How many times did you move the goal posts?

[cooch96]

My goal is flexible. I estimate I need just $700k plus DW salary plus my property free and clear to have a modest retirement. I might be there in as soon as a year. If I can hold out longer, I will. It’d be nice to be rich and go on vacations that are more grand than just camping.

 

[flintnational]

I planned to retire at 55 and planned to acquire the assets to do so by that time. If I hadn't implemented my plan as well as I did, it would have been a frugal retirement but still possible. Luckily, things worked out better than I had hoped, so all is good.

The plan was for a particular age, the $ number was secondary and very flexible.

+1 Planned on 55 retired at 53 (almost 54). Number was on the low end of the very conservative range we planned for 30 years ago. But we ended up with pension money we originally did not plan on. The age was always our goal.

FN

 

[BeachOrCity]

The number for FI has moved up over the years but the age has pretty much stayed the same for RE.

 

[DawgMan]

Thanks all for the replies.

Interesting that there seems to be many that moved the posts back as opposed to forward. I am sensing that many here have been content with more modest income budgets/projections in RE as the goal was more heavily tilted (prioritized) towards retiring sooner vs. with a preferred FI number. In my case, a suppose a combination of enjoying much of what I am doing work wise, a lucrative income, and enjoying a "healthy" standard of living while still/always living way below my means all have me tinkering with number to provide me a larger income when I launch. As mentioned earlier, I am sure life style creep over the years has pushed my target around as well.

This sort of begs the questions which I didn't really pick up on the replies... did your projected RE budget/income go up/down/match your final expense/income years? From your earlier plans for FI, how much did your FI number change (i.e. 20 years ago you thought $1M was the number and now its $3M or projected desired income was $50K, but now it's $150K)? How much do you contribute to the creep vs just missing the mark?

 

[Red Badger]

My goal number had been a date, not a $$ number, for my entire career. Initially it was 58, based on becoming pension-eligible under the rules in play at the time. 58 gradually edged upward to 62 as I contemplated the ravages of inflation on a non-COLA pension.

62 became 70+ when I woke up and found myself in my early forties with the pension underfunded and my life savings consisting of a tool collection haphazardly assembled over two decades of doing home repairs. (DW and I were a paycheck-to-paycheck household, largely because that was our background and expectation; if there was money, it was there to be spent.)

Kicked savings into gear, and by mid fifties I was targeting an exit at 65 based on Medicare. Found this forum and FIRECalc, and shaved 65 down to 62. This year the death of one close friend and the ER of another have affected me deeply, so now I'm shooting for 60... and I turn 59 in a week.

Right now I'm hoping I don't lose my nerve and go into perpetual OMY mode. Also, keeping fingers crossed that a big reorg at Megacorp makes the decision for me with a comfy "get-lost" package.

Similar story here. Paycheck to Paycheck until late 30's. Then, an extended stint at underemployment for me lit a fire in us. I went back to school and finished college, the went straight into MBA program. Targeted 67 for a long time while plowing $$ into 401K.

Promotions (both MegaCorp and Army Reserve), and the markets were generous, so 67 became 62. Then; stir in a bit of w*rk burnout combined with some health issues for DW, and 62 became 60 and I stepped away earlier this year.

 

[pjigar]

We have moved age and number multiple time, mostly every year! We are planning for a perpetual and VERY comfortable retirement so we keep removing every risk factor. The ETA keeps coming closer every year thanks to raising compensation and hawkish eye on life style inflation. But vacation home purchase has moved the date back by a year or two lately.

 

[marko]

I was happy in my job but planned on hanging it up at about age 58.
A company acquisition intervened, I was deemed redundant and it turned out to be 53. Knowing myself, if it weren't for that, I'd still be there now at 65.
Best thing that ever happened to me!

 

[Brett_Cameron]

Never. Whe I was 25 I decided to retire at 55 and did. I was incredibly lucky because at age 25 I had no clue as to how to do it.

 

[marko]

Thanks all for the replies.

Interesting that there seems to be many that moved the posts back as opposed to forward. I am sensing that many here have been content with more modest income budgets/projections in RE as the goal was more heavily tilted (prioritized) towards retiring sooner vs. with a preferred FI number.

Well, this IS the 'early retirement forum'!

 

[gauss]

-1 time.

Originally planned to leave at age 55. Decided to leave instead around age 47 when circumstances aligned.

-gauss

 

[Aiming_4_55]

When I was in college and about age 20, I joked with a close friend that age 40 and $1M was my target. So at an early age, I knew I wasn't going to work to the standard FRA. That was as a single guy with a few cheap beers in me.

At age 40 with DW and kids, he asked me about that conversation. I said, I'm enjoying what I'm doing, so I'll keep going, but I achieved my number. He was surprised that I hit the number, he knew I wasn't going to retire.

I don't personally have a new number, but FIREcalc gives me 100% on a reasonable family budget of $72k - $84k plus reasonable college fund set aside for the kids with a 50/50 asset allocation.

I thought age 55, but I'm finding work is ok at age 48, just not so rewarding on a personal level, so I'm thinking age 50 will be when I have to think about "what next"? Since I'm in my higher income earning years, I do have some concern about walking away from the $$. I do know, if there was a personal health matter in my family, the family and health would be the priority. Then again, why should I wait until something health related happens. With that I have increased a few personal trips to visit elderly family, I don't want to regret my choices.

 

[karen1972]

I think sometimes its lifestyle creep you didn't even know could exist. ie when your younger you may never dream you could actually afford that second vacation home, you didn't realize your family would live across the country or in another country (adding extensive travel costs), you didn't plan for so many kids or kids that wanted to be doctors and you would actually make enough to have to pay for all that education, etc. (at least thats my friends situations)

Or your me and the minute you graduate from college, you go to a financial advisor and create a plan of what do I have to save so that in 20 years I can change careers to a non-profit, probably non paying or close to it and still live comfortably the rest of my life... which was the equivalent of $40k (single) in 1995... out came a number and thats the number I used. I missed 20 years by 4 months (early) only because my house sold faster than expected so time to get out of town.

 

[donheff]

I guess I moved the goal posts once - forward. I long had age 56 as my target (unreduced Federal pension) unless I was very happy with work. About a year before reaching 56 I agreed with DW (who is 4 years younger) that I would probably go a couple of years longer. But soon after I hit 56, I thought "we are well enough set that we could BOTH ER and I am tired of working" so I gave notice that I would pull the plug 4 months later at the end of the year.

 

[kcowan]

I decided on the age. I was sure we could adapt to the budget we would need. Initially it was 55, then a divorce forced a deferral to 60. I had anticipated that the extra 5 years would cover my financial obligations.

It has turned out that I was too conservative in my estimates. Life is good. The market has cooperated big time!

 

[BeachOrCity]

Thanks all for the replies.

Interesting that there seems to be many that moved the posts back as opposed to forward. I am sensing that many here have been content with more modest income budgets/projections in RE as the goal was more heavily tilted (prioritized) towards retiring sooner vs. with a preferred FI number. In my case, a suppose a combination of enjoying much of what I am doing work wise, a lucrative income, and enjoying a "healthy" standard of living while still/always living way below my means all have me tinkering with number to provide me a larger income when I launch. As mentioned earlier, I am sure life style creep over the years has pushed my target around as well.

This sort of begs the questions which I didn't really pick up on the replies... did your projected RE budget/income go up/down/match your final expense/income years? From your earlier plans for FI, how much did your FI number change (i.e. 20 years ago you thought $1M was the number and now its $3M or projected desired income was $50K, but now it's $150K)? How much do you contribute to the creep vs just missing the mark?

Exact opposite for me. My desired std of living for ER has gone up, so the amount i consider FI has gone up as well. Luckilyboth my income and invetsment performance has done well so my age for ER has been somewhat stable, but if i only had the original targeted $$$ i would not RE.

 

[scrabbler1]

This sort of begs the questions which I didn't really pick up on the replies... did your projected RE budget/income go up/down/match your final expense/income years? From your earlier plans for FI, how much did your FI number change (i.e. 20 years ago you thought $1M was the number and now its $3M or projected desired income was $50K, but now it's $150K)? How much do you contribute to the creep vs just missing the mark?

I didn't start making close projections of my expenses until 2007, the year before I retired. It was pretty easy to make these projections. Most of them would be unchanged, with a few exceptions. My commutation expenses dropped to zero (YAY!). So did my FICA taxes (another YAY!). In return for those, my health insurance premiums would rise by roughly the same amount as the two disappearing expenses. Other expenses would rise a little or fall a little.

In the first few years of ER, my HI premiums were by far the most volatile, rising by 50% in the first 2 years, then dropping a lot when I chose a bare-bones policy leaving me badly underinsured until the end of 2013 when I could switch to an ACA exchange policy whose premium was less than what I was paying when I first retired.

 

[dunkelblau]

Back in the early 1990s I remember reading an article in the WSJ describing food flavors of FIRE that anchored possible targets in my mind. At the low end was 'beer and chips' which these days might be called leanFIRE, in the middle was 'steak and wine' which is probably simply FIRE today, and at the high end was 'champagne and caviar' now known as fatFIRE.

I remember thinking at the time that even the beer and chips target seemed out of reach, but thanks to the runaway bull market of the 1990s and my luck sidestepping the millennium correction, I got there on my 40th birthday. But after looking at lower cost-of-living relocation candidates (including the land of malbec and chimichurri) I decided I'd rather stay in coastal California, so it was back to the drawing board.

About a decade later a cancer scare coincided with crossing my new target, so I took an early buyout offer. But my employer had other ideas, they custom-fitted my job to my wish list and asked me to try it on for size. Well it's been a series of OMYs since then, so I think my ER is no longer affected by earned income, now it all depends on working conditions-- and of course health. If the fit stays good and if I continue to be at a loss finding anything better to do, then I'm fine losing the "E" in "ER".

So for me it's moved them once and then removed.

 

[whatnot]

DH & I started looking at retirement seriously maybe 9-10 years ago. We both had been contributing to our respective 401ks for all our working lives but never really had a plan. We were both busy working and raising our kids, paid for both to get undergrad degrees, etc. They both pursued advanced degrees which we helped a bit, but they financed via loans. Paid for both weddings, etc.

Started seriously looking at financial readiness about 7-8 years ago. Goal was originally age based 59.5 when DH could access 401k funds. We had 95% of all our $ in tax sheltered accounts. So made effort to save $ outside of tax sheltered funds in addition to 401ks. Now have 10% of $ outside of 401k. Learned about HSA's and back-door Roth IRA's here and have done both the last several years. Got a handle on our expenses, etc.

As we became more educated on RE preparation, WD rates, etc. We developed a $ goal in addition to age goal. Goal was originally 2 mill + 200k cash. Then due to market we surpassed that # by 10% last year. So we felt that number was our new goal(10% cushion). DH just turned 60 and we are now 11% above the new revised goal! Plan is to retire April 2018 in order to get 6 weeks more vacation & annual bonus in Mar. DH will be 60.5 and I will be just shy of 57.

So yes we moved our benchmark a few times. We both make good incomes and once we retire we would not get jobs that pay close to what we are making. We also want to have a relatively comfortable retirement. That being said we know that it is a time vs $ decision. We have lost a few friends the last few years who were 58 & 62. So the date is set. The help from this board has been invaluable. Thank you to all.

 

[W2R]

Never.

In my case I always had two dates in mind: 11/2009 (first day of retirement elegibility), and then 6/2010 (my 62nd birthday) as a backup just in case something blew my plans up. Despite Katrina I made it by 11/2009.

Like most of us, I am mathematically literate/capable, so I just figured out how much I could spend in order to be able to retire on time and not have to delay. It was easier for me to adjust the spending side of the equation instead of the income side.

At the last minute I got a (nice but not huge) inheritance which helped too. I would have still retired in 11/2009 whether or not that had happened, but it sure made the decision a no-brainer.

 

[Scuba]

When I was 18, I wanted to make $1 million and retire at 30. I realized in my 20's that $1 million wasn't enough to fund my desired lifestyle for 60+ years and decided I'd probably have to work into my 40's. Went to work at a megacorp that had early retirement at 50 so that became my goal for a long time. Hit 50 in 2010 after a decade of low market returns and a couple of ill-timed, money losing real estate investments. Also had left megacorp and worked for a smaller company with less generous retirement benefits, but a nice nut that would be there for me if I worked until 56. Achieved our $$ goal around 54 but stuck around for the extra two years for the added financial security/healthcare cushion/lifestyle enhancement.

Been retired almost a year and so far, no regrets. More $ than expected and love the freedom!

 

[FreeBear]

This sort of begs the questions which I didn't really pick up on the replies... did your projected RE budget/income go up/down/match your final expense/income years? From your earlier plans for FI, how much did your FI number change (i.e. 20 years ago you thought $1M was the number and now its $3M or projected desired income was $50K, but now it's $150K)? How much do you contribute to the creep vs just missing the mark?

I came up with my FI number when I was about 30 years old. I was getting established in my career, but even then I could see the writing on the wall. I looked at my current expenses and guess-timated a "luxury" retirement budget. I was single at the time and thought I would retire very well, but still single. The primitive retirement calculator I used (no Trinity study yet or Fircalc) forecast retirement somewhere around 52 to 57. This seemed too far away, but I just kept saving and grinding away.

Fast forward 15 years, I was married, no kids, and set up for a middle of the road FIRE. I FIRED at 45 with nest egg and spend rate that was only 5% less than my original prediction. In reality, it's a significant cutback over my original target lifestyle because this budget is now for a married couple, not a single.

So our SWR is a little high for my comfort, but I pulled the trigger anyway because w*rk was killing me. The tradeoff is that we have a comfortable retirement for 2 starting at least 7 years ahead of plan, but not the luxurious retirement for one that I originally considered.

Because of a higher WR, we are especially vulnerable to unfavorable sequence of returns early in retirement. Thankfully, recent returns have been so strong that we have been able to indulge in some "luxury"-to-us spending and our financial position is still stronger than when we retired 3 years ago. We took a chance, and so far so good. I love the FREEDOM more than all the stuff I dreamed of buying years ago

 

[kgtest]

keeping fingers crossed that a big reorg at Megacorp makes the decision for me with a comfy "get-lost" package.

My ole man kept waiting for that...for about 4years. When they finally passed him up on severance right after a near fatal motorcycle wreck he decided to get two knees replaced as well. Man did he milk the time off. When it was time for him to go back from the second replacement, he said so sorry, won't be coming in anymore. I think he was having medical procedures for like 3years straight.

He's 66, by no means did he consider retiring on his 65th birthday as early, but he did consider it the right time for him. Four pensions, 3 paid off income properties and both SSA that will likely get taxed nicely. He's spent the first year of his retirement going to three funerals.

 

[kaudrey]

Well, my target may be moving. I have been shooting for 57 (just over 8 years from now), because that is when I can get my immediate federal pension and keep federal health bennies.


However, in the last year, I have gotten divorced, which didn't change my plans (I can do it on my own), but also met a wonderful, somewhat older man with whom I feel I may spend a long time. Because he is 12 years older, he is planning to retire next year. He wants me to retire when I have my 30 years in, so I get a full deferred pension. I won't have health care bennies if I do that, which is a bit scary. On the flip side, Mr. Wonderful is quite well off and money won't be a problem for either of us. So, if things keep going well and we fully integrate our lives, I may be heading out in less than 4 years. THAT's a little scary! But in a good way.


We both have grand plans for giving back in a myriad of ways (and traveling, in between), so the thought is exciting.

 

[Aerides]

In our mid-30's, DH and I had a rough goal of ER, thinking 55 or less. In late 30's I started looking into what we'd really need, and set the goal post based on the 4% rule, with a bit of wiggle (up). I then loosely tied age/year goals to that based on projections.

2 years later (in the early bull days too) we were getting smarter and more than half way there. Forward marched and once we got to the number we sort of kept going a bit past the finish line, but without actually moving it to a new number.

But we did sort of OMY, waiting for the right timing, bonuses, etc., and then I got wind of a RIF and positioned myself for it, and got a year severance, so we ended up with the original goal safely in the rearview mirror.

Our first year post-RE spend comes to a 2.7% WD, so that makes me quite happy.

 

[CoolChange]

Not sure I ever really moved the goalposts: I started seriously thinking of ER as a possibility for my future in 1986 and figured I could do it with around $500K. This would have been a beer and chips level of ER; but, I grew up in a beer and chips kind of neighborhood and was fine with that.

Fast forward to today, that $500K is around $1.2MM, inflation adjusted. This is still around where I think I could ER. However, even after the goalposts were in easy reach, I kept doing OMY because a touchdown (vs. a field goal) seemed like a real possibility. And, I no longer believe I will get the chance to take the field again to try and run up the score after this final drive.