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Old 04-30-2016, 08:13 AM   #21
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Hello 2024 Tribe. Yeah, it's probably going to be 2024 for us, too, unless DW gets religion about trimming lifestyle, so I'm down. I'm 50 and DW is 53. We're both maxing our 403bs, including makeup provisions, have no kids and have no debt except a $290K mortgage at 4.1%. We have $1.2M invested and I'm mentally aiming for $3M like the OP. What's remarkable to me as I project forward is how many important elements of our plan come together 5-8 years from now if present trends continue. In that time period we will likely pay off our mortgage, secure the opportunity to qualify for lifetime health insurance through DW's work (she's a Fed), DW will likely retire first, and our portfolio should stray into the targeted $2.5M - $3M range, I'll qualify for some incentive pay at work, and other things. That is going to be an interesting enough period that it's almost motivating enough to keep at the grindstone until then :-)
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Old 05-01-2016, 10:30 AM   #22
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If you're looking to succeed (at anything, basically), do what some of the highest performing men and women in the country (and world) do:

If you want to be like Warren Buffett and Bill Gates, adopt their voracious reading habits — Quartz

Quote:
successful people dont just read anything. They are highly selective about what they read, opting to be educated over being entertained. They believe that books are a gateway to learning and knowledge.

In fact, there is a notable difference between the reading habits of the wealthy and the not-so-wealthy. According to Tom Corley, author of Rich Habits: The Daily Success Habits of Wealthy Individuals, rich people (those with an annual income of $160,000 or more and a liquid net worth of $3.2 million-plus) read for self-improvement, education, and success. Meanwhile, poor people (those with an annual income of $35,000 or less and a liquid net worth of $5,000 or less) read primarily to be entertained.
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Old 05-01-2016, 11:37 AM   #23
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Seems like a few folks lamenting their less-than-halfway percentage to what they need to ER at 35, 47, 50... Perspective, guys. You're aiming to do something very few do, and your total savings probably puts you all in the top 5-10% of your respective age brackets. As Wahoo said... marathon not a sprint. Like you, my portfolio has grown about what I put into it, but you keep putting into it and wait. Get rich slowly... that's pretty much what this is about.

Keep perspective, don't lose patience and make some mistake that sets you back while reaching for better/faster/easier.
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Old 07-06-2016, 01:00 PM   #24
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Update on my race - moved from 31.8% to 32.9% of the target NW, very encouraged by the progress, looking forward to join 2 comma club this year.

How did you all do in Q2?
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Old 07-07-2016, 01:09 PM   #25
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I can go in 2024 --- Wearing "Golden Handcuffs" until then. I will be 56 years old --

Currently making $128K but $25K of that is 401K savings and about $10k is SS/medicare tax both of which won't be paid out of income in retirement

Also going down to 1 car will save my budget about $4k/year

My estimate is a need of $80K to live on in retirement

My 2 pensions & SS will bring in $55K of the needed $80k

One pension starts immediately (FERS) at 56yo retirement age and I will have the Federal SS Supplement to carry me from 56-62 until standard SS kicks in and also a small bucket to carry me to 60 for my reserve military pension.

I am only counting on 50% of the current projected SS benefit to be safe.

Currently have $550K in 401k/Roth

$60k cash for misc items (1 wedding, home upgrades, emergency fund )

Home worth $260K is paid for and no debt.

8 years left will grow my 401k to about 1 Mil with current level of contributions I think. That should be enough to get me over the hump.
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Old 07-07-2016, 05:37 PM   #26
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Exit2024, congrats on the impending 2 comma status! I guess your target is much higher than mine sounds like in the $3M range.

Well let's see- so previously I said I was at 30% of my target of $1.5M, however, I didn't take into account that some of the 30% included the college savings for DD. So if I look at the total I'm now at 32% but if I exclude the college savings I'm at 30%.

Now that I think about it I may need to account for DD's wedding etc too but not sure how granular I want to get with these future one-time expenses.
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Race to 2024 - please join :)
Old 07-07-2016, 07:24 PM   #27
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Race to 2024 - please join :)

Sure, count me in.
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Old 07-08-2016, 09:20 PM   #28
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Since I was 22 when I graduated, I always had the idea that I wanted to retire before I turned 50...my target was always 2029.
I'm 37 now and my current projections tell me that 2024 is the year. I'm about 35% to my goal. My biggest worry is lifestyle creep and spending. Hopefully we can keep that in check.
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Old 07-09-2016, 06:43 AM   #29
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Hello 2024 tribe. I would like to think we will be able to RE in 2024, but it most likely will be 2026, based on my calcs. I will be 54 later this year and DW is 7 years behind me, so it won't be ER, just RE.

Making mortgage payments every two weeks and paying additional principal on each payment to have the house paid off in 10 years instead of the 14.5 years remaining. I figure we need $2.5mm to $3.0mm like others in cash, investments and rental income. Currently have $500k in deferred comp plan, $520k in 401k, and $20k in Roths, and $28k in taxable investment accounts.

Last 4 years have been maxing the 401k to $24k (With the over 50 Catch Up Contribution) in my account and this year contributing $17k in her 401k. This puts us at just over the two comma club in investments but the deferred comp will have taxes taken out at a high rate, so have to adjust for that, but continuing to contribute and no withdrawals planned until 2024.

In summary, about 40% there, but on the right track. BTW, I guess it would be ER for DW, lol! Let's keep saving and RE in 2024!
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Old 07-09-2016, 10:36 AM   #30
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I'm thinking increasingly less about "My Number" and more about achieving benchmarks and ranges. For example, every time the portfolio notches another $250K upward, it means $10,000 more in future FIRE income at 4% SWR. Once we get to the $2 - $2.5 million range, DW and I will have a bunch of decisions to make, like paying off the mortgage or not, going part time or not, downsizing, maybe taking a year off for trial FIRE. etc.

I'm 50 and our goal has been since our 30s to reach $3 million at 59.5 but we're getting bored with our careers so we might well want to start pulling some levers and pressing some buttons in about 5 years from now instead. It's really nice to finally have options emerging!
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Old 07-23-2016, 10:00 PM   #31
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The stock market run up of late crossed us over $1.25 this week, so we had dinner out to celebrate. Well, that and to be in some air conditioning.
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Old 07-24-2016, 07:29 AM   #32
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Congratulations, Markola! Is it investable only?
We ourselves joined two comma club as of Friday but it is in total NW, next targets would be to pay off last 50k on mortgage an then get to seven digits in investable
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Old 07-24-2016, 08:13 AM   #33
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I remember when I was a young whippersnapper thinking about my 'number' and how long it would take to get there. It was fun plugging in the numbers and seeing the plan come together. My only advice......enjoy the ride. Lot's of good years to enjoy along the way. Once you get there, it's everything you thought it would be.
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Old 07-24-2016, 09:38 AM   #34
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Just read some previous comments

Rowena and engineered, welcome!
Looks like you are ahead in the race with 40% and 35%, good job!!!
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Old 07-24-2016, 09:49 AM   #35
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dvalley, your post made me go and check quicken accounts that are listed for our daughter - Roth IRA that we are funding for her from age 16 when she got her first job, and some Ibonds. So confirmed that those excluded from out totals, for a min was thinking that I had it all in.
About college and wedding- we do not have separate accounts for that, currently we cover her living expenses from cash flow and she takes loans for tuition. We do expect to help her to pay those loans but want her to work on them for at least 4-5 years by herself, then will probably pay rest of the balance. Based on that timeline we will be ERd by then, guess we need to think about it little bit more if want to save money in separate bucket for that , plus wedding
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Old 10-14-2016, 08:42 AM   #36
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Hi all, I'd like to be in the club too!

My numbers aren't set in stone yet (pending VA rating decision), but I'm anticipating that fixed benefits should cover ~67% of my current spending. If that pans out, my investments are at 66% towards my needs based on a 4% SWR... after I pay off the mortgage. I'm closing next Saturday on a 15 year, 2.5%, refinance that I plan to pay off in the next 7 years (not the best way to maximize net worth, but the psychological benefit of not owing money on the house I think makes it worth it for me).

If I had to maintain the mortgage payment forever (for easy calculations), I'd be 33.2% towards my needs based on a 4% SWR. At my current savings rate, I should reach 100% of that number by 2025 (given an average 5% return to be conservative, 2024 with a 7% return).

Given that, I think 2024 is a "safe" FIRE goal for me right now, though if I get rated lower/higher by the VA then I'll have to revisit those numbers to either the upside or downside.
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Old 10-14-2016, 01:08 PM   #37
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exnavynuke, welcome
Looks like are on very good shape with excellent perspective to get to the target by 2024, now we all have to race you to the finish line
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Old 10-14-2016, 01:11 PM   #38
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Update on my number- closed Q3 at 34.2% of target, and finally joined two comma club
how all of you are doing? Any progress? Milestones?
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Old 10-14-2016, 04:23 PM   #39
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I'm hopeful we can be done be 2024, although it may stretch to 2025 or 2026. My husband went back to school in 2015, so we're currently living on one salary. He'll graduate in spring 2018, and his starting salary will make a big difference in whether we hit our goals earlier or later.

We're 38, planning to save $1.5 million and have a paid-off house when we pull the plug. We're currently about 28.6% there. (We've also saved 40% what we want to pay for college for our 3 kids; the oldest graduates high school in 2024.)

I will have a small pension (about $1k per month) that won't be inflation adjusted. I'll probably start pulling that around age 55. That's not included in any of the calculations.
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Old 10-14-2016, 05:15 PM   #40
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I'll play! I hope to be out before 2024 but since I keep raising my "number", that may not happen.
Either way, I'll be keeping an eye on this thread!
OP: I'm one year younger than you (46).

-Pan-
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