Race to 2024 - please join :)

[brokrken]

Finished Q2 at 1,394k or 46.5% of target



You are doing awesome, we are slightly behind in $ but hope one day to catch up with you What is your target?

Thanks, I think it's the same as yours, 3 mln. Although, that is just a number I think we'll need based on our projected spending, running firecalc and lots of analyzing. In the end, it may turn out I need a little more or less as I'll have 6-7 more years of knowledge regarding spending data, healthcare situation, etc. by the time I am looking to pull the trigger.

 

[dvalley]

Nice to see your guys' updates!

Closed Q2-2018 with $642k. That's about 42% of $1.5M, my safe target. I could prob go out before that, if I have to.

 

[brokrken]

Finished Q2 at 1,394k or 46.5% of target



You are doing awesome, we are slightly behind in $ but hope one day to catch up with you What is your target?

Also, one difference I notice is that you include real estate equity in your number and I don't.

 

[Exit 2024]

Also, one difference I notice is that you include real estate equity in your number and I don't.

Oh, I did not realize that you do not count RE. I do not feel that ours should be excluded as it is not only primary residence but also we have condo that our child is temporary living in. We plan to sell it eventually and cash will go either into buying rental or into market, so that part of our RE is still targeted for ER. Also both properties are accounted for at the purchase price (2004 and 2010) and I never adjusted it for NW calculations.

 

[brokrken]

Oh, I did not realize that you do not count RE. I do not feel that ours should be excluded as it is not only primary residence but also we have condo that our child is temporary living in. We plan to sell it eventually and cash will go either into buying rental or into market, so that part of our RE is still targeted for ER. Also both properties are accounted for at the purchase price (2004 and 2010) and I never adjusted it for NW calculations.

Gotcha. Your approach makes sense. I also debated whether or not to include mine. While it is my primary residence, when we retire we'll downsize significantly, so a lot of that equity will then be added to the pile. But, trying to figure out what we would pay for a new place and what would be left over would just be guesses at this point. So, I decided to leave it out and have a nice bonus when we pull the plug.

 

[Rowej]

Gotcha. Your approach makes sense. I also debated whether or not to include mine. While it is my primary residence, when we retire we'll downsize significantly, so a lot of that equity will then be added to the pile. But, trying to figure out what we would pay for a new place and what would be left over would just be guesses at this point. So, I decided to leave it out and have a nice bonus when we pull the plug.

We include ours, because we plan on selling and living on a boat when we retire, but subtract about $350k for what we wexpect to pay for the boat. The rest would go to market or living expenses.

 

[exnavynuke]

We include ours, because we plan on selling and living on a boat when we retire, but subtract about $350k for what we wexpect to pay for the boat. The rest would go to market or living expenses.

I plan on keeping the house when I buy the boat and retire, so I don't count it. I figure property taxes, minimal utilities, lawn service, and a friend to pick up stuff for me while I'm away will be pretty cheap. I'm sure eventually I'll want/need to be back on land full-time and the costs of buying and selling will likely be more than I'll spend. Two bonus points are if I decide cruising isn't for me, I still have the house, and I can ease into cruising, probably starting with putting the boat on the hard for hurricane season and coming back to the house until it passes for the first year or two.

My boat won't be quite that nice though, I'm shooting for 100-150k budget for the boat and about 15-20% additional for upgrades.

 

[Rowej]

I plan on keeping the house when I buy the boat and retire, so I don't count it. I figure property taxes, minimal utilities, lawn service, and a friend to pick up stuff for me while I'm away will be pretty cheap. I'm sure eventually I'll want/need to be back on land full-time and the costs of buying and selling will likely be more than I'll spend. Two bonus points are if I decide cruising isn't for me, I still have the house, and I can ease into cruising, probably starting with putting the boat on the hard for hurricane season and coming back to the house until it passes for the first year or two.

My boat won't be quite that nice though, I'm shooting for 100-150k budget for the boat and about 15-20% additional for upgrades.

We would try to do that, but our house is on the water which is expensive for taxes, lawn maintenance, pool and taxes. So we have committed to two years when we retire to living in a boat and traveling. If after two years we no longer enjoy it, we sell the larger boat, buy another center console and a new house on the water.

 

[NgineER]

20180701: 42.9% of target (investments and cash only) another rental property)
60.4% of target (When including net cash flow from rental properties.)

 

[Camellia]

Just reached 51.4% of goal, if I fudge a little and include assets I am using and will sell at RE.

44% of goal in investable assets.

 

[MoneyChic]

Hello everyone - I'd like to join the class of 2024! That will put us at age 44/50.


We're targeting $1.5 to $1.6M investable assets. At $50k a year, FIRECalc gives $1.6M a 100% success rate for a 50+ year time line. That would get me to age 94, DH to age 100, and doesn't take into account SS benefits. Right now I'm thinking I may want to work a bit longer myself, but want it to be completely optional at that point. We own our $300k home and have no debt.



Currently at:
$176k in 401k, IRAs, and taxable accounts
$140k(net) in RE under signed agreement to sell and close within the next month
$240k partial ownership in a business (that will be sold at retirement - not counting on any growth between now and then)


So total $556k putting us at 34.75% to 37% of end goal.


We're adding around $9k per month into the various accounts, so hoping to see some significant progress each year.



I'm excited to have found this forum and this thread. Looking forward to sharing this journey with all of you!

 

[NgineER]

Run firecalc with a duration of 30 and 35 years as well, just to include some bad starting periods as well.
But with SWR of 3% ish you should be fine.

 

[MoneyChic]

Ran FIRECalc with those other durations and received the same success rates, so that's good. I think $1.6M is a good number for us, but DH said he'd feel better in the $1.7-1.8M range, so we'll see how things develop over time. It's tough finding the balance between retiring as early as possible, and retiring with enough money to do what we want and not panic in a recession. As the years go by, I expect we'll get a better feel for this.



Today I calculated and paid our Q3 estimated taxes and found that we owed a lot less than I was originally expecting. As a result, we have an additional $5k to invest this month - yay!

 

[cooch96]

I’ve already declared myself for class of 2030, but I’ll follow this thread as I intend on being semi-FIRED by then.

 

[NgineER]

20181001
42.1% of target - investments and cash only (purchased another rental property) cash is now at 5% of total invested assets.
66.6% of target when including net cash flow from rental properties.

 

[exnavynuke]

1 October 2018 update
43.6% of investment goal met.
65.5% of total goal met (including passive income).

 

[brokrken]

06/20/2017 - $1,205k
10/02/2017 - $1,273k - Nice little quarter, I would say.
1/1/2018 - $1,354k - Still headed in the right direction. Let's see what 2018 has to offer.
4/1/2018 - $1,398k - Smaller increase this quarter as the market hasn't helped. Luckily my contributions more than made up for the lack of market returns.
07/02/2018 - $1,461k - Q2 was similar story to Q1. Moving in the right direction though.

10/01/2018 - $1,537k

 

[Exit 2024]

We finished Q3 at 49.7% of total target, looking forward to cross half-way mark this year

 

[MoneyChic]

You guys are a bit ahead of me. I'll take that as motivation to up my game!


As of today we are 36.29% of target for investments. Hoping to finish the year out around 42%.

 

[SnowBound]

OK, I think I'm going to try for class of 2024 (vs 2025).

Just under 50% target of 1.3M (in 401K and FSA). Issue that needs to get corrected is everything is in pre-tax accounts. On the big positive side: No debt. Plans this and next year is to buy a building lot / 10 acres in a low cost of living state.

Has everyone's accounts for classes of 2023-2025 gotten almost back to August levels?

 

[pjigar]

We are at 45% of target investments.

 

[MoneyChic]

As 2018 is almost over, we are now at about 45% of target for investments, and have officially crossed the $1M total net worth milestone! Not sure what 2019 holds, but feeling good about where things stand right now. How’s everyone else doing?

SnowBound, we are also wanting 10+ acres to build our retirement home. Let me know if you have any recommendations on states or how to search besides Zillow. Also, I see your target is only $1.3M. Do you have a pension in addition to this? I’d love to make $1.3M work, but we have no pensions and plan to retire well before Social Security age.

 

[Jerry1]

Is there anyone who is targeting FIRE for 2024 ?

That is our planned date, actually fall of 2024, but I feel that we are falling slightly behind of the projections.
Thought may be someone here on the same path to the same date as us and we all can post our results as % of $$$ target at least quarterly , or even monthly if you want, to compare our achievements and encourage each other, and may be even compete a little

I will start :
we are family for 3 with child in college, both will turn 47 this year and plan to fire at age 55 - which will be in 2024. Current total net worth target is $3 mil, that will include paid off RE.
I have more details in that topic if anyone interested
http://www.early-retirement.org/forums/f26/plan-for-exit-2024-a-78384.html

As of March 31, 2016 we are at 31.8% of our target,
have a lot of heavy lifting to do in order to get ready for 2024 FIRE
We have very good income, but having child in college definitely have an impact on our saving rate. We still managed to save more than 50% of last year income less taxes, and we are looking finally to join 2 comma club this year - getting very close

anyone next ?

Make sure you plan on retiring before April.

https://www.greatamericaneclipse.com/april-8-2024/

 

[Ronnieboy]

Make sure you plan on retiring before April.

https://www.greatamericaneclipse.com/april-8-2024/

I'd really like to attend this eclipse in 2024 I wonder when you can start reservations at hotels and or vrbo's

 

[SnowBound]

As 2018 is almost over, we are now at about 45% of target for investments, and have officially crossed the $1M total net worth milestone! Not sure what 2019 holds, but feeling good about where things stand right now. How’s everyone else doing?

SnowBound, we are also wanting 10+ acres to build our retirement home. Let me know if you have any recommendations on states or how to search besides Zillow. Also, I see your target is only $1.3M. Do you have a pension in addition to this? I’d love to make $1.3M work, but we have no pensions and plan to retire well before Social Security age.

Looking at a 10% plus loss over the past few months, easy gain, easy go. Just hope it doesn't keep going 2019. Rode the market to a low bottom twice before, will do it one last time if necessary.

We were just looking at NH or TN, but due to the lack of sunny days, added SC and GA. Maybe also NC? Using mostly Zillow for searching, but have reached out twice to a realtor in a specific county.

1.3M with a 80% success rate should work for us. Looking for a LCOL area, and we live well below our means. Also a big downsizing into 600-1400 sq ft.
But will add a 600 sq ft shop shortly after building. No pension (well a $3200/yr is like none).

Health care between 58 & 65 is the big cost issue. Estimates for health care at age 64 is $32,000.