FI at 48

[rsharma]

Hi everyone!

Long time lurker! Turning 44 this year and thinking of retiring in 4 years.
Married, no kids. Feel lucky to have worked and reached a net worth of about 1m. Planning ahead, the goal is to save aggressively the next four years and get to 1.4m.

We saved meticulously for the last 18 years (mostly maxing 401k and Roth), tracked our expenses and generally followed the LBYM mantra.

Our expenses (now and in retirement) can range from:
40k a year minimum to 50k good to 60k desired.
We have a 36k/yr non-cola pension waiting + any SS if still available at later stages. We want to travel around the world from age 50-60.

Looks doable but a bit nervous about the long retirement period and rising healthcare costs.

Have enjoyed learning from the helpful and friendly community in the forum and looking forward to participating more actively.
--r

 

[Midpack]

Welcome to the community! As you may know from reading here, a good way to begin to guage your probability of success in ER is to run your numbers through FIRECalc: A different kind of retirement calculator. Though it's backward looking (all we have is past market/economic history), no one knows what the future holds. If you think the long term outlook is as good or better than the past, you're all set. If you think future real returns will be lower, you build in a safety factor beyond the FIRECALC results.

Though people often ask am I ready/OK - there is no correct answer. The best you can do is come up with a plan with a probability of success you're comfortable with, and be prepared to make course corrections and even a Plan B/C/D (back to work, reduce expenses, other).

All of us grapple with predicting longevity, rising health care costs, long term care, future Soc Sec & Medicare, etc. - you're not alone.