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View Poll Results: Which are you/will you be? SIRE or FIRE?
SIRE, more than 50% covered by Corp or Govt benefits 62 38.04%
FIRE, more than 50% covered by your own personal holdings 101 61.96%
Voters: 163. You may not vote on this poll

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Old 10-09-2009, 05:38 PM   #21
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I went with FIRE.
I do have a pension but with the cost of health care coming out of my pocket, I doubt the pension will cover half of expenses.
I sure hope the pension gets close to half or I'm in deep Do.
Steve
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Old 10-09-2009, 05:47 PM   #22
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FIRE for us. No pension waiting for me, and I never count SS in my calculations. If I am able to collect SS when the time comes, it will only be about 10% of my current expense calculations (which are pretty cushy due to wanting to travel etc). OTOH, if I begin collecting at 70, there is a chance that we won't (can't) be as active as we think we will be, so SS may end up covering a slightly larger portion of our expenses. Regardless, I am not counting on it...if it comes it will just be a bit touch of cream...

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Old 10-09-2009, 05:47 PM   #23
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I voted SIREd.

Technically I am 65% SIRE (surv pension), 35% FIRE (my TSP annuity) right now.
Most of my current income after expenses is going into my short term portfolio to cover inflation if it explodes, and/or fund a future geographical relocation.
Less than 5 years from now, my own FERS pension (tiny) will swing that SIRE portion a bit higher. I am not counting on much SS by the time I hit 62 in 11 years. Who knows ?
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Old 10-09-2009, 05:57 PM   #24
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FIRE'd 1993 age 49 - dirt poor and cheap as heck. Small pension 1998, early SS 2005.

Now with 40% of income in good times covered by SIRE - I'm rich - rich I tell you.



heh heh heh - And yes for the younger crowd I'm spending the SS dollars first - as if one can tell. .
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Old 10-09-2009, 06:05 PM   #25
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FIRE'd, no question about it with my itsy-bitsy teeny-weenie yellow polkadot bikini federal pension.

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Old 10-09-2009, 06:12 PM   #26
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Have been living on a small federal pension since 1 Jan 2005. Pension decreases in '12 and assumes I will take SS. Haven't yet touched TSP or IRAs.
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Old 10-09-2009, 06:21 PM   #27
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Quote:
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Have been living on a small federal pension since 1 Jan 2005. Pension decreases in '12 and assumes I will take SS. Haven't yet touched TSP or IRAs.
See, that's the difference between a small federal pension and an itsy-bitsy teenie-weenie federal pension. After deductions mine is projected to be maybe three hundred something per month, and as much as I respect your phenomenal LBYM capabilities I think that would be too small for you to live on. Mine will not decrease when I get SS, though. Soon I will find out for sure how itsy bitsy it really will be!
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Old 10-09-2009, 06:22 PM   #28
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Technically SIRE, I have a megacorp pension. However, we could maintain RE on our 401k and taxable portfolio, if we had to. The luxuries would be slim to none, but we could do so (but not like it)
Voted SIRE
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Old 10-09-2009, 06:43 PM   #29
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Quote:
Originally Posted by Want2retire View Post
See, that's the difference between a small federal pension and an itsy-bitsy teenie-weenie federal pension. After deductions mine is projected to be maybe three hundred something per month, and as much as I respect your phenomenal LBYM capabilities I think that would be too small for you to live on. Mine will not decrease when I get SS, though. Soon I will find out for sure how itsy bitsy it really will be!
~$2100/month.
$300 is definitely teeny-weeny.
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Old 10-09-2009, 07:03 PM   #30
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I'm a FIRE guy and 18 months from my first SS check. I still can't believe that I'm going to get a check, if I live that long.
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Old 10-09-2009, 07:19 PM   #31
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I'm a FIRE guy and 18 months from my first SS check. I still can't believe that I'm going to get a check, if I live that long.
My first SS check came late last month! It was a great feeling seeing that direct deposit right there in the ole checking account! I got all tingly and giddy and silly and ran right to the liquor cabinet and made myself a Manhatten. I tell ya, there's no money like the money your govt sends ya!

I voted FIRE. Had to do some calculating and assumptions about inflation since I'll collect modest non-cola MegaCorp pension sometime down the road. When I do, It plus SS will cover at least 50% of expenses for a while. But thanks to inflation, I'll be back to portfolio withdrawals covering more than 50% until I croak and stop withdrawing......

I agree with the comments that the number of SIRE folks is surprisingly small. Just based on reading threads, I'd think they'd make up the majority.
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Old 10-09-2009, 07:24 PM   #32
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My first SS check came late last month! It was a great feeling seeing that direct deposit right there in the ole checking account! I got all tingly and giddy and silly and ran right to the liquor cabinet and made myself a Manhatten. I tell ya, there's no money like the money your govt sends ya!
It does feel a little strange having the govt send me money instead of the other way around. I'm sure you can get used to it - I did!
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Old 10-09-2009, 07:32 PM   #33
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Non-COLA pension should cover the majority of our income needs initially with small portfolio withdrawals as needed until SS kicks in. We'll need to preserve as much of the nest egg as possible to offset the effects of inflation further down the road.
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Old 10-09-2009, 07:58 PM   #34
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SIRE here. I have COLA'd pension from Uncle Sam that equates to about 60% of my highest salary. DW has a small partial COLA'd pension and will get her first social security payment in February. All of that, combined cover all of our regular expenses. In addition we have very close to a 7 figure portfolio of stocks and mutual funds in both taxable and tax deferred accounts. This allows us to live a very comfortable life with virtually no money worries. We provide some ongoing financial assistance to our daughter who lives in NYC and earns only a very modest living working very hard at a job she loves. We intend to fully fund the cost of college for our grandchildren when we have some (son and daughter-in-law are working on this now).

We probably have lived more modestly than necessary and have gradually been allowing ourselves to spend more freely. The LBYM habit is hard to break.
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Old 10-09-2009, 08:55 PM   #35
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I'm about 60% FIRE and 40% SIRE, so I selected FIRE. However, I will live on my pension. I have no immediate or long-term plans to touch my investments. In fact, my partially COLA'ed pension will allow me to remain in an accumulation stage for sometime.
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Old 10-10-2009, 02:20 AM   #36
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People have been warning me all my life to not count on Social Security...so when planning for retirement it has never entered any calculations. When I hit 67, if I get anything at all it'll be gravy!
I guess that partly depends on your age. I kept hearing the same thing and so sort of didn't even think about SS and I was fairly despondent since it looked like DH and I would be working much longer than we wanted to in order to entirely fund our own retirement.

DH had sort of vaguely mentioned a couple of times that he would get a pension from work when he retired and I asked him how much when he didn't know. We looked it up a year or so ago and realized that if he took the lump sum (which for various reasons he probably would) at 65 that would be a little over $700k.

Then I started thinking about SS. DH is 62, I'm 55. How likely is it that neither one of us will collect SS? I just realized it was probably insane for me to assume that SS was going to be zero. Doing that was going to mean each of us working years more than we really want to do. I do assume that all of SS will be taxable but since then I've more or less assumed that we will collect SS which means that we can retire much earlier than I would have otherwise thought.

I do think that for someone younger making the assumption SS won't be there might be prudent but for those over, say, 50 assuming it won't be there may result in needlessly working extra years.
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Old 10-10-2009, 03:01 AM   #37
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100% FIRE wannabe

I have no pension and what passes for SS in Hong Kong is means tested with the threshold set so low that I sincerely hope I am never eligible.
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Old 10-10-2009, 06:12 AM   #38
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I should certainly start off SIRE'd next year with a megacorp pension covering 60% of expenses initially. Since it is non-COLA then over time the % covered by investments will increase.

I am very optimistic about SS since we are only 54.
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Old 10-10-2009, 07:36 AM   #39
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I don't really see the difference ...

Spoken like someone with a pension...
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Old 10-10-2009, 09:06 AM   #40
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FIRE right now, age 48 through 55 or 60, depending on when I choose to start collecting a pension, then SIRE after that.
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