Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Old 02-20-2015, 02:57 PM   #21
Thinks s/he gets paid by the post
Ally's Avatar
Join Date: Feb 2011
Posts: 1,223
Both my husband and I worked in jobs that might have paid more in the private sector. In exchange, he receives a pension with survivor rights and healthcare for us both at very little cost. We have saved 17-20% of our income for many, many years, we carry no debt and have no mortgage. Our children had full scholarships and lived at home to go to college, so we continued to save during that time. We have older vehicles. We inherited lovely furniture from 4 sets of grandparents and also our parents' estates. We spend our money modestly from day to day, so that we can travel.

Ally is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-20-2015, 04:13 PM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Feb 2013
Posts: 5,573
Originally Posted by Sarah in SC View Post
When we were paying off debt and doing MAJOR LBYM years ago, we had a couple of photos of possums posted on our refrigerator as reminders to do our own "possum living" so I guess it is more of a reminder to me than most folks.
Possums on the fridge - that is a great visual reminder. I will have to think of some emblem for us in our expense reduction program. Since I haven't read Possum Living maybe we can go with something like a picture of Two Buck Chuck.

Even clouds seem bright and breezy, 'Cause the livin' is free and easy, See the rat race in a new way, Like you're wakin' up to a new day (Dr. Tarr and Professor Fether lyrics, Alan Parsons Project, based on an EA Poe story)
daylatedollarshort is offline   Reply With Quote
Old 02-20-2015, 07:22 PM   #23
Thinks s/he gets paid by the post
Join Date: Oct 2006
Posts: 3,955
If I'm reading this correctly:
you're 30 years old, and
you've already got 4x your annual gross income saved, and
you're saving 34% per year, and
you think you can increase that to 44%,
and that's after tax money.


I'd say that you don't need to change anything, assuming you're aiming for mid-40's and you think you can earn inflation + 4%.

Like you said, just hanging out with or reading about, other people like yourself might be a good way to keep a positive attitude.

(I'll note that you didn't mention children.)
Independent is offline   Reply With Quote
Old 02-21-2015, 02:19 AM   #24
Dryer sheet wannabe
Join Date: Sep 2013
Location: Thetford
Posts: 24
Independent, you nailed almost everything. I'll be 30 later this year, but I do have a 1 year old. We'll probably have 1 more too. I transferred my Post 9/11 GI Bill, so the kid(s) will be able to split that, and I also opened up a custodial account. I contribute $50 a month into that, and plan to put family member gifts into it as well. Right now, it is just a savings account, but once I have enough saved up, I plan to open up a brokerage account. Then, I can start investing it, and take advantage of compounding.

Sent from my HTC One using Early Retirement Forum mobile app
Henman004 is offline   Reply With Quote
Old 02-21-2015, 10:34 AM   #25
Thinks s/he gets paid by the post
imoldernu's Avatar
Join Date: Jul 2012
Location: Peru
Posts: 4,652
Originally Posted by grasshopper View Post
We found having accounts that we could draw from before age 59.5 were helpful.
Not often mentioned, but the period between retirement and SS, pension or age 65 deserves careful tax planning. One of our early mistakes was being too careful in spending and leaving some tax free money on the table.
imoldernu is offline   Reply With Quote
Old 02-21-2015, 03:35 PM   #26
Thinks s/he gets paid by the post
walkinwood's Avatar
Join Date: Jul 2006
Location: Denver
Posts: 2,767
Originally Posted by imoldernu View Post
Not often mentioned, but the period between retirement and SS, pension or age 65 deserves careful tax planning. One of our early mistakes was being too careful in spending and leaving some tax free money on the table.
Could you elaborate?
walkinwood is offline   Reply With Quote
Old 02-21-2015, 03:45 PM   #27
Thinks s/he gets paid by the post
steelyman's Avatar
Join Date: Feb 2011
Location: Triangle
Posts: 3,219
Originally Posted by walkinwood View Post
Could you elaborate?

This made me smile. Asking imoldernu if he could elaborate is like asking the moon "is there a man in there?".

No offense intended and I doubt any will be taken. He's offered some great posts along the way.

steelyman is offline   Reply With Quote
Old 02-22-2015, 03:31 PM   #28
Walt34's Avatar
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 17,399
Originally Posted by walkinwood View Post
Could you elaborate?
Here ya go. imoldernu started a thread on that a while back.

Sharing 23 years of Frugal Retirement
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 02-22-2015, 06:54 PM   #29
Thinks s/he gets paid by the post
walkinwood's Avatar
Join Date: Jul 2006
Location: Denver
Posts: 2,767
With due respect, I'll wait for imoldernu to respond. I don't think he addressed that particular point in the linked thread.
walkinwood is offline   Reply With Quote
Old 02-23-2015, 02:26 AM   #30
Recycles dryer sheets
Join Date: Nov 2012
Posts: 70
One piece of advice. Look hard at your health care cost projections. Even with the ACA your health care premiums will rise the older you get. The ten years between age 55 and 65 are the highest. The government subsidy helps with the premium. However if you have high deductibles, unexpected and protracted illness could result in you paying the full deductible each year. In addition look hard at the physicians covered in your plan. If you use out of network physicians they can, and many will, bill you for the difference between their posted rates and what your insurance company pays. If you plan to travel some, even if only occasionally to see family, make sure the network includes doctors nationally or at least in the area you may be going to visit. Some plans have no caps on out of network expenditures in a year. Treatment for a costly medical emergency in an out of network hospital, where your treatment is by out of network doctors, can result in tens of thousands of medical expenses.

I know the above from experience. I early retired three years ago. Within days I came down with an illness that still requires medical care. I've also had surgery for another condition and complications from the surgery. I'm now in cancer treatment at a medical center two hours from my home because the local doctors did not have the ability to diagnose and care for my particular situation. Needless to say, we have maxed out our medical spending each year and have been through the wringer of fighting bills from out of network suppliers. This year we switched to a more expensive bronze plan with a much larger network of physicians locally and nationally. We'll pay more per month in premiums, but less in total if we continue meeting our high deductibles.

Run the numbers on the health policy you are buying. Look at what the maximum annual out of pocket can be if you unexpectedly high medical costs for several years in a row. Make sure your savings are sufficient. We fortunately had HSA's and other savings to tap, and our retirement spending budget was higher than we've required for other expenses. We'll make it to Medicare but I'd hate to think of where we would be if our accumulated savings was lower.

Sent from my iPad using Early Retirement Forum
Retired at 57. Now a happy camper!
NC 57 is offline   Reply With Quote
Old 02-23-2015, 02:15 PM   #31
Thinks s/he gets paid by the post
ExFlyBoy5's Avatar
Join Date: May 2013
Posts: 2,153
Originally Posted by Henman004 View Post
I see a lot of information/advice floating around from the high income folks. I am interested in finding out what it takes to FIRE, for those that don't work for megacorp. If you're making less than $100k:

What is your income?

How much are you saving?

What age do you plan to be FIRE?

What are some of your other plans to achieve the goal of FIRE?

If you already managed FIRE, how did you get there?

Any other advice?

Thanks for your input!
Looks like you are in the military..and that's a GREAT place to be for ER (provided Congress NOT mess with our Tricare!!!). I just retired (fully FIRED) back in November and it's been GREAT. I am 40 years old, so I expect to be retired for a VERY LONG TIME. I never made "a lot" of money in the AF as an enlisted guy and as a matter of fact, I got a late start on "getting money smart" due to some not-so-smart choices early in my career. Anyway, without repeating what I have said a couple of times over, here is the thread where I introduced myself and gave some biographical information.

Only 87 More W*rking Days!

Retired in 2014 at the Ripe Age of 40
Founder and Head Lounger @ The Life of Leisure Institute
ExFlyBoy5 is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
LBYM: Modest splurges that make you feel (sort of) rich? Amethyst FIRE and Money 99 03-12-2009 05:38 PM
My modest accomplishment brewer12345 Health and Early Retirement 24 10-15-2008 09:42 PM
Hello Folks!  (and yet another question) thechoson Hi, I am... 7 04-15-2005 05:58 PM
In search of a modest lifestyle RockMiner FIRE and Money 30 01-11-2005 05:29 AM
Howdy folks ... dande Hi, I am... 0 10-08-2002 02:10 PM


All times are GMT -6. The time now is 06:54 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.