CLASS OF 2027 to 2037

Good. Plugging away. I don't make a large income but I save a good percentage of it.
 
long time lurker, first time poster. I took a nice paying job in a rural area, so I have the golden opportunity to become debt free and save a tremendous amount of money. Am soon to be 47. Have about 155k saved in retirement savings currently, 100k of debt including house that I hope to pay off within two or three years. Company matches 100% up to 15% of my pay in 401k (35k combined per year).

I hope to keep this job another 18 years until I am 65 (2032), but I should be able to hit my goal of 1.2 million in retirement money only by age 59. With FI in three years and assuming I can hold on to the job until I am 65, I should have around 3 million in both retirement and taxable accounts by 2032. I would say my expenses per year will be about 30k a year (current dollars) after FI.

I hope to travel and enjoy retirement.

Am putting all of my retirement savings in low cost Vanguard S&P 500 ETF's and Mutual Funds including 401k. My average fund expense is .07%
 
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2035 said:
Wow! 15% match? Is that just for management/officers or rank and file employees too.
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All employees are entitled to the 15% match 90 days after hire. It feels good to be able to put in double the $17,500 max per year. :dance:
 
First time poster as well. This thread seems to bring out the lurkers!

30 years old working diligently towards ER with DW. Targeting 2028 for retirement around age 45 but we will see what life brings. I got a bit of a late start in my career but have had very good luck in the job market over the past few years and have seen significant growth in my income and responsibilities. I hope this trend continues and I can move to part time consulting before age 45.

Cheers to everyone working hard to earn their freedom!
 
MaddMaxx said:
Company matches 100% up to 15% of my pay in 401k (35k combined per year).

I hope to keep this job another 18 years until I am 65 (2032), but I should be able to hit my goal of 1.2 million in retirement money only by age 59. With FI in three years and assuming I can hold on to the job until I am 65, I should have around 3 million in both retirement and taxable accounts by 2032. I would say my expenses per year will be about 30k a year (current dollars) after FI.
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That's a great 401k match. I'm thoroughly jealous and hope you take maximum advantage of it.

If you project expenses of 30K, why shoot for $3 Million? Or are these a mixture of nominal and inflation adjusted numbers? You should safely be able to draw 30K from a lot smaller portfolio.
 
35 and off to a late start with currently one year of gross income in retirement (50k). Saving 12-13% (plus 5% company match). Household of 6 on living on less than 60k a year. I figure my end is smaller than most because we live on way less ;)
 
growing_older said:
That's a great 401k match. I'm thoroughly jealous and hope you take maximum advantage of it.

If you project expenses of 30K, why shoot for $3 Million? Or are these a mixture of nominal and inflation adjusted numbers? You should safely be able to draw 30K from a lot smaller portfolio.
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I have a low stress job in a rural area that pays very well. I am also 1200 miles away from my boss, so as long as I take care of my territory, I am left alone. I think I will try to keep the job as long as possible up to 65.

It did take me awhile to get to the full 15% contribution as I have three teenagers and a wife that works only part time. But I do take full advantage currently of the full 15% contribution now.
 
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I am 41 as well, planning on retiring at 55 in 2028.

I have realized that, due to consistent saving/LBYM since age 23, I have pretty much pre-purchased my retirement already. Usually I am obsessed in maxing out 401k/Roth/etc - but have realized that from here on out this added yearly investment will have relatively small effects on the age-55 nestegg. All of us have our magic number - mine is $2M in investible equity at age 55 (will also have a pension from work).

I plan on gradually decreasing my stock/fund investing until age 45 and then concentrate on getting the home paid off by 55. We have been moderate college savers so far - but should be able to cash flow remaining college as needed.

If at any time I appear to fall behind the curve in achieving my magic number from 45-55 - then I will adjust accordingly.

I am also planning on spending! Saving and saving is fun to watch the number grow - but I have worked way too hard into my current position not to buy some toys once I know that the long term goals are met (probably a taboo topic on this board).
 
I'm on track to retire in 2027 at age 50. Would punch out sooner but 50 is minimum age to collect pension from THE MAN.
 
Late start - but want to be FI and able to RE

Got a late start to my career, started working at age 32, right as the crisis hit in 2007. Good for boosting 401(k), went from $0-->$155k in five years
Hope to FIRE in 2030, but will be earlier if I hit my number ~$3.5MM
Have a stay at home DW (she REd two years ago) and three kids.

Maxing out 401(k) +9% match
Maxing out Roth for me and DW
Maxing out HSA
Maxing out employee stock purchase plan at 85% price (10% of salary)
Saving another ~$15k in taxable
Mortgage 30 year fixed at 3.5% - will not pay off early.

Retirement accounts hit $595k 12/31/2013
Taxable is ~$130k
 
2035 said:
Greetings Folks,

I know we're not quite at the end of the year, but I'm posting my new milestones/stats now, as I'll be very busy until the end of the year.

A lot has happened since I last posted in the spring. I bought a single family home in the East Bay. It was a short sale, so I got it for much less than the seller paid for it 10 years ago. I forgot how expensive owning a home can be, especially for a single modest-income earner. It's old, but has gone through a few updates. My mortgage is only $300 more than my old apartment in the City, but there is always something to fix or update. All in all, I'm a proud homeowner and like all of my neighbors (except the German Shepard next door who barks at everything). My commute costs have quadrupled, but I'm near a quaint downtown with restaurants and shopping. It's definitely not my forever home, but I'll probably stay for a couple of years (2-5) and build a real emergency fund, plus play money.

My retirement numbers are pretty much the same because I borrowed against my 401(K) and took money out of my Roth. I'm not able to contribute as much to the 401(k) because I have to pay back $215 every two weeks, but it's basically the same amount as before (if you include the repay). In April, I borrowed $25k from my 401(k), reducing the balance to $101K, but since then I've put in $10K from all sources and I'm back up to $124k. Had I left the money in (no house), I'd have about $160K. I know for sure that I have more than that made up in equity, so I don't beat myself up too bad, and I am paying myself back. Conservatively, the house has gone up by 20%. I took $8.5k from my Roth and only put in about $500 since April, but it's back over $25k.

Lessons learned (Positive and Negative)

1. I'd rather rent an apartment in a artsy, urban area than live in the burbs (might feel different if I were married to a handy man). I like the culture and convenience of the City. Plus it's so expensive managing a house with one income.

2. For the time being, I think I made a smart move. The rents in SF are going through the roof and tons of people are being priced out of the city. My old place went from $1,433 to $1,895 and that is dirt cheap still for City now surpassing NYC.

3. I can't garden to save my life, and I don't love it either...though I have a nice little container garden going in my front yard and porch.

3. I now see the value of cash/emergency funds. I'm slowly working to build one up.

4. I bought at such a deal, that I'm almost certain to walk away with at least $50K after loan repay and CC payoff...shouldn't type that and jinx it.

5. I'll probably leave my job after I sell my house too and maybe move back to Seattle with healthier 401(k), Roth and 18 month emergency fund. Oh and travel a little, just a little...like Europe for the first time. I'm basically at 5 years, so I'll get $475/mo if I leave tomorrow and $100+ more for every year I stay.

6. Retirement savings are important but living life fully and seeing a little of the world is important too. I don't want to solely focus on "one day" in the future. A few colleagues have dropped dead recently and they were youngish, from cancers, sudden heart attack and stress.

New Retirement Savings Plan:
401(k): $1,650/month
Roth: $200/month (beginning January 3rd) - less but still something
Cash: $100/every two weeks

No change in retirement date.

Well, enough about me :LOL:....how are you folks doing?
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Big change since last post. After much deliberation, I sold the house! I found myself tethered to house physically (gardening/lawn maintenance, home projects, etc) and financially (see above + an unexpected supplemental tax bills that ate up my bonus). Plus, I wanted to be closer the big city and in an area within walking distance of health food stores, artsy fartsy boutiques, libraries, public transportation, etc. I thought I'd be happier here longer, but it's a woman's prerogative to change her mind, right? And despite my original projections, I had to suspend my Roth contributions and I ended up putting a lot on my CC (thankfully, I have good rates and payments were tight but manageable).

I'm please to report that the house went up over 20% in less than a year, and minus the 401(k) loan payback, CC debt payoff (doubled since buying the house), and set aside for capital gains taxes, I still made enough to establish a firm emergency fund and treat myself to a vacation in the near future. I feel euphoric! :dance:

I'm not sad in the least, it turned out to be a great decision and I'm moving to my dream area for less money. Homeownership is great, if you have a high enough income for the unexpected surprises and projects or if you have someone to share the mortgage with. I'm not sure how long I'll stay with my company, so I like the flexibility of renting and I can return back to maxing out the 401(k) and Roth.

I hope there are others out there who are/were long-term renters and still managed to retire comfortably. For me, this decision feels right.

New stats:
* 401(k): $155,000 (after $21k loan payback) / $1750 mo
* Roth: $26,000 / $450 mo
* Emergency Fund: $12,000 / $100-$200 mo (up from $0)
* IBonds: $200
* Pension: $460 (I just made 5 years with my company. This is the amount I'd get at 62 if I left tomorrow).

Hopefully, the home improvements I made ($10,000) will offset the $10,000 in expected capital gains taxes. I'm keeping this money in a separate account from my emergency fund.

Thanks for listening :greetings10:
 
If the home was your primary residence, you shouldn't have to pay any capital gains on the sale -- unless that 20% appreciation exceeded $250k total. The first 250k in profits on the sale of a primary residence is tax free for a single person.
 
lhamo said:
If the home was your primary residence, you shouldn't have to pay any capital gains on the sale -- unless that 20% appreciation exceeded $250k total. The first 250k in profits on the sale of a primary residence is tax free for a single person.
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Yes, but I owned less than 2 years so I expect to owe. If it turns out I don't, I'll be one happy lady next tax season.
 
2035 said:
Big change since last post. After much deliberation, I sold the house! I found myself tethered to house physically (gardening/lawn maintenance, home projects, etc) and financially (see above + an unexpected supplemental tax bills that ate up my bonus). Plus, I wanted to be closer the big city and in an area within walking distance of health food stores, artsy fartsy boutiques, libraries, public transportation, etc. I thought I'd be happier here longer, but it's a woman's prerogative to change her mind, right? And despite my original projections, I had to suspend my Roth contributions and I ended up putting a lot on my CC (thankfully, I have good rates and payments were tight but manageable).

I'm please to report that the house went up over 20% in less than a year, and minus the 401(k) loan payback, CC debt payoff (doubled since buying the house), and set aside for capital gains taxes, I still made enough to establish a firm emergency fund and treat myself to a vacation in the near future. I feel euphoric! :dance:

I'm not sad in the least, it turned out to be a great decision and I'm moving to my dream area for less money. Homeownership is great, if you have a high enough income for the unexpected surprises and projects or if you have someone to share the mortgage with. I'm not sure how long I'll stay with my company, so I like the flexibility of renting and I can return back to maxing out the 401(k) and Roth.

I hope there are others out there who are/were long-term renters and still managed to retire comfortably. For me, this decision feels right.

New stats:
* 401(k): $155,000 (after $21k loan payback) / $1750 mo
* Roth: $26,000 / $450 mo
* Emergency Fund: $12,000 / $100-$200 mo (up from $0)
* IBonds: $200
* Pension: $460 (I just made 5 years with my company. This is the amount I'd get at 62 if I left tomorrow).

Hopefully, the home improvements I made ($10,000) will offset the $10,000 in expected capital gains taxes. I'm keeping this money in a separate account from my emergency fund.

Thanks for listening :greetings10:
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I really enjoy posts like this that update progress made by forum members in pursuing their ER goals. Sounds like getting out of the house was the right move for you, if only for the emotional aspect of it and taking a profit on it doesn't hurt, either!
 
In ~6.5 years DW and I will be 43 and 44. Mortgage is scheduled to be paid off then, and if our retirement accounts continue to do reasonably well we should be able to ESR/downshift to part time w*rk until ~55. At that point Firecalc predicts 100% success at a level of income approximately 30% higher than we think we'll need.

So I guess we're planning to be in the partial-FI/ESR class of 2021, and the ER class of 2031.
 
Yippee!!! Since I paid off my CC debt, my credit score jumped 33pts...and only one of the payoffs was recorded...it'll go up again. From good back to excellent. 😎
 
I'm going to take roll call January 1, 2027. 😊
 
GatherYeAcorns said:
I have a good feeling that we'll all hit our goal of retiring. We got decades to prepare (our best asset). Just gotta keep earning - and saving, and investing - them coins and stay healthy.
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Fixed for you. ;)
 
Hi Gang,

Time for our year end check-in:

Stats at 12/31/2014:

* 401(k): $178,658.18

* Roth: $30,888.89

* IBonds: $200.00

* Savings: $0.00
(due to cat's cancer treatments). I will likely suspend my Roth contributions if it turns out I underestimated my home capital gains.


Stats at 4/30/2014 (after home sale):

* 401(k): $155,000.00

* Roth: $26,000.00

* IBonds: $200.00

* Savings: $12,000.00

Happy New Year


Sent from my iPhone using Early Retirement Forum
 
Here's where I stand. I hope to be FI asap and RE by 2024 when I'll be 40. DW is a stay at home mom. Currently saving about 50% of gross pay.

Paid for house: $184k

Emergency fund: $20k

Brokerage Account: $164k

IRAs: $92k

401(k): $127k

403(b): $30k

Profit sharing: $12k

Health Savings: $7k

Restricted Stock Units: $32k

Kids' 529: $12k


Sent from my iPhone using Early Retirement Forum
 
Excellent! Keep it up.


Sent from my iPhone using Early Retirement Forum
 
No other milestones new from the 27-37 club?


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