Join Early Retirement Today
Thread Tools Search this Thread Display Modes
My update: 2 to 4 years left
Old 10-19-2015, 05:43 PM   #1
Recycles dryer sheets
MikeWillRetire's Avatar
Join Date: Apr 2012
Posts: 193
My update: 2 to 4 years left

It has been exactly 3 years since I first posted my retirement goal. I was 50 years old, and I was hoping to retire at 53 if I was lucky enough to get an early retirement offer, or at age 56 if not.
Well, I am 53 and I have adjusted my goals to somewhere between age 55 and 57. I've learned that I was a little too optimistic. I needed to be optimistic to get me to this point. Now, I assume that social security benefits will be reduced by 20%, and I am more realistic about how my pension will lose some value until the cola begins.
I have mentally split my portfolio into two buckets, one that supplements me from retirement age until age 62, and one that supplements me from age 62 onward. The first bucket will be spent in its entirety, and the second one will have a withdrawal rate somewhere around 3.5%. That's how I figured my retirement date. I have tried modeling in firecalc, but my pension does not get a cola until I am 62, so it is difficult to model. To be conservative, I have assumed no cola, and firecalc gives me about 80% success. I figure that's not bad assuming no cola, and it kinda agrees with my buckets model.
That's my update for now. Keeping my fingers crossed.

MikeWillRetire is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 10-19-2015, 06:42 PM   #2
Recycles dryer sheets
Join Date: Nov 2014
Location: Texas
Posts: 164
I am with you Mike. I turn 54 in a couple of months. I have been saving hard for few years. I am hoping 55,56. But 57 at this point looks good.

Sent from my iPhone using Early Retirement Forum
Terryjm51 is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Another update after 1.5 years! panhead FIRE and Money 17 06-25-2015 12:05 PM
Update - Buying back years of service credit (was - Hello, I'm new here) Sue J Hi, I am... 26 07-10-2014 09:54 PM
4 1/2 years left (hopefully) timo2 Hi, I am... 2 07-15-2011 06:02 AM
An update two years later Tom52 Hi, I am... 5 01-01-2011 07:47 PM
43 year old public employee with 5 years left Dan Hi, I am... 9 10-26-2010 03:22 PM

» Quick Links

All times are GMT -6. The time now is 11:34 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.