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Race to 2024 - please join :)
Old 04-25-2016, 12:48 PM   #1
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Race to 2024 - please join :)

Is there anyone who is targeting FIRE for 2024 ?

That is our planned date, actually fall of 2024, but I feel that we are falling slightly behind of the projections.
Thought may be someone here on the same path to the same date as us and we all can post our results as % of $$$ target at least quarterly , or even monthly if you want, to compare our achievements and encourage each other, and may be even compete a little

I will start :
we are family for 3 with child in college, both will turn 47 this year and plan to fire at age 55 - which will be in 2024. Current total net worth target is $3 mil, that will include paid off RE.
I have more details in that topic if anyone interested
Plan for Exit 2024

As of March 31, 2016 we are at 31.8% of our target,
have a lot of heavy lifting to do in order to get ready for 2024 FIRE
We have very good income, but having child in college definitely have an impact on our saving rate. We still managed to save more than 50% of last year income less taxes, and we are looking finally to join 2 comma club this year - getting very close

anyone next ?
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Old 04-25-2016, 03:36 PM   #2
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The plan is 2025 with the house paid for and 1.5M in retirement assets. I'm at 30% so far.
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Old 04-25-2016, 04:20 PM   #3
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The plan is 2025 with the house paid for and 1.5M in retirement assets. I'm at 30% so far.
About the same here...
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Old 04-25-2016, 04:29 PM   #4
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dvalley, Keim - great to see you guys here Looks like all 3 of us also very close in our race to FIRE- right around 30%, do you both feel that you are on the right curve to get to the target on time?
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Old 04-25-2016, 04:32 PM   #5
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dvalley, Keim - great to see you guys here Looks like all 3 of us also very close in our race to FIRE- right around 30%, do you both feel that you are on the right curve to get to the target on time?
Depends on my mood and how work has been, Exit!

Generally, yes. I am pleased with how we're doing.
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Old 04-25-2016, 04:45 PM   #6
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Depends on my mood and how work has been, Exit!

Generally, yes. I am pleased with how we're doing.
I guess I am in the bad mood recently as if I look at numbers - we are still plugging along every month with decent saving rate, but on other hand- not much help was from the market - that definitely contributed to my concerns if we will make it there on time. We finished March last year at 28.8% and this year it just +3.0% at 31.8% and that is exactly how much we added to the nest egg, not much growth of it
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Old 04-25-2016, 04:46 PM   #7
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I guess I am in the bad mood recently as if I look at numbers - we are still plugging along every month with decent saving rate, but on other hand- not much help was from the market - that definitely contributed to my concerns if we will make it there on time. We finished March last year at 28.8% and this year it just +3.0% at 31.8% and that is exactly how much we added to the nest egg, not much growth of it
Patience. The race is a marathon, not a sprint...
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Old 04-25-2016, 04:48 PM   #8
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Patience. The race is a marathon, not a sprint...
That's what I tell myself!
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Old 04-25-2016, 05:38 PM   #9
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I think it's possible but of course depends on the market and the job situation. If I can get 8% year over year for the next 9-10 years I'll definitely be FI if not FIREd at which point I can greet people at Walmart for a few years to close any gaps
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Old 04-25-2016, 05:53 PM   #10
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Go for it and good luck!
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Old 04-25-2016, 05:54 PM   #11
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I'm also targeting 2024/2025 to get to between 1.5-2.0MM. Currently at about 45% of 1.5MM. Not looking to retire (I'll still be to young at 37 to call it quits totally), just looking to be able to quit megacorp and do something I enjoy that doesn't pay as much. As a SCUBA diver, I took an interest in the guy who is saving up to quit and work as an instructor abroad. Over the next two years I'm going to work on the certs to go down that path as well. Figure if I can get to 1.5MM @ 37 and find a job I like that pays my living expenses for 5-10 years I should be really set.
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Old 04-25-2016, 06:49 PM   #12
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fish13, welcome to the race, looks like you are in a better shape with 45% Good job !
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Old 04-25-2016, 06:53 PM   #13
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dvalley, that is about my calculation also, let see if we all do it
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Old 04-25-2016, 07:50 PM   #14
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I'm planning on ESR at 55, which is 7 more years for me, 2023. The goal was to have $1.5M in investments and a pt, 24 hour a week j*b to cover mortgage and healthcare. This is all under the plan that megacorp will need a PT in my position and I will be a good fit

Alternate plan is to have $1.5M in investments and the equivalent of the mortgage in investments or have the mortgage paid off. That would be roughly $2M today, less in 7 years. Either way, we are 50% to plan number one and 38% to plan number two. 'We need to sh*t or get off the pot' and kick it up a notch. <-- as the old man would say.
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Old 04-25-2016, 08:34 PM   #15
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I'm planning for 2028, when I am 54.5. Hope to have a total net work of 3 million, including home equity, plus a pension which will pay all of my living expenses. Will have to eventually tap my investments as pension will not always keep up with inflation, but that may take 10 years. About 29% of the way there on the net worth scale, but adding $91k a year towards it, so I should get there, and if not, no big deal, I'll have more income then I need to enjoy life.
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Old 04-26-2016, 10:34 AM   #16
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Planning for 50 at 2025, used to be 55 at 2030. Need to $2.5-3M, I think. Expenses low now, but will increase as kids grow older. 1/3 of the way, adding ~$70k per year to savings. Got my first rental property this year that I'm rehabbing. Looking to add more if I do well with the rehab and enjoy the landlord aspect.
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Old 04-26-2016, 10:47 PM   #17
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Aiming for 35 @ 2027, need about $1M. I try to save about 50k a year. 24-28k after tax savings, 5.5k roth IRA, 18k 401k.

I currently have 110k in net worth. I purchased an investment property and have 40k in equity and 70k saved in retirement accounts.

So at 24, I guess I am about 10% of my goal!
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Old 04-27-2016, 04:06 PM   #18
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^ that's great considering you're only 24, when I was 24 I was busy trying to impress the ladies (and boy do old habits die hard lol). However, with a 50+ yr retirement you may want to reconsider the $1M target unless you plan to spend 50+ yrs living on approx 25k per year or so- and this is all today's dollars of course. With your savings rate and the time horizon you should be able to attain the needed numbers easily. Also keep in mind your peak earning years will likely start around 35. Just some food for thought but great job so far.
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Old 04-27-2016, 05:39 PM   #19
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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!
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Old 04-27-2016, 06:09 PM   #20
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Thanks! I've considered raising the ceiling a bit, but I (hopefully) will also have rental income. I also wouldn't be opposed to doing part time or working full time on a 3-6 month contract once a year when I hit that 1M. I am in software so smaller length contracts are pretty common. It's just the monotony of these next 10 years might kill me!
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