Does anyone here ever feel like they are never going to reach their FIRE goal? I have been saving and investing for FIRE since I was 26. I am 41 now, and I still feel like it will take me forever to reach the level of savings that I need to cover my early retirement expenses.
My taxable and tax deferred investments would currently cover 35.3% of my early retirement expenses.
I have a vested pension that will cover about 11% of my cost of living in retirement, that I will receive when I am 60 and I have factored in inflation.
I have a Social Security estimate, based on an early retirement date and starting to receive at 62. Social Security would cover about 12% of my cost of living in retirement and I have factored in inflation.
My expenses between the time I was 26 and 41 old (except for paying back some student loan debt) have been somewhat artificially low due to certain life circumstances, my salary has been decent, I live below my means, and yet I am still rather far off from achieving my early retirement goal.
I guess my questions are- Does anyone else ever feel this way? If so, how do you deal with it? For those who are early retired already, did you find that your net worth increased signficantly at some point during your work and saving history? When you hit a certain percentage, where your investments could cover a certain percentage of your retirement spending based on a 4% withdrawal rate, did you then find that reaching your early retirement goal then came quicker? I feel like I am living below my means and investing all additional savings, but I am still not getting toward my early retirement goal soon enough.
I have used FIRECalc, and it looks like an early retirement may be available in 7 to 9 years, but that seems like a long time! If I work for 9 more years, that means I will have worked 24 years to acheive early retirement. If I had created an early retirement goal later in life, I would understand having to work 24 years to achieve it. But I started off fairly early.
As bad as things may sound now for me, the picture looked even worse for me in 2008-2009. Maybe I should try and focus on the positive?
Thank you for your insight.
My taxable and tax deferred investments would currently cover 35.3% of my early retirement expenses.
I have a vested pension that will cover about 11% of my cost of living in retirement, that I will receive when I am 60 and I have factored in inflation.
I have a Social Security estimate, based on an early retirement date and starting to receive at 62. Social Security would cover about 12% of my cost of living in retirement and I have factored in inflation.
My expenses between the time I was 26 and 41 old (except for paying back some student loan debt) have been somewhat artificially low due to certain life circumstances, my salary has been decent, I live below my means, and yet I am still rather far off from achieving my early retirement goal.
I guess my questions are- Does anyone else ever feel this way? If so, how do you deal with it? For those who are early retired already, did you find that your net worth increased signficantly at some point during your work and saving history? When you hit a certain percentage, where your investments could cover a certain percentage of your retirement spending based on a 4% withdrawal rate, did you then find that reaching your early retirement goal then came quicker? I feel like I am living below my means and investing all additional savings, but I am still not getting toward my early retirement goal soon enough.
I have used FIRECalc, and it looks like an early retirement may be available in 7 to 9 years, but that seems like a long time! If I work for 9 more years, that means I will have worked 24 years to acheive early retirement. If I had created an early retirement goal later in life, I would understand having to work 24 years to achieve it. But I started off fairly early.
As bad as things may sound now for me, the picture looked even worse for me in 2008-2009. Maybe I should try and focus on the positive?
Thank you for your insight.