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Old 05-28-2013, 12:04 PM   #1
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Retirement savings hit $500k last week! Woohoo! I am 46 and was thinking of retirement between 60 and 65. Now between 55-60 may be possible. Within a few years should have zero debt including no mortgage and all of the kids' college paid/saved for.

Finally feel like I am making progress.

This is about the only place where I can celebrate.
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Old 05-28-2013, 12:10 PM   #2
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That's wonderful!

Congrats, Corporate Soldier. Keep on marching towards FIRE.

omni
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Old 05-28-2013, 01:23 PM   #3
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Congratulations. As you exercise more fiscal discipline over the years, that 55-60 might actually creep down to 50-55, despite you being 46.
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Old 05-29-2013, 11:01 AM   #4
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Congratulations. As you exercise more fiscal discipline over the years, that 55-60 might actually creep down to 50-55, despite you being 46.
Agreed. My income has gone up dramatically over the past few years. Fighting the temptation to buy a bigger house and instead trying to focus on paying off the one I have and keeping spending in check. Not easy!
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Old 05-29-2013, 11:08 AM   #5
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Yay! We love celebrations like that!
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Old 05-29-2013, 01:53 PM   #6
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Congratulations!

(I feel like this is the only place I can toot my own horn as well! )
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Old 05-29-2013, 03:26 PM   #7
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Congrats! What a feeling.
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Old 05-29-2013, 03:32 PM   #8
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Agreed. My income has gone up dramatically over the past few years. Fighting the temptation to buy a bigger house and instead trying to focus on paying off the one I have and keeping spending in check. Not easy!
Good work. That is smart about the house. We could have easily lived in 1,000 sq feet less the last few decades. Home prices are close to $400 a sq foot here, so a smaller house would have funded a lot of retirement years, especially adding in money we could have saved on insurance, taxes, heating, cooling, repairs and furnishing that extra space.

I wish I would have thought about the trade off between house size and ER years ago. Plus we wouldn't have had the space to accumulate so many useless, depreciating consumer goods.
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Old 05-30-2013, 06:11 PM   #9
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Congratulations! College paid for is HUGE! Mine are 8, 5, and 2! I'm scared!
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Old 05-30-2013, 06:20 PM   #10
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Congratulations! Your next 500k won't take as long. Ain't compounding grand?
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Old 05-30-2013, 06:55 PM   #11
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Congrats! We celebrated our $500,000 milestone not so long ago as well and went out for a nice dinner. It's amazing how quickly at has taken off from there. Won't be long before you hit the million mark...
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Old 05-30-2013, 09:03 PM   #12
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Another milestone that you might want to track is your annual expenses multiple in savings. You need to know what your current annual expense total is, and you divide that into your 1/2 mil. Actually, the way I do it is I take 70% of my pre-tax accounts (IRA, 401k) and 100% of my taxable and Roths, add that together, and divide by my annual expenses. That's actually a more predictive milestone, I think. Not to take away from the "big round number" though!! Congrats!
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Old 05-30-2013, 09:22 PM   #13
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Congratulations on your milestone! Keep up the good work!
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Old 06-01-2013, 09:28 AM   #14
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Congratulations, that is a big milestone. Way to go!
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Old 06-02-2013, 06:33 PM   #15
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Congratulations! And it's amazing how quickly the second 500k will accrue!
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Old 06-02-2013, 06:38 PM   #16
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Good work. That is smart about the house. We could have easily lived in 1,000 sq feet less the last few decades. Home prices are close to $400 a sq foot here, so a smaller house would have funded a lot of retirement years, especially adding in money we could have saved on insurance, taxes, heating, cooling, repairs and furnishing that extra space.
$400/sq ft? Wow! Just shows how that varies so much across the country. Here in NW Ohio it's probably closer to about $80-$100/sq ft, although even that can vary hugely depending on neighborhood, house etc.
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Old 06-02-2013, 07:11 PM   #17
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Congratulations! I still remember when I got over 100K and thought that was incredible - you are at a point that your money will be working hard along with you. Good times..
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Old 06-04-2013, 03:11 PM   #18
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Congratulations! I still remember when I got over 100K and thought that was incredible - you are at a point that your money will be working hard along with you. Good times..
The secret to becoming rich (and staying rich) is earning money while you sleep. The extra $5k you spend on a car, the $1k in vacation upgrades, and even the $100 more for the extra burner(s) on your BBQ grill add up to a substantial amount that can be invested in appreciating assets. Once invested, the power of compounding takes over and 20 years later - voila! Your retirement nest egg emerges much larger than you could have ever expected by simply saving x% of your paycheck.

Patience is the key. Unfortunately, it is in short supply among those seeking instant gratification.
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Old 06-04-2013, 04:01 PM   #19
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Congratulations! We're hoping to hit that milestone early next year.
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Old 06-04-2013, 07:47 PM   #20
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Good job, many folks don't understand how to get ahead. You certainly do.
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