2024 FIRE Cohort

[techwiz]

Wife and I are targeting leap day 2024, I'll be 46.  She says she's willing to keep working if it lets me FIRE a year or two earlier, but for now we will shoot for dual FIRE on leap day...or perhaps a month or so later to deliver the best anti-April Fools joke ever.

Wow, the last five years have been wild.  The Mrs. quit her part time but very annoying and stressful job and a few years later, started a side hustle related to homeschooling. A year and a half into the side hustle the pandemic has sent so much work her way...it's hard to believe. 

We had fallen a bit behind target but are now right on or perhaps ahead, depending on how long the pandemic boost lasts for the side hustle. 

I have conflicting emotions about making so much more money because we were fortunate enough to be in the right industry when the pandemic hit.  We are priced at or below our competitors and have not raised prices since we opened.  We are in no way "taking advantage" of the pandemic, but knowing that we are prospering as others are experiencing such pain and loss is always on my mind.

Great news on getting back on target. I understand your conflicting emotions.  I sometimes feel the guilt of having a stable job that I can do from home plus a bunch of overtime as the work has been crazy.  The burned out part of me sometimes wishes my job was affected by the pandemic, but feel very grateful we have weathered this pandemic very well financially. Giving back and helping others during these times works well to lessen the survivor guilt.

[techwiz]

1355 Days until FIRE!

Keep chugging along on the journey slow and steady. 

[RWD]

Current plans are ~48 months until FIRE for me.

[Zaga]

Our current plans are all over the place.  We're opening a winery and want to be at the point where we're only working for ourselves ASAP.  At that point we will be a lot less gung ho about pushing to FIRE so fast.  We'll be out of the corporate life, making wine, and making wooden things.

At the point we are now if we just cover our expenses until "normal" retirement age then our investments will have grown enough to support us.  But who knows what will actually happen with this venture?

[TomTX]

I'm out, folks. Presuming things stay reasonably on track (no worse than zero market growth) - I'm solidly in the Class of '23 for FI.

Kinda scary. I started the 2027 thread - but boosted income and a more granular look at investments/pension/SS has accelerated things, lopping off 4 years so far.

(Apologies for the crosspost if you read multiple FIRE Cohort threads)

[techwiz]

I'm out, folks. Presuming things stay reasonably on track (no worse than zero market growth) - I'm solidly in the Class of '23 for FI.

Kinda scary. I started the 2027 thread - but boosted income and a more granular look at investments/pension/SS has accelerated things, lopping off 4 years so far.

(Apologies for the crosspost if you read multiple FIRE Cohort threads)

Wow, great job cutting the years off on your FIRE date......

[TomTX]

I'm out, folks. Presuming things stay reasonably on track (no worse than zero market growth) - I'm solidly in the Class of '23 for FI.

Kinda scary. I started the 2027 thread - but boosted income and a more granular look at investments/pension/SS has accelerated things, lopping off 4 years so far.

(Apologies for the crosspost if you read multiple FIRE Cohort threads)

Wow, great job cutting the years off on your FIRE date......

Thanks!

I'll admit the 2027 date was conservative - it is the date I can retire "directly from service" to collecting a (partial) pension with health insurance.

There were some significant positive items in the meantime:

MrsTX went back to work in 2018 a few months before our youngest started kindergarden - she had started to put the word out for jobs intending on going back to work in September, but a good (contract) opportunity opened up sooner. When that ended there was a gap of 6-7 months, but she got a good full time position - sadly, she did have to give that up a few weeks ago for COVID homeschooling.  Anyway, it brought in a lot of cash which we (mostly) stashed rather than spending. Mild amount of work expenses, of course - well, more than mild for that first summer for fulltime childcare, but far more than covered by the income.

for 2019 + 2020 I maxed out 401k + 457 + IRA, in 2020 MrsTX maxed out 457 + $12k in the 401k and will IRA soon (I hope). Was on target to max out all of them - but COVID.

A year ago I managed a promotion to a different Division with a 20% pay increase. After 3 years, this will increase my eventual pension payout by 20% as well.

Since pension can be drawn only when age + years of service hits a certain threshold, there will be a ~10 year gap before I can draw the pension. The 20% increase offsets the pension reduction from not working til 2027.

The nice feature of 457 (other than being a separate cap from 401/403) - is that I can draw as soon as I leave service. No age requirement to avoid an early withdrawal penalty. The basic game plan would be to 72t/SEPP the 401k/IRA money and draw the 457 on an as-needed basis.

I've been working my way down the FIRE Cohorts. After this recent set of calculations, 2023 is looking solid.

[techwiz]

Only 1335 days away until Fire!  Time keeps ticking away...

[techwiz]

Days until FIRE!

[Goanywhere]

Hi all, 2024 is our year as well.  We could go 2022 based on 25x but I’m very nervious about the equity markets and sequence of return risk - hence 2024. 

I’ll be 40 and my DW 37.

[techwiz]

Hi all, 2024 is our year as well.  We could go 2022 based on 25x but I’m very nervious about the equity markets and sequence of return risk - hence 2024. 

I’ll be 40 and my DW 37.

Welcome to the cohort.

Yes sequence of return risk is something I see a lot of people worrying about.
Different ways to address that risk:
-Saving more to have a lower withdrawal rates (3%, 3.5%)
-Using a variable withdrawal strategy using flexible expenses and the ability to earn some money (side hustle,  part-time work).
-the list goes on....

Everyone's plan and risk tolerance is different there is no problem with updating and modifying plans to what works best for you.

Best of luck!

[TomTX]

So, here's my approach for sequence-of-returns risk, a combination of:

"Bond Tent" - higher percentage of fixed income/bonds/CDs at retirement, shifting back to higher stocks. This both buffers any immediate downturn upon retirement and should have long-term growth from shifting back to heavier on stocks.

"Flexible Spending" - Having a variable* withdrawal rate from 3.5% to 5% is almost indistinguishable in risk from a flat 3.5%. Most people plan for some flex in their budget - I'd like to spend money on travel. If the portfolio is doing well, that might be Europe. If the portfolio is not doing well, that might be camping.

*Lots of variations, but the gist is that if the portfolio is doing well, you withdraw more. A good starting point is if the portfolio is above the inflation-adjusted starting value, you draw 5%. If it is below, you draw 3.5%. With only slightly more risk you can do gradations: Above starting, 5%, 90%-100% of starting value, draw 4%. Below 90% of starting value, draw 3.5%.

[dogboyslim]

2024 is my early FIRE date.  I've joined the 2030 cohort, but 2024 is when I hit my minimum savings target.  If things go well, financially or if they go poorly in terms of how I feel about my job, I'll pull the trigger midyear 2024.  Downside is I've got to save $1M in 4 years, as we have a FatFire target.

[OurTown]

Still on board for Feb 2024.  LNW is about 800k.  TNW is 944.  Wife was laid off from her job recently, but a new offer is imminent.

[techwiz]

So, here's my approach for sequence-of-returns risk, a combination of:

"Bond Tent" - higher percentage of fixed income/bonds/CDs at retirement, shifting back to higher stocks. This both buffers any immediate downturn upon retirement and should have long-term growth from shifting back to heavier on stocks.

"Flexible Spending" - Having a variable* withdrawal rate from 3.5% to 5% is almost indistinguishable in risk from a flat 3.5%. Most people plan for some flex in their budget - I'd like to spend money on travel. If the portfolio is doing well, that might be Europe. If the portfolio is not doing well, that might be camping.

*Lots of variations, but the gist is that if the portfolio is doing well, you withdraw more. A good starting point is if the portfolio is above the inflation-adjusted starting value, you draw 5%. If it is below, you draw 3.5%. With only slightly more risk you can do gradations: Above starting, 5%, 90%-100% of starting value, draw 4%. Below 90% of starting value, draw 3.5%.

I agree flexible withdrawals and bond tents are great ways to reduce sequence-of-returns risk. 

[techwiz]

2024 is my early FIRE date.  I've joined the 2030 cohort, but 2024 is when I hit my minimum savings target.  If things go well, financially or if they go poorly in terms of how I feel about my job, I'll pull the trigger midyear 2024.  Downside is I've got to save $1M in 4 years, as we have a FatFire target.

Welcome.
Even reaching your a minimum target will give you a lot of options. Hope you reach your goals.

[techwiz]

Still on board for Feb 2024.  LNW is about 800k.  TNW is 944.  Wife was laid off from her job recently, but a new offer is imminent.

Sorry to hear about your wife being laid off, hope the new offer is on the way. It's good to know your stache can make these bumps in the road much easier to deal with. All the best.

[techwiz]

Until my FIRE date!

[Blissful Biker]

Quarterly report done.  A mere 15 quarterly reports to go!  Easy peasy.

[techwiz]

Good way to count it down 15 doesn't sound bad at all.

Are your reports like the ones from the movie office space?

[techwiz]

1222 Days left!

[OurTown]

It's only about 750 working days.

[techwiz]

It's only about 750 working days.

750 Working days looks much better than my
days until FIRE!

[Purple_Crayon]

Glad to join the cohort!

Shooting to be poetic with Independence Day, 2024. I will have no mortgage, 32x my annual spending put away, and I'll be 38 years old. It will have taken me 11 years to get there from sub-zero net worth.

[techwiz]

Glad to join the cohort!

Shooting to be poetic with Independence Day, 2024. I will have no mortgage, 32x my annual spending put away, and I'll be 38 years old. It will have taken me 11 years to get there from sub-zero net worth.

Welcome to the cohort,  I like your FIRE date choice of Independence day!
 

[FireDAD]

I first joined this forum on December 05, 2013

Some number of years ago I joined the 2029 cohort, but life changes and some incredible business opportunities have come my way allowing us to have a nearly $200,000 annual income with just one spouse working. When I first joined this website I was making $35,000/yr as a staff accountant and about $6,000 learning and growing my business in the weekends.

With our FI/RE date approaching much more rapidly than originally anticipated I have begun doing some blogging from a more FatFIRE prespective, because it's becoming clear that even when I quit full-time accounting work that our business will produce pretty close to all we could need. The blog is really about the next 3 years as we go from having enough to FIRE now, but intentionally spending 3 years of purposeful work growing our real estate portfolio, growing our tax deferred savings as much as possible, and allocating a significant amount of money each year to spending experiences to explore our favorite hobbies and interests.

April 2024 here we go!

[techwiz]

I first joined this forum on December 05, 2013

Some number of years ago I joined the 2029 cohort, but life changes and some incredible business opportunities have come my way allowing us to have a nearly $200,000 annual income with just one spouse working. When I first joined this website I was making $35,000/yr as a staff accountant and about $6,000 learning and growing my business in the weekends.

With our FI/RE date approaching much more rapidly than originally anticipated I have begun doing some blogging from a more FatFIRE prespective, because it's becoming clear that even when I quit full-time accounting work that our business will produce pretty close to all we could need. The blog is really about the next 3 years as we go from having enough to FIRE now, but intentionally spending 3 years of purposeful work growing our real estate portfolio, growing our tax deferred savings as much as possible, and allocating a significant amount of money each year to spending experiences to explore our favorite hobbies and interests.

April 2024 here we go!

Congrats on all the income growth and knocking 5 years off your original date! 

[OurTown]

We just hit the two comma club.  Still on track for Feb of 2024.

[techwiz]

We just hit the two comma club.  Still on track for Feb of 2024.

Congrats on making it into the double comma club!

[techwiz]

1124 Days left until FIRE!

Just a little over 3 years left. As the date is getting closer I been taking a closer look at my withdrawal plan of my RRSP, and what impacts/rules are associated with delaying pension such as health/dental insurance etc..  Taking some of these steps are making it seem more real.

[Blissful Biker]

1124 Days left until FIRE!

A mere 14 quarterly reports to go for me.

[techwiz]

A mere 14 quarterly reports to go for me.

That's not many at all!  I am sure they will go by quickly.


Another


days for me. 

[Eco_eco]

Kia ora koutou - hello everybody

I’m super pleased to be coming down to join you from the 2030 thread. After a couple of good years financially and some changes around work we’ve knocked six years off the plan. Yay.

I really had no idea how incredible compounding growth could be until I experienced it. We are now planning to officially fire sometime in 2024. I will be 48 years old and two years ahead of the goal I set back when I was in my early 20s and making long term financial plans.

Is anyone else in this cohort feeling a little nervous with only a few years to go? When I joined the forum in 2016 I reaffirmed my goal of retiring in 2030, which was a comfortable 14 years away.  Now as I start working out exactly how the income will work and where investments need to sit it is all suddenly awfully real.

[techwiz]

Kia ora koutou - hello everybody

I’m super pleased to be coming down to join you from the 2030 thread. After a couple of good years financially and some changes around work we’ve knocked six years off the plan. Yay.

I really had no idea how incredible compounding growth could be until I experienced it. We are now planning to officially fire sometime in 2024. I will be 48 years old and two years ahead of the goal I set back when I was in my early 20s and making long term financial plans.

Is anyone else in this cohort feeling a little nervous with only a few years to go? When I joined the forum in 2016 I reaffirmed my goal of retiring in 2030, which was a comfortable 14 years away.  Now as I start working out exactly how the income will work and where investments need to sit it is all suddenly awfully real.

Welcome to the Cohort. 

Wow, knocking off six years is amazing, the power of compound growth in action! 

I am not feeling nervous it is still three years away which to me is still far enough away.  Lately I am feeling burned out, I assume many are feeling that way these days. I just keep reminding myself how very lucky I am to have a stache that provides me many options.

[Zaga]

Kia ora koutou - hello everybody

I’m super pleased to be coming down to join you from the 2030 thread. After a couple of good years financially and some changes around work we’ve knocked six years off the plan. Yay.

I really had no idea how incredible compounding growth could be until I experienced it. We are now planning to officially fire sometime in 2024. I will be 48 years old and two years ahead of the goal I set back when I was in my early 20s and making long term financial plans.

Is anyone else in this cohort feeling a little nervous with only a few years to go? When I joined the forum in 2016 I reaffirmed my goal of retiring in 2030, which was a comfortable 14 years away.  Now as I start working out exactly how the income will work and where investments need to sit it is all suddenly awfully real.

I'm not sure how I'm feeling tbh.  We drastically changed our career path last year and at this point there's no point in speculating about the future.  We started a small winery.  It's not supporting us yet, but DH is doing that full time and I'm still working full time and also doing a lot with the winery.  My income doesn't cover all of our expenses, at some point we might have to pull from savings unless the business does well enough. 

Goal obviously is for me to quit working for the man too so we can both do winery stuff full time.  But that totally changes the ER idea, cause now we're running the business.  Really not sure if we'll be able to FIRE (or at least FI) in 2024, or if it will be a few years longer.

[techwiz]

LEFT Before my FIRE date!

That's only 1095 days and not all of them will be working days. I am trying to focus on having as much fun during these last three years as I can. There is a little bit of fine tuning to do for financial planning, but I think the physical and emotional wellbeing is key in these final three years.   

[OurTown]

We will probably work the first quarter of 2024 so that we can retire into springtime weather.  Ergo tentative date is March 31, 2024.

[Eco_eco]

Since there are three years to go I’ve started working through Fritz Gilbert’s early retirement checklist.

He has made a great video for this here:
https://www.theretirementmanifesto.com/your-bucket-strategy-questions-answered/

And the actual checklist is here:
https://www.theretirementmanifesto.com/the-ultimate-pre-retirement-checklist/

I quite like Fritz simple approach to getting everything in order and the idea of making small incremental steps for the next few years to prepare for the large change of not getting up each morning to head to work.

[techwiz]

Since there are three years to go I’ve started working through Fritz Gilbert’s early retirement checklist.

He has made a great video for this here:
https://www.theretirementmanifesto.com/your-bucket-strategy-questions-answered/

And the actual checklist is here:
https://www.theretirementmanifesto.com/the-ultimate-pre-retirement-checklist/

I quite like Fritz simple approach to getting everything in order and the idea of making small incremental steps for the next few years to prepare for the large change of not getting up each morning to head to work.

Thanks for the links. 

[techwiz]

Day's Left until FIRE!

[By the River]

I've decided to put a stake in the ground and join this cohort.  I have some golden handcuffs and a low-stress job so staying until I turn 60 but my wife will probably retire at the end of this year.  So the date is April 1, 2024 or
1000  total days

[Blissful Biker]

I've decided to put a stake in the ground and join this cohort.  I have some golden handcuffs and a low-stress job so staying until I turn 60 but my wife will probably retire at the end of this year.  So the date is April 1, 2024 or
1000  total days

Welcome By the River.  Glad to have you!

I've just got 13 quarterly reports to go. 

[BiggerFishToFI]

Count me in. I'll be turning 38 in 2024, and want to retire when I'm 37, just because. Good thing this lines up with a solid FI number for us with a 3.5% withdrawal rate if all goes to plan.

I will likely continue working either part-time or contract work, or flipping houses or being a starter at the golf course. Who knows but by mid 2024 I will certainly, hopefully not be sitting at a computer for 40-60 hours per week!

[Simpli-Fi]

I started a 3 year FIRE experiment that ends early 2024.  I started a new coast gig in 2021, I have yet to spend a penny, everything gets invested…max 401k, HSA, and then direct deposit into Vanguard to max out Roth, and remaining goes to the settlement fund; The job is my FIRE safety net.

If I can navigate this practice with comfort, I’ll finally have the confidence to give up this corporate computer.

[techwiz]

I started a 3 year FIRE experiment that ends early 2024.  I started a new coast gig in 2021, I have yet to spend a penny, everything gets invested…max 401k, HSA, and then direct deposit into Vanguard to max out Roth, and remaining goes to the settlement fund; The job is my FIRE safety net.

If I can navigate this practice with comfort, I’ll finally have the confidence to give up this corporate computer.

Congrats on being able to get everything invested.  Sounds like you are on the fast track to FI and getting rid of that corporate computer with your new coast gig. Best of Luck!

[techwiz]

I've decided to put a stake in the ground and join this cohort.  I have some golden handcuffs and a low-stress job so staying until I turn 60 but my wife will probably retire at the end of this year.  So the date is April 1, 2024 or
1000  total days

Welcome to the 2024 Cohort, I am just behind you at 1050 days to go!

[OurTown]

Good news.  We just popped up over 900k liquid.  TNW is pushing 1.1m. 

[techwiz]

Good news.  We just popped up over 900k liquid.  TNW is pushing 1.1m.

Congrats!  Great milestone to achieve.

[AO1FireTo]

My current target is December 2024, and will be one day before my birthday to get a younger FIRE age:).  This means I'm out of corporate life for good.  By 2024 we should have more than enough but DW doesn't have any plans to RE, and I'll likely do something part time that's interesting but won't need it for money.  Good luck to all on this thread!

[Blissful Biker]

I like your graph and your thought process neo von retorch.  I have something similar, although simpler because we do not have a mortgage.



Orange - Target FIRE income.  We set a goal for retirement spend years ago and adjust it for inflation each year so it remains in current dollars.  2021 is unique in that I made a mid year inflation adjustment because it is such a hot topic and as the lines start to converge the details matter more.

Grey - Actual Annual Spending.  We do not track our day to day spending but rather run a calculation at the end of the year:  Net Income - Savings = Spend.  2019 shall for ever be known as the Year of Orthodontics.  2021 is based on a mid year estimate and shows the impact of becoming a single car family.

Blue - Income based on 4% of current stash, less estimated taxes.

You can see that the grey and blue lines have essentially converged which makes me very happy, but we are going to press on to achieve the goal.  With covid our spend rate has been quite low and I want the flexibility in retirement to do more travelling and activities than we have recently.  I am also a bit nervous that stocks might be overvalued given the current CAPE ratio so I want to give the market some time to stabilize and/or build a bit of contingency to mitigate the risk.

It's feeling more and more feasible that I can move into an earlier forum, 2022 or 2023 but I am not yet ready to commit.  It would be discouraging to set my sights on an earlier year and not achieve it.

So in the meantime I am basking in the joy of being leanFI.  While my work habits haven't changed, I have felt the pressure lift.