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Old 08-09-2018, 03:05 PM   #161
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My FIRE plan is budgeting 125K expenses for a comfortable retirement. Our "bare bones apocalypse" budget is $70K. The various modeling tools and former Megacorp financial planner gave us a a range of $150K-$210K for safe retirement spending. So we will see how "fat" our FIRE is going to be. It is too soon to tell so far as I am still getting severance pay so it feels more like "long vacation" instead of FIRE.
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Old 08-09-2018, 04:55 PM   #162
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Quote:
Originally Posted by The Cosmic Avenger View Post
For me the retirement income is not the foremost reason we're delaying retirement, it's that we want to keep working while our child goes to college so that they can graduate without debt. Besides, even if I retired now or soon, I am not sure my partner would, so I would not enjoy it as much. I think once we're past paying for college (and maybe medical school!!), I can get them to ease up on work, and then maybe they'll find that they like it, especially if I can show them the results of the Fido RIP calculator.
This has always been part of my plan. I want to have all my kids off the payroll (as much as possible). Last kid (kid 4) graduates in spring 2019 so I have planned for a clean tax year break at the end of 2019. I anticipate some potential kid support for say 12 months thereafter until she hopefully moves out on her own, but I can tell you from experience to include at least 1 yr of potential kid support after college (it could be min expenses such as room/board... or not). 2 of my 4 are married so I have a separate wedding budget for the other 2 girls. None the less, I wanted this type of clean break before I retire.
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Old 08-11-2018, 06:47 PM   #163
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Iíve heard of Fat FIRE recently. Most of the Fat Fires are spending $100k-$150K. $300K per year is more than Fat FIRE .. itís more like Gluttony Fat Fat Fire. If you are second-guessing yourself about spending $300K, then you should evaluate your situation. If you have 40 years expenses or at least $12 Million .. guess you will be fine.
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Old 08-12-2018, 09:15 AM   #164
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my one last thought on FAT FIRE: When I finally ER I don't want to have to think about or work too hard on the budget/finances. What I am saying is that I will most likely spend about 10% too much overall because I do not want to be meticulous in my planning/spending. I will have it all on cruise control and if we want something we will get it and not have to think about it. That 10% will be in my discretionary of course. Lean fire would mean detailed planning and accountability. I am there now. I am past lean FI and close to FAT FI. If we ER now our core expenses would be about 65% of our annual take even after taxes. I want core expenses to be 50% or less than annual take when we fully ER. It just goes against my nature to be so meticulous and detailed. I do it at work because I have to.
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