Author Topic: 2028 FIRE Cohort  (Read 49235 times)

Bartlebooth

  • Stubble
  • **
  • Posts: 143
Re: 2028 FIRE Cohort
« Reply #100 on: June 08, 2022, 03:15:54 PM »
I'm going to guess at 2028 for retiring--decently far in the future that it doesn't feel like a huge commitment but also close enough that it feels exciting.  I will throw out some big plans that should be funny to look back on in a few years.

  • I will be 41 and wife will be 34.
  • First baby is due in November this year and by 2028 we should have 3-4 total and be done.
  • I hope to have maxed of use out of FMLA for those children, probably broadly spaced out over the year like every Friday off or something.  So I will have only worked 4 days a week for most of the time between now and then.
  • I will have enjoyed 5 years to no property tax and little state income tax due to Renaissance Zone process on my current residence.
  • After retiring, I will build a substantial part of my own house on the property that I am currently close to closing on.  Future me may think it is very hilarious to plan on building a house with 3-4 young kids.
  • That will be 5-6 additional years of maxing out 401(k) plus growth so around $600k in retirement accounts.
  • Continued movement of $100-150k per year average from high risk investments (crypto and private shares) into mostly index funds results in $700k taxable brokerage.
  • $1.3m seems a little light on "normal" invested funds...going to have to think hard about that.


Bartlebooth

  • Stubble
  • **
  • Posts: 143
Re: 2028 FIRE Cohort
« Reply #101 on: September 09, 2022, 04:00:06 PM »
Told my wife that I have a lofty goal of retiring in 2028...she's skeptical.

We are still pouring money into home improvements.  The previously mentioned lot purchase is hilariously self-destructing.

So I've got a lot of cash sitting around not likely to be needed (still small chance).  I made the first of what are for now planned to be monthly contributions of $10,000 to my taxable investment account.  VTI.

Eligible for 401(k) in about 1 month so excited to start maxing that out.

hudsoncat

  • Bristles
  • ***
  • Posts: 361
Re: 2028 FIRE Cohort
« Reply #102 on: September 16, 2022, 06:44:25 AM »
I have changed jobs... I now have a lengthy commute (we will hopefully move). It's an okay bump in pay, but will likely be balanced out with slightly higher cost of living when we relocate (i.e.- any house we buy will be much higher in cost than our current home and we will no longer have a our super sweet mortgage interest rate). It honestly doesn't make a ton of financial sense. It's likely a wash, it might even set us back slightly in the short term. But... my morning pep talk to get out the door each morning was verging on 15 minutes. I felt dread to the point of feeling almost ill every Sunday night... So here I am. New job. Long commute. Significantly happier. Significantly better opportunities to advance.

Otherwise we are on track to max all the things. Though I am watching closely on a few with the job change. The HSA at the new job has incentives, which of course I am trying to get by year end, but also want to make sure I max without going over.

Savings has gotten a nice bump with my vacation payout. Currently holding that and some other additional cash for a minute while we contemplate a move. But I admit... I sometimes wonder if buying a house is the right move given that we will not stay in this are after we retire. Housing is high now and we have a (hopefully) short timeline. So we'll see where/how we end up housing wise.

FIRE@50

  • Pencil Stache
  • ****
  • Posts: 553
  • Age: 46
  • Location: Maryland
Re: 2028 FIRE Cohort
« Reply #103 on: September 16, 2022, 07:22:18 AM »
Congrats on the new job and good luck with sorting the other things out.

JupiterGreen

  • Pencil Stache
  • ****
  • Posts: 588
Re: 2028 FIRE Cohort
« Reply #104 on: September 18, 2022, 01:28:32 PM »
I'm going to guess at 2028 for retiring--decently far in the future that it doesn't feel like a huge commitment but also close enough that it feels exciting.  I will throw out some big plans that should be funny to look back on in a few years.

  • I will be 41 and wife will be 34.
  • First baby is due in November this year and by 2028 we should have 3-4 total and be done.
  • I hope to have maxed of use out of FMLA for those children, probably broadly spaced out over the year like every Friday off or something.  So I will have only worked 4 days a week for most of the time between now and then.
  • I will have enjoyed 5 years to no property tax and little state income tax due to Renaissance Zone process on my current residence.
  • After retiring, I will build a substantial part of my own house on the property that I am currently close to closing on.  Future me may think it is very hilarious to plan on building a house with 3-4 young kids.
  • That will be 5-6 additional years of maxing out 401(k) plus growth so around $600k in retirement accounts.
  • Continued movement of $100-150k per year average from high risk investments (crypto and private shares) into mostly index funds results in $700k taxable brokerage.
  • $1.3m seems a little light on "normal" invested funds...going to have to think hard about that.

Hopefully your wife knows about the 3-4 kid plan! Seriously though, why so many? Congratulations on the first. Don't be surprised if you end up reconsidering this large number of children and go for like 1 or 2, that would change your financial assumptions. Children are expensive (not to mention bad for the environment). I do think 1.3 million is low for 5 people when there is so much unknown. I subscribe to the philosophy that if you bring them into the world you should assume responsibility for life (consider the possibilities of lifetime support of your children due to disabilities both at birth and after). If you or your partner are working at home as the childcare provider then that cuts down on childcare costs, but one of you will be losing your earning potential. Like it or not, SAHP are discriminated against (in the US anyway). FMLA is an Obama era policy and as politics can fluctuate, it may or may not be with us in the future.

It's cool that you have invested in a Renaissance zone, I don't know if there is any financial risk to buying properties in those types of areas but I appreciate that some states are investing in this way.

For the record, I'm officially signed up for the 2027 cohort, but I check all these other ones often enough.

Bartlebooth

  • Stubble
  • **
  • Posts: 143
Re: 2028 FIRE Cohort
« Reply #105 on: September 19, 2022, 10:59:45 AM »
Hopefully your wife knows about the 3-4 kid plan!

She knows and is on board with 3-4.  Though she frequently changes her mind on many things, so I will take what I can get.

Seriously though, why so many?
  • I currently believe that the proliferation of life is the closest thing I have found to the meaning of life.
  • I believe that 3-4 is the quantity that I will find most rewarding.  Admittedly heavily biased by having grown up in a successful 4 children household.
  • I believe that we will be able to raise above-average quality children.

Children are expensive (not to mention bad for the environment).  I do think 1.3 million is low for 5 people when there is so much unknown. I subscribe to the philosophy that if you bring them into the world you should assume responsibility for life (consider the possibilities of lifetime support of your children due to disabilities both at birth and after). If you or your partner are working at home as the childcare provider then that cuts down on childcare costs, but one of you will be losing your earning potential. Like it or not, SAHP are discriminated against (in the US anyway). FMLA is an Obama era policy and as politics can fluctuate, it may or may not be with us in the future.

"One can always make more money" (probably).  Haha but seriously, I hope that my family is my life's crowning achievement and I will work hard to make it happen.  Separately (I think?), environmental impact is overall not a concern to me in planning quantity of children.

My wife is already stay-at-home lol.  She had a seasonal job and then returned to finish college...then dropped out because she got pregnant (basically...and it is funny to say that's what happened to someone in their mid-twenties).  She has been nannying for my sister so she is at least doing something.  TBH she doesn't have very strong near-term earning potential so here's hoping she is successful at the SAHM thing!

sailinlight

  • Bristles
  • ***
  • Posts: 353
Re: 2028 FIRE Cohort
« Reply #106 on: September 21, 2022, 06:31:36 AM »

  • I currently believe that the proliferation of life is the closest thing I have found to the meaning of life.
  • I believe that 3-4 is the quantity that I will find most rewarding.  Admittedly heavily biased by having grown up in a successful 4 children household.
  • I believe that we will be able to raise above-average quality children.

"One can always make more money" (probably).  Haha but seriously, I hope that my family is my life's crowning achievement and I will work hard to make it happen.  Separately (I think?), environmental impact is overall not a concern to me in planning quantity of children.

Good for you! We need more people willing to have kids

LateStarter27

  • 5 O'Clock Shadow
  • *
  • Posts: 8
Re: 2028 FIRE Cohort
« Reply #107 on: January 07, 2023, 01:49:46 PM »
Hello Class of 28,

Technically my retirement date is December 31, 2027, but I feel more comfortable joining this cohort since January 1, 2028 is easier to track. I'm looking forward to the 5 year countdown and really trying to maximize my savings these last 5 working years.

Turtle

  • CM*MW 2023 Attendees
  • Pencil Stache
  • *
  • Posts: 605
Re: 2028 FIRE Cohort
« Reply #108 on: January 10, 2023, 12:47:27 PM »
5 year countdown has started!

I'm aiming for Sept/Oct 2027 for my last possible day of actual work.  However, it has occurred to me that if I make it that long I'll still have one last earned income check coming in 2028.  I'll have the right combination of factors to qualify for a pro-rated bonus for 2027, and that will pay out in March 2028. 

Not sure where the Internet Retirement Police would put that for actual retirement date, but I am going to have to account for that in deciding what I'm doing about health insurance for the first year.

Otter+Badger

  • 5 O'Clock Shadow
  • *
  • Posts: 14
Re: 2028 FIRE Cohort
« Reply #109 on: January 11, 2023, 12:33:36 PM »
Welcome!

It was exciting to realize on New Year's that we are at the five year countdown mark. One of our goals in 2023, is to begin test driving our expected post-retirement budget to see how restrictive it actually feels. We have two years of our budget in the house/neighborhood we are currently in. While we were aggressively saving, we also didn't really restrict ourselves for any spending--particularly for house improvements or family travel/gifts. Naturally, when we finished tallying our expenses for the year, we were about $10K higher than what we're 'budgeting' for our FIRE lifestyle. It made me realize we should really be more diligent about observing how well we are able to consistently meet our desired monthly budgets while we still have a good long ramp to figure out if we need to be making serious adjustments. 

I'm just curious how many folks are already living at the expected FIRE Budget? Any other big things people are thinking about 5 years out that seem more pressing than they did at six?

never give up

  • Walrus Stache
  • *******
  • Posts: 7894
  • Location: UK
  • Kindness is free to give and priceless to receive
Re: 2028 FIRE Cohort
« Reply #110 on: January 11, 2023, 01:30:16 PM »
Hi Otter+Badger and others (waves). Happy 2023 to the 2028ers. 5 years to go is quite the milestone. I have a feeling I will hit FI and continue working part time for a period of time as I don't believe I'm the personality type to ever believe fully in the numbers. So, I don't know if I should belong to a cohort year for when I will become FI or when I finally finish working for pay.

Anyway, putting that aside, I definitely think it is worth living at your target number for a sustained period, as defining enough and our relationship with money is key to all of this. I'm actually the other way around as I'm only living on 50-60% of my target number as I'm trying to make up for lost time, and earn myself some options. I'm also keeping a very close eye on inflation and how that impacts my spending. My core expenses rose by just over 5% last year which is good compared to the headline rates.

I do need to start spending a little more though to check my intended budget is enough.

hudsoncat

  • Bristles
  • ***
  • Posts: 361
Re: 2028 FIRE Cohort
« Reply #111 on: January 23, 2023, 12:05:34 PM »
Loving the new job from September. Commute is... fine. We continue to hesitate on buying a new home closer to my job. Housing prices have calmed down... but interest rates are still double than our current rate. And we still do not plan to stay in this area once we FIRE... Also our current home will be paid off in three years (I know... but the spouse likes the security of it. It would already be paid off if spouse had their way... paying out the 15 year mortgage we took out pre-FIRE planning was the compromise). Sigh. So many considerations. TBD on that front.

Should be fine to max all the retirement things even with the increase in limits. So there we just keep on, keeping on...

Our year over year spending is pretty in-line with what are target yearly spend in retirement will be. But even 5 years out it still feels like so much can change! So who knows if I am realistic? Some times I feel like I have less of a handle on all this than I did when we set the plan. But at least in the short term, the saving/spending is dialed in. And that's important.






Josiecat

  • Bristles
  • ***
  • Posts: 311
Re: 2028 FIRE Cohort
« Reply #112 on: February 14, 2023, 01:56:34 PM »
We are beginning to live on our proposed budget.  It has been eye opening and we really want to ensure that we have enough money so we may have to make changes to our budget or work a wee bit longer.

Extramedium

  • Stubble
  • **
  • Posts: 155
Re: 2028 FIRE Cohort
« Reply #113 on: February 20, 2023, 01:45:23 PM »
We are beginning to live on our proposed budget.  It has been eye opening and we really want to ensure that we have enough money so we may have to make changes to our budget or work a wee bit longer.

I feel like this is my biggest weakness in this field; figuring out, tracking, and planning our spend just seems so difficult and elusive.  It's frustrating, as I know this is ultimately how you figure out your "number" for retirement.  Hoping it gets easier to spend the time on this after I start downshifting.

WesternAugust

  • 5 O'Clock Shadow
  • *
  • Posts: 33
Re: 2028 FIRE Cohort
« Reply #114 on: June 19, 2023, 12:00:59 PM »
Hello all! I've been crunching numbers in various retirement calculators and am fairly confident we will be firmly FIRE'd by 2028 so I thought I would add myself to the cohort.

My wife and I have a daughter with special needs and are looking forward to when we can step back from work to focus on her care and building a stronger family foundation. My wife and I are both in the rat race and are feeling burnt out and we're both ready to start a new chapter of our lives.

I've been using YNAB for a few years so have an idea of what our expenses look like. Although, it's really varied by year and we are definitely feeling some inflationary pressures of late. We've also had a string of unexpected major home expenditures recently, so are trying err on the side of caution when estimating retirement expenses.

My wife doesn't want to entirely hang it up, so thankfully she should be able to easily find some part-time work-at-home consulting gigs in her field. I think I'm going to be just fine without a job for while. Also my industry doesn't have a lot of part-time or consulting work available so I'd have to look outside my normal wheelhouse. We should be comfortable enough by 2028 to have to flexibility to work, or not work as we see fit.

We both have golden handcuffs in the form of significant defined benefit pensions coming. I can begin taking an early withdrawal around 2035 and my wife in 2036. So we're in a fortunate situation, but it's been difficult to figure out exactly how much to save on top of the pensions since we plan to exit 5-10 years before we are eligible to start drawing. Again, we are erring on the side of caution and should probably be able to manage with just our investments, but once the pensions hit, we'll be pretty comfortable. That will also allow us to establish a nice nest egg in a trust for our daughter after we pass (which is our biggest priority).

I would quit today if I could, but the years are going by quick. 5 years ago seems like yesterday so we're just trying to keep our heads down, make long-term plans and keep socking away the investments every week while not telling our bosses FU!
« Last Edit: June 19, 2023, 12:08:23 PM by WesternAugust »

LateStarter27

  • 5 O'Clock Shadow
  • *
  • Posts: 8
Moving to 2025
« Reply #115 on: September 19, 2023, 05:52:30 PM »
Hello Class of 2028

i have decided that i would like to wake up on my 63rd birthday knowing that I am retired, so that would move me up to the 2025 cohort.  I do have mixed feelings about retirement being only two years away.  I feel like I sacrificed a lot for my career, so it is hard to give it up.  Like it or not, a lot of my identity is tied up in being a lawyer. I will also be leaving a fair amount of pension money on the table. But my husband and I just spent six great days visiting my adult sons in Alberta, and I want the freedom to be able to visit them or other far flung family members any time I want.

I have made so many financial mistakes over the years, and spent far more on my kids' activities than was really necessary, but looking back now I don't have any regrets.  I have loved every moment spent on family vacations.  We put four kids through university or college and made sure that they graduated without any debt (keep in mind this is in Canada, so not quite as expensive, although one was a professional degree and four times as much per year as the others).  I did insist that each one contribute as much as they could towards the costs.  I worry a bit that maybe we gave too much to them, but I realize that the desire to spend or save seems to be innate - each of my kids has very different attitudes towards money.  And honestly - none of them really want my advice, at least when it is unsolicited. 

Good luck to the Class of 2028 - but be sure to enjoy the next few years and treat yourselves now and then.  I can't believe I am 60 years old - and one day you too will wake up on your 60th birthday and wonder how the fuck the time went by so quickly.

Cheshirefirestarter

  • 5 O'Clock Shadow
  • *
  • Posts: 2
Re: 2028 FIRE Cohort
« Reply #116 on: October 03, 2023, 02:56:48 AM »
Hi Class of 2028....Would like to throw my possibly over optimistic hat into the ring to be FI at age 50 and by August 2028.

I am selling a portfolio of properties with a modest profit as i am quite highly leveraged and suffering due to the relatively high interest rates in the U.K.

I am also downsizing to realise a sum of cash to kick start my 'stache and am then looking to try and save about 2k / month for 5 years into a low rate ETF (either FTSE 100 or S & P 500 or a mix of both).
I have worked in my current job in automotive manufacturing for the last 22 years and have become very stale and unmotivated. Recent friends and family cancer scares and deaths have really kick started my desire to have a much better life with my family, partner and 3 boys and 2 step children.

The extra complication is that my partner of of 15 years decided last year that she wanted to quit as a teacher and go back to Uni to do a psychology degree that obviously scuppers our finances hugely but I need to support her in her dreams.

Good luck to all and lets see how it pans out!

wpgdude

  • 5 O'Clock Shadow
  • *
  • Posts: 14
Re: 2028 FIRE Cohort
« Reply #117 on: October 06, 2023, 01:09:48 PM »
Hello 2028 crew.  I should have added my name here a few years ago, but I am planning to retire in June 2028 from teaching at the age of 52.  My wife, also a teacher will be 55 and she will be eligible to start drawing her pension that year.  June 2028 is also the year that our kid will be graduating from high school, so it seems like the perfect time to say goodbye to the Monday to Friday workforce. 

Over the past few years I've taken two half year leaves of absence for travel and life enjoyment purposes and while they have been amazing, they have also shown to me that I'm not ready to retire yet.  Having some structure to my day is still important to me, so once again I'm back in the classroom, only this time both my wife and I have dropped down to working 50%.  I think this is the ultimate balance,  I still get to do something I love (teaching) but have way more time for everything else in life.

hudsoncat

  • Bristles
  • ***
  • Posts: 361
Re: 2028 FIRE Cohort
« Reply #118 on: December 15, 2023, 09:28:41 AM »
Looks like a lot of the cohort threads have some end of the year posting happening, so I thought I'd revive this thread.

I love how in my January update I was all, "Savings/spending dialed in!" and proceeded be a spendy, spendy pants. We traveled A LOT this year. Both planned and unplanned. We splurged on some experiences. Treated nieces and nephews a bit more than normal. So yeah... Some of the extra of that was certainly due to rising costs, but really most of it has been spent on fun. And that's fine! Most of it will dial itself back down in 2024 naturally (less travel planned, a couple of the 2023 splurged experiences are actually happening in 2024, we just paid for the tickets already). To be clear, we did all the extra spending with eyes wide open and most of it was saved for... but it still feels shocking that we've spent THIS much. Retirement savings was dialed in fine for the year, maxed all the things (401k, 457b, HSAs, IRAs). See no reason 2024 won't be the same.  The market has been kind this year and that is always fun to watch.

Still commuting. We still think occasionally about relocating closer, but the right opportunity has not come up yet and the drive isn't bad. My local library has a robust audio book library through Libby I have been enjoying. I've negotiated 1-2 WFH days per week. We're basically in the boring middle. Assuming our spending calms down (we are going to track a little tighter in 2024) and the market does it's thing, we are still on track for 2028.

never give up

  • Walrus Stache
  • *******
  • Posts: 7894
  • Location: UK
  • Kindness is free to give and priceless to receive
Re: 2028 FIRE Cohort
« Reply #119 on: December 16, 2023, 03:13:22 AM »
It sounds as though you have had a good year hudsoncat. Congrats.

The recent market bump has me at an all-time high and I can see that even my general level of incompetence isn't enough to overcome the power of living below my means and having the confidence to invest the rest. I may just succeed at this FIRE lark!

In 2028 I will commiserate celebrate my 50th birthday. I'd love to be made redundant hand my notice in while still in my 40's.

2023 has seen me move from a 5 day to a 4 day working week, with 3 of those being allowed from home. It's been a large step towards the benefits of full FIRE far sooner. Got to keep going!

Metalcat

  • Senior Mustachian
  • ********
  • Posts: 17582
Re: 2028 FIRE Cohort
« Reply #120 on: January 27, 2024, 07:44:45 AM »
Woohoo!

My DH has finally agreed to retire early from his federal government position and is aiming for 2028 retirement at the age of 55. We're just in the process of figuring out the best strategy of using leave available to him to maximize his pension, which will be a deferred annuity that starts paying when he's 60.

I medically retired in 2020, but after a few years off and then a few years retraining, I'm going back to work this year, but very part time, and work that I want to do indefinitely.

We have savings and real estate investments, that could bridge the 5 year gap, but my part time income will also more than cover our expenses. DH will also likely pick up pretty lucrative consulting work.

However, him retiring from government will open up an enormous amount of flexibility and freedom for us. We always planned to do fun, part time, remote work in "retirement" anyway, so this will really mark the date where we both feel "retired," because we'll be able to move on with a whole new stage of life.

The biggest differences will be DH no longer having a set 8-4 work schedule, and no longer tethered to any given region for his work. He currently works from home, but has limits as to what his location can be.

We're considering doing winters in Mexico because I have a lot of family there.

I am SUPER JAZZED about this because he has been insistent that he wants to work until 60 because he really loves what he works on, but the prospect of more flexible, autonomous consulting work has finally piqued his interest.

He hasn't been worn down by the day-job grind, but I have. After several years of living a more flexible lifestyle, I'm finding his rigid schedule really tedious. Like the fact that even if he's done, he has to stand in front of his computer and log off at exactly 4pm just seems so stupid.

So I'm beyond thrilled to add him to this cohort.
« Last Edit: January 27, 2024, 07:48:36 AM by Metalcat »

E.T.

  • Bristles
  • ***
  • Posts: 413
  • Age: 35
  • Location: U.S.A.
Re: 2028 FIRE Cohort
« Reply #121 on: January 28, 2024, 01:20:42 PM »
That's great @Metalcat !

I see there's been a few new people joining in since I last checked in here. Welcome everybody to our quiet little cohort. :)

jrhampt

  • Handlebar Stache
  • *****
  • Posts: 2019
  • Age: 46
  • Location: Connecticut
Re: 2028 FIRE Cohort
« Reply #122 on: January 29, 2024, 10:16:04 AM »
I think I am officially aiming for mid-March 2028 (after bonus) to be out at 50 and fat fired.  We'll see if I make it.  If not, could be as early as 2026. 

Captain Pierogi

  • 5 O'Clock Shadow
  • *
  • Posts: 32
Re: 2028 FIRE Cohort
« Reply #123 on: March 13, 2024, 03:28:27 PM »
I got jealous of seeing other cohorts get activity recently, so I thought I'd provide an update after two years.  It feels like just yesterday I joined this group.

We're at roughly 80% of our FIRE goal.  If life were set-it-and-forget-it, I'd be very confident in reaching our 2028 goal.  But it's not.  I'm contemplating some job retraining soon, which would only take a year, but that's still a hit financially.  So for now, we're still 2028, but if it doesn't work out, it was done with intentionality and purpose.  Which I guess is the whole point.  In the meantime, continue the boring accumulation phase!