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My update: 2 to 4 years left
Old 10-19-2015, 05:43 PM   #1
Recycles dryer sheets
MikeWillRetire's Avatar
Join Date: Apr 2012
Posts: 126
My update: 2 to 4 years left

It has been exactly 3 years since I first posted my retirement goal. I was 50 years old, and I was hoping to retire at 53 if I was lucky enough to get an early retirement offer, or at age 56 if not.
Well, I am 53 and I have adjusted my goals to somewhere between age 55 and 57. I've learned that I was a little too optimistic. I needed to be optimistic to get me to this point. Now, I assume that social security benefits will be reduced by 20%, and I am more realistic about how my pension will lose some value until the cola begins.
I have mentally split my portfolio into two buckets, one that supplements me from retirement age until age 62, and one that supplements me from age 62 onward. The first bucket will be spent in its entirety, and the second one will have a withdrawal rate somewhere around 3.5%. That's how I figured my retirement date. I have tried modeling in firecalc, but my pension does not get a cola until I am 62, so it is difficult to model. To be conservative, I have assumed no cola, and firecalc gives me about 80% success. I figure that's not bad assuming no cola, and it kinda agrees with my buckets model.
That's my update for now. Keeping my fingers crossed.

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Old 10-19-2015, 06:42 PM   #2
Recycles dryer sheets
Join Date: Nov 2014
Location: Texas
Posts: 145
I am with you Mike. I turn 54 in a couple of months. I have been saving hard for few years. I am hoping 55,56. But 57 at this point looks good.

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