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Anybody FIRE in NYC area?
Old 03-01-2016, 06:26 PM   #1
Dryer sheet wannabe
Join Date: Feb 2011
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Anybody FIRE in NYC area?

Is it possible? How much was your "number"?

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Old 03-01-2016, 06:42 PM   #2
Recycles dryer sheets
Join Date: Sep 2012
Posts: 71
Of course it's possible. I retired 5/2014 and live in Manhattan. I have lived in Brooklyn and Manhattan for close to 40 years. LBYM for all those years and continue to do so.

Your "number" depends on your expenses. If you follow the 4% withdrawal rule, that means you need a nestegg 25 times your expenses. That's a rough guideline.

Don't worry about anyone else's $$. Keep reading here and you will figure it out.

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Old 03-01-2016, 06:49 PM   #3
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I live in a high property tax section of NJ and will retire at the end of April. There are only 3 numbers to worry about - Assets, expenses and your age. The younger you are - the ratio of assets to expenses will need to be higher. I am 46 and my assets are approx 40X expenses.
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Old 03-01-2016, 07:12 PM   #4
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I'm in Bergen County, NJ. Housing costs and property taxes are high of course. But once that nut is cracked, what else is higher? Cars cost the same everywhere, groceries cost the same, and at least here in NJ gas is actually a bit less than many other states. I suspect services like a plumber or electrician are higher, but probably not by much.
My "number" is....good enough. DW still w*rks by choice. When I ER'd, we looked not just at our numbers, but also our lifestyle. We take 2 nice vacations per year. Beyond that, we enjoy the occasional Broadway play, day and single overnight trips, and driving to various bike paths to bike.
So, our "number" is more than sufficient to support the lifestyle that makes us happy. And, we don't see us changing that lifestyle, which was why I could ER with 100% confidence.
Don't just focus on the amount you need to amass, but look at your likely expenses and the aforementioned lifestyle. Living in a so-called high cost of living area may not be so high cost for you.
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Old 03-01-2016, 11:22 PM   #5
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I live in Nassau County (western Long Island, next to NYC), NY and have been ERed since late 2008. I have lived in my co-op apartment since 1989 and lived in the county for most of my life. I have been debt-free since 1998 after paying off the mortgage in 9 years.

My assets:expenses ratio was just under 40 when I first ERed, rose to the mid-50s, then dropped a little last year due to market losses and a one-time spike in medical bills last year. It should return to around 50 in 2016.

I am in a high-COL area but I'm in fine shape nonetheless. The Fidelity RIP program show slots of big surpluses after I turn ~60 and my "reinforcements" (SS, pension, unfettered IRA access) begin to arrive in the subsequent few years. As long as I make it to 60, and I am halfway there already since I ERed at 45.

One condition of my ERing back in 2008 was there was to be no change to my everyday lifestyle. If I want to go out to eat, I can do so. If I get a little spendy once in a while, that's fine, too. I have built in a cushion to my budget to accommodate these things.
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
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Old 03-02-2016, 09:10 AM   #6
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Live Fairfield County Ct, on the Gold Coast FWIW.

As others already said: regardless of where you retire. The equation is the same. Stash in relation to Expenses considering Age.

Higher expenses, whether because you live in a "mansion" or pitch a tent but won't fly anything but private, translates to needing more Stash. Not Rocket Science.

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