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Get Rich, Get Out from Ohio
“Get Rich, Get Out” - one of my coworkers and I repeat to ourselves everyday. We actually use the acronoym, GRGO, to hide our intent. Here’s the data:
53 and single. Own a paid off condo, worth about $300,000. No debt and no car payments. Have 36 years of Social Security earnings, but the 3 early years were pretty small averaging $1,000 each.
Currently salary $55,000. Putting away $17,000 in the 401K
$800,000 of investments are made up of:
-$480,000 taxable.
-$320,000 IRA and 401K. $140K is in Roth, $130K in a traditional IRA that was a rollover from a prior 401K and $50K in a current 401K
-The $800K is spread among 45% in large cap, 15% small cap, 20% international, 20% fixed income/cash. I have 18 months of cash in money market/CD in anticipation of an early.
Estimated annual spend is $35,000. For budgeting purposes, I’m including an annual $4,000 for a car - I buy a car every 7-8 years with cash. Also includes an estimated $4,000 for a high deductible health insurance policy, including out of pocket med expenses. Health is good, but taking blood pressure medication. (I’m hoping that doesn’t put me in a high-risk category when I start shopping for health insurance).
One other income factor – spent 22 years at one company with a defined benefit pension plan. Scheduled to receive an $800 per month pension – unfortunately no COLA adjustment. Not much, but it pays for the cars in later years.
With due respect to the FIRE philosophy, my goal is to turn GRGO to ARGO - "Already Rich, Got Out". Am I there yet?
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Fortunately, our units have only taken a 5 to 10% hit, dropping to $300K.
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