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8 years, 10 months to go...
Old 12-21-2018, 09:52 AM   #1
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8 years, 10 months to go...

Hello friends,

I've really enjoyed reading your posts. You all are rock stars in my eyes. I've been a Nevada State employee for the past 21 years and have 8 years and 10 months left until I complete my 30 year goal, at which time I'll receive a pension of around $65k per year.

My wife and I have a combined $176,000.00 saved up to this point in our 457(b), Roth, and IRA accounts.

My wife currently contributes $18k per year into her 457(b) account. That's it for her.

I currently contribute $18k into my 457(b) and $5,500 into a (t)IRA. I will raise the contribution in January, 2019 to max out the new limits.

We plan to continue with this contribution schedule until we retire in 2027 at the age of 51. We plan to move from Nevada to either Washington State or Mexico. It will depend on health care costs, to be honest.

I'm keeping my fingers crossed that our plans will pan out. A big "thank you" to all of you whom have provided your examples and accounts of how to save and life comfortably in retirement. It's exciting to think about (dream).

Brian
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Old 12-21-2018, 10:00 AM   #2
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Thanks for introducing yourself, Brian. Good for you to have a plan - FIRE rarely happens by accident.

Have you modeled your retirement scenarios in FIREcalc or any other calculators? It's not too early to start looking at things like that.

Also managing your asset allocation (especially in rough market times like these) is very important. Don't be tempted to time the market!

I would also advise carefully tracking your spending for a couple of years and then project what will change in retirement (more travel, less commuting, no work clothing, etc.). It's a fun exercise and gets you thinking about what your FIREd life will be like.
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Old 12-21-2018, 12:49 PM   #3
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Welcome! I'd suggest forecasting your investable assets worth in the year you plan to retire, come up with a budget for when you're retired, then run the numbers with the retirement budget and your projected assets and retirement income (pension and eventual SS) into FIRECALC and see how the results come out. You currently have a combined income that's quite high, and without doing any calculations, I'm having a hard time seeing how you'll maintain your current spend rate with pension and 4% withdrawals. Best wishes!
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Old 12-21-2018, 02:51 PM   #4
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For Mexico, are you looking at the Lake Chapala /Ajijic area (large expat community) or somewhere else (proximity to US border, etc)?

Ajijic is our "Plan C" if A and B fail. Currently living Plan A. Plan B is to significantly cut spending. We have a Plan D as well.

Good luck! Keep developing and working the plan.
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