FIRE target club - 2020

[Nords]

Interesting.
Damn Navy...

The B-52 trap SHIPALT just never quite lived up to its potential:

 

[HawkeyeNFO]

In 1963, the CNO had a C-130 land on the USS Forrestal. It also took off from the ship, not with the catapult, but as a full-length deck run. C-130 Hercules Lands on U.S.S. Forrestal

We've had several USAF guys on the carrier for short stays. They get very good treatment usually, because they call up the S-5 office and say "This is Captain Nutjob, I need ____ delivered to my room." S-5 is in charge of staterooms, and little do they know it is an O-3 on the other end, not an O-6.

 

[thefinancebuff]

Great, I'm in. What else do we do after signing up for the club?

 

[tinlizzy]

4/24/20 I'll be able to take early retirement at 25yrs. Reduced pension with medical benefits until 65. Fingers crossed that doesn't change in the next 10yrs! I'm saving like a mad woman though in case it does change.

Good luck to us all!

 

[Nords]

In 1963, the CNO had a C-130 land on the USS Forrestal. It also took off from the ship, not with the catapult, but as a full-length deck run. C-130 Hercules Lands on U.S.S. Forrestal

ADM Flatley's son Seamus was in my company at USNA, and the "Look Ma, no hook!" story got a lot of air time every year around service-selection night. You really don't want to be in the pilot's seat when people are describing your performance with words like "flabbergasted"...

I have Grandpa Flatley's "Reaper Leader" on my reading pile. Talk about joining the family business.

 

[REWahoo]

We've had several USAF guys on the carrier for short stays. They get very good treatment usually, because they call up the S-5 office and say "This is Captain Nutjob, I need ____ delivered to my room." S-5 is in charge of staterooms, and little do they know it is an O-3 on the other end, not an O-6.

I tried something similar to that once at a Navy facility on the west coast . The sailor on the other end of the line had evidently been down that road once or twice before...

 

[martyb]

Contrast that with the Air Force B-52 and KC-135 fleet. Designed in the late 1940's and early 1950's, the "newest" B-52s and KC-135s were delivered to the AF in 1962 and 1965 respectively.

All of them are older than the aircrews flying them - some are as old as their grandparents.

Damn Navy...

You oughta see the wrinkles in the skin on those B-52s too. Up close, they look as old as they are. I've spent plenty of time in the crew compartments, bomb bays, wheel wells etc. of the B-52 and as old as they are, I'm still impressed.

 

[freebird5825]

Already FIREd, but does it count if 2020 is the year I am minimally eligible for SS at age 62?

I'll cheer from the sidelines.

 

[devilgator]

I'm in. DW and I will be 50 in 2020. Step 1 paying off mortgage in Jan 2011; Step 2 save like mad for the next 10 years.

 

[Aiming_4_55]

Step 2 save like mad for the next 10 years.

What does "save like mad" mean to you? I assume this can vary quite a bit for different people.

 

[Aiming_4_55]

2020 Club

So, what are some assumptions to hit 2020 target?

For me, I feel I have a few wildcards:

Investment assumptions: I'm more of a Vanguard 2035 target fund investor (normal retirement age) with the return rates with the recent recession, what return rate are you using to plan your retirement? I've been using 8%, but it's just an estimate. Is that high or low?

College funding for 2 toddlers (4 & 3): Investing in an 529 fund since birth with monthly contribution of $500 total. Annual bumps based on work bonus and $ gifts.

Healthcare: No retirement coverage, we'll see what things cost in the future without employer contribution.

Employment: While job is stable now, one never knows.

What are some wild cards for you? How do reduce the risk of wildcards?

 

[DblDoc]

So, what are some assumptions to hit 2020 target?

For me, I feel I have a few wildcards:

Investment assumptions: I'm more of a Vanguard 2035 target fund investor (normal retirement age) with the return rates with the recent recession, what return rate are you using to plan your retirement? I've been using 8%, but it's just an estimate. Is that high or low?

Real or nominal? I have seen estimates going forward ranging from about 3-5% real. Based on my AA my assumption is ~ 4% real.

College funding for 2 toddlers (4 & 3): Investing in an 529 fund since birth with monthly contribution of $500 total. Annual bumps based on work bonus and $ gifts.

4 years of tuition covered under WA GET. Some 529 money, savings and UGTM to help out with related expenses. DS will have to work and help pay. Having some skin in the game will (hopefully) help keep him focused.

Healthcare: No retirement coverage, we'll see what things cost in the future without employer contribution.

The big wildcard for us all. No telling how the dust will settle on the new Health Care bill. Those with HP from former employers have no guarantee the benefits will persist in the future. I am fortunate in having a fall back position if it becomes untenable. As a Canadian I can return to Canada and re-establish residency in 6 months and qualify for health care there.

Employment: While job is stable now, one never knows.

I'm fortunately in a relatively recession proof profession - although we are seeing falling visit numbers and may see cut backs in coverage. I am diversified however as I work 2 jobs. Either one is sufficient to cover my expenses.

What are some wild cards for you? How do reduce the risk of wildcards?

10 years is a long time and much could change. Plan for the worst, hope for the best. What else can one do? Or as Uncle Mick no doubt would say: By mobile, hostile and agile, don't bet against the USA and pssst... Wellesley.

DD

 

[aaronc879]

I'm assuming real returns of 0%. As long as I stay even with inflation, i'll be happy. Every year I work (at $48K/yr gross) pays for that year plus 2 years of savings. So if I work another 10 years i'll save enough for 20 years. I already have enough for nearly 10 years so that gets me by until age 71 if I retire in 2020 at age 41. Add in a couple of small inheritances and it gets me to 75. Based on male longevity in my family i'll be lucky to make it to that age. If I make it past that then SS will be enough to get me by. Real returns above 0% and i'll feel rich by comparison.

 

[Aiming_4_55]

Real or nominal? I have seen estimates going forward ranging from about 3-5% real. Based on my AA my assumption is ~ 4% real.

nominal

10 years is a long time and much could change. Plan for the worst, hope for the best. What else can one do? Or as Uncle Mick no doubt would say: By mobile, hostile and agile, don't bet against the USA and pssst... Wellesley.

10 years is long time, just have to adjust as time flys by ;-)

DD

 

[Aiming_4_55]

I'm assuming real returns of 0%. As long as I stay even with inflation, i'll be happy. Every year I work (at $48K/yr gross) pays for that year plus 2 years of savings. So if I work another 10 years i'll save enough for 20 years. I already have enough for nearly 10 years so that gets me by until age 71 if I retire in 2020 at age 41. Add in a couple of small inheritances and it gets me to 75. Based on male longevity in my family i'll be lucky to make it to that age. If I make it past that then SS will be enough to get me by. Real returns above 0% and i'll feel rich by comparison.

Good for u! Only if I could reduce my expenses more, but we save a good rate now.

 

[Andre1969]

My dream date is April 1, 2016, a Friday, and the day before my 46th birthday. But, we'll see when we get there. I can see myself chickening out at the last minute and hanging around the office awhile longer, especially if the economy happens to be tanking around that point. So, I guess I'll put NLT2020 as my goal!

 

[tuixiu]

Aiming for 2014-2015, will be mid 40s.

Like others depends on economy until then and perception of economy at that point, also depends on whether dog and cat are still around.

 

[growing_older]

I'd like to join this club. My previous, much too optimistic. plan was to save like crazy for three years and retire Jan 1, 2011. While I did okay with the saving, a couple unexpected job changes and a very uncooperative stock market kept me from growing my nest egg like I wanted. From where I am now, a very safe plan would be to double the current nest egg, so I'd like to get that done by 2020. What do we do, once we join this club?

 

[accountingsucks]

Great, I'm in. What else do we do after signing up for the club?

Well the plan is to bump this thread every quarter or half year and see how we are doing. I think it will be useful in demonstrating the benefits of planning for an exact date or lessons learned along the way

 

[Aiming_4_55]

It might already be in the forum somewhere, but what about ideas for us to do a self check and approximate timing/frequency ... to see where we are in our planning/execution.

- Complete FIRECalc, other retirement calcs
- Do we have a realistic budget for our current/retirement budgets?
- Do we have a spreadsheet tracking our assets (taxable, 401k/403b, - Roth, pension estimates, SSN estimates, etc)
- Things to consider Will(s), Trust(s), insurance, etc.
- Health care sources for quotes and strategies

I'm sure there are more to consider, but just a few.

Well the plan is to bump this thread every quarter or half year and see how we are doing. I think it will be useful in demonstrating the benefits of planning for an exact date or lessons learned along the way

 

[traineeinvestor]

No offence, but this is one club I would really hate to become a member of....target retirement date is one of Feb 2012, Feb 2013 or Feb 2014 (+ whatever part of my six months notice period they make me [-]work through [/-]sit at my desk surfing the Internet).

 

[Htown Harry]

Well the plan is to bump this thread every quarter or half year and see how we are doing. I think it will be useful in demonstrating the benefits of planning for an exact date or lessons learned along the way

It might already be in the forum somewhere, but what about ideas for us to do a self check and approximate timing/frequency ... to see where we are in our planning/execution...

Two things I did this year that I think will help me along the 10-year journey:

• (incomplete, but making progress) Consolidating various IRA and 529 accounts with one mutual fund provider / brokerage. Easier to manage, easier to track.
• The company I picked is low-cost - Vanguard. An extra 0.2 - 0.5% return will pay off measurably over 10 years.

Resolutions for 2011:

• Increase 457(b) contributions at work by 4% of my salary. This is equal to the 2% reduction in SS contributions for 2011 (painless) + redirecting a 1% reduction in existing employee pension deductions (also painless) + finding 1% out of my current take home
• Educate 21-year-old DD on successfully achieving financial independence from the Bank of Mom & Dad
• Make a start in tracking expenses in an organized way (not sure how I will measure progress on this one yet)

 

[Helen]

My tentative target date is May 2013. OK, everyone—
Ready.....

Aim......
​

FIRE!!
​

Yea, me too! 05/2013. Are you a Taurus?

 

[MooreBonds]

I'll go ahead and sign up for 12/31/2020, with a big * next to it for "tentative".

The major unknown is that I'm a single 34 year old male. We'll see what [-]sweet talking [/-]grandoise plans I can hatch with the unknown future Mrs. Bonds ....along with what impact future kiddos will have on the budget.

As of right now, things could turn out well for ringing in 2021 on a most pleasant note, based on current portfolio, slight real returns (2%/yr), and most probable inheiritance factors (which aren't really something I'm heavily betting on - more like 'they would speed it up to 2020 vs 2025 or 2027').

It'll be interesting to see what the next 10 years brings. I know in 2000, I never would have expected to be where I'm at currently, so hopefully the next 10 years will bring continued blessings!

 

[OrcasIslandBound]

Aiming for January 2014 on 56th birthday.
FREEDOM!