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My personal number is 3 million at 50. Not on any kind of FIRE schedule. I’m 40
I would just settle for a low paying job at that point. I don’t have any sophisticated calculations. That number is basically my comfort level for switching to a less intense corporate job (80 K) while retaining my current quality of living. I’m spending more than ever right now , so I think it’s a good benchmark.
I'm on track to mostly retire at 45 in 2 years. Paid off home, ~$2.7M in investments, ~$40k in side gig work that will translate to ~10 hours of work per week, and kids in public school with solid 529s.
Of note, my spouse has no intention of retiring for another 15-20 years, and we'll switch from having been on my insurance for the past 15 years to being on hers.
I think one partner working is the biggest aid to FIRE - self paid healthcare kills the budget
There’s a fire bowl. I think these days most people are targeting at least $3m for FiRE. $1m will be tough to be enough if you’re trying to retire at 40.
https://joinfishbowl.com/bowl_1gp2qmyq5k
6M is the number I have (incl paid off primary home)
Depends on age and COL really. If you want to van life with k bad healthcare you can get away with a lot less than expensive taste in a VHCOL city with 2 kids
Bengen recently published a new book with revised figures. In summary, with high stock valuation like today, 4.7% withdrawal rate as worst case for 30 years retirement, down to 4.2% for 40+ years at 100% confidence level (based on historical returns). Rate goes up to 5.5%-ish for an 80% confidence level.
Here’s the link to the FIRE bowl:
https://joinfishbowl.com/bowl_dvn1qrqmxb
apologies for my ignorance..what FIRE stands for? Also D1, can you share link to the bowl pls
Financial Independence Retire Early. Basically living below your possibilities until you have enough saved to stop working.
found it..FIRE- Financial Independence Retire Early
Pro
It’s $10m
$5M - on the high end of the "Fat FIRE" range. Should be plenty for my lifestyle
If you base it off reddit chubbyfire vs fatfire subreddits, fatfire starts at at least $10M+. 5M seems to be in the midpoint of chubby.