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View Poll Results: What is your ER goal age? How much do you plan on having saved?
Under 25 3 0.98%
25-30 4 1.31%
31-35 6 1.96%
36-40 20 6.54%
41-45 36 11.76%
46-50 31 10.13%
51-55 56 18.30%
56-60 19 6.21%
61-65 5 1.63%
Over 65 0 0%
Under 300k 1 0.33%
301-600k 8 2.61%
601k-900k 15 4.90%
901k-1.5 Million 46 15.03%
1.5 Million and up 56 18.30%
Voters: 306. You may not vote on this poll

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Re: Young Dreamers, how early do you want to retire?
Old 04-09-2006, 06:02 PM   #41
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Re: Young Dreamers, how early do you want to retire?

30 years old, with one million portfolio and another million in real estate (apartment in nyc plus another 200k i have stashed away to buy a home elsewhere). no debts. This is for me personally, not including spouse's assets. Figure why not retire right now? Don't like the rat race and can always sell or rent the properties down the road if need be. i am very frugal
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Re: Young Dreamers, how early do you want to retire?
Old 04-09-2006, 06:30 PM   #42
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Re: Young Dreamers, how early do you want to retire?

newyorklady,

I would run, not walk away from work right now!
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Re: Young Dreamers, how early do you want to retire?
Old 04-09-2006, 08:13 PM   #43
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Re: Young Dreamers, how early do you want to retire?

Newyorklady,

If you don't mind my asking, how did you aquire so much at such a young age ?

-helen
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Re: Young Dreamers, how early do you want to retire?
Old 04-09-2006, 09:00 PM   #44
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Re: Young Dreamers, how early do you want to retire?

At this point in time, Dh and I are planning to retire in 8 years, when he is 50 and I am 49. I have no idea how much we will have, DH is doing most of the planning in that department.
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Re: Young Dreamers, how early do you want to retire?
Old 04-09-2006, 11:05 PM   #45
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Re: Young Dreamers, how early do you want to retire?

Newyorklady,

If you don't mind my asking, how did you aquire so much at such a young age ?

-helen

hi helen,

started investing from an obscenely young age and got out before the dot-com bubble burst, at the advice of a trusted mentor, who unfortunately for me is now dead, so no more brilliant advice for me as I don't trust any financial advisor. The way I look at it, if my financial consultant was so smart he wouldn't have to work. That was many years ago, and from there made a few good real estate moves which proved very lucrative but could have been much more so. Sold off those rental properties though, a few years back, really DUMB move on my part, but made a tidy profit which I put into my apartment in nyc. But was also in grad school and due to some personal situations really found it hard to be a landlord and was convinced that the bubble was going to burst once again but in real estate this time. Right now I am way too conservative in my investments. Rethinking my strategy. Real estate is not the way to go now definitely, but my returns are pretty low on my portfolio, so have to rework my strategy a bit. but better safe than sorry, especially with the nice sum i have accumulated at my age.
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Re: Young Dreamers, how early do you want to retire?
Old 04-09-2006, 11:08 PM   #46
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Re: Young Dreamers, how early do you want to retire?

nylady, are you looking for a trophy husband?
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Re: Young Dreamers, how early do you want to retire?
Old 04-09-2006, 11:12 PM   #47
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Re: Young Dreamers, how early do you want to retire?

Nope. Married already. Besides I am way too cheap to have a trophy husband. Thanks for the offer though.
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Re: Young Dreamers, how early do you want to retire?
Old 04-10-2006, 12:02 AM   #48
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Re: Young Dreamers, how early do you want to retire?

Quote:
Originally Posted by newyorklady
Nope. Married already.* Besides I am way too cheap to have a trophy husband.* Thanks for the offer though.*
Kinda hard to be cheap in New York City, well I guess with no mortgage and low maintence that reduces your monthly expenses alot. And if you use the subways instead of cabs or the ultimate expense in Manhattan owning a car you can save alot. Probably one person can get by on $3000 a month with that situation.

In the poll I noted alot of members have over $1.5 million and most don't count their homes. Also they are 45 to 60 years old. Some have pension too.

So you may need to maintain you low cost budget to ensure that $1mm is enough for you excluding housing. You may be looking at over 50 years of living yet. You dont want to go back to work at 70.* I'm sure that will not be the case.

They say a million dollars ain't what it used to be but to me its still big bucks.
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Re: Young Dreamers, how early do you want to retire?
Old 04-10-2006, 12:30 AM   #49
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Re: Young Dreamers, how early do you want to retire?

That is why I want to move somewhere cheap. will check out argentina soon
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Re: Young Dreamers, how early do you want to retire?
Old 04-10-2006, 05:17 AM   #50
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Re: Young Dreamers, how early do you want to retire?

Semi-retire by 35. Fully retire by about 43-45. Need that 2 MIL to feel retired.
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Re: Young Dreamers, how early do you want to retire?
Old 04-10-2006, 07:40 PM   #51
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Re: Young Dreamers, how early do you want to retire?

Quote:
Although we're semi-re right now I plan to fully retire by 45. Our target net worth should be atleast $2 million in assets although I anticipate a large portion of that being real estate and rental income. Right now trying to balance our portfolio somewhat and invest more in non-real estate investments.
Quote:
Semi-retire by 35. Fully retire by about 43-45. Need that 2 MIL to feel retired.
Quit copying my paper man!
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Re: Young Dreamers, how early do you want to retire?
Old 04-11-2006, 06:35 AM   #52
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Re: Young Dreamers, how early do you want to retire?

Quote:
Quit copying my paper man!*
I am cracking up!!!*

I'm not copying you man, you beat me at being semi-retired at 33, I'm just trying to beat you to the finish line.* *Wanna race?!!!

Two different approaches, same goal!!!* I think we may both win in the end. 8)

See ya soon!!!

BTW I'd take more than two MIL if offered....
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Re: Young Dreamers, how early do you want to retire?
Old 04-11-2006, 09:18 AM   #53
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Re: Young Dreamers, how early do you want to retire?

You two are peas from a pod... I've never seen anyone as excited about having two (or more!) mothers-in-law...
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Re: Young Dreamers, how early do you want to retire?
Old 04-11-2006, 09:37 AM   #54
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Re: Young Dreamers, how early do you want to retire?

Marry sisters. You get the benefits of polygamy, but only one MIL.
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Re: Young Dreamers, how early do you want to retire?
Old 04-11-2006, 09:42 AM   #55
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Re: Young Dreamers, how early do you want to retire?

Hey, I've got two MILs. DW's dad remarried. However, I get along well with both, since out of DW and her two sisters, I am apparently the favored spouse among DW's family. The younger sister isn't attached and the older sister married someone that we all keep trying not to think of how easily it would be to make him disappear permanently.
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Re: Young Dreamers, how early do you want to retire?
Old 04-11-2006, 03:14 PM   #56
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Re: Young Dreamers, how early do you want to retire?

I am really loving the responses from everyone and feeling so much better about making the move from full time wage slave to semi-retired consultant (part time wage slave with options).* Reading the responses is VERY ENCOURAGING.

Short Answer: 45 with 1 mil in cash and income producing assets.

Long , Worried , Detailed Answer:
My plan is to semi-retire in 4 years when I turn 40.* I hope to have 275k in 401k/IRAs, investments of 350k and remaining equity in the neighborhood of 200k (excluding primary residence).* So bottomline, between 625k and 825k at semi retirement. My goal right now is to hang tight with current employer until 2010 and then go back to consulting/contracting in IT.* Since I don't have a pension, my mission now is to become as knowledgeable as I can with market investments and really work the FIRECalc tool.* *

Working several months of the year on contract should cover my expenses and give me the opportunity to augment in savings.* I don't plan on having a paid off mortgage so working a couple of months will be a necessity until I can fully retire.* Full retirment might be another 5 or so years after semi-retirement, but I should always have the option to re-entering or staying in the workforce as a contractor as needed.

Current Situation:
age: 35, single, no kids, not planning family
Income: 113k/annually
401k: 103k
Employer LTI: $103k as follows: [48k (in the $ now) + 40k (in $ 3/07) + 22k (in $ '08)]
IRAs: 41k
Cash: 35k (10k on deposit for fourplex purchase)
Equity: $503k (across 3 properties)

Annual Savings: 24k

I would really like to get feedback on my plan.* I know I have a good head start, but I still feel I am missing some elements or not considering some gotchas in the furture or opportunities today.

My work situation is not horrible because I am left alone for the most part, but it is pretty clear that my management wants me gone.....don't think they can make any serious moves on me before my intended departure date, but it makes me more commented saving as much as possible in the next four years.
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Re: Young Dreamers, how early do you want to retire?
Old 04-11-2006, 06:22 PM   #57
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Re: Young Dreamers, how early do you want to retire?

Quote:
Marry sisters. You get the benefits of polygamy, but only one MIL.
I think he meant 2 million not mother-in-laws. I know which one I would rather have two of.
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Re: Young Dreamers, how early do you want to retire?
Old 04-15-2006, 12:53 PM   #58
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Re: Young Dreamers, how early do you want to retire?

Currently 29, and approaching a bit of a crossroads: now that my major project is complete (and awaiting my hard-earned, almost sent to the insane asylum worked-by-butt-off bonus), I'm trying to figure out if I want to merely get an easy job with good non-taxable benefits, or if I want to fart around with corporate bs at a different company for another 10 years while I continue a serious relationship and (probably) head down the road to being engaged.

My goal is to be completely retired by 40. I could go much sooner if I were married, and just live off my spouse's income while my investments grow, but it's still an 'unknown'.

Current NW: $572k (net of estimated taxes on retirement accounts)
Projected extra-ordinary after-tax income this year: $500k

Ideally, I'd love to simply putz around with some hormone investments in my $200k investment account, and divide the rest equally among Wellington/Wellesly/Windsor, and 6% callable CDs at FISN.com, and get an easy-going STRESS-FREE (or, at least, compared to what it is now ) job, such as working at a movie theatre and getting free movie passes...or something along those lines.

So, my final ER age/date depends mostly on what my future unknown wife's goals/aspirations are. My current significant other has mentioned that she wants to be able to pay for college for her future children, so I know that that won't be cheap.

--Peter
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Re: Young Dreamers, how early do you want to retire?
Old 04-15-2006, 04:39 PM   #59
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Re: Young Dreamers, how early do you want to retire?

Wow Peter, a Millionaire at 29! I'm so impressed so many alpha dogs are able to contemplate ER, maybe y'all are just plain smarter! If I'm lucky I'll get my salary up to 90k next year, but there's nothing that would send me to an insane asylum about my job.
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Re: Young Dreamers, how early do you want to retire?
Old 04-15-2006, 09:27 PM   #60
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Re: Young Dreamers, how early do you want to retire?

Quote:
Originally Posted by Peter76
Currently 29, and approaching a bit of a crossroads: now that my major project is complete (and awaiting my hard-earned, almost sent to the insane asylum worked-by-butt-off bonus),

...

Projected extra-ordinary after-tax income this year: $500k
Wow. I'm curious what is producing this $500k one-time income?
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