At what age do you want to retire by?
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Retired at 37 with spouse and 2 kids below 3. It’s been 2 years and no regrets so far!
But would caution that you plan for multiple margins of safety as you might end up spending more in retirement than originally planned for.
Our spend increased by 150% post-FIRE since we now spend 4-6 months each year slow traveling in Europe / Asia with the kids.
On the other hand, despite spending more than we’ve ever had whilst working; our passive income has also increased by 20% and NW increased by 10% in the last 2 years. Our passive income is still between 2.5-3x annual spend, which is one of our safety margins, along with a significant sum in cash / near-cash to avoid sequence of returns risk.
Coach
Yes - we paid off all our education loans and mortgages before retiring. Focused on maximising income and avoiding lifestyle creep while investing to generate passive income.
15 years ago i had a plan to retire at 52, but the wife tossed that out the window when we needed to move, buy a too big too fancy house in the right school district, etc.
at 50 now.
the plan is basically normal at 62. thats a hard stop. i cant think of anything that would make me work longer unless i magic up some way to earn $1M per month just as I turn 62.
current plan puts us at 62 with $4M+ invested (not net worth), everything paid off, kids out of the house/college, a rental income, and a pension.
there are a couple inheritances coming between now and 62, so its quite likely that even 62 is going to reduce to somewhere between 55-60.
firecalc suggests i am more than good for LOTS of different situations, the plan is solid, so i dont worry about the details nearly at all.
Yes, that $4M will be 911 cash/brokerage/401k/ira/roth/hsa accounts.
19
I'd like to retire by 45. I was on track before the economy started getting all weird and inflation started making things more expensive. We're working on keeping our costs low but money just isn't moneying like it used to.
not trying to be rude, but if a short bit of wonky markets and some short-term inflation threw off your retirement plans completely, you werent actually ready.
your plan needs to be able to weather down periods without causing a full stop to the plan.
if it can't then you only have "concepts of a plan" ;) :D
before 40 with 2M
I’m very concerned about my son’s future and entry level/learning type jobs. I was awarded some privileges that helped me get ahead in life so I feel an obligation to pass that on.
53 when my pension vests, but it’s also when my last one heads to college so how quickly I pull the trigger will depend on what my plan for the next chapter looks like.
The pension isn’t anything crazy, but I hate to leave money on the table so trying to hold out until then.
I am sort of retired now (50s), really enjoy having time to myself and total freedom. I am having trouble wrapping my head around being retired though and keep applying for jobs. Has anyone had this issue and found a way to deal with the psychology of retiring?
I can be very lazy and enjoy time by myself, so I am concerned I will just “give up” and become isolated. Plus I still kind of see working as “normal”, likely because almost everyone I know is still working. I also have some anxiety that costs could go up and my plans would be upended. That said, I also want to take advantage of being healthy enough to do things, but that feeling is not as strong as the other feelings.
It took me two years before I adjusted to not working and retirement. Now I check Glassdoor occasionally to remind me how much corporate s**t I’m avoiding by being retired and that should be grateful I can afford to not work.
Soft 40, hard 45
Currently 35 @ $1.5M
Really want to cross the $3M line before I punch out.
Realistically, probably won’t consider it until age 56. Numbers should start to be close to fat fire at that point and several other factors converge (most kids out of high school, vesting). After that hopefully just depends how I feel.
Isn’t that the question FTI1? I think by that point I’ll have investment / retirement account balances that give me a few hundred K in draws under the 4% rule and a significant amount of additional NW in RE. Will still have mortgage on my home. Lots of assumptions in there, including purchase of one more property. How fat will that be then - who knows. Wouldn’t be shocked if I built up for a bit more.
Seriously? 35. I’m currently 31.
SC1,
Currently around 2M between Wife and I. We’ve grown our NW from -75K —> 2M since early 2018 when we both started working full time. Consulting income, real estate, and investing has helped us tremendously. She quit earlier this year to be at home since consulting kind of burnt her out. It’s worth noting that she gets 55K tax free for life (disabled vet) and we don’t pay property taxes either (living in Texas). My salary currently is ~200K annually.
630K in brokerage (S&P)
350K in Roth 401K (S&P)
25K in HYSA
Properties:
Primary - 350K equity, 2036 payoff
Rental 1 - 375K equity, 2041 payoff
Rental 2 - 255K equity, 2036 payoff
I net about 11K annually from 1 rental. The other is a breakeven. I don’t worry about the cashflow much which is why I have 15, 20 year loans. The sooner they get paid off from my tenants, the sooner it’s just mainly cashflow.
I’ve calculated our burn rate to about 80K annually which includes primary housing expenses. Rentals are covered by tenants and they’ve never missed a payment in 3 years so happy there. Wife’s VA money takes care of our housing which we deem as free money since it’s for life so it’s just 25K that we really need to figure out annually..
I think we’re at a good spot and I could leave if I really wanted to. My job is getting a bit annoying at this point so I’m really considering taking a break at the least.
Sorry I know this was a lot.
55
Coach
I want to slow go around 50, just handle maybe 20-25 UHNW households, sell off the rest of my book under a revenue share for 10 years or so… rock with those 20-25 households until I can’t do my job anymore… the great thing about my job is as long as my clients and households stay with me, I keep making money, so it would be kind of silly to give that up… plus my UHNW clients rarely bother me… it’s the clients who have a NW of $2M-$3M are the ones who need more hand holding…
55
Hoping for 40 and at least 3 mil. Currently 33 with 1.6 nw.
You are me.
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I have more certainty about the age by which I want to be financially ready to retire (45 lean, 50 with current lifestyle) than the actual age at which I will retire (who knows what I will think in the future?).
NW now is 2.2M. I’m 38. Hoping by 45. Spouse will continue working for health insurance
Why the rush to retire? I stopped work at 63 and then bought a backpacker hostel in the Philippines. I also work two online jobs. The first is as an English teacher for people all over Asia. The second is as an evaluator working with AI algorithms. In between I do lots of exercise, socialise with people, travel at least three months of the year and generally enjoying my life now at 71
40 from the 9-5 corporate workforce and start doing some sort of passion project/seasonal work that allows me flexibility to travel and get out of the "rat race"
Hopefully 35 with $5m for me and my wife. $3.8m now at 33
ASAP. Looks like that will be ~38 unless I can find a partner to help me get there faster 😜