When do I know when I should FIRE?

[pug_ster]

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.

[rodi]

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).

[Sunset]

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.

[RunningBum]

http://www.early-retirement.org/foru...ire-69999.html

[eta2020]

Quote:

Originally Posted by Sunset 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.

[pug_ster]

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.

[Golden sunsets]

Quote:

Originally Posted by pug_ster Not sure if I want my wife with me by that time.

Say what?😱

[Gumby]

Then you're probably going to have to increase your savings goals.

[mystang52]

Quote:

Originally Posted by Gumby Then you're probably going to have to increase your savings goals.

+1

[mystang52]

Quote:

Originally Posted by Golden sunsets Say what?😱

Well, this thread may be taking an interesting turn.

[DrRoy]

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.

[rodi]

Quote:

Originally Posted by pug_ster . 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.

[Senator]

Quote:

Originally Posted by pug_ster 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.

[pug_ster]

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.

[rodi]

Quote:

Originally Posted by pug_ster 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.

[Sarah in SC]

Quote:

Originally Posted by mystang52 Well, this thread may be taking an interesting turn.

No kidding.

[pug_ster]

Quote:

Originally Posted by rodi 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.

[Walt34]

Quote:

Originally Posted by pug_ster 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.

[tmm99]

Quote:

Originally Posted by Walt34 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'.


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[Meadbh]

Quote:

Originally Posted by pug_ster 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.