You Dreamers what is your number

[YoungFlyingSaver]

I am looking to reach $2m by 2032 at Age 40 to be FI. Current net worth $100k invested, $250k home equity, currently adding about $60k per year, no debt.

 

[Out of Steam]

At one point, I thought it was $700K plus pension and Social Security. That now seems low, or at least too low to retire before 60.

 

[2017ish]

At one point, I thought it was $700K plus pension and Social Security. That now seems low, or at least too low to retire before 60.

Depends upon the size of your pension and the amount of your desired spending.... (as well as whether the job with pension also provides access to health insurance).

 

[Major Tom]

So what number are you working for so you can retire?

When working, I didn't have a number. My only goal was to save as much as possible, without making myself nuts. Somehow, I figured, when I stopped working, I'd come up with a way to live on what I had amassed - and that's how it worked out. When I was laid off, I had the choice of working for, say, 10 or 15 more years and retiring comfortably, or finding a way to live on less, and hopefully never having to work again. I chose the latter, and it has worked for me so far.

 

[Out of Steam]

Depends upon the size of your pension and the amount of your desired spending.... (as well as whether the job with pension also provides access to health insurance).

Pension is inflation adjusted, comes with health insurance, and would provide almost half our income at 62. What's giving me hesitation right now is the speed at which money is going out the door on a moderate house renovation.

Spending $70K on a bathroom, driveway, and a bunch of maintenance items is sobering.

 

[2017ish]

Pension is inflation adjusted, comes with health insurance, and would provide almost half our income at 62. What's giving me hesitation right now is the speed at which money is going out the door on a [-]moderate[/-] house renovation.

Spending $70K on a bathroom, driveway, and a bunch of maintenance items is sobering.

You had an extra word in there! In our experience, home renovations all too often start with one thing... which leads to another.... and another ....

The good news is that you are getting it out of the way before retirement (assuming you couldn't do it all yourself when retired).

 

[Markola]

$2.5M with a mortgage or $2.2M without a mortgage, both in about 7 years. Regardless, we plan to take a gap year and travel in 2021, which might lead to a bit of a reset of our lifestyle and goals when we return. If we return.

 

[Out of Steam]

You had an extra word in there! In our experience, home renovations all too often start with one thing... which leads to another.... and another ....

We mulled it over long enough that we've been sticking to the plan so far. If I were retired, I could do only about a third of the job myself. I'm picky enough to know what I'm not good at.

 

[Surewhitey]

Interestingly, I have a number, but DW refuses to think about a number and focuses more on age. She wants me to continue for at least 10 more years (I'll be 56). I personally think now would work at 1.1 + paid for home, but I'm going to keep peace in the family and do another year or two or until the next major downturn / losing j*b...

I know we could do it now, but being reasonable as we took 3 years off in Mexico and I kind of enjoy the perks of my hobby "after work" and the tools I have access to (CNC router, specifically)

 

[Sniggle]

$2.5 million combined 401K(90%) and Roth(10%) in 2026 (at age 62). At around $1.6 million today, slowly growing. Moved the house to a 15 year mortgage in 2016, so we should be at about $350000 equity in 2026.

Only wild card (besides the world financial systems) is the son, who is a HS freshman this year. It remains unclear what he wants to do, but will fund his college through some saved cash, GI bill and student loans (that I will assume).

Should have about $50,000 pension income at 2026, VA medical, and then social security starting in 2032.

The 401k/Roth is what will determine how many trips we can take and how many dinners out we can have.

 

[FlipnSf]

$700K + military pension at age 41 for FI. I plan to retire somewhere between age 41 and 46. The pension is all I need, but the $700K gives me a lot of extra breathing room plus it's how much I estimate I'll have once I hit pension eligibility, give or take $100K. The pension is the key, not just for the guaranteed COLA income but also for the healthcare. Anything beyond a 20 year military pension is gravy in my book.

I had very similar goals til the downturn of 2008 set me back an additional 5 yrs yrs to recover. I just FIREd myself at 50 with a annual 34k COLAd pension annuity and free healthcare, 2 rental properties and 650k cushion money. Stick to your plans and it happens- you reach your goals in a blink of an eye.

 

[Penny6]

48&51, 2034, 4+mil, 17yr til RE, convert the 401k

 

[Retiredmajor]

I'm 60, spouse is 59. We are both retiring this year. Small Military pension and Tricare Health Insurance, $700K in IRA's, $50K in savings, only debt is a house payment that will be gone in a few years. For the next year and a half we will live off my pension and savings plus I have a small hobby job that I enjoy and provides some income. We will both collect SS at age 62. At that point, our combined SS and my pension will pay basic living expenses plus some, and the IRA's will barely be touched except for travel and some fun. Firecalc and my Investment Advisor both agree we will be fine.

 

[plex]

Currently aiming for somewhere between $750k-$850k, depending on the bull runs, somewhere between mid age 37 to early mid 38. Pension will be probably a Cola'd $7k/year in today's dollars at 62, plus a 20-year work history SS. This is single, with plenty of room in the budget for health care cost increases, since ~$18k/year in today's dollars is enough for me aside from that.

 

[Hamlet]

I feel like things are too in flux right now to really pin down a hard number.

We have about $1.75 million in investment assets, and a $480k house with a $300k mortgage.

So we are doing well, but we also have a 6-year-old and a 3-year-old.

We recently moved into the bigger house, so I don't really have a good feel on what our normal yearly spending is going to level off at yet.

Once the kids get out of daycare and we've been in the house a few years ( and we have some idea on how health care is going to play out), I think I'll have a better idea of where we stand.

I'm penciling in retiring with $3 million and the house paid off in 10 years, putting me at 55. The +/- on those numbers are all still pretty high though.

 

[Jeffman52]

Our plans are to pay off the house, start with fairly new paid for cars, and a minimum of 1 Mil. We have about 700k saved now with a target year of 2023.

I know that is not a lot of cash in some areas and to many on this board. (I boggle at how much some already have to retire on.LOL) but we live in a VLCOL area and if we continue to budget carefully, it should more than last us.

 

[Closet_Gamer]

That had been my plan. When folks asked me what I wanted in a bride, I'd say, "A hot doctor that likes to cook and clean." Can't blame me for trying, right?

Good luck!

 

[Closet_Gamer]

[/QUOTE=simple girl;1861777]
We've decided we don't want to "go home with an idol in our pocket" (Survivor reference). /QUOTE]

1). Brilliant connection to having the wisdom to ER when you can.

Seriously, that connection really made me think. I'm likely 2-3 years from having ability to ER with no lifestyle hit. Currently thinking of going 5 years instead to pad the nest a bit and ensure DD2 sees Dad get up and go to work every day until she leaves for college. Perhaps it would be good for her to see Dad play the idol and win instead?

2). Best show on TV! (I know, the haters are gonna hate on me for saying that...but when our kids were little DW and I would make Survivor "date night" after the kids were asleep. Now our kids watch with us. Really interesting show. Maybe I will start a Survivor thread!)

Thanks for making me think.

 

[simple girl]

1). Brilliant connection to having the wisdom to ER when you can.

Seriously, that connection really made me think. I'm likely 2-3 years from having ability to ER with no lifestyle hit. Currently thinking of going 5 years instead to pad the nest a bit and ensure DD2 sees Dad get up and go to work every day until she leaves for college. Perhaps it would be good for her to see Dad play the idol and win instead?

2). Best show on TV! (I know, the haters are gonna hate on me for saying that...but when our kids were little DW and I would make Survivor "date night" after the kids were asleep. Now our kids watch with us. Really interesting show. Maybe I will start a Survivor thread!)

Thanks for making me think.

You are so very welcome! I'm glad it spoke to you the way it speaks to us - puts the decision to pull the plug into a simple "gut check" kind of reference.

We are HUGE Survivor fans, too. Hubby and I also have "date night" to watch it every week...even when he is traveling on the road for work, we watch it together and text as things happen. LOL Looking forward to the day he will be home every week ... looking like next year, we hope!

 

[street]

You all have great plans and that is a must for FIRE.

 

[Green Hornet 21]

What is your number

Currently 56. DW has been retired 5 years with a pension of $70,000 per year. After tax and 401K totals to $2M. No debt. Plan to leave a $190,000 per year salary by October. We have a 40 foot motor home and 2 motorcycles we will pull cross country. Lots of hobbies and activities to do when in town. Really looking forward to pulling to plug.

 

[cyber888]

Update on mid-2017 situation:

At the beginning of the year, my liquid asset (investment + cash) was $672K. Today (July 28, 2017), my liquid asset is nearly $770K. Projecting to reach $810K-$825K by year end before my 54th birthday. With house + car, Networth end of year will be around $1.1 mil.

I think I could hit $950K by mid-56 years old with my house paid. And still on schedule to hitting $1 Million by 57 years old.

Living in the low cost South and no kids makes it easier. Expenses is about $40K with house paid, and that includes healthcare.

Im 53 now. Hoping to retire around 56 with $800K - $850K with house fully paid and zero debt. We have no kids or grandkids, no pets, and live in the South where living cost is cheaper. If I work till 57.5 yrs old, I could have $1 million saved, house paid, and zero debt. We'll see

 

[dvalley]

Congrats cyber888! great progress in 7-8 months. Is your target $1M at 57 before FIRE?

 

[brokrken]

48&51, 2034, 4+mil, 17yr til RE, convert the 401k

Maybe we should have you revisit the "Early" part of RE.

 

[Penny6]

Maybe we should have you revisit the "Early" part of RE. [emoji23]

We are currently 31 and soon to be 35 those ages are the projected retirement ages[emoji12]