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Old 02-09-2014, 05:37 PM   #61
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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.
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Late start - but want to be FI and able to RE
Old 02-12-2014, 01:30 PM   #62
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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
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Old 04-26-2014, 10:37 PM   #63
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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 ....how are you folks doing?

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!

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
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Old 04-27-2014, 02:18 AM   #64
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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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Old 04-27-2014, 01:23 PM   #65
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Originally Posted by lhamo View Post
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.

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.
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Old 04-27-2014, 03:43 PM   #66
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Originally Posted by 2035 View Post
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!

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
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!
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Old 04-28-2014, 04:08 PM   #67
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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.
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Old 05-03-2014, 02:57 PM   #68
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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. 😎
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Old 05-03-2014, 03:20 PM   #69
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I'm glad I'm not maintaining this list! 11 years?
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Old 05-03-2014, 03:56 PM   #70
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I'm going to take roll call January 1, 2027. 😊
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Old 05-04-2014, 09:25 AM   #71
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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.
Fixed for you.
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Old 12-31-2014, 08:14 PM   #72
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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


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Old 01-01-2015, 11:39 PM   #73
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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


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Old 01-02-2015, 01:39 AM   #74
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Excellent! Keep it up.


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Old 01-18-2015, 07:33 PM   #75
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No other milestones new from the 27-37 club?


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Old 01-19-2015, 11:38 AM   #76
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got a late start in life saving,


Currently at 197k in retirement savings with less then 100k total debt, but putting in 33k per year including match in 401k with annual increases. Should have around 1.8 million at age 65 if all goes well.
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Old 01-19-2015, 01:57 PM   #77
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I'll play. I am 42, my wife 40. Last year was a banner year, mostly due to stock comp. I took out a huge chunk of my mortgage last year (200k, 45k to go) and kept pace on maxing 401(k), HSA and 529 plans. I am going to spend a little money on the house this year, and the stock comp won't be much in 2015. Its better in 2016 and 2017, when I expect to wipe out the rest of mortgage and college funds respectively.

I am shooting for FI by 2027 (I'll be 55), my youngest would be college bound that fall. A lot can happen between now and then, but we are on track.
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Old 01-19-2015, 06:20 PM   #78
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We redid some calculations and I think we're projecting an earlier year than before. We were thinking 10-13 years, but now we're projecting 5-7 years. We upped our contributions 46% compare to our last year contributions. I'll be 44 in 5 years.
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Old 01-20-2015, 02:43 AM   #79
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Very nice to hear we're all on track. In fact, I actually want to go out in 2033, but I'll keep my handle as 2035, as not to jinx it. I'm 41 and single so I plow the most into both 401(k) and Roth.



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Old 01-20-2015, 01:19 PM   #80
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As another young person on these forums, I'm curious if you all would be willing to share your saving percentage? Is it a traditional 10-15%?
We are 38 and 36. We are putting away 50.2% of our own income into pre and post tax accounts. We each have a 457b, HSA, Roth IRA, and 403b. They are almost all being maxed right now.

On top of that, we each have a 401a as well. Our employer (same employer) contributes 14+% of our salaries into a 401a for each of us. It's just part of the benefits, and not an account we can contribute to (hence all those other accounts they have available). So that's like 64.4% getting saved if you include the work perk!

I analyzed our yearly expenses from 2011-2014 and decided we can pump up the pre-tax accounts even more, which makes for a smaller take home pay. All raises go right to savings as well.

ETA (just realized that question above was really old!)
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