I'm At F.I. Finally!

[IrishMoss]

New here and have achieved my goal!

Been aggressively saving to get to F.I. over the past few years. I'll be 57 this year. Working full time but am expecting my job to end through a layoff sometime soon, definitely this year. I've just reached F.I., the timing is good.

I've already maxed out my 401K for the year, have got most of my HSA maxed out, already funded my yearly Roth IRA, converted my after-tax 401K contributions to 401K Roth through in-service conversions. Still have a mortgage but rate is low and I've been paying extra in principal along the way. No pension, no golden handcuffs, already got my bonus.

So I'm ready!

I've used multiple retirement calculators, including FIREcalc to run scenarios for the next 35 to 40 years and all looks great with a 97% success rate.

 

[PERSonalTime]

Really happy for you. Congratulations! You'll love being FIRE!

 

[Red Badger]

Welcome to the Freedom Zone!

 

[Milton]

Been aggressively saving to get to F.I. over the past few years.... Working full time but am expecting my job to end through a layoff sometime soon, definitely this year. I've just reached F.I., the timing is good.

You made it! Your timing is great!

 

[braumeister]

expecting my job to end through a layoff sometime soon, definitely this year. I've just reached F.I., the timing is good.

Timing is perfect -- congratulations!

Quite a few of us used an expected layoff as a reason to hang on a few more months. That's what I did at 55 and it was delightful to walk in to the room with a huge grin as the long-faced boss sorrowfully told me the news.

 

[LRDave]

Welcome & congrats! Man, I wish I had a layoff looming in my future. (That was strange to type....)

 

[Mdlerth]

I'll be 57 this year. Working full time but am expecting my job to end through a layoff sometime soon, definitely this year. I've just reached F.I., the timing is good.

Huzzah! It's great to hear these stories of happy convergences. They remind me of a verse from "Fiddler on the Roof":

We know that when good fortune favors (two) such men,
it stands to reason we deserve it too!

L'chaim! (To life!)

 

[LakeRat1]

Congratulations !!!!! Not just GetRDone ...... Life is better, RETIRED

 

[Blue Collar Guy]

Nice, Great first post, your happy ending is just a new beginning for you.

 

[Katiek]

Congrats. Although I'm still working, having at least a base level of FI relieves a lot of work stress.

 

[walkinwood]

Congrats! Welcome.

 

[exnavynuke]

Congrats

 

[rdy2go]

Congratulations, you've earned it! Now, I hope that you get a generous severance when the time comes!

 

[IrishMoss]

No generous severance since I've been with this company just a couple of years. And I don't know 100% that I'm getting laid off, but since I have nothing to do (and there's overlap in roles) I assume I will be bounced outta there soon. Either way, I'm prepared.

Will I fully retire and never ever work again? I'm not sure. I may take a contract job at some point, but it's good to know it's optional and I'll be okay if I don't. I won't be taking SS benefits until age 67, so 10 yrs and few months to go for that.

 

[pb4uski]

Congratulations and well done!

 

[GravitySucks]

Good job and Congrats!

 

[38Chevy454]

Good for you! Hang in there and maybe get a nice layoff package as you smile going out the door. Or if that does not happen, just retire anyway and stillbe smiling.

 

[Bryan Barnfellow]

Live the dream! It's fantastic. Congratulations.

-BB

 

[Retch The Grate]

congrats!

 

[Milton]

I don't know 100% that I'm getting laid off, but since I have nothing to do (and there's overlap in roles) I assume I will be bounced outta there soon.

Yes, sounds like it's merely a matter of time.

 

[Cassius King]

Congrats! Enjoy and thanks for sharing.

 

[IrishMoss]

I want to clarify when I say reached FI I am talking about a classic definition of FI where earnings from investments + a withdrawal from investments of 4% or less + getting some SS at FRA are expected to meet all current and future anticipated expenses for the next 35+ years.

It doesn't mean I'll retire now, it's not a dream amount where I'd be sailing on yachts around the world, eating caviar, it just means I can leave the current job and maintain my current standard of living.

 

[street]

Great!

 

[kimcdougc]

Congratulations! Welcome to the rest of your life (when you do finally pull the plug.)

 

[rodi]

I want to clarify when I say reached FI I am talking about a classic definition of FI where earnings from investments + a withdrawal from investments of 4% or less + getting some SS at FRA are expected to meet all current and future anticipated expenses for the next 35+ years.

It doesn't mean I'll retire now, it's not a dream amount where I'd be sailing on yachts around the world, eating caviar, it just means I can leave the current job and maintain my current standard of living.

Congrats on reaching your number.

As I mentioned in another thread (How much is enough) - the 4% WR is 4% of your investments INCLUDING the earnings from the investments. You can't double dip by taking the earnings and 4% - that's effectively a higher than 4% withdrawal rate.

Regardless - you're at FI or very close... but you may want to double check your numbers to make sure aren't planning a WR that is higher than is sustainable.