I didn't see a specific thread for Class of 2025
when I searched so I thought I'd start one.
I was born in 1970. When I was 30, my original plan was just to save up $1,000,000.00 by the time I was 50. Back then that seemed like a lofty, but do-able goal if I kept on living below my means like I had for the past few years. A few years back when I read about the IRS "Rule of 55" I started doing some calculations and realized that might be applicable to my situation.
Then, earlier this year I discovered this site (who says nothing good happened in 2020?) and found out there were a lot of people here with dreams and aspirations similar to mine and by reading a lot of the stories and asking some questions of my own I was able to come up with a plan that should let me retire anytime after January 1st, 2025.
I turned 50 this year and was able to max-out my 401(k) contributions this year even with the extra catch-up contributions. (the nice thing about 2020 and 2021 is that $19,500 + $6,500 = $26,000 ų 52 = $500 every week which makes the math easy and I don't have to worry about contribution percentages) I plan on continuing to max out every year through 2024 if possible as well as maxing out my Roth IRA, my wife's IRA and my H.S.A contributions, too.
Thanks to responses from people on this site I was able to do some research involving my employee manual and figure out that they do have an 'early retirement' plan and also research my retirement account (John Hancock Retirement) and found that my plan does offer distributions once a person reaches 55 (or anytime that year) and they do not require a 'lump sum distribution' but will let a person take periodic withdrawals, as long as it's at least $5,000.
So it looks like I'm hopefully going to make it into the 'Class of 2025".