Did Your FIRE Number change as you got closer to FIRE?

[Senator]

You did a great job in the OP, Senator....
My own story rambles on in another thread, but I can identify with every one of your points.

I have read that thread, several times.

It was certainly an inspiration. It was great that you could share your experiences, and you appear to have certainly lived a great life. I look forward to the same. It's a bit scary to come up with a 'final' financial number, but so was kindergarten. And 7th grade. And 10th grade. And joining the USAF. And getting out of the USAF, and ...

It does show that if you are determined, in no matter what you do, you can make that thing happen.

In preparation for my final FIRE date on 7/5, I have been having lunches with retirees that I know, co-workers that are getting close to FIRE, and reading retirement stories. It's as much of a mental challenge as a financial one. No amount is ever good enough, and yet most amounts are plenty good. In the end, all the money in the world cannot buy time.

 

[Andre1969]

My number has crept up a little, but mainly because of inflation. Back in 1998, when I was finally digging out from the financial catastrophe brought on by a bad divorce, and was able to start investing again, I had the goal of $1M, plus being mortgage free.

If you adjust for inflation, that would be around $1.46M, plus mortgage free, in 2016 dollars. If I hit that number, I think I would be confident in pulling the plug.

FWIW, the last time I checked I was around $1.1M, but with ~$155K on the mortgage. So, I'm getting there.

Also, I'm not dead-set on paying off the mortgage, so I guess a more convoluted goal might be $1M in 1998 dollars, plus whatever the current mortgage is, so I could pay if off if I really wanted to. So, if I wanted to retire today, my goal would be roughly $1.615M ($1.46M plus the $155K mortgage balance)

 

[FI by 2024]

My number hasn't changed, but that is because my number is over and above my expected pension which will cover my expected expenses. So my FIRE number is just extra money, way beyond what I need. Now if something happens with the pension, my number might change. But it's a federal pension and it'd have to lose most or all of its value before my FIRE savings would be unable to replace it. So I'm not too concerned. I hope that makes sense.

 

[CoolChange]

Not sure my number, adjusted for inflation, has actually changed much. But, this did:

Several years ago, I hit my basic frugal number (FU money if you will excuse the expression) which I had always thought would be the end of my career.

Interesting opportunities continued to come my way which paid very well. Now, I would be at a 2% WR for more than my current level of spend.

But, I am still not retired and not sure why. A couple of more years could make a significant change to my lifestyle if I wanted (first class rather than coach, etc.); but, I am not sure that I would make those changes. This also provides more insurance against financial catastrophe; but, realistically, this is almost certainly unnecessary insurance.