Hello,
It’s great to meet you all, masterminds of FIRE. I have to admit that I am rather embarrassed posting here, after seeing that most people have millions to retire with. Well, I don’t have millions, but I don’t want to work ‘till I drop’. I would like to spend time on my numerous hobbies and activities that I love doing.
I thought I would take advantage of the fact that I was born and raised in Eastern Europe and I would like to consider the possibility to retire there, in 7 or 10 years. I am not sure this is achievable, and I am presenting a rough draft of my plan here for you to tear it apart J.
I am 43, single, earning about 35K/year, will be eligible to collect PERS at 60. I am following LBYM strategy and comfortable with it (hmmm, living in Alaska is rather expensive, there are some things that you just have to pay for).
I would like to quit working at 50. How do I finance those 10 years before PERS and 401k kicks in? I'll probably need about 300K to live there, and considering a weak dollar, maybe more. Who knows what will happen 7 years from now. I need to come up with higher yielding investments for emergency fund. What would be the best way to invest the emergency fund so it would grow substantially for the next 7 years? I don’t tolerate risk well, but I understand that 5% won’t earn me $$$ any time soon and that I need to look somewhere else. Dollars, euros?
To sum it up:
- 35K/year
- Small condo worth about 100-120k, paid off
- 20K in 401 and contributing 10% (no company match)
- 60K in my emergency fund: ED account and contributing monthly
- 20K in Roth IRA
- 20K in taxable account: VG (index funds)
- PERS payments @60
Is this doable or am I just dreaming? Any thoughts and comments are welcome.
It’s great to meet you all, masterminds of FIRE. I have to admit that I am rather embarrassed posting here, after seeing that most people have millions to retire with. Well, I don’t have millions, but I don’t want to work ‘till I drop’. I would like to spend time on my numerous hobbies and activities that I love doing.
I thought I would take advantage of the fact that I was born and raised in Eastern Europe and I would like to consider the possibility to retire there, in 7 or 10 years. I am not sure this is achievable, and I am presenting a rough draft of my plan here for you to tear it apart J.
I am 43, single, earning about 35K/year, will be eligible to collect PERS at 60. I am following LBYM strategy and comfortable with it (hmmm, living in Alaska is rather expensive, there are some things that you just have to pay for).
I would like to quit working at 50. How do I finance those 10 years before PERS and 401k kicks in? I'll probably need about 300K to live there, and considering a weak dollar, maybe more. Who knows what will happen 7 years from now. I need to come up with higher yielding investments for emergency fund. What would be the best way to invest the emergency fund so it would grow substantially for the next 7 years? I don’t tolerate risk well, but I understand that 5% won’t earn me $$$ any time soon and that I need to look somewhere else. Dollars, euros?
To sum it up:
- 35K/year
- Small condo worth about 100-120k, paid off
- 20K in 401 and contributing 10% (no company match)
- 60K in my emergency fund: ED account and contributing monthly
- 20K in Roth IRA
- 20K in taxable account: VG (index funds)
- PERS payments @60
Is this doable or am I just dreaming? Any thoughts and comments are welcome.