goingtotravel
Recycles dryer sheets
- Joined
- Jun 1, 2018
- Messages
- 176
Hello! Been lurking for a few weeks and thought it was time to dive in. We are well on our way to FIRE - DH FIRE's this year or next due to health issues and I am going out in 2021 (mid 50's). We both have immediate pensions that will cover 35%-40% of current salary (with COLA and 50% survivor benefits). DH also working towards military disability but that amount is still unknown (not $ we have ever been counting on). Enough saved in 401k accounts (pre-tax) to cover our remaining expenses for about 35 years but working on getting our spending down a bit more to prepare for RE. SS also figures in the equation eventually as well as some IRA's held outside our 401K's that should prevent us from having to spend our 401K money for several years (other than beginning to roll some of the balance over to ROTH IRA's after we FIRE to reduce taxes once we hit RMD age). Ran this all through several planning tools including FIRECALC and have gotten 96%-100% success as long as we keep spending to plan in RE and w/o counting on military disability since the amount is still unknown.
Here's the wake up call. We have been carrying credit card debt and last year looked at the numbers and realized how stupid that was so should have all debt except mortgage paid off this year. Also not really managing our cash reserves well so got a handle on that this past year also so that all our money is working for us. Little things but they added up the last 10 years or so to a number that I would have much rather invested then paid a bank. Lesson learned.
No real questions right now. Just an introduction and a thanks for all the information I've learned just lurking. Some info above is a little vague - still trying to get comfortable posting financial info on line but we do know all our numbers so what's posted above isn't fuzzy logic
Here's the wake up call. We have been carrying credit card debt and last year looked at the numbers and realized how stupid that was so should have all debt except mortgage paid off this year. Also not really managing our cash reserves well so got a handle on that this past year also so that all our money is working for us. Little things but they added up the last 10 years or so to a number that I would have much rather invested then paid a bank. Lesson learned.
No real questions right now. Just an introduction and a thanks for all the information I've learned just lurking. Some info above is a little vague - still trying to get comfortable posting financial info on line but we do know all our numbers so what's posted above isn't fuzzy logic