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Old 06-09-2017, 07:43 PM   #81
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Originally Posted by exnavynuke View Post
Conversions also have their own separate timelines I believe.
Correct. Direct Roth IRA contribution starts timeline upon "first" contribution. But each conversion into Roth IRA has it's own separate time line. Funny how they write the laws!
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Old 06-14-2017, 11:08 AM   #82
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New here and this looks like the perfect thread of me to follow. We are planning for some time between 2024 and 2027.

DH is active duty military with 28 years of service currently. He is promoting to O-4 on July 1st, so this 99% guarantees us for 6 more years. DH is a strict rule follower, never partakes in alcohol and is an intense health nut. So I doubt he is going to commit a crime, get a DUI or gain 50 pounds in the next 6 years to get him booted. So I am pretty confident in that 6 years of service if we want it. Of course if the government decides to shake things up, you never know, that is why I say 99%.

Right now DH's retirement check will cover all monthly expenses with fluff added to them so we are in a really good spot currently for retirement. So he doing another 7-9 years is all added. We continue to stay in because of the increase to the retirement check and mostly because DH doesn't want to work after military retirement (he is currently 45). The extra years of service will give us money to use for travel and hobbies. We currently own a home with a mortgage in FL that we are renting out while we are gone.

I am self-employed working from home Mom, which gives me flexibility with my 9 year old twins in school and an advantage at time of transfer, my job transfer with me. Currently my pay goes for vacations, activities for the kids and all the rest goes into retirement investments.

Hoping to pick up some tips from this thread on how others are planning to pull the trigger in 2024 for when we are ready.
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Old 06-14-2017, 12:12 PM   #83
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I thought I was aiming for 2024, when I reach age 48 and investable assets of 2.8M. Then I got another condescending email from a jerk manager at work, and am now wondering if I can go out next year...😡
You reminded me of the old song "take this job and shove it". I hope you can go next year, enjoy yourself.
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Old 06-21-2017, 09:29 AM   #84
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OK, I'm officially going to join this Class of 2024. DW and I have discussed this quite a bit since I found this forum a few weeks back. We are targeting 2024 because that lines up with when our only child will graduate from High School. She is 10 now and we have $80k in a 529 and plan to have $160-200k in there by the time she graduates to pay for college, or enough of it to where the difference won't hurt. At that time I'll be 48 and DW will be 53. Actually, if we are ahead of schedule, we will look at DW stopping work at 50. We'll see how that works. Since we are doing updates. I'll start with today and include NW excluding real estate. So, only retirement accounts, taxable investment accounts and savings. The hope is to have $3mln by 2024, but with less we should be fine according to FireCalc. By 2024, our home will nearly be paid off and we plan to move to a much lower COL area, so should be able to use the equity in our current home to buythe new one outright and add the rest to our nest egg. As of close yesterday we we're at:


06/20/2017 - $1,205k


Glad I found this thread. Will update again end of each month.
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Old 06-30-2017, 05:35 AM   #85
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My wife and I have set a target FIRE date of June 30, 2022!! Yeah I know this is a class of 2024 thread... LOL

We have ran the Firecalc (100% even with increasing beyond our expected need for cash). We still have a lot of planning to do between now and then but its almost freeing to see that light at the end of the tunnel and to know where that light is!

One of the factors that made us go ahead is when we were discussing how many of our friends and family either never got to retire (died early), or HAD to retire due to health and never got to enjoy a true retirement. We may decide to work part time in retirement or do some consulting (both of us are in logistics), but regardless, we are getting off the hamster wheel.
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Old 06-30-2017, 07:36 AM   #86
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Jeffman52, Congrats on how far you've come and great that FireCalc gives you 100%! Sounds like you're good to go. If you're getting 100% in 2022, play around with it and see if you can go earlier.
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Old 07-03-2017, 08:03 PM   #87
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Closed Q2 at 39.6% of target chugging along, hoping to cross 40% by end of July
How are you all doing? Any updates?
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Old 07-04-2017, 08:18 PM   #88
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As my name suggests, I think I fit in here. Whether or not I retire at that point (41 yo) will be based on how I feel at the time.

My plan is based on receiving a government pension, which I will qualify for once I hit 20 years of service in 2024. Based on current spending it will cover 100% of expenses. My savings are gravy on top of that.

So as for percentages, you could say I'm at 0% for my pension, will stay at 0% for the next 8 years, and will hit 100% 8 years and 2 days from today. On top of that my additional savings will (hopefully) be between $700,000 and $1,000,000 depending on how conservatively I project. So with my current savings, I'm at 31-44%. That is just retirement savings, not net worth.

Wow, I guess I'm doing better than I thought! I only check the totals once a year and I didn't realize how much they'd grown since I last checked!


This is rough since it's not my normal net worth checking time, but it looks like I'm at 41%-58% for my additional savings, and 15 months closer to my pension since first posting.

Time flies. And holy wow the market is also flying!
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Old 07-04-2017, 08:53 PM   #89
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Originally Posted by FI by 2024 View Post
This is rough since it's not my normal net worth checking time, but it looks like I'm at 41%-58% for my additional savings, and 15 months closer to my pension since first posting.

Time flies. And holy wow the market is also flying!
Great progress in just a little bit over a year !!! Looks like 10% up on conservative side
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Old 07-05-2017, 07:55 AM   #90
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At 40.5% at the end of Q2.
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Old 07-05-2017, 08:02 AM   #91
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45% q2 2017
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Old 07-05-2017, 10:36 AM   #92
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Originally Posted by Exit 2024 View Post
Closed Q2 at 39.6% of target chugging along, hoping to cross 40% by end of July
How are you all doing? Any updates?
My biggest update is changes to my spending plan and the impact of that. I am spending more now but also saving more (thanks to the previously mentioned VA rating) and expect to continue to do so, but that is in part due to recognizing that I can afford to do so without much impact on my plan. FIRECalc has me at 100% in 2024 currently and 96.1% in 2023 assuming I quit working completely.

If I work p/t (bringing in about 1/3rd what I make now) for the first three years, 2022 has a 99% success rate per FIRECalc at the moment.

Revising my numbers for the new spending pattern, I'm at 38.4% of the complete retirement goal and just over 45% of the 3-year P/T work goal.
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Old 07-06-2017, 08:54 AM   #93
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Q2 17 update:
At 37% of my main target
At 44% of my GTFO target
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Old 07-07-2017, 03:36 PM   #94
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Jeffman52, Congrats on how far you've come and great that FireCalc gives you 100%! Sounds like you're good to go. If you're getting 100% in 2022, play around with it and see if you can go earlier.
Actually we have decided to move it a few months earlier and leave on 02/02/2022 or if you prefer 2/2/22

Nothing financial about that decision, we just thought that would be a cool date to go out on.
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Old 07-14-2017, 04:45 AM   #95
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Interesting news at work recently...

1. A "competitor" company that we've worked with in the past (they have 80% similar capabilities/offerings that my department does, both of us with a spattering of stuff the other doesn't do) is one that we've bid a project with together.

2. We've now hired 4 of the 5 top personnel from company in #1, including the owners of said company.

3. The majority owner of said company is now the boss of the head of my department.

4. If we get the contract our two companies bid together (we should hear something sometime next month I imagine) then combined we may not have enough personnel and would need to hire some more.

5. If we don't get that contract, there's pretty much no way that all of the employees from their company (which apparently they plan to dissolve because our parent company wouldn't let us just buy them out) and all of the employees from my department (where the overlap exists) would still be needed.

6. I'm feeling pretty happy that I update my resume every year, just in case (though I think there are quite a few more likely to be on the chopping block ahead of me if it comes to that).


So, I'm hoping that all of that information doesn't end up putting a damper on my plans moving forward....
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Old 07-14-2017, 10:46 AM   #96
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Actually we have decided to move it a few months earlier and leave on 02/02/2022 or if you prefer 2/2/22

Nothing financial about that decision, we just thought that would be a cool date to go out on.
Yay, another 2022'er.
I was hesitating between April 2022 and July 2022. I thought I'd go mid-year to collect a pro-rated bonus and enjoy summer. But I just found out that while my company gives prorated bonuses to retirees leaving the company, they don't consider anyone under the age of 55 a retiree. Since no bonus incentive now, I've decided now on April, my 25 year mark... unless they boot me earlier.
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Old 07-19-2017, 08:27 AM   #97
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Yay, another 2022'er.
I was hesitating between April 2022 and July 2022. I thought I'd go mid-year to collect a pro-rated bonus and enjoy summer. But I just found out that while my company gives prorated bonuses to retirees leaving the company, they don't consider anyone under the age of 55 a retiree. Since no bonus incentive now, I've decided now on April, my 25 year mark... unless they boot me earlier.

Well dang.... see what you did? I forgot to consider the early part of the year bonus.

So that will change my date to probably May, after the April bonus pay out. No sense leaving money on the table on the way out the door.
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