Race to 2024 - please join :)

[NgineER]

20180401: 41.1% of target (investments and cash only - dropping due to taking $65k for a down payment for another rental property)

Quote:

Originally Posted by NgineER 20180101: 42.4% of target (invested assets and cash only) Invested assets and cash went backwards due to purchase of income property, but if I account the reduction in nest egg size required due to the cash flow I am doing better. 20180101:50% of target when including rental properties with current cash flow. My cash flow reduces the needed nest egg size the same way that reducing expenses reduces the needed nest egg to support your spending. My desired income is $100,000 annual or $8333 monthly, which means that my nest egg needs to be $3,000,000 using a 3 1/3% SWR. My cash flow (assuming 50% expenses plus mortgage payments) before mortgage payoff is $635/month, or $7620/year. This is equivalent to a nest egg value of $228k at 3 1/3% SWR. Once the mortgage is paid off the cash flow is equivalent to a nest egg of $750,000

[CajunGirl]

End of Q1 - We're at about 36% of our retirement target (invested assets and cash), mortgage will be paid off in 9 years (52% equity), and we're at 56% of the college target (kids start college in 2024, 2025, 2027).

My husband graduates from college in May, and I convert from contractor to permanent employee about the same time. I expect we'll be able to turbo-charge our savings rate in a few months.

[brokrken]

Quote:

Originally Posted by brokrken 06/20/2017 - $1,205k 10/02/2017 - $1,273k - Nice little quarter, I would say. 1/1/2018 - $1,354k - Still headed in the right direction. Let's see what 2018 has to offer. 4/1/2018 - $1,398k - Smaller increase this quarter as the market hasn't helped. Luckily my contributions more than made up for the lack of market returns.

07/02/2018 - $1,461k - Q2 was similar story to Q1. Moving in the right direction though.

[Exit 2024]

Finished Q2 at 1,394k or 46.5% of target

Quote:

Originally Posted by brokrken 07/02/2018 - $1,461k - Q2 was similar story to Q1. Moving in the right direction though.

You are doing awesome, we are slightly behind in $ but hope one day to catch up with you What is your target?

[B0bL0blaw]

If the markets do really well, we might get there in 2024. Currently $650k nest egg, going for $2.25M. Probably will be more like 2027.

[brokrken]

Quote:

Originally Posted by Exit 2024 Finished Q2 at 1,394k or 46.5% of target You are doing awesome, we are slightly behind in $ but hope one day to catch up with you What is your target?

Thanks, I think it's the same as yours, 3 mln. Although, that is just a number I think we'll need based on our projected spending, running firecalc and lots of analyzing. In the end, it may turn out I need a little more or less as I'll have 6-7 more years of knowledge regarding spending data, healthcare situation, etc. by the time I am looking to pull the trigger.

[dvalley]

Nice to see your guys' updates!

Closed Q2-2018 with $642k. That's about 42% of $1.5M, my safe target. I could prob go out before that, if I have to.

[brokrken]

Quote:

Originally Posted by Exit 2024 Finished Q2 at 1,394k or 46.5% of target You are doing awesome, we are slightly behind in $ but hope one day to catch up with you What is your target?

Also, one difference I notice is that you include real estate equity in your number and I don't.

[Exit 2024]

Quote:

Originally Posted by brokrken Also, one difference I notice is that you include real estate equity in your number and I don't.

Oh, I did not realize that you do not count RE. I do not feel that ours should be excluded as it is not only primary residence but also we have condo that our child is temporary living in. We plan to sell it eventually and cash will go either into buying rental or into market, so that part of our RE is still targeted for ER. Also both properties are accounted for at the purchase price (2004 and 2010) and I never adjusted it for NW calculations.

[brokrken]

Quote:

Originally Posted by Exit 2024 Oh, I did not realize that you do not count RE. I do not feel that ours should be excluded as it is not only primary residence but also we have condo that our child is temporary living in. We plan to sell it eventually and cash will go either into buying rental or into market, so that part of our RE is still targeted for ER. Also both properties are accounted for at the purchase price (2004 and 2010) and I never adjusted it for NW calculations.

Gotcha. Your approach makes sense. I also debated whether or not to include mine. While it is my primary residence, when we retire we'll downsize significantly, so a lot of that equity will then be added to the pile. But, trying to figure out what we would pay for a new place and what would be left over would just be guesses at this point. So, I decided to leave it out and have a nice bonus when we pull the plug.

[Rowej]

Quote:

Originally Posted by brokrken Gotcha. Your approach makes sense. I also debated whether or not to include mine. While it is my primary residence, when we retire we'll downsize significantly, so a lot of that equity will then be added to the pile. But, trying to figure out what we would pay for a new place and what would be left over would just be guesses at this point. So, I decided to leave it out and have a nice bonus when we pull the plug.

We include ours, because we plan on selling and living on a boat when we retire, but subtract about $350k for what we wexpect to pay for the boat. The rest would go to market or living expenses.

[exnavynuke]

Quote:

Originally Posted by Rowej We include ours, because we plan on selling and living on a boat when we retire, but subtract about $350k for what we wexpect to pay for the boat. The rest would go to market or living expenses.

I plan on keeping the house when I buy the boat and retire, so I don't count it. I figure property taxes, minimal utilities, lawn service, and a friend to pick up stuff for me while I'm away will be pretty cheap. I'm sure eventually I'll want/need to be back on land full-time and the costs of buying and selling will likely be more than I'll spend. Two bonus points are if I decide cruising isn't for me, I still have the house, and I can ease into cruising, probably starting with putting the boat on the hard for hurricane season and coming back to the house until it passes for the first year or two.

My boat won't be quite that nice though, I'm shooting for 100-150k budget for the boat and about 15-20% additional for upgrades.

[Rowej]

Quote:

Originally Posted by exnavynuke I plan on keeping the house when I buy the boat and retire, so I don't count it. I figure property taxes, minimal utilities, lawn service, and a friend to pick up stuff for me while I'm away will be pretty cheap. I'm sure eventually I'll want/need to be back on land full-time and the costs of buying and selling will likely be more than I'll spend. Two bonus points are if I decide cruising isn't for me, I still have the house, and I can ease into cruising, probably starting with putting the boat on the hard for hurricane season and coming back to the house until it passes for the first year or two. My boat won't be quite that nice though, I'm shooting for 100-150k budget for the boat and about 15-20% additional for upgrades.

We would try to do that, but our house is on the water which is expensive for taxes, lawn maintenance, pool and taxes. So we have committed to two years when we retire to living in a boat and traveling. If after two years we no longer enjoy it, we sell the larger boat, buy another center console and a new house on the water.

[NgineER]

20180701: 42.9% of target (investments and cash only) another rental property)
60.4% of target (When including net cash flow from rental properties.)

[Camellia]

Just reached 51.4% of goal, if I fudge a little and include assets I am using and will sell at RE.

44% of goal in investable assets.

[MoneyChic]

Hello everyone - I'd like to join the class of 2024! That will put us at age 44/50.


We're targeting $1.5 to $1.6M investable assets. At $50k a year, FIRECalc gives $1.6M a 100% success rate for a 50+ year time line. That would get me to age 94, DH to age 100, and doesn't take into account SS benefits. Right now I'm thinking I may want to work a bit longer myself, but want it to be completely optional at that point. We own our $300k home and have no debt.



Currently at:
$176k in 401k, IRAs, and taxable accounts
$140k(net) in RE under signed agreement to sell and close within the next month
$240k partial ownership in a business (that will be sold at retirement - not counting on any growth between now and then)


So total $556k putting us at 34.75% to 37% of end goal.


We're adding around $9k per month into the various accounts, so hoping to see some significant progress each year.



I'm excited to have found this forum and this thread. Looking forward to sharing this journey with all of you!

[NgineER]

Run firecalc with a duration of 30 and 35 years as well, just to include some bad starting periods as well.
But with SWR of 3% ish you should be fine.

[MoneyChic]

Ran FIRECalc with those other durations and received the same success rates, so that's good. I think $1.6M is a good number for us, but DH said he'd feel better in the $1.7-1.8M range, so we'll see how things develop over time. It's tough finding the balance between retiring as early as possible, and retiring with enough money to do what we want and not panic in a recession. As the years go by, I expect we'll get a better feel for this.



Today I calculated and paid our Q3 estimated taxes and found that we owed a lot less than I was originally expecting. As a result, we have an additional $5k to invest this month - yay!

[cooch96]

I’ve already declared myself for class of 2030, but I’ll follow this thread as I intend on being semi-FIRED by then.

[NgineER]

20181001
42.1% of target - investments and cash only (purchased another rental property) cash is now at 5% of total invested assets.
66.6% of target when including net cash flow from rental properties.