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08-01-2020, 11:06 AM
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#2281
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Thinks s/he gets paid by the post
Join Date: May 2016
Location: Mid-Atlantic
Posts: 2,654
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Quote:
Originally Posted by sengsational
Last house payment went out today.
I could have paid it off many years ago, but it was "cheap money", so made the standard loan payments, no more.
It's the first time in 35 years that I haven't had a mortgage payment.
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Congratulations on giving yourself a raise!
__________________
-Looking to FIRE in the mid-2020s, which would be our mid-50s.
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08-01-2020, 11:17 AM
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#2282
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,230
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Retired 3 years now. Best decision we ever made. Only negative in the 3 years is the virus.
__________________
TGIM
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08-01-2020, 03:18 PM
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#2283
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Moderator
Join Date: Oct 2010
Posts: 10,656
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Thanks. Yeah, the line on the long-term cash flow plan graph is angled down less now; I'll need to "go to the well" very infrequently, especially now, when I'm prevented from spending on travel.
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08-01-2020, 03:35 PM
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#2284
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,417
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Quote:
Originally Posted by sengsational
Last house payment went out today.
I could have paid it off many years ago, but it was "cheap money", so made the standard loan payments, no more.
It's the first time in 35 years that I haven't had a mortgage payment.
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That is awesome!
It must feel really good but like you said, you could of paid it off years ago. That is the big difference, and a lot of people don't have that option.
I haven't had a house payment in 35 years. I built it and paid it off a few years later.
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08-01-2020, 07:12 PM
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#2285
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2012
Posts: 6,134
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Quote:
Originally Posted by sengsational
Last house payment went out today.
I could have paid it off many years ago, but it was "cheap money", so made the standard loan payments, no more.
It's the first time in 35 years that I haven't had a mortgage payment.
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Congrats! Since I posted our doing this just a couple of weeks ago, I know how you feel!
__________________
FIREd date: June 26, 2018 - "This Happy Feeling, Going Round and Round!" (GQ)
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08-02-2020, 08:43 AM
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#2286
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Full time employment: Posting here.
Join Date: May 2014
Posts: 973
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I think the market finally pushed my portfolio to reach the revised number that I have been targeting: a comfortable budget with 3% SWR, a $200K account payable to my younger son upon my death, and a $100K sinking fund ($40K for a new car, $20K for house renovation, and $40K for two son's weddings).
Since I am not working and not getting paid during the summer months, it feels like retirement. I will be planning my full retirement more seriously after the pandemic if I am still alive. A major activity in retirement that I cannot do with a teaching job is extensive overseas travel, which is impossible now. I also need to convince my wife to quit her job and leave her friends to travel with me.
I put a note here so that I can come back in the future to see if my situations change.
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08-02-2020, 10:10 AM
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#2287
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Recycles dryer sheets
Join Date: May 2015
Posts: 143
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Almost hit $650k NW last week (age 33).
Assets
$160k cash
$340k investments
$255k townhouse
$50k cars
Liabilities
$164k mortgage
Still debating on the mortgage. Currently on a 15-year @ 3.25% and am torn between trying to pay off ASAP vs refinancing to a 30-year (at lower than 3.25%) and plowing every dollar into our taxable account.
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08-04-2020, 07:18 PM
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#2288
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Recycles dryer sheets
Join Date: May 2019
Posts: 367
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Great job sergio! I think the mortgage question becomes more of a personal preference rather than a financial decision. I can say paying off the mortgage and having zero debt was a great feeling. But at 3.25% that is cheap money and building up cash/investments will give you financial flexibility in the future.
Also, keep in mind that many people who consider early retirement want to build taxable accounts so they have a financial bridge between their age of retirement until they can access tax advantaged retirement accounts penalty free. Whatever you decide I’m sure you’ll be successful financially with the great start you’ve already accomplished. Good luck!
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08-06-2020, 04:23 PM
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#2289
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Dryer sheet aficionado
Join Date: Jan 2018
Location: Front Range
Posts: 27
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The recent market melt up has pushed my retirement accounts north of $2.5M for the first time. Using my planned 3% SWR, I feel FI although Mr. Market feels frothy.
In 11 months at age 55, I’ll qualify for heavily subsidized employer sponsored health insurance-my only form of golden handcuffs. At that point, I suspect I’ll develop a case of OMY syndrome and seek therapy unless there is a vaccine.
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08-06-2020, 09:03 PM
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#2290
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Thinks s/he gets paid by the post
Join Date: Nov 2009
Location: SF East Bay
Posts: 4,324
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At some point around the beginning of this year, I passed the $1M mark, which was a big milestone for me. I went a little over that point, before the market took a dive. I generally don't check my account balances when the market is going down so, as a result, have not logged into my brokerage account since February 20th. Now that the indices are close to even, I'm thinking I should log in again. 6 months is rather a long time to go without logging in at least briefly. I've been playing a game of "one more day" with myself when trying to decide at what point I should check account balances once more. I'm not really that bothered but, on the other hand, it's probably a good idea to log in at least a few times a year.
I may do it tomorrow. I've got this little game going on in my head so that if, when I log in again, my account balance is <$1M, I have lost. OTOH, if it is >$1M the next time I check in, I have won. It's a bit silly really
EDIT - I just realized that the jobs report is coming out on Friday, so decided to check my balances before the market drops then, which I assume it will - at least temporarily. Luckily, I'm at $1.018M, so I win my personal head game. w00t! If the market embarks on a protracted downturn in the near future, I can at least bask in the knowledge that I was a millionaire on at least 2 occasions
__________________
Contentedly ER, with 3 furry friends (now, sadly, 1).
Planning my escape to the wide open spaces in my campervan (with my remaining kitty, of course!)
On a mission to become the world's second most boring man.
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08-07-2020, 11:06 AM
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#2291
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Recycles dryer sheets
Join Date: Jul 2020
Location: Northern Illinois
Posts: 120
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I passed one of the self-identified round numbers this week that co-workers sometimes call their "bug out" number. I had been using Firecalc, and a target WD rate of 3.5% and could see that I am in shape to pay myself at a rate somewhat higher than my current salary on a 35 year term (to age 90, DW age 92). All things looking good.
Then I read FVFIRE's note above and thought 3%? That puts me at slightly BELOW my current salary... should I be thinking about a different round number? I am still targeting FIRE by October, but you guys make a guy rethink his plans just about once a week...
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08-07-2020, 11:28 AM
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#2292
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,230
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Quote:
Originally Posted by KarlH
I passed one of the self-identified round numbers this week that co-workers sometimes call their "bug out" number. I had been using Firecalc, and a target WD rate of 3.5% and could see that I am in shape to pay myself at a rate somewhat higher than my current salary on a 35 year term (to age 90, DW age 92). All things looking good.
Then I read FVFIRE's note above and thought 3%? That puts me at slightly BELOW my current salary... should I be thinking about a different round number? I am still targeting FIRE by October, but you guys make a guy rethink his plans just about once a week...
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3.5% WR historically speaking has never failed for a 30 year retirement with a 50/50 or 60/40 AA as an example.
Yes, you are looking at 35 years and perhaps could be longer.
I personally would not work X number of more years just to get it down from 3.5 to 3.0.
If you have a great handle on your expenses and includes a decent amount of discretionary expenses, you should be fine.
__________________
TGIM
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08-07-2020, 11:46 AM
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#2293
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Thinks s/he gets paid by the post
Join Date: Nov 2009
Location: SF East Bay
Posts: 4,324
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Quote:
Originally Posted by Dtail
3.5% WR historically speaking has never failed for a 30 year retirement with a 50/50 or 60/40 AA as an example.
Yes, you are looking at 35 years and perhaps could be longer.
I personally would not work X number of more years just to get it down from 3.5 to 3.0.
If you have a great handle on your expenses and includes a decent amount of discretionary expenses, you should be fine.
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Fair enough, but another angle worth considering is that at the higher WR's, there are some historical scenarios in which, although the portfolio survived, the value may have dipped to levels lower than some folk can stomach.
It's worth taking your own personal tolerance for volatility into account when attempting to plan a withdrawal strategy, IMO. We do all need to sleep well at night.
__________________
Contentedly ER, with 3 furry friends (now, sadly, 1).
Planning my escape to the wide open spaces in my campervan (with my remaining kitty, of course!)
On a mission to become the world's second most boring man.
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08-07-2020, 11:55 AM
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#2294
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,230
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Quote:
Originally Posted by Major Tom
Fair enough, but another angle worth considering is that at the higher WR's, there are some historical scenarios in which, although the portfolio survived, the value may have dipped to levels lower than some folk can stomach.
It's worth taking your own personal tolerance for volatility into account when attempting to plan a withdrawal strategy, IMO. We do all need to sleep well at night.
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No disagreement there.
__________________
TGIM
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08-07-2020, 12:31 PM
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#2295
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Dryer sheet aficionado
Join Date: Apr 2019
Location: fairlawn
Posts: 25
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FIRE has arrived
As of August first I am officially FIRE. I have retired at 55. It feels so good. Next I move to Florida!
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08-07-2020, 12:37 PM
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#2296
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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Quote:
Originally Posted by murphearlyretirement
As of August first I am officially FIRE. I have retired at 55. It feels so good. Next I move to Florida!
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Congratulations.
One note of caution: Watch your step so you can avoid being one of those " Florida Man" headlines.
__________________
Numbers is hard
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08-07-2020, 12:40 PM
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#2297
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Recycles dryer sheets
Join Date: Nov 2016
Location: San Jose
Posts: 465
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Quote:
Originally Posted by murphearlyretirement
As of August first I am officially FIRE. I have retired at 55. It feels so good. Next I move to Florida!
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Congradulations! This is a significant milestone. Which part of Florida do you consider?
__________________
Retired Sep 2023 @56
Target AA: 50% stock / 20% bond / 30% cash
Target WR: ~3.6%
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08-07-2020, 12:43 PM
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#2298
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,586
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Quote:
Originally Posted by murphearlyretirement
As of August first I am officially FIRE. I have retired at 55. It feels so good. Next I move to Florida!
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Well done!
Quote:
Originally Posted by REWahoo
Congratulations.
One note of caution: Watch your step so you can avoid being one of those " Florida Man" headlines.
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The only way I know to avoid becoming a FM is to avoid the state entirely. Texas is probably a better bet.
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08-07-2020, 02:17 PM
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#2299
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Moderator
Join Date: Sep 2006
Posts: 4,029
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__________________
simple girl
less stuff, more time
(55, married; Mr. Simple Girl, 59. FIRED 12/31/19!)
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08-07-2020, 02:54 PM
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#2300
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,230
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Quote:
Originally Posted by murphearlyretirement
As of August first I am officially FIRE. I have retired at 55. It feels so good. Next I move to Florida!
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Congrats and welcome future Floridian.
__________________
TGIM
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