle at that time. House payments will be there still.

NESailor

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Re: 2023 FIRE cohort
« Reply #13 on: November 15, 2016, 01:07:24 PM »
2023 is a possibility for me as well.  Whether it will actually work is up to the market gods and our good/bad fortunes at work between now and then. 

Our current net worth is only $200K but we got there grossing only about an average of 80K annually over the past 8 years.  We have more expenses now (2 young ones) but also a lot more income (about 140K this year and if things go well, could be 170K+ next year). 

That said, my target range is pretty wide.  If things go just "OK"...it should be close to 700K at which point we could mathematically sustain ourselves with a paid off house (which we will have).  If things go better than that we could find ourselves with a cool 1M and much more freedom.  I'd like to try something other than crunching numbers at megacorp. so I'll probably pull the plug first.  I'd try to limit drawdowns to after tax dividends and maybe invest in a cashflowing duplex or two.  Since I'm a number cruncher I'm planning on limited consulting income and most likely volunteer work in the area of tax and non-profit finance.

At any rate, my DW doesn't want to quit that early.  We'll only be 39 and 38 respectively.  She'll be vested in the NY teacher's pension system at 42 so I'd say we'd probably keep going until then.

Cheers and good luck everybody!

garyjames8

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  • 44 / 65% SR / RE Targets: 31.12.2023 & AU$1million
Re: 2023 FIRE cohort
« Reply #14 on: November 29, 2016, 06:09:06 AM »
Hi FIRE Cohort of 2023,

With the year coming to a close, how much closer are we all to achieving our 2023 FIRE targets?

I will be posting an end of year progress report for myself on January 1, 2017.

I hope others in our cohort can do the same. It will be nice to hear how each of the others members of our great cohort are doing.

Kind Regards,

Gary




***
Target RE date: December 31, 2023.
Target RE Net Worth: AU$1,000,000.
Target RE Passive/Semi-passive income: AU$52,000 p.a.
***

friedmmj

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Re: 2023 FIRE cohort
« Reply #15 on: December 21, 2016, 01:09:13 PM »
Looking to pull the cord June-2023 at age 56.  Wife does not work.

 Three kids will be thru college by then (hopefully).  Current NW (including home equity) just hit $1M this month with about $650k of that in tax deferred 401k, ira and roth retirement accounts and the rest in employer stock options and 529 plans for the kids. 

Saving about $50k per year.  Hope to end with $1.6M including 250k in home equity.  Plan to sell the house shortly after retirement and rent in various locations for first 5-10 years of retirement.

Have been focusing on not accumulating stuff and de-cluttering our house in preparation.

Stache-O-Lantern

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Re: 2023 FIRE cohort
« Reply #16 on: January 01, 2017, 12:00:49 PM »
Hello, I am pleased to join this cohort.  Like the OP, the target date is 31 December 2023.  I'll be 48, my wife will be 45, and our son will be 10. 

Our investable assets are currently 41.5% of our target amount.  I intend to still work part time after "retiring".  It is possible to get an on-call arrangement in my field of work, and the part of my job I like is the part that's easiest to go on-call for.  So my numbers still include about $500/month of earned income after ending regular work.  The rest of our income would be stocks/bonds at a 4%withdrawal rate.  My wife and  I both currently work 75% time in order to have more time to take care of our son.

I hope to go on longer regional bike rides, and travel more with my wife after we work less.

We had a good 2016.  A year ago, we were at 34% of our target amount.   After looking at numbers again the last few days, I think 2023 is realistic.

semiretired31

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Re: 2023 FIRE cohort
« Reply #17 on: January 01, 2017, 03:54:23 PM »
Looking to pull the cord June-2023 at age 56.  Wife does not work.

 Three kids will be thru college by then (hopefully).  Current NW (including home equity) just hit $1M this month with about $650k of that in tax deferred 401k, ira and roth retirement accounts and the rest in employer stock options and 529 plans for the kids. 

Saving about $50k per year.  Hope to end with $1.6M including 250k in home equity.  Plan to sell the house shortly after retirement and rent in various locations for first 5-10 years of retirement.

Have been focusing on not accumulating stuff and de-cluttering our house in preparation.

I'm not in the 2023 graduating class...  but, I like the idea of selling the house when I get to FIRE and renting in various locations. 

garyjames8

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  • 44 / 65% SR / RE Targets: 31.12.2023 & AU$1million
Re: 2023 FIRE cohort
« Reply #18 on: January 01, 2017, 08:50:31 PM »
Hi 2023 Cohort,

Well, a year has passed since I first set up the 2023 Cohort, and for me it has flown by.  It won't be long before 2023 is here!

Here is my end of year progress report for myself on January 1, 2017:

Age:  42

RE Target 1:  31.12.2023 - Still on track.
RE Target 2:  AU$1million - Net worth is currently $386,600.

The main target for me going into 2017 is to pay off my mortgage.

I am aiming to have it paid off by October 31, 2017.

Currently it is sitting at AU$74,000.

To pay this off by this date will require me to live as frugally as I possibly can and putting every thing else into the mortgage redraw account.

After this I will spend the next 6 years researching investments and making investments in order to be able to set myself up with some passive/semi-passive income after RE December 31, 2023.

My Target Passive/Semi-passive income after RE is: AU$52,000 p.a.

Looking forward to reading everyone else's updates.

Merry Christmas everyone and All the Best for 2017!

Kind Regards,

Gary
« Last Edit: January 02, 2017, 04:15:07 AM by garyjames8 »
***
Target RE date: December 31, 2023.
Target RE Net Worth: AU$1,000,000.
Target RE Passive/Semi-passive income: AU$52,000 p.a.
***

PhrugalPhan

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Re: 2023 FIRE cohort
« Reply #19 on: January 03, 2017, 10:17:21 AM »
Well I am a year older, hopefully a year wiser.

Here are my yearly results.

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Investments
==============
I started the year with my investments at US$540k.  Checking today I see I am few hundred over $670k.  I added to my investments during 2016 of about $45k, so the investments grew $85k.  That's a crazy amount - maybe 15% growth.  If only I knew it would keep that up every year - sigh.

For retirement I am looking at dividends to supplement a pension and social security payments.  The dividends for 2016 (457 plan / Roth / DRIPs / brokerage) were just over $16,000.  My expenses for last year were around $20,000, so not far from paying everything.  Maybe next year my dividends will match my expenses?

===============
Everything Else
===============
No new expenses.   I have zero debt with a paid off house & car.  May spend a few thousand on home repairs, but it shouldn't add up to too much.

The GF is down to 2 years to go to retire & immediate pension, and after having a pleasant two weeks off from work she is ready to retire. Now she just needs to keep her sanity until then.

I am continuing working out, and now adding a second short workout after work to my major lunchtime workout.  Starting to see the muscle definition.  Otherwise it was a very healthy 2016.

I have changed my health insurance to an HSA plan and maxed that out.  Hopefully this will work out for me in the long run.

================
Random Thought
================
I still have no set goal, as my target date is set by my golden handcuffs (i.e. pension).  In no way did I expect my accounts to go up like they did this year.  If my accounts hit $1Mil before my pension kicks in (not likely, but who knows) I would have some serious soul searching to determine why I was still going to the office.  Of course the way the GF talks, if she is living with me we will likely be spending some money to enjoy life now rather than waiting, which is probably a good thing.

friedmmj

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Re: 2023 FIRE cohort
« Reply #20 on: January 03, 2017, 05:58:33 PM »
Hi 2023 Cohort,

Well, a year has passed since I first set up the 2023 Cohort, and for me it has flown by.  It won't be long before 2023 is here!

Here is my end of year progress report for myself on January 1, 2017:

Age:  42

RE Target 1:  31.12.2023 - Still on track.
RE Target 2:  AU$1million - Net worth is currently $386,600.

The main target for me going into 2017 is to pay off my mortgage.

I am aiming to have it paid off by October 31, 2017.

Currently it is sitting at AU$74,000.

To pay this off by this date will require me to live as frugally as I possibly can and putting every thing else into the mortgage redraw account.

After this I will spend the next 6 years researching investments and making investments in order to be able to set myself up with some passive/semi-passive income after RE December 31, 2023.

My Target Passive/Semi-passive income after RE is: AU$52,000 p.a.

Looking forward to reading everyone else's updates.

Merry Christmas everyone and All the Best for 2017!

Kind Regards,

Gary

What is a mortgage redraw account? 

How much do you plan to spend in retirement?

garyjames8

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  • 44 / 65% SR / RE Targets: 31.12.2023 & AU$1million
Re: 2023 FIRE cohort
« Reply #21 on: January 04, 2017, 06:36:29 AM »
Hi Friedmmj,

A redraw account is basically a part of my online mortgage account. For every dollar I put in my redraw account, it lowers my mortgage by one dollar.

It is a bit like paying off your principal but instead the money sits in your redraw account rather than going back to the bank.

I am drafting various scenarios for retirement. I am getting amounts between AU$12,000 and AU$20,000 per annum. These figures are based on the assumption that I  will be living in a fully paid off house in England and that I am completely debt-free.

Kind Regards,

Gary
***
Target RE date: December 31, 2023.
Target RE Net Worth: AU$1,000,000.
Target RE Passive/Semi-passive income: AU$52,000 p.a.
***

Wanttobehome

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Re: 2023 FIRE cohort
« Reply #22 on: January 28, 2017, 10:55:15 AM »
My retirement calculations indicate that I will have 23K income after the age of 55.

I have set a retirement budget and can live off this amount running a car, holidays and all my usual expenses.

I need to pay off my mortgage 29K in the next six years - which I am on track to do.

Put annual pay increase into shares.

One issue I need to consider my partner and I have separate households and he has little retirement funds and will have to continue working after I retire. I also need to consider when or if we will merge our households. I have always planned to retire early, he on the other hand has not thought much about it.  Does anyone else have an issue like this and how have you resolved it? We are not married and have children on each side. At 49 I see little benefit of marrying yet, maybe just before I retire so he can receive survivor pension benefits if I die first, however there would be no reciprocal benefit for me.

OurTown

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Re: 2023 FIRE cohort
« Reply #23 on: April 11, 2017, 12:53:02 PM »
Originally, my plan was 2029.  In that year, I will turn 59 1/2, therefore I can withdraw from everything without penalty.  The home mortgage will pay off (without any early payments) in the spring of 2028. 

After further review, I moved it up to 2026.  My daughter will presumably finish college that year.  My projections show that I can likely accumulate around $1.2m by 2026.  I will be over 55 therefore I can invade the 401(k) from my principal employment without penalty. 

After more thought and analysis, I have concluded that I can move up to 2023.  I have a side gig that I can keep post-FIRE if I so choose.  With that income, we can live a rather fancy-pants lifestyle on $950k, which is where I estimate I will be sometime in 2023.  I can trigger one or more of the IRAs to SEPP to avoid the penalty.  The open question will be whether I need to pay the house down five years early.  I know that can be a subject of high drama.

In all events, that's the goal.  Six years to go! 

SpeedReader

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Re: 2023 FIRE cohort
« Reply #24 on: April 13, 2017, 08:05:28 PM »
I'm shooting for late 2023, after my 58th birthday.  Assuming the economy doesn't blow up, my financial adviser agrees we will likely have $1.2M accumulated by then.  As long as I stay with my current job until age 55 or later I can access my 401(k) without penalty.  Other resources are Roth IRAs for DH and me, and a small Federal pension at 62 (plus Social Security, which I know many on this forum tend to discount). 

Current investments are about 43% to goal.  We're still debating a move after retirement, so paying off the house now isn't my focus. 

Plans after retirement:  spend more time with DH and other family, read, garden, cook & can, volunteer at the community theatre, watch TV, sleep.  I just spent five days doing a lot of that, and it was the best vacation I've had in a long time.


Wanttobehome

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Re: 2023 FIRE cohort
« Reply #25 on: April 14, 2017, 11:04:36 AM »
I am still on track for May 2023 when I will be 55. Six years next month, that does not seen too far away
Discussed retirement plan with other half and he does not want to retire, he enjoys his job. For the time being we will keep both households running - will reconsider at a later date. This gives me time to do my own thing which I will enjoy.

Year one- pay off mortgage, travel, try going car free, maintain health, go sim only.
Year two - save, travel, maintain health
Year three- save, travel,maintain health
Year four- save travel,maintain health
Year five - save, travel, get all outstanding jobs on house completed,maintain health
Year six - live as if retired make sure I can do it, ensure all training up to date, in case want to go part time,maintain health

This is my plan for next six years will update it as I go along














friedmmj

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Re: 2023 FIRE cohort
« Reply #26 on: April 22, 2017, 12:47:13 PM »
I am still on track for May 2023 when I will be 55. Six years next month, that does not seen too far away
Discussed retirement plan with other half and he does not want to retire, he enjoys his job. For the time being we will keep both households running - will reconsider at a later date. This gives me time to do my own thing which I will enjoy.

Year one- pay off mortgage, travel, try going car free, maintain health, go sim only.
Year two - save, travel, maintain health
Year three- save, travel,maintain health
Year four- save travel,maintain health
Year five - save, travel, get all outstanding jobs on house completed,maintain health
Year six - live as if retired make sure I can do it, ensure all training up to date, in case want to go part time,maintain health

This is my plan for next six years will update it as I go along

I also hope to retire May 2023.  I'm impressed that you are on track to pay off mortgage next year.  I will likely still have $70K on the mortgage when I retire, but I intend to sell the house at that point and rent in other locations.  I don't share your feeling that it doesn't seem far away.  Somehow, 6 years seems like an eternity to me.

Slow road to freedom

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Re: 2023 FIRE cohort
« Reply #27 on: June 11, 2017, 04:41:56 AM »
Hi Folks,

Am I too late to join this cohort?

By the end of 2023, all being well, I'll be 51, wife 53, at least one of two kids should be through University if they choose to go.

Current status @ April 2017: pension pot £260k, shares ISA £27k, cash ISA £27k. Target £800k total pot.

I think it's possible to save and grow by 2023. Immediate targets: utilise tax free ISA savings (2 x £20k pa), then pay off mortgage (£73k left). Pension pot being slowly filled by employer, although that will be limited (thanks UK Govt) shortly - will divert funds into ISAs.

It's exciting to think that in 6 years or so I will have more of a choice of wha to do. Don't get me wrong, I enjoy what I do at work, but it does take a big chunk of time out of the week that I feel is not sustainable until I'm 67 (UK retirement age for me)...
I really want to do things other than work... :-)

garyjames8

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Re: 2023 FIRE cohort
« Reply #28 on: June 12, 2017, 06:40:20 AM »
Hi Stu,

Welcome to the 2023 Cohort.

Not too late to join...actually there is no deadline date for joining...anyone can join at any time...

Kind Regards,

Gary
***
Target RE date: December 31, 2023.
Target RE Net Worth: AU$1,000,000.
Target RE Passive/Semi-passive income: AU$52,000 p.a.
***

rpr

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Re: 2023 FIRE cohort
« Reply #29 on: June 27, 2017, 09:24:19 PM »
Let me create the list for this year:

12/2023 garyjames8
12/2023 PhrugalPhan
12/2023 Spiffsome
12/2023 stupidiot8
12/2023 Le Dérisoire
12/2023 Landlady
05/2023 Wanttobehome
12/2023 rpr
12/2023 NESailor
06/2023 friedmmj
12/2023 Stache-O-Lantern
12/2023 OurTown
12/2023 SpeedReader
12/2023 UKstu2017

This is the year that I turn 55. Potentially I could withdraw from the 401k without penalties anytime that I retire in 2023 or later. Still on track as long as the market keeps up with this. Just a bit nervous that we could be hit by a slump just after retiring.
« Last Edit: June 27, 2017, 09:28:42 PM by rpr »

OurTown

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Re: 2023 FIRE cohort
« Reply #30 on: June 29, 2017, 07:47:26 AM »
Nice list.  I'm sitting on about 500 now with about 450 to go. 

Slow road to freedom

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Re: 2023 FIRE cohort
« Reply #31 on: July 02, 2017, 03:16:00 PM »
Just done my 2017 half year review. Thanks to a bumper month in June (bonus), stash is at £318k (most in pension which I can't touch before I'm 55 - 10.5 years!). Also just updated tax-free ISA savings to a 'set and forget' regime of £4k / month, which keeps me on target for 2023.

Starting to see dribbles of income come through stocks and shares (ISAs), which is encouraging.

Now I've just got to keep going - 6 years of challenging fun at work, and hopefully I can then FIRE!

I really want to do things other than work... :-)

PhrugalPhan

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Re: 2023 FIRE cohort
« Reply #32 on: July 03, 2017, 07:31:57 PM »
Updating this list with my month & year.  Technically I can retire a month earlier, but as I am working for a pension I want to have a little safety margin to be sure they don't come back and say I was a day or two short of the pension.  Of course if I have enough annual leave and sick leave built up, I may leave earlier - I'll know better when we are under a year to go.

12/2023 garyjames8
04/2023 PhrugalPhan
12/2023 Spiffsome
12/2023 stupidiot8
12/2023 Le Dérisoire
12/2023 Landlady
05/2023 Wanttobehome
12/2023 rpr
12/2023 NESailor
06/2023 friedmmj
12/2023 Stache-O-Lantern
12/2023 OurTown
12/2023 SpeedReader
12/2023 UKstu2017

PhrugalPhan

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Re: 2023 FIRE cohort
« Reply #33 on: July 03, 2017, 08:01:44 PM »
OK guys, time for the half year update.  Here's mine, lets hear yours too.

==============
Investments
==============
I started the year with my investments at US$670k.  Checking today I see I am few hundred over $755k.  I added about $39,000 so far, so that means they have grown $46,000 for 6 months, or nearly 7% (annual rate over 12%).  Don't know if I am ahead or behind the market average, but I can sure live with this.

Dividends are still going well.  Slowly growing, I will be keeping an eye on them.

===============
Everything Else
===============
No new expenses. I have zero debt with a paid off house & car.  Haven't spent anything on home repairs, but they mae be coming soon.

The GF is down to 1.5 years to go to retire & get an immediate pension.  She was just told she is getting transferred, and she seems in good spirits about it.  I think this will help her make it to the finish line.  She has cut back on her TSP contributions, but she is still well over $900k, so she is doing fine.

I have continued my two-a-day work outs.  Lost more weight and added muscle. 

================
Random Thought
================
I still have no set goal, as my target date is set by my golden handcuffs (i.e. pension).  My accounts are still moving up nicely, surprising to say the least.  Its getting harder to put up with BS at work, at least I can now say I am less than 6 years to retirement (5 yrs, 9 mo.)

rpr

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Re: 2023 FIRE cohort
« Reply #34 on: July 03, 2017, 08:22:07 PM »
Phrugalphan -- That is a great update.

Our situation is still going according to plan. Like you and others, portfolio growth rate has been about 8% with a 65% stock allocation. For my retirement goal, I have projected a more conservative 5% annual return for the portfolio. Obviously, if the rate is higher, the target can be achieved sooner.

I'm a little bit younger than you and still have a fair bit left on a low interest mortgage. Not planning to pay it off anytime soon. Part of the reason is that we will probably move to a LCOL from where we are now. My retirement target is 25 x (non mortgage expenses) + mortgage balance.


Spiffsome

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Re: 2023 FIRE cohort
« Reply #35 on: July 04, 2017, 06:57:15 PM »
Update: we're about to buy our first rental property - a duplex in a large regional town. The Australian newspapers are screaming about the coming property crash and rising interest rates, but since we're buying outside Sydney/Melbourne and actually paying a real deposit on a principal & interest loan, we're not worried.

My work situation has gone completely SNAFU and I'm job-hunting. If it wasn't for the FIRE plan, I'd be panicking pretty hardcore. But as it is, I've got the resumes out to find a job paying similar to what I have now that'll let me ride out the last 6.5 years. Two interviews in the next week are good for the self-esteem!

Explaining the plan to my parents was an interesting experience. They had a visceral negative reaction to the word 'retirement', since the family as a whole has a 'work till you die' ethic. But 'financial independence so you can find a job you love' seems to be a lot more palatable. I guess it's all in the framing.   

friedmmj

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Re: 2023 FIRE cohort
« Reply #36 on: July 06, 2017, 07:19:33 PM »
Half year update.  Now I can say less than 6 years to go!

Added about $75k to net worth since December mostly in retirement accounts plus a small reduction in mortgage balance and some additional 529 plan savings.  Current net worth at 1,075,000 usd with 710k in tax deferred retirement accounts and 160k in home equity.  65% equity in retirement accounts and most of the rest in cash.

Just returned from a mini vacation with the family.  Taking a trip with the family to Alaska in late August renting an RV for a week.  Never did that before.

Oldest kid graduating college next Spring and middle one starting college the following a Fall (18) and youngest one year behind that.  So I've got 9 kid-years of college to pay for while still maxing out 401k and catch-up contributions

Trying to coax wife back into the workforce (hasn't worked since kids were born) to pad the stash a bit faster.  She doesn't seem to eager

Slow road to freedom

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Re: 2023 FIRE cohort
« Reply #37 on: July 09, 2017, 03:26:34 AM »
Half year update.  Now I can say less than 6 years to go!

Trying to coax wife back into the workforce (hasn't worked since kids were born) to pad the stash a bit faster.  She doesn't seem to eager

This is an interesting dilemma for me. Wife recently quit work - encouraged by me, since the level of BS going on at her work was having an impact on home life. She is considering work but is quite enjoying family life (kids at 14+11) and doing more exercise classes. Quality of life has rocketed upwards for the whole family, despite taking a reduction in income.

My own view is this outweighs any comfort of increasing the speed of stash-ification. We are also fortunate that my work pays well enough to keep us on target, with the added bonus of the wife focusing on reducing spend at the same time. Win win!
I really want to do things other than work... :-)

Linda_Norway

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Re: 2023 FIRE cohort
« Reply #38 on: July 09, 2017, 04:41:53 AM »
This is the thread I should have followed originally. I didn't see it earlier and ended up in the 2025 cohort as it was closest. Our ogininal goal by DH and me was retiring at 50, which is for me in 2023. I have worked hard on making a FIRE excel sheet to calculate when we can start. Depending entirely on our current savings rate, I hope to be able to retire even before 2023, most likely in 2021. In some scenario even in 2019, even though that is looking slightly unrealistic now.
My challenge by the way is that I do not control DH's spending. My bank shows me in a nice ourview what I have spent all my money on. But DH's bank doesn't have this and he doesn't seem very interested in tracking his spending. He has always been more frugal than I, so it probably goes well. But it means that I have no idea of our total earnings and spendings before we sit down together to calculate it. For him it is quite a bit of work to make that calculation. For me only 5-10 minutes. So I thought of asking him once a year.

Our goal by the way is financial our life for 17-20 years until 67 when we will receive old age pensions.
My DH plans on working part time in a similar consulting job that he does now. But not as a group leader and only very part time. Our plans are to downsize and move to some place where you can buy a nice house for 1/3 or even 1/4 of the price of our current house. Like somewhere near the ocian where we can catch fish for dinner. Live in a beautiful place so that we don't need to travel so far to go hiking in the mountains for example. I do not have plans for myself after FIRE yet. I think I deserve some real time of and relaxing for a good time. Then I might think of some side hussle or just do my hobbies.

garyjames8

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  • 44 / 65% SR / RE Targets: 31.12.2023 & AU$1million
Re: 2023 FIRE cohort
« Reply #39 on: July 12, 2017, 04:18:04 AM »
Hi Cohort Class of 2023,

Many thanks to rpr for creating the list.

Here is my half year update:

1.  Achieved a Savings Rate of 66.3% for the July 1, 2016 to June 30, 2017 financial year, which I am pretty pleased about considering I took my wife to Greece and Italy for our 10th Wedding Anniversary during this period.

2.  Net Worth of AU$411,000 as at June 30, 2017.

3.  AU$39,000 left on my mortgage.

4.  Highly driven to live as frugally and simply as possible between now and December 31, 2017 with the goal of paying off my mortgage on, or before, New Year's Eve this year.

Best of Luck to everyone for the rest of the year!

Kind Regards,

Gary
***
Target RE date: December 31, 2023.
Target RE Net Worth: AU$1,000,000.
Target RE Passive/Semi-passive income: AU$52,000 p.a.
***

Stache-O-Lantern

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Re: 2023 FIRE cohort
« Reply #40 on: July 18, 2017, 10:58:22 PM »
Our investable assets are currently 41.5% of our target amount. 

As of 1 July this year, we are at 45.2% of our target amount.

Stocks have had a great half-year, and our returns have lagged a little bit since we have a higher allocation in bonds and REITs than some.  And yes I'm sticking with our planned allocation.

friedmmj

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Re: 2023 FIRE cohort
« Reply #41 on: July 19, 2017, 05:52:16 PM »
Our investable assets are currently 41.5% of our target amount. 

As of 1 July this year, we are at 45.2% of our target amount.

Stocks have had a great half-year, and our returns have lagged a little bit since we have a higher allocation in bonds and REITs than some.  And yes I'm sticking with our planned allocation.

48% here just including retirement investments (leaves out home equity and college savings)

Re3iRtH

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Re: 2023 FIRE cohort
« Reply #42 on: August 07, 2017, 09:40:06 PM »
Wooo-hooo, finally found this thread.

Glad to be part of this cohort guys!

Current net worth: $9XX,000
Annual income: >$200K/yr. incl. RE rental income: ~$20K/yr. net
Goal net worth: $5M
Cash: ~$200K, Equities: less than $100K, rest RE equity

Savings rate probably 75%.. used to be 10-15% or less prior to 2016. Will probably start contributing to TSP (sigh).

Looking for rich partner or tips and tricks to get to NW target :)

OurTown

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Re: 2023 FIRE cohort
« Reply #43 on: August 09, 2017, 11:43:27 AM »
$5m net worth goal?  That will throw off $200k per year.

Slow road to freedom

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Re: 2023 FIRE cohort
« Reply #44 on: September 22, 2017, 10:50:15 AM »
3/4 thru' 2017 Update

That title doesn't help my OCD, but I'm here now...

Target still £800k stash by end of 2023.

Retirement fund: £276k
Other tax free sums: £80k (Vanguard, mostly)
Company shares: £25k
Total: £381k

Been a good year of stashing so far; I can foresee maxing out our UK tax free ISA limits this side of Christmas (£20k x 2 for financial year).

2023 still seems a long way off, but plugging away ...
I really want to do things other than work... :-)

OurTown

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Re: 2023 FIRE cohort
« Reply #45 on: November 07, 2017, 02:10:47 PM »
I may have to bleed into 2024, we'll see.  I turn 55 in 2024, so I can tap my 401(k) without penalty that year.  Also it's always a good idea to stick around for that sweet year-end bonus.  It still seems like a long ways away doesn't it.

rpr

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Re: 2023 FIRE cohort
« Reply #46 on: November 07, 2017, 02:18:39 PM »
I may have to bleed into 2024, we'll see.  I turn 55 in 2024, so I can tap my 401(k) without penalty that year.  Also it's always a good idea to stick around for that sweet year-end bonus.  It still seems like a long ways away doesn't it.
That 401k penalty free access at age 55 is indeed a motivating factor to set the retirement date beyond that age. However, if you have enough in taxable and Roth contributions for five years worth of expenses, you could set up a Roth conversion ladder anytime. 

PhrugalPhan

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Re: 2023 FIRE cohort
« Reply #47 on: December 27, 2017, 06:39:31 PM »
OK guys / gals / whatever, the end of the year is coming up, lets get our numbers ready to post in the next week.  I know we have a small & quiet cohort here for now, but lets try to have some interesting / inspiring reading for the new year.

Bateaux

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Re: 2023 FIRE cohort
« Reply #48 on: December 28, 2017, 07:54:22 AM »
I'm just posting to say hello.  2023 would be my normal retirement year and provide benefits from my company.  I'd be 55 by then, currently 49.  We've accumulated a stash which could replace our current spending.   When i first joined MMM in 2014 I'd plan to FIRE in March 2018.  I'm pushing that out to at least 2019 now.  Most of my fears are about the uncertainty of health care coverage going forward.    The loss of the ACA would almost immediately push our FIRE date to 2023 so we'd be eligible for company health benefits in retirement. Good luck to you all.
“Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away.”
 ― Antoine de Saint Exupery-

Class of 2020

Slow road to freedom

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Re: 2023 FIRE cohort
« Reply #49 on: December 28, 2017, 11:02:49 AM »
Hey everyone.
When I joined this cohort, I was just starting to get my act together. The scores on the doors for 2017 are:

Starting stash 1 Jan 2017: £285k
Ending the year stash: £415k

Now starting to build non-pension savings; 2023 will be my 51st year so will need funds to carry me through to 55.

Had a good year - both regular saving, and a good bonus this year. Been very hard work, but I’m beginning to see traction I think.

Target for 2018: get to £500k total stash. I currently have no real idea how to do this, other than plug away at regular saving (which I will do) and hope for a really good bonus...

All in all, I think I’m still on target to achieve FI in 2023. I was originally targeting £800k, but am now sinking into ‘OMY’ thought patterns - a bit early perhaps? Got to make sure I don’t switch off at work, or FI will take longer....
I really want to do things other than work... :-)