F.I.R.E User
Thinks s/he gets paid by the post
How old are you?
Share your FIRE Milestones - 2013- 2020
- Thread starter FIREd
- Start date
- Status
How old are you?
CamasSaver
Dryer sheet aficionado
F.I.R.E User
Thinks s/he gets paid by the post
When do you plan to F.I.R.E?
I noticed that you are unconsciously looking for "peer confirmation"! No offense but everyone has to plan their FIRE timeline based on their individual circumstances. e.g. I am 45 but I have much greater need for nest egg due to higher spending, family and a special need kid. Don't try to compare yourself with anyone even when it comes to FIRE. Stick to your plan and your needs.
Debt. Free. Age 59.
My mother passed away a little over a week ago, resulting in a windfall of cash that was enough to pay off our mortgage. Paid it off in 7 1/2 years. (We were originally shooting to have it paid off by December 2021.)
Called in the payoff payment over the phone on Thursday; made sure they deleted the auto-pay feature, and just thought I'd check the status on my phone app this morning...Surprisingly, it said "Mortgage: PD IN FULL".
It hasn't sunk in for me yet, but after we came back in the house after a walk this morning, DW said, "Wow! This is OUR house!"
My mother passed away a little over a week ago, resulting in a windfall of cash that was enough to pay off our mortgage. Paid it off in 7 1/2 years. (We were originally shooting to have it paid off by December 2021.)
Called in the payoff payment over the phone on Thursday; made sure they deleted the auto-pay feature, and just thought I'd check the status on my phone app this morning...Surprisingly, it said "Mortgage: PD IN FULL".
It hasn't sunk in for me yet, but after we came back in the house after a walk this morning, DW said, "Wow! This is OUR house!"
CamasSaver
Dryer sheet aficionado
Debt. Free. Age 59.
My mother passed away a little over a week ago, resulting in a windfall of cash that was enough to pay off our mortgage. Paid it off in 7 1/2 years. (We were originally shooting to have it paid off by December 2021.)
Called in the payoff payment over the phone on Thursday; made sure they deleted the auto-pay feature, and just thought I'd check the status on my phone app this morning...Surprisingly, it said "Mortgage: PD IN FULL".
It hasn't sunk in for me yet, but after we came back in the house after a walk this morning, DW said, "Wow! This is OUR house!"
So sorry to hear of the loss of your mother. Condolences to your family. Good to hear though that you were able to be blessed from your inheritance to pay off your home. That’s a big piece of mind and living legacy that she has left for you.
Yes, thank you. I was able to say goodbye to her at the end, in a peaceful environment. She lived a long life and was very healthy until the last 6 months or so; it was not a total shock and surprise that she passed, thankfully. But it's a weird mix of feelings...sadness (at her passing), relief (for paying off the mortgage), and yes, a little guilt (for making a financial decision so quickly), but it was the right decision. She paid off her house right after my stepfather passed away (from a windfall from his estate), so I think she would understand.
The Cosmic Avenger
Thinks s/he gets paid by the post
Hit $3M in investments, $3.5M NW again. I knew we would reach it again, but we had just barely hit it Sept. 2, and that was our high point until now.
This has me thinking maybe I shouldn't go back to work....or at least definitely take my time looking.
This has me thinking maybe I shouldn't go back to work....or at least definitely take my time looking.
Last edited:
street
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Nov 30, 2016
- Messages
- 9,541
^ looks like you have done very well and could retire now, if expenses were in line with your portfolio.
I would say, that most should be at a high right now. I looked just briefly and I'm worth more then ever before.
I would say, that most should be at a high right now. I looked just briefly and I'm worth more then ever before.
Reached $4 million for the first time.
I originally planned to retired at 55 with $3 million. I turn 52 in January. I am considering retiring at that point. I should have plenty - but almost all of my money is pre-Tax and any withdraws will be penalized 10%. I am trying to sort out how much three extra years of retirement is worth.
I originally planned to retired at 55 with $3 million. I turn 52 in January. I am considering retiring at that point. I should have plenty - but almost all of my money is pre-Tax and any withdraws will be penalized 10%. I am trying to sort out how much three extra years of retirement is worth.
Nice work!
Nice work! We're already "FIREd" but my goal is your acheived milestone. We can "do" with 2M which will give us 80K at SWR of 4%. But I want 500K extra as a "shock absorber" for market corrections, or ... sudden urge to buy waterfront condo! 3M milestone would allow us to "fatten" our lifestyle a bit, then 3.5M would allow us to have that "fat" lifestyle with a 500K shock absorber.
Nice work! We're already "FIREd" but my goal is your acheived milestone. We can "do" with 2M which will give us 80K at SWR of 4%. But I want 500K extra as a "shock absorber" for market corrections, or ... sudden urge to buy waterfront condo! 3M milestone would allow us to "fatten" our lifestyle a bit, then 3.5M would allow us to have that "fat" lifestyle with a 500K shock absorber.
The Cosmic Avenger
Thinks s/he gets paid by the post
Nice, congratulations! We're in much the same position -- even if I kept working until my previous target date, we'd have to spend down a lot of our relatively small taxable account and then our Roth IRAs to make it to 59.5 comfortably. I've been looking into SEPP/72t, as hotwired mentioned. My idea is to figure out our essential expenses (property tax, basic groceries, etc.), and set up SEPP for that amount, then withdraw all other spending from taxable, or Roth IRAs (depending on how we need to balance our taxable vs. nontaxable income).
Don't forget, SEPP will be counted as taxable income, taxable accounts will incur capital gains, and Roth IRA withdrawals might or might not be taxed, depending on how long the money has sat in the account (five-year rule).
Anyway, my spouse is still working, and so far we're able to get by on one salary, even with them still contributing to their 401(k) and both our Roth IRAs. We might spend my RMDs from my inherited IRAs next year, which will probably be a little under 1% of our total portfolio, and that would let us keep up our former standard of living while still growing our money a little more.
goingtotravel
Recycles dryer sheets
- Joined
- Jun 1, 2018
- Messages
- 176
Just watching the clock now
Not sure where to post this but DH was finally awarded VA disability. Still in shock that it was finally granted. We never counted on that money so now 90% of our current annual spending is covered by pensions and disability payments. Over 100% of our current spending will be covered by the time we both claim SS. We have worked hard for the last 5 years to reduce our spending significantly due to the uncertainty on winning the disability claim.
We had already hit our number before the disability award so our portfolio will be for significant improvements to our home and/or a new home, travel (beyond what we currently spend) and charitable gifts. We also both now have medical coverage for life. Glad we saved for decades, probably over saved now, but nothing in life is guaranteed. We are both retiring within the next 6 months.
Not sure where to post this but DH was finally awarded VA disability. Still in shock that it was finally granted. We never counted on that money so now 90% of our current annual spending is covered by pensions and disability payments. Over 100% of our current spending will be covered by the time we both claim SS. We have worked hard for the last 5 years to reduce our spending significantly due to the uncertainty on winning the disability claim.
We had already hit our number before the disability award so our portfolio will be for significant improvements to our home and/or a new home, travel (beyond what we currently spend) and charitable gifts. We also both now have medical coverage for life. Glad we saved for decades, probably over saved now, but nothing in life is guaranteed. We are both retiring within the next 6 months.
Last edited:
Outstanding! What percentage is his disability? You may now never need to use your investments lolNot sure where to post this but DH was finally awarded VA disability. Still in shock that it was finally granted. We never counted on that money so now 90% of our current annual spending is covered by pensions and disability payments. Over 100% of our current spending will be covered by the time we both claim SS. We have worked hard for the last 5 years to reduce our spending significantly due to the uncertainty on winning the disability claim.
We had already hit our number before the disability award so our portfolio will be for significant improvements to our home and/or a new home, travel (beyond what we currently spend) and charitable gifts. We also both now have medical coverage for life. Glad we saved for decades, probably over saved now, but nothing in life is guaranteed. We are both retiring within the next 6 months.
goingtotravel
Recycles dryer sheets
- Joined
- Jun 1, 2018
- Messages
- 176
He was granted 100% Permanent and Total disability.
UnrealizedPotential
Thinks s/he gets paid by the post
- Joined
- May 21, 2014
- Messages
- 1,390
I finally reached 500K in investable assets for the first time. I was beginning to wonder if I would ever get there. I got close early this year and then covid happened. But I finally reached it, and hopefully it continues to grow over time.
Last edited:
ER_Hopeful
Recycles dryer sheets
haven't looked at my acct in a few months.
Today, I'm at $1.122 mil. may have been higher at one point.
Back in Jul, I was at $1.005 mil. Hope to hit 1.5 mil soon!
Today, I'm at $1.122 mil. may have been higher at one point.
Back in Jul, I was at $1.005 mil. Hope to hit 1.5 mil soon!
F.I.R.E User
Thinks s/he gets paid by the post
You use Mint?
scrabbler1
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Nov 20, 2009
- Messages
- 6,699
I am only $20k short of $1.7M, so I hope I can soon make the claim you just made (without the champagne haha).
Monterey298sc
Recycles dryer sheets
- Joined
- Aug 3, 2018
- Messages
- 133
We just hit 2.166 . Good day
You've got me by 15k; for the last year I've been floating up over/under the 2million mark. I'm planning on withdrawing up to the 12% tax mark from my 403b in January (we're not spending it all) but hope to stay above the 2 million level next year. That's my goal now.
A 10% withdrawal from my account in January is a slap across the cheek, but DW's accounts are available for withdrawal in 2022, so it's not really different from a 5% WR (assuming she doesn't walk to get rid of me).
Last edited:
Cantwaitanylonger
Recycles dryer sheets
Just passed 1.3 million in savings/IRA/401K (momentarily) plus have about 1.3 million in real estate including my house/rental/vacation house. That makes my happy but what really makes me ecstatic is that I just got the results from my oncologist and am still cancer free after 1.5 years!! Still working at 60...not sure how much longer to continue. The odd thing is that when I thought I didn't have much time left, I wanted to keep working to help my family's finances after I was gone. Now that I have a better outlook, I want to escape...Decisions...
- Status
