Hi everybody! I've come across this website a few times over the years but I've been lurking extensively for a week now and figured I'd jump in. I've been planning to retire early since...well...before I can remember, but I've gotten really serious about it just this past year. If you'd asked me a year ago what my plan was, I'd have told you I was going to work until I was 51, then open a non-profit. Now (due to some health and other disasters in my family) I've decided I want to be able
to retire by 41, which is when I'll be retirement eligible from the Air Force. This is, of course, assuming I don't get cut in the continuing Reduction in Force boards that keep happening. I don't think this will happen, but you never know. Even if I do, I think I'm marketable and I have no problem delivering pizzas until I find another career. I definitely want to be FI by 41, so even if I continue working after that I will know it's a choice and not a requirement. I still want to open a non-profit, but I want to find a reliable staff that can keep it running while I travel the world a fair portion of the year.
Desired retirement age: 41 for FI, retirement anytime thereafter
Net Worth: ~$448k (so close to $450k!)
- TSP: $68k
- Roth IRA: $53k
- Non-tax advantaged MF: $12k
- Individual stocks: $5k
- Current residence: $258k
- Rental property: $258k (first time they've matched!)
- plus checking & savings accounts
- Current residence mortgage: $181k
- Rental mortgage: $139k
Asset allocation: investment accounts are 90% stocks, but I am comfortable with that for now and I'm paying off my rental early as my "conservative" investment
Income: $95k (it's nice when your salary is a matter of public record, no need to hide anything) + $16k in rental income
Living expenses: <$4k/mo, which means a Lt Col @ 20 yrs retirement would cover most/all of it. Note this includes $1k/mo in a house that will be paid off by 2023.
- RA accounts: $15k/yr
- Non-tax advantaged accounts: $10k/yr
- House downpayments (I want 4-5 rentals eventually): $5k/yr
- Mortgage prepayment: $8k/yr
The rest of my income goes to taxes, medium term savings (next car, etc), and separate savings for each of my houses (repairs & renovations).
Spouse: not yet
Location: not really applicable since it changes every few years!
The ultimate goal is for my military pension to cover my normal expenses, rental income to cover any extra luxuries, and the investment accounts to be there in case of emergency or eventually to leave to my family and charity. Since moving up my FIRE date by 10 years, I've been shifting my investments from mostly retirement accounts to non-retirement accounts, and will continue to do so every year. I have no idea where I want to live in retirement, but the thought of having a few condos in multiple places that I can rent out when I'm not there is very appealing. And maybe a travel trailer!
That's all I can think of (it's a lot!), what else do you want to know? What's next on this giant forum?