Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
When do I know when I should FIRE?
Old 04-03-2016, 08:33 PM   #1
Dryer sheet wannabe
 
Join Date: Mar 2016
Posts: 15
When do I know when I should FIRE?

Hi,

First Post. I am going to be 43 this year and I believe that I am doing okay financially. My wife (48) and I own a 6 family incoming producing home, no debt and have about 380k in 401k. So I would say that Me and my fie have about 1.8 mil in ownings. I have kids that are 7 and 10.

Working in IT, I just don't think that I will retire in 67 working in IT since many people working in IT will probably be forced out for some reason. I am sure how people here would calculate their FIRE date, but personally I am thinking of my FIRE age would be in 58 15 years from now when my youngest son would graduate from college.

I like my job and making pretty good pay. I am planning to work in IT until I am forced out for some reason or when maybe I reach 58. Anybody got any opinions about it? Thanks.
__________________

__________________
pug_ster is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 04-03-2016, 09:48 PM   #2
Moderator
rodi's Avatar
 
Join Date: Apr 2012
Location: San Diego
Posts: 8,817
People have different ways of figuring out - everyone's situation is different.

- Some folks have pensions - and vesting dates determine when they pull the plug.
- Others have big savings and can pull the plug any time and live life large.
- Others have medium savings - but live frugally enough that their savings will be conserved over time.

For me - it was a combination of saving and reducing expenses/spending. When I realized I could retire and, as long as I didn't radically increase my spending, I would be fine. That checked of the Financially Independent (FI) part of FIRE. Then it was a matter of timing it based on when I'd had "enough" at work... When they proposed that I travel for a week, every third week, for no legitimate reason (babysit a customer, rather than work on the project we were to deliver to said customer)... I reached my "enough" point and retired early. (The RE part of FIRE).
__________________

__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 7%, rental income 18%
rodi is offline   Reply With Quote
Old 04-03-2016, 10:50 PM   #3
Thinks s/he gets paid by the post
Sunset's Avatar
 
Join Date: Jul 2014
Location: Chicago
Posts: 4,738
IT is a big area, if you are a project manager then 58 is easy.
If you are a coder/programmer then you will be lucky to make it to 55, and the constant learn a new language every 5-10 yrs and a new framework every 3 years will become annoying.
__________________
Sunset is offline   Reply With Quote
Old 04-04-2016, 06:25 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
 
Join Date: Jun 2007
Posts: 5,193
Some Important Questions to Answer Before Asking - Can I Retire?
__________________
RunningBum is offline   Reply With Quote
Old 04-04-2016, 07:06 AM   #5
gone traveling
 
Join Date: Sep 2013
Posts: 1,248
Quote:
Originally Posted by Sunset View Post
IT is a big area, if you are a project manager then 58 is easy.
If you are a coder/programmer then you will be lucky to make it to 55, and the constant learn a new language every 5-10 yrs and a new framework every 3 years will become annoying.
That depends. If you are a Kernel Developer you can use C, Assembly and vi editor (as your framework) for 30-40 years .

But looking for job after 55 is not fun no matter how good you are. And that will be even harder for a Project Manager IMO.
__________________
eta2020 is offline   Reply With Quote
Old 04-04-2016, 12:34 PM   #6
Dryer sheet wannabe
 
Join Date: Mar 2016
Posts: 15
Thanks for your opinions. I'm a Systems Engineer for a small company. Start doing network and DBA related stuff. Who knows what's going to happen 10-15 years from now, but I figure that I can work until I am no longer useful and I am pretty happy to retire at around 53-58.

Between my wife and I, we managed to save around 50-60k a year. Now that I paid off my loan, and I might think about buying a second home or something. I am pretty frugal, and I am planning to live out of this country when I retire. Not sure if I want my wife with me by that time.
__________________
pug_ster is offline   Reply With Quote
Old 04-05-2016, 05:27 AM   #7
Full time employment: Posting here.
Golden sunsets's Avatar
 
Join Date: Jun 2013
Posts: 735
Quote:
Originally Posted by pug_ster View Post
Not sure if I want my wife with me by that time.
Say what?😱
__________________
"Luck favors the prepared mind"
Pasteur
Golden sunsets is offline   Reply With Quote
Old 04-05-2016, 05:49 AM   #8
Administrator
Gumby's Avatar
 
Join Date: Apr 2006
Posts: 10,147
Then you're probably going to have to increase your savings goals.
__________________
Living an analog life in the Digital Age.
Gumby is offline   Reply With Quote
Old 04-05-2016, 06:37 AM   #9
Thinks s/he gets paid by the post
 
Join Date: Jan 2011
Posts: 1,207
Quote:
Originally Posted by Gumby View Post
Then you're probably going to have to increase your savings goals.
+1
__________________
mystang52 is offline   Reply With Quote
Old 04-05-2016, 06:38 AM   #10
Thinks s/he gets paid by the post
 
Join Date: Jan 2011
Posts: 1,207
Quote:
Originally Posted by Golden sunsets View Post
Say what?😱
Well, this thread may be taking an interesting turn.
__________________
mystang52 is offline   Reply With Quote
Old 04-05-2016, 07:40 AM   #11
Thinks s/he gets paid by the post
DrRoy's Avatar
 
Join Date: Dec 2015
Location: Michigan
Posts: 1,723
Run your situation through FireCalc to see where you stand. When you are financially ready, you can see if you are emotionally ready and prepared. Don't forget that finance is only one aspect of retirement.
__________________
"The mountains are calling, and I must go." John Muir
DrRoy is offline   Reply With Quote
Old 04-05-2016, 07:55 AM   #12
Moderator
rodi's Avatar
 
Join Date: Apr 2012
Location: San Diego
Posts: 8,817
Quote:
Originally Posted by pug_ster View Post
. Not sure if I want my wife with me by that time.
You'll need to factor in the cost of either: a) two households in retirement or b) divorce.

Both will significantly set back your retirement plans... Try to find a way to work it out with your wife if you want to retire early.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 7%, rental income 18%
rodi is offline   Reply With Quote
Old 04-05-2016, 07:59 AM   #13
Thinks s/he gets paid by the post
Senator's Avatar
 
Join Date: Feb 2014
Location: Eagan, MN
Posts: 3,055
Quote:
Originally Posted by pug_ster View Post
My wife (48) and I own a 6 family incoming producing home, no debt and have about 380k in 401k. So I would say that Me and my fie have about 1.8 mil in ownings. I have kids that are 7 and 10.

Between my wife and I, we managed to save around 50-60k a year. Now that I paid off my loan, and I might think about buying a second home or something. I am pretty frugal, and I am planning to live out of this country when I retire. Not sure if I want my wife with me by that time.
I assume you are in the USA. Unless you have a pre-nup, and those are even suspect, you only have ~1.8mil/2 = .9 mil.

You have a 90% chance you will have child support obligations. maybe you can move out of the country and avoid them, but you better move your assets too. Take away another big bunch.

You have a ways to go if you stay in the USA. Maybe live frugally overseas.
__________________
FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
Senator is offline   Reply With Quote
Old 04-05-2016, 08:24 AM   #14
Dryer sheet wannabe
 
Join Date: Mar 2016
Posts: 15
Thanks for all your comments. Before making these assumptions, I am not planning to get divorced today or anytime soon. Just like that I am not assuming that I am going to have a job when I am at 58, I don't even know that I am going to be married 15 years from now. But hey, I'm a realist and I have to be prepared for that.

My plans is to be on my own when after my kids graduated from college and I am going to do things on my own without my wife, so child support is not relevant. If my wife wants to come with me, fine. If my wife wants to stay married while I do things on my own, fine. Unlike my wife, I am pretty frugal and I won't plan to spend my life away, that's all.
__________________
pug_ster is offline   Reply With Quote
Old 04-05-2016, 09:57 AM   #15
Moderator
rodi's Avatar
 
Join Date: Apr 2012
Location: San Diego
Posts: 8,817
Quote:
Originally Posted by pug_ster View Post
Thanks for all your comments. Before making these assumptions, I am not planning to get divorced today or anytime soon. Just like that I am not assuming that I am going to have a job when I am at 58, I don't even know that I am going to be married 15 years from now. But hey, I'm a realist and I have to be prepared for that.

My plans is to be on my own when after my kids graduated from college and I am going to do things on my own without my wife, so child support is not relevant. If my wife wants to come with me, fine. If my wife wants to stay married while I do things on my own, fine. Unlike my wife, I am pretty frugal and I won't plan to spend my life away, that's all.
My previous statements about the financial consequences of your plans stand - Divorce and/or division of assets is a big hit on retirement plans. You state that you and your wife sock away 50-60k/year... Obviously, she is entitled to some of those savings.

You can do whatever you want. But if you are planning for retirement, you need to look at the financial impact of separating from your wife (physically or legally). If your wife doesn't follow you overseas, I'm certain she'll expect have the assets to remain behind with her.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 7%, rental income 18%
rodi is offline   Reply With Quote
Old 04-05-2016, 12:07 PM   #16
Moderator
Sarah in SC's Avatar
 
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,456
Quote:
Originally Posted by mystang52 View Post
Well, this thread may be taking an interesting turn.
No kidding.
__________________
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way

Sarah in SC is offline   Reply With Quote
Old 04-05-2016, 01:00 PM   #17
Dryer sheet wannabe
 
Join Date: Mar 2016
Posts: 15
Quote:
Originally Posted by rodi View Post
My previous statements about the financial consequences of your plans stand - Divorce and/or division of assets is a big hit on retirement plans. You state that you and your wife sock away 50-60k/year... Obviously, she is entitled to some of those savings.

You can do whatever you want. But if you are planning for retirement, you need to look at the financial impact of separating from your wife (physically or legally). If your wife doesn't follow you overseas, I'm certain she'll expect have the assets to remain behind with her.
Thanks Rodi. Don't worry, I won't take all the money and leave her with nothing. Although everybody seems to say it, yes, I am planning to live overseas for a few years until I am maybe 65-70 or when until health issues matter more to me.
__________________
pug_ster is offline   Reply With Quote
Old 04-05-2016, 05:07 PM   #18
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 16,544
Quote:
Originally Posted by pug_ster View Post
Not sure if I want my wife with me by that time.
The feeling may be mutual so it would be best to plan for that. And if she's reading this forum she may well be planning on doing better than half. That has been known to happen.
__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 04-05-2016, 11:16 PM   #19
Thinks s/he gets paid by the post
 
Join Date: May 2008
Posts: 2,260
Quote:
Originally Posted by Walt34 View Post
The feeling may be mutual so it would be best to plan for that. And if she's reading this forum she may well be planning on doing better than half. That has been known to happen.

But the OP is in luck if his wife makes much more money than he does.... Just sayin'.


Sent from my iPhone using Early Retirement Forum
__________________
tmm99 is offline   Reply With Quote
Old 04-06-2016, 02:56 AM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,018
Quote:
Originally Posted by pug_ster View Post
Not sure if I want my wife with me by that time.
You need to have a talk with your wife. She may have her own plans that may not include you.
__________________

__________________
Meadbh is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
I know...I know... ARB57 FIRE and Money 24 12-26-2011 08:05 PM
Need to know what I need to know Mikedb Hi, I am... 12 08-07-2009 06:10 PM
Fire! Fire!---Not FIRE mickeyd Other topics 16 11-18-2008 05:19 PM
I know, I know...Ask a Tax Pro... devo FIRE and Money 2 04-09-2007 08:12 PM

 

 
All times are GMT -6. The time now is 05:17 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.