Too young to retire?
- Thread starter mrcollie1
- Start date
REWahoo
Give me a museum and I'll fill it. (Picasso) Give
Yes, anyone can retire at any time.
The bigger question is how long can you stay retired? If can you live on roughly $30k per year (4% of your cash and 401k, less taxes) until SS kicks in, you may be good to go. But that money is going to have to last you a very long time...
Try running FIRECalc (link at bottom of page) to see what it tells you.
obgyn65
Thinks s/he gets paid by the post
What are your annual expenses ? $24k not the same as $100k.
Social Security is calculated on your highest 35 years of work. Retiring at 37 would leave a lot of 0 years in your calculation. I would say your SS would be pretty low. You can go to their site and run a calculation if you haven't already.
obgyn65
Thinks s/he gets paid by the post
Living broad on less than 10k / year represents less than SWR 4%. If you feel strongly about FIRE, go for it and enjoy life. You are set IMO.
robbridg
Recycles dryer sheets
If you're comfortable living on $10K/year then go for it. Of course, you probably have 40-50 years of life left so be sure and think hard about the decision. Good luck!
I'm a novice. What's SWR?
Also, I am only comfortable with 10k/year b/c the company I work for provides pretty much everything I need. I've been overseas for almost 15 years. One more factor: when I retire, it will be to the states.......what state, I don't know right now. I have already listed my assets.......didn't see a house there did ya?.....well, my other option is remaining overseas for a few more years, maybe when I hit the million dollar (cash, not 401K) mark. I just don't know.
Also, I am only comfortable with 10k/year b/c the company I work for provides pretty much everything I need. I've been overseas for almost 15 years. One more factor: when I retire, it will be to the states.......what state, I don't know right now. I have already listed my assets.......didn't see a house there did ya?.....well, my other option is remaining overseas for a few more years, maybe when I hit the million dollar (cash, not 401K) mark. I just don't know.
donheff
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
$665K in checking? That isn't even insured. Are you for real?
growing_older
Thinks s/he gets paid by the post
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I think you will have to work on your asset allocation in any case. The 4% SWR studies assumed investments in stocks and bonds. Someone holding mostly cash is going to be consuming principal at an accelerating rate.
rescueme
Thinks s/he gets paid by the post
"Too young to retire?"
Better than the alternative - "too old to work"
...
Better than the alternative - "too old to work"
...
REWahoo
Give me a museum and I'll fill it. (Picasso) Give
Safe Withdrawal Rate.
You can learn more about it here: http://www.early-retirement.org/forums/f28/explain-the-4-withdrawal-rate-19234.html
REWahoo
Give me a museum and I'll fill it. (Picasso) Give
You do understand it would be very difficult, probably impossible, to live on $10k/yr in any US location other than on the streets, right?
REWahoo
Give me a museum and I'll fill it. (Picasso) Give
Better keep on working for a few more years.
donheff
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I like that Twitter way of addressing simple responses instead of quoting the original. We need to make @username a convention around here.
Aiming_4_55
Thinks s/he gets paid by the post
I would suggest creating a budget for where you might reside... in the US, what city? overseas, where? The budget should include what your company is covering right now as that will increase your out of pocket expenses.
Currently, your expenses are 10k + company covered expenses (housing, food/per diem, transportion, benefits, etc). You might discover your annual budget is much higher than 10k.
Based on this, retiring is always possible, but depends on the lifestyle you want in retirement IMHO .. YMMV
Aiming_4_55
Thinks s/he gets paid by the post
YMMV = "Your Mileage May Vary"
One quick and easy way to research rentals in the US, consider Craigslist as a starting point. It'll give you very general numbers without much effort. I would never rent or buy, until I learn the area.
One quick and easy way to research rentals in the US, consider Craigslist as a starting point. It'll give you very general numbers without much effort. I would never rent or buy, until I learn the area.
REWahoo
Give me a museum and I'll fill it. (Picasso) Give
mrcollie, you can find the meaning of many of the acronyms we use here: http://www.early-retirement.org/for...slang-frequently-used-on-the-forum-34884.html
