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Old 04-27-2021, 07:24 AM   #201
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It took me about 13 years to reach $500K. How long will it take to reach $1M?
Not enough info here to tell. How much did you start with to reach 500k, and how much did you invest annually in those 13 years? How is that $500k invested now? There are some online calculators that show how long it takes to double money at a specified rate of return (https://www.calculators.org/savings/rule-of-72.php) and some more elaborate compound interest calculators that show the same thing, but take into account additional contributions along the way.
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Old 04-27-2021, 07:39 AM   #202
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It took me about 13 years to reach $500K. How long will it take to reach $1M?
It took me 18 years to get to $500k, at age 40. Like srblanco7, it took me only 7 more years to get to the $1M mark (2003-2010). That included my ER in late 2008 and the economic downturn, which kept me from getting there in late 2007 when I was very, very close. Seven years seems to be my lucky pace because that's how long it took me to get to $1.5M, in late 2017.
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Old 04-27-2021, 04:59 PM   #203
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Congratulations on reaching $500k! My personal experience was that the first $500k was the biggest challenge. How long to go from $500k to $1M (and beyond) depends on how much you're investing each year and your rate of return. As others have noted there are a number of available tools (e.g., FireCalc). I use the excel FV function to scenario model different rates of return.

My personal experience was roughly 7 years (2006-2012) to go from $500k to $1M - noting that this time period covers the great recession. Have fun scenario planning, it can be a motivator to save more.
Thank you. I am 43 now so hoping to reach $1M in my 40s. A day before my 50th birthday would qualify.
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Old 04-27-2021, 05:14 PM   #204
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Congratulations on that milestone! Most likely, the second $500K will come a lot more quickly. This got me curious, to look at my own records, and here's my data:

12/31/1997: Essentially, zero. The furthest my spreadsheet goes back. I was still recovering from a bad divorce, but by this time started to see a light at the end of the tunnel, so I began to get a bit serious about investing again.
3/30/2010: $500K. So, about 12 years and 3 months to get from zero-500K
2/27/2015: $1M. ~4 years 11 months.
9/29/2017: $1.5M. ~2 years, 7 months. However, I got some help here, with a rather sizeable inheritance from my Dad. Some of it had cleared during this period, but some was still in probate.
9/30/2019: $2.0M. ~2 years. I'm using a bit of creative accounting with this one, though. My investible assets were actually around $1.827M. However, I had bought a house in 9/2018, and the deposit+inspection fees+down payment, if added back in, would have put me over $2M
January/February 2020: I flirted with the $2M barrier a few times, and this is on its own merit, not counting that down payment.
8/31/2020: The first time I hit $2M, during the COVID recovery.
11/30/2020: The first time I hit $2M, and seemed to stay above it for good. I'm now at $2.415M, so with any luck, I'll never see a total that begins with a "1" again. (although $10M would be nice )

Anyway, congratulations on your $500K milestone, and have fun on your journey!
Do you use Mint to track your dated NW?
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Old 04-27-2021, 09:07 PM   #205
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Not enough info here to tell. How much did you start with to reach 500k, and how much did you invest annually in those 13 years? How is that $500k invested now? There are some online calculators that show how long it takes to double money at a specified rate of return (https://www.calculators.org/savings/rule-of-72.php) and some more elaborate compound interest calculators that show the same thing, but take into account additional contributions along the way.
I started with $0. Opened a Roth IRA at EJ and also traditional 401k in early 2007.

All funds in 401k, Roth IRA, VTSAX non retirement account, Fundrise.
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Old 04-30-2021, 07:09 PM   #206
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Five years ago today was my last day on a payroll. Tomorrow would be first day of my new life. Lol

Wow, I can't beleive it has been 5 years, went by so fast. I found this site and the great people here about the same time, I told them I was working one more year. I was very fortunate to find you people here, to answer and help me through the processes. The knowledge and help was very beneficial for me to say the least. Thanks!!!!

If I would of known what I know now, I would of retired about 4 years early. I have average 10.15% growth over 60 months. My portfolio has increased by 41% form the day I retired. My estimated expenses are 36% less, then what I penciled in for WR, and averaged .5% a year, as of today and had one year as a negative WR. I have had many milestones in the last 5 years, and never in my wildest dreams ever would of dreamed I be where I'm at today financially.

It has been a blessed 5 years with good health, been able to do everything each day I wanted to do.
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Old 04-30-2021, 09:02 PM   #207
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I collected my penultimate paycheck today.
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Old 05-01-2021, 05:41 AM   #208
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I collected my penultimate paycheck today.
Congratulations!
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Old 05-01-2021, 06:48 AM   #209
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Looks like spring 2022 will finally be it.

Had a negotiation this week with my business partner and that is when he wants to hang it up. I'm okay with the timing too.

It will be almost exactly 20 years since I incorporated the business and 19 years since I started working full time at it. I'll be a few days shy of 49.
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Share Your FIRE Milestones - 2021
Old 05-01-2021, 09:15 AM   #210
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Share Your FIRE Milestones - 2021

2021, 2nd year with no W-2 income but NW went up to 9.1M all thanks to the stock market since March 2020 low and daughter starting Nurse Anesthetist school in August.
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Old 05-01-2021, 10:29 AM   #211
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One year retired today! Currently sitting poolside with my lovey bride (of 35 years) and a cool breeze overlooking the beautiful green Caribbean Sea.

Since retirement I finished a full renovation of the family home, got my orchard back in production, dropped 45 lbs, regained my long lost fitness and raced my mountain and cyclocross bikes many times. Hit the podium a few times too with a second and a couple of third places. That hasnít happened in a very long time.

AND the family has been busy too this last year. Wife got both knees replaced, son started a PhD program in physics and youngest daughter finished her last class just yesterday, earning a graduated degree in nursing from Johns Hopkins.

Iím truly blessed with a lovely family and the resources to support them and retirement fun.

Cheers to all my retired Ö and soon to be retired Ö colleagues!
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Old 05-02-2021, 04:37 AM   #212
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Two years ago today was my last day of work. Looking back I donít know I did it-work that is-for so many years.
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Old 05-02-2021, 05:23 AM   #213
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One year retired today! Currently sitting poolside with my lovey bride (of 35 years) and a cool breeze overlooking the beautiful green Caribbean Sea.

Since retirement I finished a full renovation of the family home, got my orchard back in production, dropped 45 lbs, regained my long lost fitness and raced my mountain and cyclocross bikes many times. Hit the podium a few times too with a second and a couple of third places. That hasnít happened in a very long time.

AND the family has been busy too this last year. Wife got both knees replaced, son started a PhD program in physics and youngest daughter finished her last class just yesterday, earning a graduated degree in nursing from Johns Hopkins.

Iím truly blessed with a lovely family and the resources to support them and retirement fun.

Cheers to all my retired Ö and soon to be retired Ö colleagues!
Nice post.
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Old 05-02-2021, 07:09 AM   #214
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Looks like spring 2022 will finally be it.

Had a negotiation this week with my business partner and that is when he wants to hang it up. I'm okay with the timing too.

It will be almost exactly 20 years since I incorporated the business and 19 years since I started working full time at it. I'll be a few days shy of 49.
Congrats Koogie! We have a lot in common although I am going to hang on at my business for a few more years. We are having a killer run right now and I will likely make more money this year than ever before so likely going to wait and exit closer to 55.
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Old 05-03-2021, 04:40 PM   #215
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Congrats Koogie! I wish you well.
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Old 05-05-2021, 09:35 PM   #216
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Hi, out of curiosity, what are you invested in? Thanks for sharing!
Itís really a scattershot. I have a decent chunk of my company stock which overperformed during my first 10 years but has underperformed for the past ten. 401k with limited active managed selection has had similar mediocre performance. Fortunately that was heavily offset by lucky purchases of AAPL and QQQ 15 years ago and another later lucky pick of GOOG. The remainder is primarily Vanguard 500 and a mid-cap index funds in taxable accounts.

Iíll be 51 next week and really had nothing saved until I started at age 30. Iím teaching my kids the importance of time in investing.
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Old 05-05-2021, 09:45 PM   #217
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One year retired today! Currently sitting poolside with my lovey bride (of 35 years) and a cool breeze overlooking the beautiful green Caribbean Sea.

Since retirement I finished a full renovation of the family home, got my orchard back in production, dropped 45 lbs, regained my long lost fitness and raced my mountain and cyclocross bikes many times. Hit the podium a few times too with a second and a couple of third places. That hasnít happened in a very long time.

AND the family has been busy too this last year. Wife got both knees replaced, son started a PhD program in physics and youngest daughter finished her last class just yesterday, earning a graduated degree in nursing from Johns Hopkins.

Iím truly blessed with a lovely family and the resources to support them and retirement fun.

Cheers to all my retired Ö and soon to be retired Ö colleagues!
You are doing bodybuilding competition?
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Old 05-05-2021, 09:59 PM   #218
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Since I first posted in this thread 2 months ago, I have dialed up DW's 403b to the maximum, made some moves and opened a new account for diversification.
i have put out some feelers to see if i can participate in my employer's 401k program, which is in question as they pay into my pension.
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Old 05-07-2021, 05:33 PM   #219
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My primary goal for 2021 was to have $1.1M set aside for retirement by the end of the year. Reached that goal today. I do understand that I might have less than that by the end of the year, lol.

Lesser 2021 goals met so far are maxing my 2020 employer contribution (Feb), and paying off our boat (April).

Hoping to max my 2021 employee contribution in June, 2021 employee catchup in July, and be caught up with 2021 employer contributions by Aug or Sept.

Targeting $6k a month to savings, currently ahead of schedule by $30k, because I worked my a$$ off in Jan.
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Old 05-07-2021, 05:58 PM   #220
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My primary goal for 2021 was to have $1.1M set aside for retirement by the end of the year. Reached that goal today. I do understand that I might have less than that by the end of the year, lol.

Lesser 2021 goals met so far are maxing my 2020 employer contribution (Feb), and paying off our boat (April).

Hoping to max my 2021 employee contribution in June, 2021 employee catchup in July, and be caught up with 2021 employer contributions by Aug or Sept.

Targeting $6k a month to savings, currently ahead of schedule by $30k, because I worked my a$$ off in Jan.
Very nice work! So, how many years till you retire?
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