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Came to this country with $200 and a suitcase with clothes. Maxed out every single bit of contribution every single year into 💯 equity funds from day one. Rode out the 2008 crisis. Looking back, that 3-4 year downturn propelled my portfolio. It’s true what they say - time in market is more important than timing the market. I was FIREing without knowing the term or the concept. Just stayed at it.
There was a 8 year stretch of no vacations. No expensive meals, but no beans and rice either. Had kids. Spouse works in a low paying job and we made sure to max out their retirement funds every year too. While doing this, I focused on maintaining life balance (sacrificing work life balance). I think I made the right choices. Fortunate to have a loving family (every ones home for the holidays now, and every one is enjoying every one’s company and there is zero drama).
My main worry is how to pay for health insurance before Medicare kicks in at 65. I think I’ll be financially independent by 57 or 58. How to bridge the 7 or 8 year gap for healthcare? Would appreciate any advice.
1) How long did it take you to reach $4M?
2) How much do you make now, somewhere 300-500k+ total comp? Are you SM or MD?
I hit my FIRE number last year living well below my means. Up another $500k this year by maxxing contributions and a good bull run.
Currently debating whether to add another year for a $1M buffer above FIRE, or put in my notice January 2nd and enjoy retiring in my early 50s.
Following and looking forward to hearing people's experiences and recommendations regarding healthcare in early retirement (e.g. ACA vs COBRA).
Medical insurance is what keeps me from retiring now. Even “barista fire” where I open my own consulting shop still has me worried.
SMH
Subject Expert
Yeah, that's a lot harder to model. :)
I find (on here and in life) that a lot of people feel better after they put a number on it.
Congrats. How did you come up with those numbers?
Frankly, somewhat randomly.
How did you reach that working at Deloitte? Curious how I can set myself up. Paid my way through school, no family money.
Mentor
Congrats! What are your timelines to hit FIRE / FatFIRE and what do you plan to do once you reach it?
25 year timeline. Will probably keep working once I reach my goals but will definitely scale down the intensity. I’ll be ok if they fire me. Don’t think I have it in me to pick up another job.
You can do ACA to get some credits on the premiums, but double check on the limits of how much your yearly income can be to remain eligible for those credits. Otherwise you may have to buy your own insurance at full value, or migrate to places that have universal health coverage, or at least lower costs on premiums for foreign nationals. One key note about migration and investing, make sure you double check how US investments and gains are treated by the host country’s tax laws, as some countries will either not allow US investments or not have double taxation treaties in place, or if you switch to EU compliant investments for example the US may tax them differently depending on how they are treated by US tax law. There’s a whole set of investment compliance and tax intricacies involved with investments when moving abroad that can cost a lot more than the healthcare premium savings you would be trying to achieve through the move.
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