Share your FIRE Milestones - 2013- 2020

[splitwdw]

I've been lurking for a while but decided it was worth posting that our first milestone is met. Especially since it looks like it will be a lot tougher from this point on..........
But I just learned that I will be a victim of the latest corporate merger restructuring, and my job at the Megacorp will be over at the end of the year. The good news is that my package will be worth around $330K before taxes and I can spread it out over two years to reduce the tax hit. I am also fully eligible for retirement benefits including a very good subsidized medical plan. The bad news is that there are no jobs in my area of expertise anywhere near here. And selling our home and moving away from children and grandchildren was certainly never a part of our plans. So considering what to do...

It looks like accumulating the next million is going to be a lot more painful.

If you want to keep working you have to look outside the box. There must be something you can do other than what you've been doing. Look for some fun or creative or instructing. Start you own consulting business. Does the job have to pay the same salary?

 

[elisap]

"Thanks for letting me share. The only other person that knows is DW, and I got sort of a "that's nice dear" response. Maybe it was too early in the morning for a high five."

Get her a drink, remind her later in the evening.....maybe you will get more than a high-five. Hey, the money is supposed to provide happiness.

LOL, yes I get your point. I've always handled the money and when we cross the mark I told DH. His response was ... are you blowing your own horn? He did smile though but a ...that's great would have been nice. hmm, maybe I should be like many other women who spend money like it grows on trees. Then again, maybe not. It gives me peace of mind.

I like setting goals and learning about money, DH, not so much.

 

[PontGuy]

Do you really need another million to be able to retire?

No, I am sure we could cut back and be OK. But that wasn't the plan. We would really like to keep the big house at least for a while. I have two classic musclecars in the garage, an elaborate model railroad in the basement, and we really enjoy the big kitchen and deck/patio complex when the family visits. The house is almost paid off and taxes are not a problem, but I know that upkeep takes significant cash each year.

If you want to keep working you have to look outside the box. There must be something you can do other than what you've been doing. Look for some fun or creative or instructing. Start you own consulting business. Does the job have to pay the same salary?

The big salary I have been earning was going to get us to our goal quickly so I could quit working and keep close to our current lifestyle. I am sure that I can come up with something to do locally, but not likely to make anywhere near that much. I also know I can do consulting work and make very good money but that would keep me on the road a bunch, also not desirable. I did a whole lot of business travel in the past and really don't want to go back to that (only upside- I still have about 1/2 million airway miles that we will enjoy.)

Oh well, I have 6 months or so to figure it out and come up with a new plan. And take some comfort in knowing we are in much better shape than most out there.

 

[Huston55]

Oh well, I have 6 months or so to figure it out and come up with a new plan. And take some comfort in knowing we are in much better shape than most out there.

So, you have plenty of time to evaluate the advice given above:

1. Continue to save all you can.
2. Don't limit your analysis/planning to just the income & accumulation side; cuts on the expenses side have a multiplier effect.
3. Don't be a prisoner of your (pre-merger) plan.

 

[Tortoise Banker]

Got a 20% raise today! Increased auto-investments to 401k and IRAs by any added income this raise would provide!

 

[Lawrence of Suburbia]

Not a millionaire.

Not even close.

But I am sorta proud that, after forty years of a music "career" (translation: no savings) and my current minimum wage job (and just becoming eligible for "early" S.S.), I have a) paid off my loft, and b) saved enough that the job stress has decreased immensely. (I laugh at the boss in front of his back, now.) I live very cheaply; and at full S.S./Medicare age should be able to go back to music, full-time.

I know, not early retirement. Not retirement at all, in the conventional sense; but I should be laughing!

 

[Evie]

Got a 20% raise today! Increased auto-investments to 401k and IRAs by any added income this raise would provide!

Wow! Great job! That's amazing!! Congrats!


Sent from my iPhone using Early Retirement Forum

 

[Bir48die]

Got a 20% raise today! Increased auto-investments to 401k and IRAs by any added income this raise would provide!

I have been lucky as my company offered a deferred comp program. We were top heavy on 401K so always getting a refund. I started siphoning more and more money to the comp program which is tax deferred. The last 7 years I have been putting in 40% of my salary into retirement programs plus same % of any bonus (we could bonus 50% of our salary). I just got in the habit of living off of the same salary from ten years ago. This makes it so easy to now convert to retirement spending since it's 60% of my past gross salary. If you commit to saving early, you'll never miss the money.

 

[kgtest]

Most recent milestone, experiencing a correction.

I suppose I was in a similar one back in 2007/08 but I wasn't really an informed investor and had no clue what a correction even meant (thankfully I was allocated unknowingly to 50% bonds during the time so I think I wethered it better than some).

I also watched one of my holdings experience a flash selloff, only to recover from a 30% drop in one morning.

 

[Bir48die]

Last Day Today...Except

Last full time day today. Three weeks vacation then come back 2 1/2 days a week for support job with full benefits. I'm guessing I'll last maybe a year, maybe not.

Have somewhere between $1.7 and $2.0 million. Closed my eyes on the market ten days ago. Wife has $28k pension and can start drawing $17k SS in January. I'll wait until 66.2 and get $30k+ depending on COLA's.

$500k house paid for. Brand new SUV, second SUV, Pickup, Camper and Boat paid for.

Having a couple cold beers at lunch then outta here.

 

[Tortoise Banker]

Bir48die: Congrats! I bet those beers tasted REAL good!

 

[Huston55]

Last full time day today. Three weeks vacation then come back 2 1/2 days a week for support job with full benefits. I'm guessing I'll last maybe a year, maybe not.

Have somewhere between $1.7 and $2.0 million. Closed my eyes on the market ten days ago. Wife has $28k pension and can start drawing $17k SS in January. I'll wait until 66.2 and get $30k+ depending on COLA's.

$500k house paid for. Brand new SUV, second SUV, Pickup, Camper and Boat paid for.

Having a couple cold beers at lunch then outta here.

Congrats!

I'm in a similar situation - FIREd last summer, about the same age as you, have some guaranteed income streams + portfolio, and have been doing some part time consulting during the past year. It's been great, and DW & I are enjoying ourselves very much. We relocated, as planned, shortly after FIRE, and are really just settling in to our new location during the past few months; expecting to travel frequently beginning this fall.

Hope your transition into FIRE/Semi-FIRE goes smoothly and is as delightful as ours has been.

 

[msbearkeley]

Gave my 60 day notice at the age of 46. Best job I've had, most money I've made and best boss I've had. DH is 48 and was also planning to give his notice but got asked to travel to Singapore next week to do a 30 minute presentation, then will do it when he returns.

We have been on this board for awhile...initial dream was 2008, but learned a lot from this board and after crunching the numbers and making the decision and then second thoughts, we made the decision to do it. It's been scary the past two weeks...we should be very happy, but the transition from savings to spending will be so foreign to us. Double and triple checking Personal Capital (in case we accidentally double counted an account, thinking we had more money than we really had)....worried we may not really enjoy our retirement plans of worldwide exploration, starting with the first 5 months traveling Australia, learning how to sail, scuba diving and getting physically fit, still made the plunge and gave my notice.

Result....boss decided he wants to put me on a leave of absence for 5 months in case I decide I want to come back to work 7 months from now. He agreed to the transition plan I e been working towards (promoting 5 of my direct reports to Directors, reporting to one of my peers ready to take on my responsibilities). I will have the option to come back in whatever capacity I want!

What more can a girl want!? Yes, part of me still feels like it's too good to be true... Will something bad happen soon? Then again....if I don't do it now, I never will!

Thank you all for the great support and for being our virtual role models!


Sent from my iPhone using Early Retirement Forum

 

[rodi]

Congratulations msbearkeley!

 

[workmyfingerstothebone]

Cleared the 1M household net worth bar

Age: 55 Spouse:49

With home paid for (and no debt) plus rental equity, retirement funds and savings we finally cleared the 1M household net worth bar in 2015.

Expect to FIRE 2017, but the spouse will still work.
If she changes her mind we can downsize the home and make it happen.

I expect we'll cross that line (1M net worth) a few times depending on the market. Eventually though our retirement should grow to resolve this.

Oh, Happy Day.

 

[wingfooted]

WorkingMyFingers

$1MM net worth is a great milestone achievement. Congratulations.


Sent via ER iPad app

 

[orangehairfella]

I just clicked the sell button on our taxable account. We're paying off the mortgage. I know the topic has been debated to death. For us, with our priorities, after doing the math on the opportunity cost, it was the right decision.

Took us 3 years, 11 months.

 

[Quest4Fire]

I just clicked the sell button on our taxable account. We're paying off the mortgage. I know the topic has been debated to death. For us, with our priorities, after doing the math on the opportunity cost, it was the right decision.

Took us 3 years, 11 months.

Congrats.
I am accelerating mortgage payments for another year+ to be debt free by a key birthday. There is not much savings doing this, but for the utter joy it brings me just thinking about it.

 

[BreathFree]

I broke through one million in investable assets today. Rental properties valued at $415,000 and stock and bonds at $586,258.00. After such a long hard slog (44 years old), it sure seems anticlimactic. Maybe because I have another $400,000 to go before I leave my job. Oh well, they say the first one is the hardest.

 

[cyber888]

Getting out of current job - a new beginning or retirement?

I guess - looking forward to a new job is a milestone. Or is this retirement?
My boss and I have our irreconcilable differences and I told him I'm out by middle of next year - just finishing my contract to August 2016. Even though I'm good at my job, the new boss does not like me. I'm out and already applying for other jobs.

At 51 yrs old, I still have a mortgage at $1,350/month (including realty taxes and insurance) but no other debts - no car debts, no student loans, no credit card debts. Just like paying for an apartment.

I will have about $700,000 saved pre-tax + after-tax liquid savings before I leave my job. I'm transitioning my after-tax savings from mostly cash to tax-free muni bonds to max out tax-free dividends. Net worth is around $900K at the very least.

Still planning to work 4 - 5 more years in a new job to hit that $1Million - $1.2 million mark in liquid investments and pay off my house.

In the event I don't get a new job soon, we have a back up plan. First of all, we can actually survive till my wife and I get SS since we live in a low-cost semi-rural area in a Southern state where cost of living is cheap. We are frugal. Secondly, we can rent our house for $2,000/month. Zillows said we could rent it out for $2,350/month. And we could easily live off $1,300 - $1,500/month luxuriously in the Philippines for a few years, where we have family and friends.

Lastly, we have no kids, nobody to support. It means, my partner and I will be happy to pass on from this world with almost $0 in our savings. So, we do intend to spend down what we have saved to the last penny before we move on to the spiritual world.

However, I hope to get a new six-figure job before I quit my current job next year. But we're ready for the worst case scenario - I guess that's what counts.

 

[rkser]

I & DW retired about 6 months back, myself at 59 & DW is 54 .

Yearly expenses are about 120k, about 10 k a month, no debt period, and a paid off House.

A all Vanguard investment portfolio 50/50 of 4 million, 425 k of Cash & Bank CDs, a paid off rental office building (My earlier place of work) conservatively worth around 450k with 60k annual net income.

We are not counting our SS income in the calculations for retirement readiness.

All in all, we find ourselves in a good place financially, and after a upcoming 30 -35 yr expected retirement & market willing we may have some left for kids & Charities.

Health is on our minds at this time, not wealth, our health Insurance premiums with Cigna total $ 1500/mo with pharmacy costs of $250/mo.

Best regards to every body.

 

[Floridatennisplayer]

Here's a milestone.... I'm sixty years old I got a new boss 3 months ago who's a young want to be and is making my life miserable but thankfully our house is paid for our condo in Florida is paid for we have no debt I have about a million five in different taxable and non taxable investments.... did I mention he's making my life miserable

 

[Dash man]

Just completed our biannual review of our financial plan with our CFP wealth advisor with USAA. We've surpassed the $6M mark in overall net worth. Just waiting for DW to pull the plug...was supposed to happen today...also last Monday...and last year...yada yada yada...


Sent from my iPhone using Early Retirement Forum

 

[robnplunder]

It took slightly more than I expected but 8 months after the above post, our NW crossed 2.1M threshold and I am on pace for $2M investment portfolio (1.8M now) in 1 year if I continue to work.

Reached $2.4M NW due to rapidly increased home equity. Investment portfolio is at 1.86M, not much of an increase due to flat YTD market. Ready to call it an ER soon.

 

[elisap]

I broke through one million in investable assets today. Rental properties valued at $415,000 and stock and bonds at $586,258.00. After such a long hard slog (44 years old), it sure seems anticlimactic. Maybe because I have another $400,000 to go before I leave my job. Oh well, they say the first one is the hardest.

LOL I agree, when I hit the mark it was anticlimactic. Just like when we paid our mortgage off and kept it to ourselves, I think reaching the million mark, it is smart to keep quiet about it.