Young with retirement on my mind....strange? Possibly!

[Weather411]

Glad I found this forum! First post and lots to learn about the road to ER and FIRE.

I have always been conservative with my money. One of the main reasons why is that I never want to be dependent on anyone else if at all possible (including the gov!)

Will be 28yo next month, original goal was to set retirement age at 60. Longevity is not part of the male genes on both sides of my family. Physically I feel great though, no health probs. If this group can find a way I can retire before 60, then......

 

[arebelspy]

If this group can find a way I can retire before 60, then...... [/SIZE]

Live below your means (LBYM) and save as much as you can.

If you can start saving 40% of your income right now, you can retire in about 22 years, at age 50, if you earn a (fairly conservative) 5% on the money over those 22 years (based on a SWR of 4%)*.

And if you can save more (i.e. > 40% as your income rises) or earn more return on your money, then you can retire sooner.

I.e. if you can save 60% now and earn 7%, you can retire in about 11 years*. Though if you're retiring that early (age 40ish), you'd probably want more of a cushion and lower WR.

In any case, numbers aside, LBYM and save as much as you can.

Also the standard advice on these forums for someone your age: enjoy this age while you can. Don't look too far forward and miss what you have now.



*Math based on Nord's post here:
How many years does it take to become financially independent? | Military Retirement & Financial Independence

 

[obgyn65]

+1

Don't look too far forward and miss what you have now.

 

[Weather411]

Understood!!

 

[Midpack]

If you are willing to save more and/or live on less (in retirement) you can retire earlier. Not rocket science as you know. Not suggesting you retire at 35, I wouldn't, but you might enjoy reading Early Retirement Extreme: — when more time > more money or the book also on the website and Amazon.