I found this board a couple months ago and just love it—so many smart people here with so much great knowledge. Would be possible to seek some wisdom?
Here’s my situation:
Age: 53
Single, no kids
In excellent health, have had an outstanding diet and exercised regularly for past 30 years
Net Worth: $300K, in both taxable and non-taxable accounts (401K’s, Roth’s, etc.)
No debt of any kind
Currently Saving: $50K year
Condo paid for and currently valued at $430K
FIRE Target Age: 57
Retirement Savings at 56: $600K (with condo, net worth will be > $1M)
I will have no pension or other source of income in retirement.
I live modestly and my total annual expenses run around $18K (even while living in Los Angeles, CA!).
I intend to increase my annual expenses to $24K annual in retirement (to account for travel).
At 57 FIRE age, I’ve factored in $6K annual health premiums to cover loss of employer healthcare.
I intend to delay social security until age 70, at which time estimates are I’ll receive $32.4K annually, or $2700 monthly).
Am also investigating moving to a city with a lower cost of living (Denver high on the list).
For “padding”, and to perhaps to account for possible unexpected health nursing home costs, I’m considering a future reverse-mortgage on my residence (if necessary).
I’ve run FIRECALC, and even with only 25% equities starting at age 57, worst case scenario shows I could end with >$600K (and rising) at age 92. Best case is several million.
Does this plan sound doable to the wise and experienced ER'd folks of this board? I’d appreciate any input you have.
Here’s my situation:
Age: 53
Single, no kids
In excellent health, have had an outstanding diet and exercised regularly for past 30 years
Net Worth: $300K, in both taxable and non-taxable accounts (401K’s, Roth’s, etc.)
No debt of any kind
Currently Saving: $50K year
Condo paid for and currently valued at $430K
FIRE Target Age: 57
Retirement Savings at 56: $600K (with condo, net worth will be > $1M)
I will have no pension or other source of income in retirement.
I live modestly and my total annual expenses run around $18K (even while living in Los Angeles, CA!).
I intend to increase my annual expenses to $24K annual in retirement (to account for travel).
At 57 FIRE age, I’ve factored in $6K annual health premiums to cover loss of employer healthcare.
I intend to delay social security until age 70, at which time estimates are I’ll receive $32.4K annually, or $2700 monthly).
Am also investigating moving to a city with a lower cost of living (Denver high on the list).
For “padding”, and to perhaps to account for possible unexpected health nursing home costs, I’m considering a future reverse-mortgage on my residence (if necessary).
I’ve run FIRECALC, and even with only 25% equities starting at age 57, worst case scenario shows I could end with >$600K (and rising) at age 92. Best case is several million.
Does this plan sound doable to the wise and experienced ER'd folks of this board? I’d appreciate any input you have.