corn18
Thinks s/he gets paid by the post
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- Aug 30, 2015
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- 1,890
First time I have ever seen this in my account summary
Share your FIRE Milestones - 2013- 2020
- Thread starter FIREd
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street
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Nov 30, 2016
- Messages
- 9,535
Great job to all of you with your milestone accomplishments. Outstanding!
- Joined
- Apr 14, 2006
- Messages
- 23,057
I guess it's a milestone. Today marks one year since I retired. It has flown by.
The Cosmic Avenger
Thinks s/he gets paid by the post
Wooo! Hit $3M NW and $2.5M in funds today...again. But hey, rather than feel like this has been a setback, I like reminding myself that I've seen big dips before, but if I stay the course it'll be all right. (Probably.)
Vacation4us
Full time employment: Posting here.
- Joined
- Oct 5, 2018
- Messages
- 530
Paid off my mortgage today. Home value 800k ,about half my net worth. Feels great! 5 months to go until retirement.
427Vette
Recycles dryer sheets
My Fidelity account hit my feel good number of 3M again this week. The first time was in February. For some reason this time feels better then the last time.
20 weeks later I've reached...the exact same milestone again! It's been a bumpy few months in the market. I don't think the ride is over yet, but I'm willing take the little victory and celebrate having as much money now as in January.
ER_Hopeful
Recycles dryer sheets
I'm almost back to my Feb. all time high (within a couple %) , house paid off in Apr. What a roller coaster ride!
Andre1969
Thinks s/he gets paid by the post
Any time!
FWIW, broke a few more barriers since $1.6M on April 8. I broke $1.7M on 4/29. Broke it again, going the wrong way, on 5/7, but then reversed that and rose above it on 5/8.
Broke $1.8M on 6/1. Last time I had passed that barrier was in July 2019. Oh, and May 2018. Hopefully, this time it will stick!
In some ways though, it almost seems unreal. I haven't set foot inside the office since March 16. Much of the country is still shut down. Much of it is in turmoil. Unemployment/under-employment are running rampant. And yet as of last night's numbers I'm only down about 4.5% YTD. Now, I'm not one who gets into self flagellation, and I don't WANT it to be worse. But, it just seems too good to be true.
Many of my accounts are actually in the black for the year, but I have an online brokerage account where I have some individual stocks, and it got hit harder. Over the long run it's usually performed much better than accounts I have with mutual fund companies and such, but this time it got hit worse. I had some oil company stock, and stock in Cedar Fair (amusement park company), and a few other things that got hit harder. Oh, and I have an old rollover IRA from my first job at Boeing. It's heavily weighted in Boeing stock, and took a hard whack. That account is still down about 20% ytd, although it's only a small percentage of my total assets. The online brokerage, which is a bit more significant, is down about 15%.
Still, overall financially I'm probably back to about where I was in mid-November 2019, so it's not *too* much of a setback.
ohiodep
Dryer sheet wannabe
Closing in on our (the DW and I) retirement date on December 1.
Yesterday her 457 account closed the day at a hair over 1 million dollars. Second time it has done that. The first time was in February but there was apparently some sort of market dip right around then.
My 457 is close behind and with another few good days will be over the mark as well.
Total invested assets and cash in the mattress now over 2.5 million.
No debt.
Pensions will take care of normal expenses.
LBYM and invest.
Yesterday her 457 account closed the day at a hair over 1 million dollars. Second time it has done that. The first time was in February but there was apparently some sort of market dip right around then.
My 457 is close behind and with another few good days will be over the mark as well.Total invested assets and cash in the mattress now over 2.5 million.
No debt.
Pensions will take care of normal expenses.
LBYM and invest.
Calico
Thinks s/he gets paid by the post
- Joined
- Apr 16, 2012
- Messages
- 2,936
ugeauxgirl
Thinks s/he gets paid by the post
I had that same app on my phone. You're so close!I broke the 200-day mark! It's starting to feel real.
Calico
Thinks s/he gets paid by the post
- Joined
- Apr 16, 2012
- Messages
- 2,936
Today, at 58, was my first day in retirement.Still not sunk in but it's a strange feeling to think no more working for a living and I now get up when when I want.
It's a bit scary to start retirement with our country and world in such mayhem but the DW is younger and going to work at least another year so that helps.
It's a bit scary to start retirement with our country and world in such mayhem but the DW is younger and going to work at least another year so that helps.
W2R
Moderator Emeritus
Congratulations! I agree it's a little scary to retire when the world is in such upheaval. But I'm sure you will be fine. Cherish each moment. For me, retirement has been the very best part of life.
Calgary_Girl
Full time employment: Posting here.
Crazy times we’re living in right now! DH is starting to get serious about retiring in 5 years since work has been very stressful lately and he doesn’t know how much more he can take.
We hit our personal NW goal of $3 million back in Dec. when DH turned 50, with $2 million in investable assets. I think if we can reach $3 million in investable assets, we’d be good to go.
We hit our personal NW goal of $3 million back in Dec. when DH turned 50, with $2 million in investable assets. I think if we can reach $3 million in investable assets, we’d be good to go.
ugeauxgirl
Thinks s/he gets paid by the post
Congrats! Sounds like y'all are close. It's a great feeling.
Good luck
Calico
Thinks s/he gets paid by the post
- Joined
- Apr 16, 2012
- Messages
- 2,936
My 25th anniversary at work
As the title says, today marks my 25th anniversary of working for my employer. This is the second big milestone I have reached on the way to retirement. The first milestone was paying off the mortgage in the summer of 2018.
Today is significant because after 25 years of service I am entitled to a full pension, rather than a pro-rated one for all service years less than 25.
I celebrated the milestone with an hour long Skype call this afternoon with a good friend/coworker. We haven't seen each other since we all started working from home in mid-March, so it was great to catch up. We have worked together for the entire 25 years. She is one of only 3 people at work who know my retirement plans, and it was nice to be able to celebrate the significance of today with her.
As the title says, today marks my 25th anniversary of working for my employer. This is the second big milestone I have reached on the way to retirement. The first milestone was paying off the mortgage in the summer of 2018.
Today is significant because after 25 years of service I am entitled to a full pension, rather than a pro-rated one for all service years less than 25.
I celebrated the milestone with an hour long Skype call this afternoon with a good friend/coworker. We haven't seen each other since we all started working from home in mid-March, so it was great to catch up. We have worked together for the entire 25 years. She is one of only 3 people at work who know my retirement plans, and it was nice to be able to celebrate the significance of today with her.
PhrugalPhan
Recycles dryer sheets
Wednesday I passed the point where I can get a reduced pension if I leave my employer now (60% of the pension benefit I have earned to this point). Another 2.5 years to get the unreduced pension. Nice to know from here on out I will have money coming in no matter what happens.
ArmchairMillionaire23
Recycles dryer sheets
Now what?
First of all, I'm honestly not posting this to brag. I'm just looking for some ideas on where to go from here.
Here's my not-so-abridged financial life story:
My parents divorced when I was 8 and I was raised by a single mom. We spent quite a few years on welfare (A.F.D.C.) and food stamps when my mom struggled making ends meet with her $3.35/hour jobs. I started a savings account when I was 12 and got my first job as a paperboy. I saved when I could through various part-time high-school and college (work study) jobs but felt lucky if I had $1000 in the bank during my early 20s.
I never finished college but got my first decent paying full-time job when I was 26. I started putting 10% in the company's 401(k) but really had no idea about investments and don't even remember how that 401(k) was invested. When I was 30 I had my 401(k) rolled over into Vanguard when our company got bought out. The Internet wasn't widely available in my area back then but I read The Millionaire Next Door and The Armchair Millionaire and really got inspired to start paying attention to investing. While I was still 30 I remember filling up pages of notebook paper (Owning a computer and learning about Excel was still way off in my future) and calculating that if I was able to max-out my 401(k) contributions every year for the next 20 years and was able to achieve a 10% average annual return then I would have $1,000,000 saved up by the time I was 50.
So I stuck with my plan for the last 20 years. I'm still only 49 but my account totals have hovered around the seven-figure level lately: (Newest milestone)
$1,014,301.16
Value as of 06/24/2020, 04:00 pm, ET
As of January of this year we are officially debt-free. The house is paid off, the vehicles are paid off and we have no credit card debt other than what we charge & pay off each month. I will turn 55 in 2025 so I would love to retire on or shortly after January 1st of that year. According to the IRS:
"No Additional 10% Tax
Distributions that aren't taxable, such as distributions that you roll over to another qualified retirement plan, aren't subject to this additional 10% tax. For more information on rollovers, refer to Topic No. 413 and visit Do I Need to Report the Transfer or Rollover of an IRA or Retirement Plan on My Tax Return?
There are certain exceptions to this additional 10% tax. The following exceptions apply to distributions from any qualified retirement plan:
Distributions made to you after you separated from service with your employer if the separation occurred in or after the year you reached age 55, or distributions made from a qualified governmental benefit plan, as defined in section 414(d) if you were a qualified public safety employee (federal state or local government) who separated from service in or after the year you reached age 50.
Distributions made to an alternate payee under a qualified domestic relations order, and Distributions of dividends from employee stock ownership plans."
I like my current job and love going in to start my shift at 5:00 a.m. but lately I've been starting to think about and look forward to 4-1/2 years from now. So now that I've reached that 7-figure milestone should I just keep plugging away at my job and maxing-out my retirement accounts? My company does have a great 401(k) safe harbor policy where they contribute a minimum (safe harbor) of 3% of my weekly pay every week regardless of whether I contribute a dime. The profit sharing goes up to a maximum of an additional 9% of my annual pay for a total annual contribution of 12%. One year out of the 10 years I've been there I got a 6% profit sharing contribution (9% total) but the other 9 years I was given 12% of my annual salary into my 401(k) (the profit-sharing is a once-a-year lump-sum contribution) Due to our low expenses and cost of living at home I am able to max-out my 401(k) at $26,000, (I'll turn 50 this year so I am eligible for catch-up contributions) My Roth IRA at $7,000 and my HSA at $3,550. We also max-out my wife's IRA at $6,000.
I guess I just feel I could use some advice from others who are about 5 years away from retirement or those who remember what it was like when they were looking at retirement in around 5 years.
Any advice would be appreciated.
Thanks.
First of all, I'm honestly not posting this to brag. I'm just looking for some ideas on where to go from here.
Here's my not-so-abridged financial life story:
My parents divorced when I was 8 and I was raised by a single mom. We spent quite a few years on welfare (A.F.D.C.) and food stamps when my mom struggled making ends meet with her $3.35/hour jobs. I started a savings account when I was 12 and got my first job as a paperboy. I saved when I could through various part-time high-school and college (work study) jobs but felt lucky if I had $1000 in the bank during my early 20s.
I never finished college but got my first decent paying full-time job when I was 26. I started putting 10% in the company's 401(k) but really had no idea about investments and don't even remember how that 401(k) was invested. When I was 30 I had my 401(k) rolled over into Vanguard when our company got bought out. The Internet wasn't widely available in my area back then but I read The Millionaire Next Door and The Armchair Millionaire and really got inspired to start paying attention to investing. While I was still 30 I remember filling up pages of notebook paper (Owning a computer and learning about Excel was still way off in my future) and calculating that if I was able to max-out my 401(k) contributions every year for the next 20 years and was able to achieve a 10% average annual return then I would have $1,000,000 saved up by the time I was 50.
So I stuck with my plan for the last 20 years. I'm still only 49 but my account totals have hovered around the seven-figure level lately: (Newest milestone)
$1,014,301.16
Value as of 06/24/2020, 04:00 pm, ET
As of January of this year we are officially debt-free. The house is paid off, the vehicles are paid off and we have no credit card debt other than what we charge & pay off each month. I will turn 55 in 2025 so I would love to retire on or shortly after January 1st of that year. According to the IRS:
"No Additional 10% Tax
Distributions that aren't taxable, such as distributions that you roll over to another qualified retirement plan, aren't subject to this additional 10% tax. For more information on rollovers, refer to Topic No. 413 and visit Do I Need to Report the Transfer or Rollover of an IRA or Retirement Plan on My Tax Return?
There are certain exceptions to this additional 10% tax. The following exceptions apply to distributions from any qualified retirement plan:
Distributions made to you after you separated from service with your employer if the separation occurred in or after the year you reached age 55, or distributions made from a qualified governmental benefit plan, as defined in section 414(d) if you were a qualified public safety employee (federal state or local government) who separated from service in or after the year you reached age 50.
Distributions made to an alternate payee under a qualified domestic relations order, and Distributions of dividends from employee stock ownership plans."
I like my current job and love going in to start my shift at 5:00 a.m. but lately I've been starting to think about and look forward to 4-1/2 years from now. So now that I've reached that 7-figure milestone should I just keep plugging away at my job and maxing-out my retirement accounts? My company does have a great 401(k) safe harbor policy where they contribute a minimum (safe harbor) of 3% of my weekly pay every week regardless of whether I contribute a dime. The profit sharing goes up to a maximum of an additional 9% of my annual pay for a total annual contribution of 12%. One year out of the 10 years I've been there I got a 6% profit sharing contribution (9% total) but the other 9 years I was given 12% of my annual salary into my 401(k) (the profit-sharing is a once-a-year lump-sum contribution) Due to our low expenses and cost of living at home I am able to max-out my 401(k) at $26,000, (I'll turn 50 this year so I am eligible for catch-up contributions) My Roth IRA at $7,000 and my HSA at $3,550. We also max-out my wife's IRA at $6,000.
I guess I just feel I could use some advice from others who are about 5 years away from retirement or those who remember what it was like when they were looking at retirement in around 5 years.
Any advice would be appreciated.
Thanks.
Markola
Thinks s/he gets paid by the post
AM2023, My wife uses the Rule of 55 and I will, too, starting in a couple of weeks. I just gave my notice this morning![emoji898]
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