Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Old 01-23-2021, 12:40 PM   #61
Recycles dryer sheets
 
Join Date: Jan 2015
Location: Boerne
Posts: 421
Quote:
Originally Posted by freedomatlast View Post
Buy and hold no-matter-what strategy has continued to work well through 2020. NW increased to 5.9M and IA to 5.2M. My original goal was to cut the cord at IA of 3.0M and waited till the nut reached 3.8M to do it for a little added cushion. With two mini pensions and two future SS checks and a small rental income, Firecalc says we're good to spend $217,000 annually at 100%, but most years we spend 50 -60k. Gonna have to try to step that up in 2021.
Impressive indeed! :-)
cnocmmz is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-26-2021, 07:33 AM   #62
Recycles dryer sheets
 
Join Date: May 2017
Posts: 119
I became a millionaire on Jan 7 or 8 of this year, I forget which one. All of my net worth is investable money.

Retired April 2017 at age 51 with 625k. My yearly spending is 2.3% of the amount I had at retirement.
Digger1000 is offline   Reply With Quote
Old 01-26-2021, 07:38 AM   #63
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
street's Avatar
 
Join Date: Nov 2016
Posts: 9,373
^ that is outstanding! Very disciplined life style and I tip my hat to your success.
street is offline   Reply With Quote
Old 01-26-2021, 07:54 AM   #64
Thinks s/he gets paid by the post
 
Join Date: May 2014
Posts: 1,390
That's awesome Digger1000! You should be very proud of yourself. Compounding works.
__________________
Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things. Charlie Munger

The first rule of compounding: Never interupt it unnecessarily. Charlie Munger
UnrealizedPotential is offline   Reply With Quote
Old 01-26-2021, 11:12 AM   #65
Thinks s/he gets paid by the post
The Cosmic Avenger's Avatar
 
Join Date: May 2016
Location: Mid-Atlantic
Posts: 2,642
Congratulations, Digger1000! At 2.3%, I think you can at least adjust your spending to reflect that percentage of your current balance, as it's still a very conservative number, but I suppose if you feel like you've got all you will ever want, then you are definitely set! Go you!
__________________
-Looking to FIRE in the mid-2020s, which would be our mid-50s.
The Cosmic Avenger is offline   Reply With Quote
Old 01-26-2021, 11:15 AM   #66
Thinks s/he gets paid by the post
 
Join Date: Oct 2014
Posts: 1,535
Quote:
Originally Posted by Digger1000 View Post
I became a millionaire on Jan 7 or 8 of this year, I forget which one. All of my net worth is investable money.

Retired April 2017 at age 51 with 625k. My yearly spending is 2.3% of the amount I had at retirement.
Congrats. Let me get this straight, you live on less than 15K/yr? Wow!
__________________
-Big Dawg-FI since 9/2010. Failed ER in 2015. 2/15/2023=DONE! "Blow that dough"-Robbie

" People say I'm lazy, dreaming my life away Well, they give me all kinds of advice designed to enlighten me When I tell them that I'm doing fine watching shadows on the wall "Don't you miss the big time, boy. You're no longer on the ball" -John Lennon-
Bigdawg is offline   Reply With Quote
Old 01-26-2021, 02:01 PM   #67
Recycles dryer sheets
 
Join Date: Mar 2020
Location: Somewhere Cold
Posts: 346
Quote:
Originally Posted by Digger1000 View Post
I became a millionaire on Jan 7 or 8 of this year, I forget which one. All of my net worth is investable money.

Retired April 2017 at age 51 with 625k. My yearly spending is 2.3% of the amount I had at retirement.
Congratulations, Digger 1000!
I'll be 51 this year but will probably have to wait until 55 to pull the plug since most of my funds are in 401(k)s.
I'm envious!
__________________


-AM23
ArmchairMillionaire23 is offline   Reply With Quote
Old 01-26-2021, 03:22 PM   #68
Recycles dryer sheets
 
Join Date: May 2017
Posts: 119
Quote:
Originally Posted by Bigdawg View Post
Congrats. Let me get this straight, you live on less than 15K/yr? Wow!
Yes, less than 15k per year on average the last 4 years. $0 health insurance premiums along with $0 federal and $0 state income taxes helps.
Digger1000 is offline   Reply With Quote
Old 01-26-2021, 03:25 PM   #69
Recycles dryer sheets
Alex The Great's Avatar
 
Join Date: Nov 2016
Location: San Jose
Posts: 464
Quote:
Originally Posted by Digger1000 View Post
Yes, less than 15k per year on average the last 4 years. $0 health insurance premiums along with $0 federal and $0 state income taxes helps.
This is definitely impressive. I guess you live in very low cost area, correct? And what does it mean $0 health insurance premium? You're on Medicaid expansion?
__________________
Retired Sep 2023 @56
Target AA: 50% stock / 20% bond / 30% cash
Target WR: ~3.6%
Alex The Great is offline   Reply With Quote
Old 01-26-2021, 03:34 PM   #70
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 11,197
Quote:
Originally Posted by Alex The Great View Post
This is definitely impressive. I guess you live in very low cost area, correct? And what does it mean $0 health insurance premium? You're on Medicaid expansion?
If one has a low enough MAGI, but is still above the FPL, then one can pay zero premiums for some Bronze plans as one example.
__________________
TGIM
Dtail is offline   Reply With Quote
Old 01-26-2021, 09:16 PM   #71
Recycles dryer sheets
 
Join Date: May 2017
Posts: 119
Quote:
Originally Posted by Alex The Great View Post
This is definitely impressive. I guess you live in very low cost area, correct? And what does it mean $0 health insurance premium? You're on Medicaid expansion?
I had about 20k in cash when I retired. So until about 6 months ago the only taxable income I had was dividends but those were qualified dividends so they arent taxed. I moved from small town Iowa after I retired to a Cleveland suburb. After I moved here Ohio changed their tax rates and now the first 22k is taxed at $0. Plus their is a $2,350 deduction so you can make 25k and not pay any state income tax. I had no idea Ohio was going to do that. I am planning to move to east Tennessee eventually.

I have been getting about 9k a year in dividends(plus I had cash to live on for 3 years) and so I have been converting 15k a year to a Roth IRA. But I have a longterm capital gains loss of 3k that I can carryover every year(currently at 84k in longterm loss carryover). Anyway my total income for ACA ends up being 21k. You can make 25k a year and get a bronze plan for $0 premium. The maxium out of pocket is 8k for my bronze plan. In 2019 I had an unexpected hernia. I travelled 366 miles down to DC and had surgery done for 1/3 of what it would have cost me here. I drove home the next morning leaving at 5:15AM after waking up from surgery the day before at 4PM. I never took any pain medication at any time in the weeks after surgery(I had it but didnt need it). The total cost I believe ended up costing me right around $2500 including motel and about $80 in tolls. My total spending in 2019 for everything in life was $15,600. It was under 13k in 2018. I havent figured up 2020 yet but it will be under 14k.

So with my 3k longterm carryover loss I will be able to continue converting about $15,500 a year to a Roth without having to pay taxes to anyone and keeping my bronze plan with a $0 premium. Only 22.5% of my money is in tIRAs.

Hope the above isnt overly confusing.
Digger1000 is offline   Reply With Quote
Old 01-27-2021, 11:46 AM   #72
Recycles dryer sheets
Alex The Great's Avatar
 
Join Date: Nov 2016
Location: San Jose
Posts: 464
Quote:
Originally Posted by Digger1000 View Post
I had about 20k in cash when I retired. So until about 6 months ago the only taxable income I had was dividends but those were qualified dividends so they arent taxed. I moved from small town Iowa after I retired to a Cleveland suburb. After I moved here Ohio changed their tax rates and now the first 22k is taxed at $0. Plus their is a $2,350 deduction so you can make 25k and not pay any state income tax. I had no idea Ohio was going to do that. I am planning to move to east Tennessee eventually.

I have been getting about 9k a year in dividends(plus I had cash to live on for 3 years) and so I have been converting 15k a year to a Roth IRA. But I have a longterm capital gains loss of 3k that I can carryover every year(currently at 84k in longterm loss carryover). Anyway my total income for ACA ends up being 21k. You can make 25k a year and get a bronze plan for $0 premium. The maxium out of pocket is 8k for my bronze plan. In 2019 I had an unexpected hernia. I travelled 366 miles down to DC and had surgery done for 1/3 of what it would have cost me here. I drove home the next morning leaving at 5:15AM after waking up from surgery the day before at 4PM. I never took any pain medication at any time in the weeks after surgery(I had it but didnt need it). The total cost I believe ended up costing me right around $2500 including motel and about $80 in tolls. My total spending in 2019 for everything in life was $15,600. It was under 13k in 2018. I havent figured up 2020 yet but it will be under 14k.

So with my 3k longterm carryover loss I will be able to continue converting about $15,500 a year to a Roth without having to pay taxes to anyone and keeping my bronze plan with a $0 premium. Only 22.5% of my money is in tIRAs.

Hope the above isnt overly confusing.
Digger1000, thank you so much for details. I believe this is very useful for everyone and not confusing at all. Yes I also noticed health care cost tend to be less in more expensive areas.
__________________
Retired Sep 2023 @56
Target AA: 50% stock / 20% bond / 30% cash
Target WR: ~3.6%
Alex The Great is offline   Reply With Quote
Old 01-28-2021, 08:57 AM   #73
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
jollystomper's Avatar
 
Join Date: Apr 2012
Posts: 6,098
In some aspects this milestone brings a few sad thoughts for me. Yesterday was my Dad's birthday. He died in 1994, after 2.5 years of retirement. This month my retirement has now lasted longer than his did. All 7 of his kids were out of the house and independent when he was 64, and he could have retired them. But he chose to work to age 70 to maximize pension and SS survivor benefits for Mom, as she had been primarily a SAHM. They enjoyed much of his retirement, his bout with cancer from diagnosis to his death was short. Mom outlived him by 20 years, and appreciated what he had done for her. So some sad thoughts, but happy thoughts upon reflection as well.
__________________
FIREd date: June 26, 2018 - "This Happy Feeling, Going Round and Round!" (GQ)
jollystomper is offline   Reply With Quote
Old 01-28-2021, 10:40 AM   #74
Thinks s/he gets paid by the post
ugeauxgirl's Avatar
 
Join Date: Jan 2016
Location: Rural Alabama
Posts: 1,353
I just checked my 401k- the balance is now over a million dollars. I don't know when that happened, I haven't contributed in a year, and I never seen to check it since I'm not working anymore. Amazing.
__________________
Projected retirement--2020 at age 48 (done!)
ugeauxgirl is offline   Reply With Quote
Old 02-01-2021, 08:22 PM   #75
Thinks s/he gets paid by the post
 
Join Date: Aug 2013
Posts: 1,962
Today, I surpassed $900K in investments/cash assets, so less than $100K to go and I'll hit $1 mil. I would have hit $1 mil in investible assets, but paid $100K of mortgage debt the last few months. Eliminated my mortgage and just have a smaller HELOC balance.
__________________
No to consumerism, Living a simple life, enjoying the experience - not the material stuff
cyber888 is offline   Reply With Quote
Old 02-01-2021, 08:33 PM   #76
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
street's Avatar
 
Join Date: Nov 2016
Posts: 9,373
^^^^ Great milestone and very happy for your success.
street is offline   Reply With Quote
Old 02-01-2021, 09:24 PM   #77
Thinks s/he gets paid by the post
 
Join Date: Oct 2007
Location: Willamette Valley, Oregon
Posts: 1,979
Quote:
Originally Posted by ugeauxgirl View Post
I just checked my 401k- the balance is now over a million dollars. I don't know when that happened, I haven't contributed in a year, and I never seen to check it since I'm not working anymore. Amazing.
Congrats on the milestone!
__________________
Dreams Worth Dreaming are Dreams Worth Planning For. I Spent a Career Planning for Early Retirement.
RetireeRobert is offline   Reply With Quote
Old 02-01-2021, 09:25 PM   #78
Thinks s/he gets paid by the post
 
Join Date: Oct 2007
Location: Willamette Valley, Oregon
Posts: 1,979
Quote:
Originally Posted by cyber888 View Post
Today, I surpassed $900K in investments/cash assets, so less than $100K to go and I'll hit $1 mil. I would have hit $1 mil in investible assets, but paid $100K of mortgage debt the last few months. Eliminated my mortgage and just have a smaller HELOC balance.
Congrats on reaching this milestone.
__________________
Dreams Worth Dreaming are Dreams Worth Planning For. I Spent a Career Planning for Early Retirement.
RetireeRobert is offline   Reply With Quote
Old 02-04-2021, 10:49 AM   #79
Recycles dryer sheets
HawaiiShrimp's Avatar
 
Join Date: Nov 2020
Location: So Cal
Posts: 108
Hit $18.6 M NW this month. One step closer to near term goal: $20 M. Long term goal: $30 M.
HawaiiShrimp is offline   Reply With Quote
Old 02-04-2021, 12:33 PM   #80
Full time employment: Posting here.
 
Join Date: Nov 2015
Posts: 661
Quote:
Originally Posted by HawaiiShrimp View Post
Hit $18.6 M NW this month. One step closer to near term goal: $20 M. Long term goal: $30 M.
Good job. Keep up the good work. With the market in all of our favor, you should be able to hit that in no time.
ponyboy is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


» Quick Links

 
All times are GMT -6. The time now is 11:31 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.