Plan for Exit 2024

[Exit 2024]

Thanks Staples! crossing my fingers that all will be resolved soon

[Exit 2024]

Update on our 2016 tax return situation:
Good news - after my visit to local IRS our joined return finally got processed and we just received check in the mail with refund
Bad news - IRS confirmed that fraudulent return was filed under my name, they put extra security on my account and going forward will provide PIN that I have to use to file my taxes

[exnavynuke]

Quote:

Originally Posted by Exit 2024 Update on our 2016 tax return situation: Good news - after my visit to local IRS our joined return finally got processed and we just received check in the mail with refund Bad news - IRS confirmed that fraudulent return was filed under my name, they put extra security on my account and going forward will provide PIN that I have to use to file my taxes

At least you got it resolved. I assume you've put a lock on everything at the credit bureaus and aren't just waiting for a fraudulent account to show up on your report?

[Exit 2024]

exnavynuke, yes, placed 90 days initial fraud alert through Equifax, they will update the other 2. To file "extended period fraud alert" I need to file police report first, waiting on IRS papers that should come in the mail this week. Fun times

[Sycamore]

Glad to hear your return was accepted and you have the extra security measure.

[Exit 2024]

2017 Q2 updates

- with all that market run up we had a very good quarter and that put us at 39.6% of target
- YTD stocks performed really well but that put our AA out of wack - 74% stock vs targeted 70%, trying to decide if I should just re-balance by selling some stock funds, or put all new 401k contributions to Total Bond fund
- our investable assets crossed $800k
- all the IRS saga seems to be resolved, they will send me PIN in December to file 2017 taxes
- I survived major round of layoffs at work, at this point there are corporate plans for 2 more rounds before end of the year
- I looked at the job market, not too bad, but can not just leave my current employer as I still have a good chunk of money in non-vested RSU awards, one batch just vested on 7/1, YEY!!! , if I will be RIFed - rest will vest proportionally to the time employed, hate to leave it behind but depending on situation may have to
- SO's job is also still uncertain, seems like contract will end in September and no any visibility if it will be renewed
- no changes to RE position anymore, rental RE purchase is still on hold
- all extra money go into saving account - hoarding cash due to continued risks to our jobs

We have 28Qs to go

[Exit 2024]

2017 Q3 update

It was mixed quarter for us, as we had a lot of income from the market performance but also a lot of spending:

- batch of RSU vested in July, all sold for a good profit
- still both had our jobs but that will change in November, SO's contract was not renewed and looks like in a month we will be down to one paycheck and one unemployment benefit
- August was big spending month - trip to see family overseas, plus we booked and fully paid family vacation in December
- still pilling cash into saving account, as my job also looks as shaky as never before

We have 27Qs to go based on original plan, but now it is all in the air - due to job situation we are also looking at "semi-retirement" option, basically to earn only living expenses in low key jobs and let savings to ride the market without adding to them. Need to run calculators for that though, not sure if we can pull it off right now but could be forced to

[brokrken]

Thanks for the update Exit 2024. I think I have mentioned before that we seem to be in similar circumstances, so it's nice to have a benchmark to track my progress against. We also have 2024 as a target year and my job also is shaky like never before. Many parallels. Good luck to us both.

[Exit 2024]

Quote:

Originally Posted by brokrken Good luck to us both.

Second that

[Standard Staples]

Thanks for all the detailed updates, 2024. I think it's way too typical (and certainly I'm guilty of it) for the quarterly or semi-annual updates to just be circled around the finances. It's important to look at the overall picture of how everything is going, as it really shows all of us that life has a way of altering our best laid plans. Fortunately for you, and most of the people on this forum, rolling with the punches is built in. You have tremendous reserves, and you can easily weather a storm. I'm sure the two of you will figure out the best path forward, contract or no contract.

Good luck with the remainder of 2017 and beyond!

[Turboslacker]

Another data point for y'all. I'm targeting end of 2023 freedom. $1M goal for 401k. Have pension starting at 55 and planning on taking SS at 62. I'm currently at 46% now or considered 61% when accounting for additional 401k company contributions over next 6 years. Feeling optimistic.

[Exit 2024]

Quote:

Originally Posted by Standard Staples ... Fortunately for you, and most of the people on this forum, rolling with the punches is built in. You have tremendous reserves, and you can easily weather a storm. I'm sure the two of you will figure out the best path forward, contract or no contract. Good luck with the remainder of 2017 and beyond!

Thanks for encouragements, Staples! Will see how all will play out, will adjust as we go

[Exit 2024]

Quote:

Originally Posted by Turboslacker Another data point for y'all. I'm targeting end of 2023 freedom. $1M goal for 401k. Have pension starting at 55 and planning on taking SS at 62. I'm currently at 46% now or considered 61% when accounting for additional 401k company contributions over next 6 years. Feeling optimistic.

Turboslacker, did you mean to post in that tread instead?

http://www.early-retirement.org/foru...oin-81680.html

[Turboslacker]

Quote:

Originally Posted by Exit 2024 Turboslacker, did you mean to post in that tread instead? http://www.early-retirement.org/foru...oin-81680.html

Yep LOL

[Exit 2024]

2017 Q4 and End of the year update

it was wild quarters for us, but overall looks like we made it through with no major losses

- on job front amazingly on the last day of SO's employment company changed their mind and extended contract for 1 more year, so we are still bringing 2 full paychecks
- investment did amazingly well in Q4 and we crossed $900k in investable assets
- we took wonderful vacation to the beach over Christmas

End of the year results are pretty good for us also:

- NW is up $248k
- we added to savings $106k in 2017 vs only $81K in 2016
- exceeded our NW target of $1.25M by $67K, thanks to the running bull

Plans for 2018:

- Continue to max out our all tax advantaged accounts -
2 401k (will have limitations again for both of us),
2 Roth IRA through "backdoor"
2 HSAs
- Start taxable investments, that was on hold due to jobs uncertainty
- Target NW by end of 2018 - $1.5M - that would be 50% of our RE target

We have 26 Qs to go

[HI Bill]

I would not include the HSA or the Education account contributions - these are not invested assets that will be around...they are meant to be spent!

[Exit 2024]

HNL Bill, thanks for the comment
I may agree on educational accounts, but for HSA - they are no different for us than IRA, all fully invested and just one more asset accumulation vehicle. We have them since 2006 and never took any money out. Yes, eventually they will be spent - in retirement, as any other accumulated assets for that purpose.

[exnavynuke]

Coming along nicely. Keep it up

[HI Bill]

Agree, as long as the money accumulates. With my prior company, which offered one, the money had to be spent every year, and the remaining balance was forfeited!

[Exit 2024]

Quote:

Originally Posted by HNL Bill Agree, as long as the money accumulates. With my prior company, which offered one, the money had to be spent every year, and the remaining balance was forfeited!

That was most likely Healthcare FSA.
HSA is very different in that regard - money are all yours and after age of 65 could be taken out for any reason but taxes needs to be paid on them, works same as traditional IRA. If you take out for Healthcare expenses - it is tax free any time, now or in the future.