Hi everyone. I discovered this forum about 2 months ago and have been reading a lot of your great posts. I really got serious about shooting for FIRE about 12 years ago (hadn't saved much at all before that), but have caught up somewhat since then. So, a little about me:
- I'm 43 and not married (have a GF, but haven't been able to pull the trigger).
- I live in NY about 70-75 percent of the time and S. Fla about 25-30 percent of the time. I love S. Fla and my company allows me to work there part of the time.
- I don't work for a megacorp, but a smaller boutique firm where I have a very small ownership stake (only like 6%-10% should we sell).
- I currently have about 1.25 million saved for retirement, this includes:
*535,000 in a morgan stanley brokerage account (large majority stocks, but also 120,000 in an annuity - I know, but I like the idea of having some type of regular income down the road. It matures in 8 years.)
*428,000 in 401k
*26,000 in checking
*255,000 in savings
- I also own a condo in S. Fla that is worth about 450,000, and I owe about 117,000 on it still. In addition to the monthly mortgage, I've been paying an extra 10,000 per year to have it paid off early.
- I know I have way to much in cash, but I may be purchasing a house within the next 6 months (my grandmother passed away and I may buy her house). Also, I'm very hesitant to put more money in the stock market right now since we are due for a correction and I'd like to have money to buy in then (as I did in 2008).
- I make 225,000 a year base, plus commission on my clients which varies between 40,000 - 70,000 a year (I get commission checks every quarter which get taxed at close to 50 percent).
- I'm currently saving about 5,100 a month, with a breakdown of 1,100 to 401k (this is the max for what my employer will match half); 2,000 to savings and 2,000 to brokerage account (of that 1,000 has been going into the annuity). In addition, I save between 1/2 to 2/3rds of my commission checks each year. The rest pays for property and other taxes.
- My expenses are about 80,000 - 90,000 a year. I live below my means, but not even close to as much as I should. I do like to enjoy life, so I go out to dinner too often, go out too often, travel to S. Fla often (I work from there, but it is my choice and my company allows it so I pay for my travel).
- I know my allocation needs to change, and I am very keen do it - possibly putting 1,000 into savings and 3,000 into brokerage (keeping the 1,000 going into the annuity).
- I'm not counting this in, but I should get about 200,000 to 300,000 if/when the company sells (probably within 5 years time).
- In addition, I should be getting another 300,000 - 400,000 in about 20 years (family inheritance).
- No pension (man, I wish I was getting one of those), but I will be eligeable for SS (I guess at 62, but I know the minimum age may go up before then).
- So, from everything I've read, I am in good shape if I wanted to work to 60-65, but my goal is to try to retire in 2023 at 49 years old. Hence, I'm glad I found this amazing site. I'm so impressed by what so many people on here have been able to accomplish.
- I know I need about 2.0 - 2.5 million to be able to withdraw the 4 percent each year to cover my expenses.
Sorry for the length of this post, but it seems you all like more details. I know I haven't posted everything, but this is a good summation.
Any insight into whether I'm on track, what I should do with the cash (I know, I'm crazy to keep that much in cash, but it makes me sleep better and I like having the money to be able to put a down payment on a house, put towards an investment/buy in during a correction/buy a fund, etc.) Or, I also like the idea that if I felt like not working for 3-4 years I could use this money without touching my investments.
Am I crazy to think I can retire in 5 years? I don't hate my job as much as many, but I am certainly feeling burnt out a bit and getting sick of the daily grind. In addition, if/ when my company does sell I want the option of not having to work for the new owners.
Are there any investments I should be looking at/ reallocating my money to help achieve my objective faster? Is the next 750,000 going to come a lot quicker than the first 1.25 million?
Thanks for listening. I'm happy to be here and look forward to learning and contributing.
-bee
- I'm 43 and not married (have a GF, but haven't been able to pull the trigger).
- I live in NY about 70-75 percent of the time and S. Fla about 25-30 percent of the time. I love S. Fla and my company allows me to work there part of the time.
- I don't work for a megacorp, but a smaller boutique firm where I have a very small ownership stake (only like 6%-10% should we sell).
- I currently have about 1.25 million saved for retirement, this includes:
*535,000 in a morgan stanley brokerage account (large majority stocks, but also 120,000 in an annuity - I know, but I like the idea of having some type of regular income down the road. It matures in 8 years.)
*428,000 in 401k
*26,000 in checking
*255,000 in savings
- I also own a condo in S. Fla that is worth about 450,000, and I owe about 117,000 on it still. In addition to the monthly mortgage, I've been paying an extra 10,000 per year to have it paid off early.
- I know I have way to much in cash, but I may be purchasing a house within the next 6 months (my grandmother passed away and I may buy her house). Also, I'm very hesitant to put more money in the stock market right now since we are due for a correction and I'd like to have money to buy in then (as I did in 2008).
- I make 225,000 a year base, plus commission on my clients which varies between 40,000 - 70,000 a year (I get commission checks every quarter which get taxed at close to 50 percent).
- I'm currently saving about 5,100 a month, with a breakdown of 1,100 to 401k (this is the max for what my employer will match half); 2,000 to savings and 2,000 to brokerage account (of that 1,000 has been going into the annuity). In addition, I save between 1/2 to 2/3rds of my commission checks each year. The rest pays for property and other taxes.
- My expenses are about 80,000 - 90,000 a year. I live below my means, but not even close to as much as I should. I do like to enjoy life, so I go out to dinner too often, go out too often, travel to S. Fla often (I work from there, but it is my choice and my company allows it so I pay for my travel).
- I know my allocation needs to change, and I am very keen do it - possibly putting 1,000 into savings and 3,000 into brokerage (keeping the 1,000 going into the annuity).
- I'm not counting this in, but I should get about 200,000 to 300,000 if/when the company sells (probably within 5 years time).
- In addition, I should be getting another 300,000 - 400,000 in about 20 years (family inheritance).
- No pension (man, I wish I was getting one of those), but I will be eligeable for SS (I guess at 62, but I know the minimum age may go up before then).
- So, from everything I've read, I am in good shape if I wanted to work to 60-65, but my goal is to try to retire in 2023 at 49 years old. Hence, I'm glad I found this amazing site. I'm so impressed by what so many people on here have been able to accomplish.
- I know I need about 2.0 - 2.5 million to be able to withdraw the 4 percent each year to cover my expenses.
Sorry for the length of this post, but it seems you all like more details. I know I haven't posted everything, but this is a good summation.
Any insight into whether I'm on track, what I should do with the cash (I know, I'm crazy to keep that much in cash, but it makes me sleep better and I like having the money to be able to put a down payment on a house, put towards an investment/buy in during a correction/buy a fund, etc.) Or, I also like the idea that if I felt like not working for 3-4 years I could use this money without touching my investments.
Am I crazy to think I can retire in 5 years? I don't hate my job as much as many, but I am certainly feeling burnt out a bit and getting sick of the daily grind. In addition, if/ when my company does sell I want the option of not having to work for the new owners.
Are there any investments I should be looking at/ reallocating my money to help achieve my objective faster? Is the next 750,000 going to come a lot quicker than the first 1.25 million?
Thanks for listening. I'm happy to be here and look forward to learning and contributing.
-bee
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