Class of 2022

[fassmac]

Quote:

Originally Posted by JakeinChina Fassmac - Why don't you get into real estate and diversify your income stream for when you retire at 52yrs old? You live in North Carolina, where you can purchase inexpensive homes, pay low prop taxes, and rent out the homes for a decent return. Your young at 52 and still have over 10 years until 401K and Medicare kicks in. Depending solely on the stock market IMO is risky and will require you to have at least 1 to 2 years of cash to cover your cost of living in case the market drops big time. Look at properties in NC in your area, what price you can buy at (any foreclosures?) and do the math on figuring out rental income vs costs and find the return on investment. IMO if its above 6%, I think its a good deal. Many tax advantages to renting out property, and your real estate will appreciate slightly in NC (not big time like up north). Check it out

Thanks Jake in China for the advice. I do agree with your thoughts on diversifying into real estate as a good option, however I don't think it is the right thing for me. I would be over worrying with having to deal with renters and their issues and complaints. Right now, this feels too much like work to me. Maybe investing some into a REIT is as far as I feel comfortable.

[YVRRocketSurgery]

Class of 2022 is such a quiet thread!

While definitely not far away, I'm finding being 3 years out is kind of painful. I've wrapped up my 2018 numbers in my spreadsheet and think about being in this same rut in Jan 2020, albeit just being 2 years out.

I don't think I'll get excited until Jan 2021. At that point, I'll be about a year and a quarter out. My megacorp typically gives a year and half of severance so I'll probably start some wheels in motion at that point that could drive some excitement during the stretch run. I'd probably start dropping hints to my manager that I'd be open to a separation package.

[Callitaday2022]

Still shooting for 2022! Investing about 30% of gross, maxing Roth 401k, IRA, and SEP.
Oldest will have graduated college, youngest??, house will be very close to paid off.
Wanting fat FIRE to upgrade to diesel pusher RV and see America again with less stress. Wife may or may not keep working from the road. Also want to travel abroad couple times per year.
I am one of the weird ones that loves my job, but loves the weekend more!

[dd564]

Hi all,

I'm going to jump in here as well as a "Hopeful" for late part of that year. More of a "FI" date.

It's more of a "transition" at that point to hopefully just my real estate business and no longer full-time and side hustling.

I have some rental properties which hopefully at that point will be covering the majority if not all of my wife's and my expenses. I'll then work a hobby job or my own business to bridge any gaps, and add to reserves at that point.

I was forecasting some loan payoffs which will change things, and was surprised to see by 2022 that it could be possible.

I still plan to be doing something for another 5-10 years after to make some side income, but hopefully not because I'll need it.

[bUU]

"Work like you don't need the money..."

[YVRRocketSurgery]

I'm currently trying to develop a side hustle in these years leading up to my "retirement" in 2022. It's mainly to keep me busy as the missus is looking to continue working for a few more years to leave less money on the table from her DB pension. But, it's flexible enough to allow me/us to travel on a whim.

[Omalley]

After starting with an initial (unannounced) FIRE plan for 2016, we will make 2022 official - for now. We could probably make a run at FIRE now, but a couple more years of investments will allow for a little more padding to the travel budget. 2022 will get the kids out of high school, and until then we are tied close to home with their academic, athletic and other activities.

Planning on a 4/30/2022 FIRE date for myself to allow for collection of the 2021 bonus and DW would RE a few months earlier. However, my Megacorp is streamlining and an unexpected RIF wouldn't be out of the question. I qualify for nearly a year of severance, so I could make that work as well.

So a little under 39 months for me now!

Omalley

[bUU]

I might have to bow out of this thread. My spouse has pushed really hard for a 2020/2021 date. We've sharpened the pencil and reflected our lower expenses during the last three years (since we last did a budget). We're spending a lot less in 2016-2018 than we did back in 2012-2015, and that reduction in expense brings us forward a couple of years.

[pompanobeach]

DO IT! And don’t look back!

[YVRRocketSurgery]

Quote:

Originally Posted by bUU I might have to bow out of this thread. My spouse has pushed really hard for a 2020/2021 date. We've sharpened the pencil and reflected our lower expenses during the last three years (since we last did a budget). We're spending a lot less in 2016-2018 than we did back in 2012-2015, and that reduction in expense brings us forward a couple of years.

That's just around the corner. Congrats.
I would like to consider moving my date up but I'm already planning to retire a few years before the missus because she's is younger than me and wants to hit her numbers for her DB pension even though it's more of a matter of hating to leave money on the table. I've also been trapped a bit more with some work incentives that won't vest until fall of 2021. Doh!

[bUU]

Quote:

Originally Posted by YVRRocketSurgery That's just around the corner.

Day 1 of the wait ... it feels like it is forever.

[YVRRocketSurgery]

3 years to go for me from today.
Technically, April 16, 2022 is a Saturday. I kind of chose it (among other reasons) because it's the end of the pay period and April 15, 2022 is Good Friday which is a paid day off for us. We don't get a paid holiday for Easter Monday so no point is delaying it a few more days.

In the grand scheme of things, 3 years isn't too long. However, I looked in my calendar to see what I was doing 3 years ago and the those memories seemed like forever ago.

[Jeffman52]

Three years... its going by fast. I suspect actual retirement might feel even faster.

At some point when I wasn't paying attention, my DW and I passed the 1M net worth mark (probably 1.2M late last year). Before the year is out we will finally have over 1M in our retirement accounts.

Still preparing for the future and not taking my foot off the gas and keeping my eye on the prize. I increased my 401K to 25%... I also recently started (yes I know its late but better late than never) pouring more money into some after tax investments because I'm so heavy in tax deferred investing.

Last June, I had the opportunity to change jobs within MegaCorp at a lesser title in a different dept but with a better salary and MUCH better work/life balance. I have to say the reduced stress has me in a much better place right now than I was earlier. Still going with the plan but now it doesn't feel like I MUST retire for my mental well being. So if crap hits the fan in the "market" or we decide to pad our accounts a bit more, I now feel like we have the breathing room to do so.

[YVRRocketSurgery]

Quote:

Originally Posted by Jeffman52 At some point when I wasn't paying attention, my DW and I passed the 1M net worth mark (probably 1.2M late last year). Before the year is out we will finally have over 1M in our retirement accounts.

Congrats on the milestone. As someone else wrote in another thread, yes, it's just a number but it is a special achievement that many will not be able to reach.

Quote:

Originally Posted by Jeffman52 Last June, I had the opportunity to change jobs within MegaCorp at a lesser title in a different dept but with a better salary and MUCH better work/life balance. I have to say the reduced stress has me in a much better place right now than I was earlier. Still going with the plan but now it doesn't feel like I MUST retire for my mental well being. So if crap hits the fan in the "market" or we decide to pad our accounts a bit more, I now feel like we have the breathing room to do so.

I have to commend you on being able to make a change. I'm not sure if I'd have the courage or initiative to make a similar change.

[Jeffman52]

Thanks YVR!

This is one of the few places where you can share those kinds of milestones. We worked really hard to get where we are, and its nice to be able to share that accomplishment.

On the work thing. There was another component, we also relocated to be closer to my FIL as he is in his upper 80's and we want to help him stay in his house if possible rather than to assisted living. Its something we have spoken about for a few years so when the opportunity came up it was an easier choice because of the family component. The opening for the job was out of State and although there wasn't a moving expense budget from MegaCorp, I was able to negotiate a spot bonus to cover moving expenses.

[Physics Guy]

Tentatively looking in on this thread as June 2021 and June 2022 are our two most likely dates. FI now for our modest needs but working because I still enjoy it. The combo makes a real target deadline difficult!

[eba1225]

I was looking at 2024 but feeling that 2022 is better, after son graduates college and I and DH move into retirement house in FL. Currently have $1.5 saved so will only add to that over the next 1104 days.

[cyber888]

For a while, I've been contemplating what class I belong to 2022 or 2023. Now, I'm more certain it will be mid-2022. I will be 58.5 yrs old.

I've always thought of retiring before reaching 60 years old, so 58.5 or 59 seems ideal. It is near 59.5, the year you can withdraw from all retirement accounts without tax penalty.

[dadu007]

January 2022. I’ll be 61 and will have paid oldest child’s last college tuition payment and, if all goes as planned, our last mortgage payment. My wife will still be working full time (her choice, as she recently finished working her butt off updating some professional credentials); Will switch to her insurance in the spring of 2021. Our youngest will only have 3 years of college left at that time.
30 more months. As soon as my December 2021 bonus 401k contributions hit my retirement account, I’m putting in my notice. Wish I could quit sooner, but oh well...Company is still sorting out a recent merger, so I may yet not have a say in the matter!

[mountainsoft]

Quote:

Originally Posted by cyber888 For a while, I've been contemplating what class I belong to 2022 or 2023. Now, I'm more certain it will be mid-2022. I will be 58.5 yrs old.

We've been planning an Aug 2023 exit for the last few years, since that's the first year my wife can take her pension and I can withdraw from my IRA penalty free. However, I took a new look at our finances and investments recently and we have moved our exit date to Dec 2022. We'll live off our savings in 2023, delaying my wife's pension till Jan 2024 to boost the payments slightly. Ironically, this allows us to retire earlier with a better success rate.

There are a few things that could even push our exit forward to 2021, but I'm not considering those options unless they actually occur. Unfortunately, there's also an issue that could push our plans back a few years. So the next few years will be interesting, and stressful, to see what happens. Until then we're saving like crazy people.