Over the last 10 years, our NW grew from approximately $300K to $3M; my original FIRE target. Of course, inflation has changed the equation and my adjusted FIRE number is now $5M, which I expect to reach by the time I turn 50.

While I feel incredibly grateful and fortunate, I sometimes find myself wondering whether I’m aiming low.

Personally, I have no desire to be ultra rich. But don’t want to think money in old age.

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Inflation last 10 years has been around 35%, so there has been come lifestyle creep or other increased spending too, so seems like that $5m might go up as well.
As for $5m being enough, that’s your decision. Anyone can live comfortably on this, but no one is forcing you to quit working!

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Congratulations! If you think you might be aiming low, how much more would make you comfortable? How long do you think it’d take to hit that number?

I know lots of people here do coast FIRE or get some type of job to stay busy and get some extra income. Personally, I don’t think I’ll have any issue filling my days as long as I have enough money to live the way I want. I’m still 10+ years away from FIRE, but I’d rather work a little longer to know that when I retire I’m done working for good.

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Enough will never be "enough" then. It will be a moving target.

How old are you and what is your plan for retirement (if you have one)

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Planning what you will do in retirement is half of the process.

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The way I look at it is that I peg to an annual income number from what I was making a little before the pandemic. The economy and prices were pretty stable before things got wacky for a while, so it seems like a good base year. My wife and I were doing okay with a house payment and kid expenses. I figure with the house paid off and the kids (hopefully!) launched and handling their own expenses we'll have some buffer for fun and safety. I mark that up with the current consumer inflation numbers and use a 3% SWR to calculate my current required amount of income producing assets.

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How much of the $2.7M delta was growth versus contributions?

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Exact half and half.

How do you guys spend money to need so much in retirement? I have a hard time spending $3k a month now and cant imagine I'd spend more than that (excluding healthcare and adjusting for inflation). The past 12 years since college my annual expenses has never exceeded $35k a year. I have surpassed my retirement number but Im not 35 yet and dont want to retire yet. Initally, had planned for retirement at 45. May move it down to 40. I have a $300k base and bonuses has been 25% to 35% the past several years. Even with two vacations a year, never gone over $35k in annual expenses. Savings has been great.

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Congratulations - Spending $35K/year is definitely an outlier. You must not have kids

Many mortgages are above $35K/year, and Medical insurance/healthcare costs for a family could exceed $35K as well

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You can always bump it up a bit more to give yourself more of a cushion. I’m expecting us to overshoot our target, which I view as a minimum, not a finish line.

Yes, though my numbers are double that, and I only count investments (i.e., not counting my house). I should hit that by 50 at the latest, so another 5 years.

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Wow! Thats awesome! Mind sharing how it grew so large?
Promotions/better paying job? Saving? Etc

Everything plays a role; having two incomes, earning a higher salary, investment returns, and, of course, a bit of luck.

But the single most important first step is investment discipline.

- Max out your 401(k) every year.
- Live on a budget and spend less than you earn.
- Diversify your investments and stay invested for the long term.

None of these are exciting, but consistently following them is what builds wealth over time.

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