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Old 11-28-2017, 10:40 PM   #1601
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We hit our FIRE "number" today (yeah ). 27x annual expenses. Problem is, we're 5 years too early ().


When I originally calculated our FIRE number several years back it was under the assumption that it'd take longer, we'd be older, the kids would be out of the house and the mortgage would be paid off. As it is, kids are still in high school and we're still a few years from owning the house free and clear. I guess my "number" isn't really my "number".


Has anyone else had to reevaluate FIRE based on better than anticipated portfolio performance?
I’d suggest you keep saving. At ages of ~ 49 & 45, you & DW should plan on at least 40yrs of withdrawals, which means 27xAnnual Expenses (3.7% WDR) is not nearly conservative enough IMO. Read Jim Otar’s “Unveiling the Retirement Myth” & focus on the ‘zone concept.’ For a 40yr retirement, a couple needs at least >32xAnnual Expenses (3.1% WDR) to be in the “Green Zone”, which is where you want to be; especially with two kids (potentially) in college.

PS: Congrats on your excellent financial position! Just saying I’d save more if it was me & DW
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Old 11-29-2017, 05:31 AM   #1602
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Originally Posted by Huston55 View Post
I’d suggest you keep saving. At ages of ~ 49 & 45, you & DW should plan on at least 40yrs of withdrawals, which means 27xAnnual Expenses (3.7% WDR) is not nearly conservative enough IMO. Read Jim Otar’s “Unveiling the Retirement Myth” & focus on the ‘zone concept.’ For a 40yr retirement, a couple needs at least >32xAnnual Expenses (3.1% WDR) to be in the “Green Zone”, which is where you want to be; especially with two kids (potentially) in college.

PS: Congrats on your excellent financial position! Just saying I’d save more if it was me & DW
Thanks for the reply. To elaborate a bit more, the 27x annual expenses isn't the full picture. We also have some rental properties that are worth ~$500k. If we were to sell them and pocket the money (no plan to do so), combined with our portfolio, would equate to x32 Annual Expenses.
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Old 11-29-2017, 07:35 AM   #1603
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We hit our FIRE "number" today (yeah ). 27x annual expenses. Problem is, we're 5 years too early ().

<snip>Has anyone else had to reevaluate FIRE based on better than anticipated portfolio performance?
I think I'd just consider it a good year to balance out future bad years. We know this market won't continue forever even though we wish it would! There will be a "correction" and it's easier to recover from one when you're putting new money in and investing at bargain-basement prices.

For me, funding healthcare for that many years would also be a HUGE unknown. There are separate threads on this, but people are paying crazy amounts, especially if they have kids, for health insurance. My premiums went from $440/month when I retired at age 61, to $776/month for crappier coverage, this year. Medicare kicks in on January 1, thank God.
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Old 11-29-2017, 07:40 AM   #1604
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Originally Posted by TrophyHusband View Post
We hit our FIRE "number" today (yeah ). 27x annual expenses. Problem is, we're 5 years too early ().


When I originally calculated our FIRE number several years back it was under the assumption that it'd take longer, we'd be older, the kids would be out of the house and the mortgage would be paid off. As it is, kids are still in high school and we're still a few years from owning the house free and clear. I guess my "number" isn't really my "number".


Has anyone else had to reevaluate FIRE based on better than anticipated portfolio performance?
I'd look at it differently personally. I'd say you had two variables for FIRE - age and assets. You've only met the minimum requirements for one of those variables from your original planning. As such, you can stick to the original plan and wait until you also reach the planned age variable and then cut out and retire, or you can re-evaluate both variables and pick new numbers for both assets and age for FIRE and wait until you reach those numbers instead.
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Old 11-29-2017, 02:45 PM   #1605
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Has anyone else had to reevaluate FIRE based on better than anticipated portfolio performance?
We did. Hit the number about 4 years earlier than expected. Like you, I still had kids under roof and mortgage. My planned spending had assumed a paid off house. Our solution was to buckle down and pay off the house sooner. Those extra principal payments also acted to help us reduce our spending some more.... Make a smaller number needed. I ended up pulling the trigger and retiring 2.5 years ahead of plan. Still have kids under roof, but they'll go to college soon enough.
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Old 11-30-2017, 10:45 PM   #1606
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I posted at the start of November how I kinda sabotaged my attempt to hit the $1.5M mark because I paid a CC bill a few weeks early and how I expected to break passed that mark soon anyway. Well, I am over the $1.5M mark now and might have hit a few days ago but I didn't check the total balance (sum of 3 accounts at different institutions) every day. I am now at $1.511M which includes some monthly distributions which have been declared but not yet posted to an account. It also incudes an uncashed check for $200. All of these accounts receivable (except maybe for the check) will hit my account by Monday.
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Old 12-01-2017, 05:14 PM   #1607
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Not a milestone ... but SO CLOSE! The nest egg calculator spat out ... drum roll please ... $2.998 MILLION yesterday!
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Old 12-03-2017, 10:00 PM   #1608
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Not a milestone ... but SO CLOSE! The nest egg calculator spat out ... drum roll please ... $2.998 MILLION yesterday!
DUDE!

If only you had parallel parked.
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Old 12-09-2017, 09:27 AM   #1609
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Milestone: Age 62, started SS. All living expenses covered by pension and SS. Monthly IRA withdrawals stopped. Right on schedule. I love it when a plan comes together!
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Old 12-13-2017, 04:30 PM   #1610
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New milestone - hit $1M in investments (household) for the first time a week before I turned 39! - nice target to hit, though I suspect we'll make it back under at some point.
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Old 12-13-2017, 04:45 PM   #1611
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New milestone - hit $1M in investments (household) for the first time a week before I turned 39! - nice target to hit, though I suspect we'll make it back under at some point.
Congrats ! Happy Xmas !
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Old 12-15-2017, 06:00 PM   #1612
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Reached a bucket-list milestone: today I obtained my very first Handicap Placard. It's a beauty and it's good for two years with an automatic renewal.
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Old 12-17-2017, 08:28 PM   #1613
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thanks to an explosive real estate & stock market the last year i am over 6.1m net worth.
retired at 49 2 years ago tomorrow.
living very nicely off my rentals.
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Old 12-31-2017, 02:14 PM   #1614
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So we hit all sorts of milestones this year- tabulating end of the year numbers was more fun than usual. One figure stood out to me though- pretty sure this has never happened, though I am going to go back and look. We actually spent less this year (excluding taxes of course) than we paid in to state and federal governments for taxes, fica, etc. Haven't done the taxes of course, but I can't remember the last time we got anything back. Also it was our highest year for savings ever. Happy New Year Y'all- from frosty cold Alabama...
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Old 12-31-2017, 03:21 PM   #1615
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Broke the $1M NW mark today. $730k in invested assets.

I've tracked progress somewhat casually, but here it is so far:

2015-05: $400k
2015-10: Paid off mortgage
2016-03: $500k
2016-11: $650k
2016-12: $800k
2017-06: $900k
2017-11: $1,000,000
Pretty impressive since you’ve been making almost 150k monthly lol
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Old 01-01-2018, 06:14 PM   #1616
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The milestone I hit today was one full year FIREd. We've been withdrawing from our investments over the year, but ended up in the black - about $4.5M NW.
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Old 01-11-2018, 08:25 PM   #1617
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NW just peeked over $1.8 today. That includes some home equity - investible funds are $200K lower - but it was nice to see the round number come up on Personal Capital today after w*rk.
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Old 01-13-2018, 06:28 AM   #1618
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Closing in on $2M net worth ...
sitting at NW = $1.9M
Total Lump sum Tax advantaged = $1.814M

Does not include SS, and my pensions.

Getting ready to pull the plug in 2019!
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Old 01-16-2018, 12:56 PM   #1619
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NW just went over $2M last week. Then I realized that I had double counted one of DW's accounts so now back at $1.92. But for a few days in my mind we were multimillionaires!

More importantly, I have driven home from work in the dark for the last time! 160 days to go...
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Old 01-16-2018, 03:33 PM   #1620
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Closing in on $2M net worth ...
sitting at NW = $1.9M
Total Lump sum Tax advantaged = $1.814M

Does not include SS, and my pensions.

Getting ready to pull the plug in 2019!
Do people include SS and pension in net worth? I know some include their residence.
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