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Young with retirement on my mind....strange? Possibly!
Old 09-05-2011, 02:13 PM   #1
Confused about dryer sheets
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Young with retirement on my mind....strange? Possibly!

Glad I found this forum! First post and lots to learn about the road to ER and FIRE.

I have always been conservative with my money. One of the main reasons why is that I never want to be dependent on anyone else if at all possible (including the gov!)

Will be 28yo next month, original goal was to set retirement age at 60. Longevity is not part of the male genes on both sides of my family. Physically I feel great though, no health probs. If this group can find a way I can retire before 60, then......
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Old 09-05-2011, 02:45 PM   #2
Full time employment: Posting here.
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Quote:
Originally Posted by Weather411 View Post
If this group can find a way I can retire before 60, then...... [/SIZE]
Live below your means (LBYM) and save as much as you can.

If you can start saving 40% of your income right now, you can retire in about 22 years, at age 50, if you earn a (fairly conservative) 5% on the money over those 22 years (based on a SWR of 4%)*.

And if you can save more (i.e. > 40% as your income rises) or earn more return on your money, then you can retire sooner.

I.e. if you can save 60% now and earn 7%, you can retire in about 11 years*. Though if you're retiring that early (age 40ish), you'd probably want more of a cushion and lower WR.

In any case, numbers aside, LBYM and save as much as you can.

Also the standard advice on these forums for someone your age: enjoy this age while you can. Don't look too far forward and miss what you have now.



*Math based on Nord's post here:
How many years does it take to become financially independent? | Military Retirement & Financial Independence
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Old 09-07-2011, 05:14 PM   #3
Thinks s/he gets paid by the post
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Originally Posted by arebelspy View Post
Don't look too far forward and miss what you have now.


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Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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Old 09-07-2011, 07:12 PM   #4
Confused about dryer sheets
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Understood!!
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Old 09-08-2011, 08:03 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
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If you are willing to save more and/or live on less (in retirement) you can retire earlier. Not rocket science as you know. Not suggesting you retire at 35, I wouldn't, but you might enjoy reading Early Retirement Extreme: — when more time > more money or the book also on the website and Amazon.
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Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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