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FIRE Update (FIRE in a COVID world)
Old 07-18-2020, 06:43 AM   #1
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FIRE Update (FIRE in a COVID world)

We are, I think, on our final lap in preparing to FIRE. Just to recap - 2 feds with Pensions, SS, TSP accounts, some IRA funds and hopefully VA disability for DH. By hopefully I mean we have been told we will win his claim but how much and when it pays is up in the air right now. Our numbers work w/o the VA funds using the VPW method for determining WR. DH planning to FIRE at the end of this year, I am planning to fire mid-2021.

Here is what has been going well in our planning.

* Bought back DH's military time last year to add to his civilian pension.
* Meeting with a fee-only FA to review our plan in the next month or so.
* Got retirement estimates from our HR offices to validate our planning numbers including cost of HI through FEHB.
* Have been tracking expenses over the last few years and realize we spend a lot and could cut significantly if needed in the future and have been reducing a lot of frivolous spending recently.
* I just negotiated a reduction in hours using PTO to fill in the missing hours -working just 4 days a week now.

Here is what is not going well with our planning.

* The last two years have not been typical spending years for us for various reasons. The latest of which is COVID which has us housebound. Makes some of our planned numbers feel a bit shaky, like will international travel be more exponentially more expensive post-COVID?
* We aren't traveling like planned. Feels like we are missing out on some of our most active years.
* We are not out looking at different areas of the country for a possible new home post RE. Just adds a little bit more uncertainty to our planned numbers but if we stay where we are now we are fine and that can be our Plan B, if needed.

Guess I don't have any questions right now although I have a lot for the FA. Seems like such a big decision to pull the plug on w*rk so maybe I just needed to type out where we are right now to see if anyone instantly sees something we aren't considering.
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Old 07-18-2020, 08:45 AM   #2
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Quote:
Originally Posted by goingtotravel View Post
We are, I think, on our final lap in preparing to FIRE. Just to recap - 2 feds with Pensions, SS, TSP accounts, some IRA funds and hopefully VA disability for DH. By hopefully I mean we have been told we will win his claim but how much and when it pays is up in the air right now. Our numbers work w/o the VA funds using the VPW method for determining WR. DH planning to FIRE at the end of this year, I am planning to fire mid-2021.

Here is what has been going well in our planning.

* Bought back DH's military time last year to add to his civilian pension.
* Meeting with a fee-only FA to review our plan in the next month or so.
* Got retirement estimates from our HR offices to validate our planning numbers including cost of HI through FEHB.
* Have been tracking expenses over the last few years and realize we spend a lot and could cut significantly if needed in the future and have been reducing a lot of frivolous spending recently.
* I just negotiated a reduction in hours using PTO to fill in the missing hours -working just 4 days a week now.

Here is what is not going well with our planning.

* The last two years have not been typical spending years for us for various reasons. The latest of which is COVID which has us housebound. Makes some of our planned numbers feel a bit shaky, like will international travel be more exponentially more expensive post-COVID?
* We aren't traveling like planned. Feels like we are missing out on some of our most active years.
* We are not out looking at different areas of the country for a possible new home post RE. Just adds a little bit more uncertainty to our planned numbers but if we stay where we are now we are fine and that can be our Plan B, if needed.


Guess I don't have any questions right now although I have a lot for the FA. Seems like such a big decision to pull the plug on w*rk so maybe I just needed to type out where we are right now to see if anyone instantly sees something we aren't considering.
None of these should harm your exit plan or time.

My $.02 is:
None of us (except a few brave souls) are travelling much by air. So, just park that travel money in a bucket and use that for any hike in itnl air (which I highly doubt for the foreseeable future). Yeah, many here are bummed out about the hassle or danger (or both) of travelling during a plague.

With tens of millions unemployed, housing should remain flat or decline for a while. Exceptions might be HCOL areas and "hot" markets. I think inner city prices will tank and stay tanked due to the exodus away from taxes, and recently, increasing crime. YMMV!
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Old 07-20-2020, 06:27 AM   #3
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None of us (except a few brave souls) are travelling much by air. So, just park that travel money in a bucket and use that for any hike in itnl air (which I highly doubt for the foreseeable future). Yeah, many here are bummed out about the hassle or danger (or both) of travelling during a plague.

With tens of millions unemployed, housing should remain flat or decline for a while.
Agree 100%. We are not brave or foolish so travel will not be happening in the near future. Just bummed like everyone else that we are missing out on a few good years of being on the road.

As for housing our area is selling fast including lots that have sat on the market for years. Thinking it's people wanting out to less populated areas. We've even had some cold calls from real estate agents asking if we want to sell.
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