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Anybody able to FIRE with kids still at home?
03-30-2016, 05:57 PM
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#1
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Dryer sheet wannabe
Join Date: Feb 2011
Posts: 10
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Anybody able to FIRE with kids still at home?
Seems like many people either have no kids or kids all grown up.
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03-30-2016, 06:11 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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I retired with two kids in college and no financial aid. It would've been cheaper if the kids were still at home and I would not have had to start mowing the lawn again.
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03-30-2016, 06:16 PM
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#3
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Full time employment: Posting here.
Join Date: May 2013
Posts: 609
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I'm in a position to FIRE and have young kids, but I've chosen not to. Most of funds came from a successful business venture as opposed to saving early.
Sent from my iPhone using Early Retirement Forum
__________________
Saved 8 figures by my mid-40's as a professional bubble-spotter. Beware...the Fed creates bubble after bubble after bubble.
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03-30-2016, 06:30 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Mar 2014
Location: Southern Cal
Posts: 4,032
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Yes, I still have one kid in college. Still paying tuition and housing. I'll be free next year.
Sent from my iPad using Early Retirement Forum
__________________
Just another day in paradise
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03-30-2016, 06:43 PM
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#5
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Recycles dryer sheets
Join Date: Mar 2011
Posts: 218
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Put two through a while back on the fly (no college funds). Retired 01/2015 with high school senior who is now 2nd semester at UC Berkeley paying out of state tuition (total $60k+/yr). Even with prestigious scholarships ie. national merit etc...they are only one time payments in the first year and only about $10k offsets. Funding primarily thru ongoing gifting. We factored all of this in before deciding to pull the plug and taking a severance package. We are doing fine and haven't touched investments while making do with DB pension and just starting SS payments. Never looking back.....
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03-30-2016, 06:43 PM
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#6
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Recycles dryer sheets
Join Date: Nov 2013
Posts: 475
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One in college and two juniors in high school
Sent from my iPhone using Tapatalk
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03-30-2016, 06:52 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2007
Posts: 7,746
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Yeah, I have 3 kids. 2 are in elementary school. So far so good but I've only been at it a few years
__________________
Retired in 2013 at age 33. Keeping busy reading, blogging, relaxing, gaming, and enjoying the outdoors with my wife and 3 kids (8, 13, and 15).
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03-30-2016, 06:54 PM
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#8
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Recycles dryer sheets
Join Date: May 2015
Posts: 114
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I have 2 in middle school and one in high school - My last day of work will be 4/30/16. College is fully funded.
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03-30-2016, 07:53 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Jul 2002
Posts: 1,581
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I retired at age 50 with a one and three year old boys, hence my handle RE2boys.....retired early with two boys. It's been 16 great years being a regular part of their lives. Just completed the FAFSA as the older one will be in college in the Fall but I suspect we won't be eligible for any aid.
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03-30-2016, 08:18 PM
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#10
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Recycles dryer sheets
Join Date: Jan 2014
Location: St. Louis
Posts: 90
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FIRE'd one year ago, one child graduating from college this May. Counting on him to start supporting himself soon!
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03-30-2016, 08:32 PM
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#11
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Recycles dryer sheets
Join Date: Nov 2013
Posts: 475
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Quote:
Originally Posted by Raymond01
FIRE'd one year ago, one child graduating from college this May. Counting on him to start supporting himself soon!
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We've told our kids no "bungee boys" after the oldest said his post college plan included living at home and having mom cook for him. I give him credit for trying to live below his means ;-)
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03-30-2016, 08:34 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Feb 2013
Location: Toronto
Posts: 3,320
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Retired two years ago with two in high school, Grades 9 and 11, and two in university, first and third year. Now one in Grade 11 and 3 in university. Hoping all will get successfully launched but could take awhile of course. All good though. Planned to have good cushion.
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03-30-2016, 08:46 PM
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#13
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Full time employment: Posting here.
Join Date: Jan 2008
Posts: 757
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Retired with 3 still at home. First will start college next year and I have to admit it is a concern. Due to assets, I doubt we'll be eligible for any financial aid, but the local state university is definitely affordable given they can live at home, get scholarships, and $2,500 tax credit.
__________________
Retired July 2013 at age 49.
Lazy Portfolio Investor:
AA: 55% Stocks
35% Bonds
10% Cash
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03-31-2016, 02:06 AM
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#14
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Thinks s/he gets paid by the post
Join Date: Sep 2012
Posts: 1,568
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Retired 3 years ago with a 6th grader in private school. We needed extra cash so she dropped out and is working at Abercromie Fitch...not. Grateful that I'm financially well prepared for whatever college she can get in, and that I'm available now when she needs me.
__________________
You know that suit they burying you in? Thar ain’t no pockets in that suit, boy.
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03-31-2016, 02:44 PM
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#15
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Recycles dryer sheets
Join Date: Mar 2005
Posts: 105
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Official ER date is 6/1/16, but I've been on leave without pay since last August. I have two boys, 8 and 5. They can get free tuition at the college I am retiring from. (But paying their tuition is in my plan anyway - just to make sure I have that base covered).
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03-31-2016, 06:12 PM
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#16
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Recycles dryer sheets
Join Date: Jul 2008
Location: .
Posts: 398
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One college freshman. no financial aid but a well funded 529. He might be on his own for grad school.
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03-31-2016, 06:28 PM
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#17
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Recycles dryer sheets
Join Date: Nov 2011
Posts: 182
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Retired in 2012 at age 49 with one child still in high school. DW retired the following year. Our son will be heading off to college this fall. It can work.
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03-31-2016, 07:19 PM
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#18
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Recycles dryer sheets
Join Date: Jan 2014
Posts: 104
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We are pretty much FIRE with an 11 month old and one on the way (aug 27th). We are both home everyday (not working) with the 11 month old and it is pretty fun these days. Those first 4-6 months were really tough being home all day with an insane infant though :/
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03-31-2016, 07:25 PM
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#19
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Moderator
Join Date: Apr 2012
Location: San Diego
Posts: 14,171
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When I retired my boys were 11 and 13... It's 2 years later... and they're 2 years older.
Advantage to retiring while kids are still under the roof:
- I can be "in their business" and make sure they're on track in school and not hanging with the wrong crowd.
- I have the emotional/mental bandwidth to deal with the teen drama and angst. It was harder when I was exhausted from working all day.
Disadvantages to retiring with kids under the roof.
- You have to do more planning for the financial aspect of launching them. I needed to make sure I had a plan for their college (529 funding, etc).
- I won't (choice) give them what they consider themselves entitled to: car at age 16, every electronic gaming system they desire, full ride at a private college. (I'm offering them bus passes and 4 years at a UC or CSU college... and opportunities to earn cash if *they* want to buy a new gaming system.)
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
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Anybody able to FIRE with kids still at home?
03-31-2016, 07:35 PM
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#20
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gone traveling
Join Date: Oct 2007
Posts: 1,135
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Anybody able to FIRE with kids still at home?
FIREd a year ago
2 kids still on my payroll
HS sophomore
State university freshman - no aid
It will be a while I'm sure before they can fly on their own. Fingers crossed that they launch successfully by early 20's...
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