Current situation below, hoping to FIRE by 53 (currently 36) - what should my target yearly savings be?

Yearly Income: 250k + highly variable bonus (30k - 150k avg)

401k: $410k
Emergency Fund: $130k
Individual Accounts: $300k
Crypto: $12k

Home equity is around $250k on a $900k home

like
Posting as :
works at
You are currently posting as works at

Some missing info. Primarily, what do you expect your annual spending to be in retirement? How many years left on your mortgage and at what rate?

like

Exactly - just figure out your “number” and back into how much you need to save. I wouldn’t view your house as a retirement lever unless you’re planning to generate income from itZ

like

If we assume you are in Colorado and are single with no dependents and will max your 401k with traditional contributions, and that your bonus averages $90k and your income will be steady from now, and that you will get a steady 5% real return and use a 2.7% WR (plus extra for tax), and that we will not factor in social security but will assume that your 401k and taxable account are retirement assets and your home equity and emergency fund are not, and if we assume you will want to spend the same amount in retirement as now, and if we assume your house payoff will not impact your expenses...

...then your post tax income is $211k per year, and if you spend $110k per year and save the remaining $101k per year, you would attain your needed FI number of $4.1 million right at age 53.

With all of these assumptions this projection can be done with a pretty simple spreadsheet.

All of these assumptions are uncertain. If you help us clarify them we can help refine this.

How much do you spend and save per year now?

How did you arrive at the timeline of age 53?

like

25x expenses minimum, reverse math it

Related Posts

like

Huge delays in biometrics

like

I am new to United Silver and I purchase economy tickets. Is the best strategy to check in exactly 24 hours ahead and switch my seat to an open economy plus seat?

like

Age? Gender? Location? Fav food for suhoor and iftar? GO!

like

Hi All, I am planning to move to a rival firm but have a notice period of 2-3 months in my current month. Has someone done something similar ?

like

TIBCO is hiring for various positions Pune,Hyderabad,Banglore.DM for referral

Post Photo
like

Deloitte Fish - how much quant is there in your experienced hire cases?

like

This is a long shot, but I’ve learnt if you dont ask you don’t get. Is there anyone by any chance willing to recruit a Degree Apprentice? Currently in my last year, so it would be a transfer of employer… If this is a possibility, please let me know. Currently in a helpless situation with my Employer… Thank you very much in advance.

like

Hi guys,

I switched 20 days back to Optum. I have 7 years of experience working as a full stack Engineer, who is passionate working on both front end and back end on latest technologies. But my project is working only on back end with 10 years old tech stack. There is no front end work at all. What should I do?
I don't like working here at all, but I am not sure whether moving out again in a month will give bad Impression on my resume. Hence please give me advice on this situation

like

Hey Folks!
Joined Optum as a fresher at the start of year but later they increased fresher salary by a good %age but mine didn't change...can you pls suggest how can I approach this issue with Manager.

TIA

like

Whats the salary range for a senior analyst for a new joiner in nyc region?

like

What is the best website for finding creative job openings at either branding or advertising agencies?

like

These guys have had this job listing up for about a year, or seems...

Post Photo
like
like

 I heard a commercial on the radio for Verizon that said something to the effect that parents are now learning how to lesson plan. Are any of you off the hook for lesson planning? Just wondering because I’m over here busting my butt!

funnylikehelpful

I have got an offer from Cognizant and completed document submission then they are asking to do prejoining formality. What happened if i am not going to join this company afterwards.. do they black list me ?

like

For the one year of work experience requirement to get CPA license in CO, when did you qualify? Do they just do 1 year from DOH or do you need to have charged 1,800 hours of client work?

Moved over to a review system called 15Five. It allows you to review your manager. I gave my manager a terrible review. The catch is: they get to “anonymously” see your reviews. Bad move?

like

Self-Promotion Alert: In association with my upcoming personal finance blog, I have a draft of a blog post about paying off my car that I would love to get some feedback on

DM me if you’re interested

Additional Posts in FIRE Financial Independence Retire Early

Any good ideas to keep your day job and start a business that allows for enough freedom to take taxable income from 350k to 0?

like

Turning 28 and hit $300K NW today. Never formally FIRE’d but want to set out a plan for here onwards. What’s some good material / easy reading to start with?

like

Finished Rich Dad Poor Dad and appreciate the emphasis on creating alternative cash flows (vs. just income). Does anyone have book recommendations on creating wealth? I've focused heavily on income + 'safe' investing, but intrigued to learn more.

like

Decided to payoff my mortgage.

like

What’s the strategy for planning to support aging parents? My mom has not a penny to her name but does live in a mortgage-free home. My siblings are worthless so it will be on me to support her.

like

Okay guys give me a list of things to lower my taxable income. Make yearly with wife 200k.

like

I contribute 10% of my paycheck to my employee share purchase plan. Is this smart to do given the tax repercussions behind it? Is it smarter to invest less in that and more in my Roth or 401k?

like

How much have you saved from refinancing your student loan?

Just watched office space again and realized it’s actually about the FIRE movement (without explicitly saying it)

likefunnysmart

Can anyone recommend a good fixed income investment that I can add to my ROTH IRA account?

like

Just got hit with the $550 CSR fee. I don’t really want to quit it; I just don’t want to pay as much. Is there a way to get it lowered?

funny

Given crazy market returns recently, do you still expect the market to rise at 10% over the next 30 years?

like

Has anyone bought a commercial space and eventually rented it out that resulted in a positive cash flow? If so? In which city?
I’m on a visa in U.S and looking to potentially invest in commercial spaces rather than residential places.
Age:25
T.C: 102K

like

Recent college grad with ~$25k in student loan debt and no investments. I have about $10k I want to invest but I have no idea where to start. Please help

Have 20k, what’s a good small business to start with this fund? Serious question here

like

Are y’all waiting to do a mega backdoor Roth to see what they do about build back better this year or just moving forward with it?

like

Is an IPO in anyone’s FIRE strategy? Maybe this is specific to the Bay Area, but it doesn’t seem that unrealistic to negotiate enough equity to make $1.5 mill off an IPO. Or maybe I’m dreaming 😂

like

Anyone else into Bank Bonus churning?

like

I have two mortgages, one at 3% and one at 4.25%. Is there any benefit to paying either of them slightly higher than the minimum payment requirement (ie, maybe like $200/month more)? Additional factors to consider, my HYSA currently yields 3% and I am looking to buy another property in about 2 years and would prefer to not sell the either of the two properties currently on mortgage.

like

Question, if you pay off your house isn’t a 100k salary more than enough to sustain a good lifestyle? My goal has always been to payoff my mortgage then find a really easy analyst role to sustain my expenses. Assuming I’m a director/VP by the time my mortgage is paid off I’d probably be able to do an analyst 40hr week in like 10hrs. Esp at some of these low expectation companies. What do y’all think about this plan?

smartlike

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal