Race to 2024 - please join :)

[Exit 2024]

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
http://www.early-retirement.org/forums/f26/plan-for-exit-2024-a-78384.html

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 ?

 

[dvalley]

The plan is 2025 with the house paid for and 1.5M in retirement assets. I'm at 30% so far.

 

[Keim]

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...

 

[Exit 2024]

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?

 

[Keim]

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.

 

[Exit 2024]

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

 

[REWahoo]

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...

 

[Keim]

Patience. The race is a marathon, not a sprint...

That's what I tell myself!

 

[dvalley]

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

 

[TimSF]

Go for it and good luck!

 

[fish13]

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.

 

[Exit 2024]

fish13, welcome to the race, looks like you are in a better shape with 45% Good job !

 

[Exit 2024]

dvalley, that is about my calculation also, let see if we all do it

 

[Ronnieboy]

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.

 

[Matthew J]

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.

 

[NgineER]

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.

 

[orangepanda]

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!

 

[dvalley]

^ 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.

 

[FI by 2024]

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!

 

[orangepanda]

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!

 

[Markola]

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

 

[Options]

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

successful people don’t 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.

 

[nash031]

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.

 

[Exit 2024]

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?

 

[militaryman]

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.