FIRE in 2029!

[moneymaker]

Hi all,

I’m planning on retiring from the army in April 2026 and for good in 2029.
Married, both 37, with two girls, 10 and 7.

Current situation:
Retirement accounts: $415k
Taxable accounts: $40k
Real estate (primary and 2 rentals): $540k ($175k in primary and the rest in the two rentals)
Total:$995k

Will receive military pension immediately of $4600 pre tax in today’s dollars, plus some VA disability.

Shooting for $2.5-3M in retirement and taxable, so still have a ways to go! Have began tailoring back retirement contributions to increase our taxable. Also plan on cashing out on both rentals which should free up quite a bit of cash as well.

Anyone else in the 2029 club!?!?

[HI Bill]

Welcome! Sounds like you have a path forard! Hopefully, the next 6 years will be kind to you, both in the real estate, and equities markets! With $2.5M in retirement accounts, and a $4.6K pension, you should be able to have an income of around $155K, less taxes.

Good plan on working on taxable accounts/access to previously taxed $. If I were you, I'd first max out your and your wife's ROTH IRA or ROTH 401(k) as you can withdraw the contributions tax and penalty-free at any time (so be sure to track the basis). Then focus on taxable investments.

If you anticipate selling two rentals before you FIRE, and anticpate having significant taxable gains, then I'd consider converting each rental property into a primary residence to meet the two-year residency requirement and be able to exclude up to $500K per house in captical gains from taxes (MFJ). More details here:

https://www.investopedia.com/ask/ans...inhomesale.asp

[grayv]

how do you plan on increasing from 1.0 M to 2.5 M net worth?

[moneymaker]

Prostitutes and drugs. Lol. Kidding obviously.

Well, I’ve got 9 years. So with our countinued retirement and taxable contributions along with some market help, I believe we should be in the ball park.

[davidsawallisch]

I'm also shooting for 2029 or 2030 if I must.

Currently 26 with my soon to be wife. We started saving last year and achieved roughly a 70 to 75 percent savings rate. So even though were only 1 year in we hope to accelerate fast.

Our goal is actually only 1M but all our investments are online because we live abroad.

No houses or cars for us but we were thinking maybe 5 or 6 years in we could get a house hack and move back to the states.

Exciting to meet someone else on the same path as us. Best of luck and hope everything plays out well for us.