Class of 2022

[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]

Officially in for 2022

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]

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]

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]

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.

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]

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.

 

[cyber888]

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.

Good luck on that. I'm also maxing my 401K. Unfortunately, we had some health expenses this year to deal with, and also financial help for DW family. Hopefully I can save more the 2nd half of the year

 

[YVRRocketSurgery]

A bit of a milestone for me today. 1000 days to my targeted retirement date.
That's split between 611 actual work days and 389 weekends, stat holidays, and vacation days.

 

[Jeffman52]

A bit of a milestone for me today. 1000 days to my targeted retirement date.
That's split between 611 actual work days and 389 weekends, stat holidays, and vacation days.

Nice!!! I'm very close to that same date for ER. I continue to sock it away to ensure that I hit my ER date with no regrets.

 

[Omalley]

About 10 days behind YVRRocketSurgery. I hit 1000 days left tomorrow, but who is counting!

Omalley

 

[YVRRocketSurgery]

I haven't told anyone at work about my intentions to retire in April 2022 yet. I probably won't do so until late 2021 so I can provide enough time for my manager to hire and train a replacement while at the same time hope they don't give me some ridiculous project to complete in Q1 2022.

However, I've had to bite my tongue the last year during project planning sessions and career development discussions.
One project I've been working on for the last year and a half has had multiple components broken into different phases. I've led many of the components up to now. However, we've been planning out the last component and estimate it will have about 6 phases and run to the end of 2023. I had reservations working on it 3/5ths of the way through and then dumping it onto someone else's lap who probably would have been better off managing it from the start. Please don't give it to me I was thinking. I was kind of relieved when my coworker agreed to take it on and I just take a supporting role backing her up, etc. In the mean time, I've been taking on shorter term projects with quicker turn arounds.

On the flip side, I keep getting offers and suggestions to move into different (and higher stress) roles because "it could be a great opportunity to set you up for a promotion" for essentially another similar role, albeit higher paying. I keep saying I'm happy in the team I'm in currently and just focused on doing a good job on the projects I'm working on now. The missus says I might as well try get a promotion and earn a few more dollars before I retire. But I'm more about keeping the stress levels down for these last 30 odd months. It's also kind of good for my office interactions because I'm not perceived as competition to opportunities and promotions.

 

[fassmac]

I thought I provide an update a year after my initial post and report on progress and thoughts.

Savings to date: $1.7MM, 70/30 split, 60% post tax, 40% 401k. House (1,500 sqft, 200k market value) paid off.

I am now at $1.9MM getting closer to the $2.5MM goal.

Why 2022?

I should have $2.5MM by then. This is about $500k above my projections what I need to RE with a 3.5% WR.
I am kind of worried about market performance over the next couple of years. Feels like a good idea to wait out the next dip.

I am still worried about the next major dip, but I am not changing investment strategy.... We will see.

My daughter living in Germany should have finished her college degree by 2022, giving me peace of mind she has a good start of her own.

First year of college completed. Good grades and she likes it!

My son will be in 11th grade. I am looking forward to spend more time with him during his last year in school before he moves out and goes to college.
My big dream is to convert a van to a RV and tour the US/Canada for a year or two. This won't be possible until my son is in college and I need a few months to build this thing.

I may change my plans and ask boss for 32h/week part-time work in 2021. That way I have 3 or 4 day weekends for RV travels and I can gradually ease out of work life. Not sure of boss agrees. This plan may delay my overall retirement to 2023. Anyone thinking about part-time? Any experience?

 

[CaliKid]

I am planning on 2022. Not sure exactly what month. Probably mid-year but may stay on part-time until year end. Kids will be off to college that August. I dislike my job but like the income so just hoping I can stop the OMY mentality in 2022. I am trying to work less/make less so it's not as much of a drop off. Not quite counting the days, and don't want to waste 3 years of life between now and then, but definitely looking to 2022 with excitement. That's been my target for about 3 years and it is still looking like the plan. Fingers crossed all goes as planned. #2022

 

[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!

I recently signed a new contract to work until June 2022. Still like the work and the work related visa that allows us to live in Korea. We don't need the money but I'm finding it a good way to ease into retirement hobbies. I don't have the time that I want to spend on them but because I have already met my target amount I've been able to convince myself to spend a little more freely

 

[CaliKid]

I recently signed a new contract to work until June 2022. Still like the work and the work related visa that allows us to live in Korea. We don't need the money but I'm finding it a good way to ease into retirement hobbies. I don't have the time that I want to spend on them but because I have already met my target amount I've been able to convince myself to spend a little more freely

The key to me is that you LIKE the work. I like the MONEY but not the work. If you like the work I say keep working! To me the ability to retire "early" is an advantage for people who don't like the work. Just my two cents. Good luck to you!

 

[YVRRocketSurgery]

My problem is that it's not black and white.
I like a lot of aspects of my job but there are parts that drive me insane. I work on multiple initiatives and projects at the same time. If it's a good team and it's a well thought out initiative, then I'm usually in a happy place. However, sometimes I get dropped into pretty impossible situations and have to deal with people/resourcing conflicts, funding issues, ridiculous timelines, etc. That's when I'm constantly thinking about solutions during the offhours and I get pretty stressed out.

I was humming along for about a year and a half on this great project and then had two other projects added to my plate that have been sucking the life out of me for the last 5 months.