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Old 10-29-2017, 08:26 PM   #21
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Circa 1977 I set the goal at age 62, ballpark 1.2 mil, 2005. I was canned (layed off) at age 50ish, 1993 with a lot less than 'my number'.

History courtesty Mr Market, 'Bogle's Folly' and some creative really cheap early years have treated me kindly. Very kindly.

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Old 10-29-2017, 08:40 PM   #22
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I knew I wanted to RE from my stressful career, but never had a number in mind until after I had received an inheritance at age 48. I settled on a financial number that defined FI for me. I expected to reach it at age 55. Then came 2008 and the bottom fell out of my portfolio. I kept my original financial number but figured I would now need to w*rk until at least age 58. As the market recovered, I reached my financial number around the time that w*rk became intolerable, at 55. So I revised my desired RE age twice, but in the end, I retired at my original goal age.
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Old 10-29-2017, 09:37 PM   #23
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I moved both the amount and age goalposts several times.
About 17 years ago, using Microsoft Money's planner, I came up with 1300k as an amount but assumed full retirement age for myself and DW. Using Quicken and FireCalc the amount changed to about 1.5 and 1.7, then when we recovered from 2008 in about 18 months, I realized the date could be moved up for me, so I sem-"retired" at 57 a couple years ago (I'm working about 15 hours a week for former employer online for about 1/2 of former pay). With the market and renewal for another 2 years for me, I've moved up younger DW's timeline to early next year. I like working online under current terms a lot, but it's OK to tell me I'm not retired if it makes you feel good. I still feel retired, after 2 years, so I'll ignore you.
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Old 10-29-2017, 09:39 PM   #24
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I moved both the amount and age goalposts several times.
About 17 years ago, using Microsoft Money's planner, I came up with 1300k as an amount but assumed full retirement age for myself and DW. Using Quicken and FireCalc the amount changed to about 1.5 million and then 1.7 million , then when we recovered from 2008 in about 18 months, I realized the date could be moved up for me, so I sem-"retired" at 57 a couple years ago (I'm working about 15 hours a week for former employer online for about 1/2 of former pay). With the market and renewal for another 2 years for me at the same terms, I've moved up younger DW's timeline to early next year. I like working online under current terms a lot, but it's OK to tell me I'm not retired if it makes you feel good. I still feel retired, after 2 years, so I'll ignore you.
("And what I assume you shall assume;
For every atom belonging to me, as good belongs to you."
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Old 10-29-2017, 10:04 PM   #25
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My age moved from 67 to 65 to 62 to 60 and my goal amount reduced with each age change. This occurred because my pension number firmed up and SS became more of a certainty.
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Old 10-29-2017, 11:35 PM   #26
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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.
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Old 10-30-2017, 02:35 AM   #27
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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.

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Old 10-30-2017, 04:32 AM   #28
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The number for FI has moved up over the years but the age has pretty much stayed the same for RE.
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Old 10-30-2017, 04:46 AM   #29
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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?
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Old 10-30-2017, 05:09 AM   #30
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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.
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Old 10-30-2017, 05:10 AM   #31
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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.
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Old 10-30-2017, 05:17 AM   #32
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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!
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Old 10-30-2017, 05:19 AM   #33
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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.
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Old 10-30-2017, 05:20 AM   #34
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Originally Posted by DawgMan View Post
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'!
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Old 10-30-2017, 05:25 AM   #35
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-1 time.

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

-gauss
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Old 10-30-2017, 05:38 AM   #36
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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.
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Old 10-30-2017, 06:20 AM   #37
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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.
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Old 10-30-2017, 06:34 AM   #38
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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.
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Old 10-30-2017, 06:59 AM   #39
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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!
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Old 10-30-2017, 07:32 AM   #40
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Originally Posted by DawgMan View Post
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.
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