Race to 2024 - please join :)

[Obj 2022]

Hey guys, joining the club

Im officially targetting 2022 but between possible bumps in the road and the OMY syndrom i would say 2024 is much more likely to be when FIRE kicks in for my wife and I.

Targeting $3m of investment (excluding home, aiming for value there obviously not McMansion style) too as i wont benefit from any corp pensions etc besides what will be left of SS by the time i hit 62...currently at 41.6% of target, looking forward to the journey ahead!

Cheers to all!

Well already 4 years, cant believe how quick time flies, though i guess it is a time for an update

At the moment 2022 is out of the picture and my wife and I are firmly scheduled for 2024 (even penciled 15th july as THE date!). We've upped the target a bit due to 2 kids being born since last post, as we feel we need extra cushion for stuff like tuitions etc. Currently at 89.6% of target so very close thanks to the rocket like market but i dont really feel that confident retiring too soon towards the end of a bull run...So even if there is a good chance target is hit next year, will pad the brokerage/cash accounts a bit by working an extra year or two to make sure we will not be too stressed out should a downturn happen early into FIRE!

All the best to all and see you in 3 years i guess

 

[2k6_TX_Dad]

Overdue updates

Like Obj 2022, I haven't kept up here.

Currently @ 80.34% of goal, the markets have been great!

My first post here stated that the goal was end of 2024 maybe dip into 2025 to max 401k for that year.

Current plan is to dip out in 2024 as soon as maxing out 401k

There's also some things in the works (Selling company ownership) that might lead to calling FIRE before the end of this year.

 

[militaryman]

5 year update

I can go in 2024 --- Wearing "Golden Handcuffs" until then. I will be 56 years old --

Currently making $128K but $25K of that is 401K savings and about $10k is SS/medicare tax both of which won't be paid out of income in retirement

Also going down to 1 car will save my budget about $4k/year

My estimate is a need of $80K to live on in retirement

My 2 pensions & SS will bring in $55K of the needed $80k

One pension starts immediately (FERS) at 56yo retirement age and I will have the Federal SS Supplement to carry me from 56-62 until standard SS kicks in and also a small bucket to carry me to 60 for my reserve military pension.

I am only counting on 50% of the current projected SS benefit to be safe.

Currently have $550K in 401k/Roth

$60k cash for misc items (1 wedding, home upgrades, emergency fund )

Home worth $260K is paid for and no debt.

8 years left will grow my 401k to about 1 Mil with current level of contributions I think. That should be enough to get me over the hump.

Wearing "Golden Handcuffs" STILL. I will be 56 years old in 2024 @ retirement --

Planning to go at end of 2024 and take cash out of annual leave of 440 hours to live on until OPM settles out FERS retirement annuity.
Currently making $102K (my pay has increased but wife resigned job in 2016).

1. $8.5K/yr of that is TSP ROTH contributions
2. $7k is SS/medicare tax
3. $11.8K/yr goes to TSP loan & is ammortized to be paid off right before retire date in 2024 (3.5yrs)

These 3 are $27.3k of funds that will not be paid in retirement and our Fed/State taxes should lower by apprx. $4.6K accordingly

So subtracting all that we are currently living off of the equivalent of about $70K/YR

My goal is to have $80K/yr to live on in retirement

My FERS pension-SBP should = $35k in today's dollars
My Military pension (starts @ age 60) should = $11k in today's dollars
Together our Early (62) SS checks will bring in $18K/yr (half of what SS estimates just in case SS isn't solvent)

35+11+18= $64k ($16k deficit to be made up by TSP balance)

FERS pension starts immediately at 56yo retirement age and I will have the Federal SS Supplement to carry me from 56-62 until standard SS kicks in.
Will use a small $33k bucket to carry me from 57-60 for my reserve military pension.

Currently have $820K in TSP

$28k cash for misc items (home upgrades, emergency fund )

Home 1 worth $280K is paid for and no debt.
Home 2 worth $110K is paid for and no debt.

TSP Loan payback will increase $820K TSP balance to $860K by retirement
3.5 years left should grow my TSP total to >$900K with current level of contributions. Would've been +$1Mil but we bought the 2nd property which still might get sold before retire date and take us above $1mil.

Anyways even if it is only $800K that should be good for the needed $16K @ 2% draw rate.

Realistically SS probably will not get cut by 50% and we'll use TSP funds to carry us to delay drawing SS until 67 for her and 70 for me.

 

[brokrken]

Net Worth Excluding Real Estate and Personal Property
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
01/01/2019 - $1,328k - Ouch, what a terrible December
04/01/2019 - $1,520k - Q1 got back much of what Q4 lost!
07/01/2019 - $1,576k - Nice quarter and a new high. Still chugging along.
10/01/2019 - $1,594k - While I'm way up from January. I'm not that far up from same period prior year. But, I'll keep piling it in and hope the market helps me along the way.
01/01/2020 - $1,729 - Excellent Q4 for 2019, which more than made up for Q4 2018. Here's hoping 2020 brings more of the same.
04/01/2020 - $1,453k - Wow, the last 3 weeks have been brutal. Down $276k from last quarter and $67k from last year!
07/01/2020 - $1,763k - Amazing that this market has been so resilient and I am grateful for it. However, I am still expecting a W recovery, at best. All the money that was lost in Q2 is gone forever, unemployment is still extremely high and our deficits are out of control. You all may have even seen in a different thread that I have recently purchased October SPY puts with the thought that once Q2 earnings are realized and valuations are proven to be out of whack, we'll have a retest.
10/01/2020 - $1,948k - Well, those SPY puts haven't worked out so well. Finally closed them out at a loss a few weeks back. Anyway, another good, yet mystifying quarter. I did a separate thread where I celebrated eclipsing $2M. That lasted for about 2 days and I still haven't gotten back. Hopefully for the year end update I'll make it. Considering where my portfolio was on March 23, this update is really remarkable.
01/01/2021 - $2,194k - What an absolute mess of a year. While very thankful for how my portfolio performed, it is completely illogical. While the rest of the world was burning down, stocks marched higher. I'm fearful that 2021 takes it all back. That being said, I hope I am once again wrong, as doing so seems to be very profitable... And, I wish you all a very Happy New Year and Cheers to (fingers crossed) life getting back to normal
04/02/2021 - $2,422k - Was travelling yesterday so missed the 4/1 balance. Up nearly $1M from one year ago....freaking amazing. Being so close to my number, $3M, I'm wondering if I should start to adjust my allocation to a more conservative approach. Current I'm something like 83/8/9. On the one hand, it's what got me here so if it ain't broke don't fix it, on the other hand, I don't want to see it go away in a correction. I'm young enough that I could continue to w*rk for a couple more years if needed, but I don't really want to. Also, now seems like the worst time to buy bonds. No clue what to do. Anyway, hope you all had a nice quarter, as well
07/05/2021 - $2,704k - Another amazing quarter. Of course owning NVDA has helped. Still worried about a pull back. Being so close to my number with still some years left has me nervous, not wanting to give it all back.

10/01/2021 - $2,672k - It was a rough last few weeks. High for the Q was actually $2,792.

 

[pjigar]

Race to 2024 - please join [emoji4]

Sold primary home and moved to farm property. Invested capital at about 70% of the target. Some of the gains from the house is being spent on a huge workshop. 3000 sqft.

The invested capital is at 75% of the target. Primary home is now close to 1M but I can’t count it in the invested capital.

 

[NgineER]

53.5% investments and cash only
105.9% of target when including cash flow from properties

53.2% investments and cash only
107.2% of target when including cash flow from properties

$1.58M invested assets, $2.49M net worth including real estate.

29% Rental Equity (54% property equity)
29% traditional IRA+401k
31% Roth
8% Home Equity
2% ESPP
1% Cash

Sustained $1M invested in vanguard in 2021.

On home stretch of renovation of last rental property, sinking money in it, but will be well worth it.

Great to be on the FI side of things, but I'll probably work for some more years since my oldest of four has not started high school yet. Still enjoying w*rk, able to choose projects to work on and developing new product development pipeline which I find interesting.
I was just promoted which means receiving stock options and RSUs as part of annual bonuses and a 10% salary boost.

 

[luv2hunt]

After Q2 we are currently sitting at 4.908M which is 89% of our goal.

Down a bit in Q3. Sitting at 4.849M or 88% of the goal

 

[CorporateSoldier]

Funny - just found this thread. Haven't been on the forum for a few years. Our updated target for retirement is also Fall of 2024 when we both turn 58. Everything financial and personal keeps pointing to that date and we look to be right on track.

 

[Yoheadden]

Funny - just found this thread. Haven't been on the forum for a few years. Our updated target for retirement is also Fall of 2024 when we both turn 58. Everything financial and personal keeps pointing to that date and we look to be right on track.

Welcome to the Class of 2024.
The next few years should be interesting.

 

[skyking1]

this would be my OMY class so I'll head to my bets and join here too

 

[exnavynuke]

Mid-year update.
79.4% of the total goal, 66.x% of the investment goal. I only planned to reach 67.6% of the investment goal by the end of the year and I'm already 84% of the way there, so here's to hoping things keep progressing as they have been.

End-of-year update
Total goal: 85.6% complete
Total Investment goal: 75.4% complete
Yearly Investment Goal: 165.4% complete

Did much better with investments this year than planned, which has pushed me close to reaching next year's investment goal at this point (which was to get to 78.3%).

I also spent 5-figures this year starting my side-business as a scuba diving instructor. The costs for that business moving forward should be substantially less than the income as I should only be paying for course materials and upkeep of equipment, so it should be a net positive income next year. I'm only planning on doing it part time a couple weekends per month, so it won't be a ton of extra income, but I enjoy it and it'll make me some money moving forward. As a bonus, it's something I can do part-time after retirement on my own schedule if I want to make some extra money or get bored.

 

[brokrken]

Nice year, exnavynuke! Also, very nice that you have a hobby that can give you a little cash on the side in retirement.

 

[SnowBound]

Started the year at 71% of goal. Ending 2021 at 91%. BUT: Probably need to do some adjustments/updates for inflation. Planned years ago for 5% inflation, last year was 6%.

 

[The Cosmic Avenger]

I finally updated our retirement date from Jan. 2026 to Jan. 2024 in the Fidelity planner, and doubled our travel budget, and we're now at a score of 100 instead of the 130s. But considering how much flexibility we have (we could easily cut out nice vacations and just visit friends in the US every month for about 20% of our dream travel budget), we should be fine. We'll see what happens to that score over the next two years.

 

[brokrken]

Net Worth Excluding Real Estate and Personal Property
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
01/01/2019 - $1,328k - Ouch, what a terrible December
04/01/2019 - $1,520k - Q1 got back much of what Q4 lost!
07/01/2019 - $1,576k - Nice quarter and a new high. Still chugging along.
10/01/2019 - $1,594k - While I'm way up from January. I'm not that far up from same period prior year. But, I'll keep piling it in and hope the market helps me along the way.
01/01/2020 - $1,729 - Excellent Q4 for 2019, which more than made up for Q4 2018. Here's hoping 2020 brings more of the same.
04/01/2020 - $1,453k - Wow, the last 3 weeks have been brutal. Down $276k from last quarter and $67k from last year!
07/01/2020 - $1,763k - Amazing that this market has been so resilient and I am grateful for it. However, I am still expecting a W recovery, at best. All the money that was lost in Q2 is gone forever, unemployment is still extremely high and our deficits are out of control. You all may have even seen in a different thread that I have recently purchased October SPY puts with the thought that once Q2 earnings are realized and valuations are proven to be out of whack, we'll have a retest.
10/01/2020 - $1,948k - Well, those SPY puts haven't worked out so well. Finally closed them out at a loss a few weeks back. Anyway, another good, yet mystifying quarter. I did a separate thread where I celebrated eclipsing $2M. That lasted for about 2 days and I still haven't gotten back. Hopefully for the year end update I'll make it. Considering where my portfolio was on March 23, this update is really remarkable.
01/01/2021 - $2,194k - What an absolute mess of a year. While very thankful for how my portfolio performed, it is completely illogical. While the rest of the world was burning down, stocks marched higher. I'm fearful that 2021 takes it all back. That being said, I hope I am once again wrong, as doing so seems to be very profitable... And, I wish you all a very Happy New Year and Cheers to (fingers crossed) life getting back to normal
04/02/2021 - $2,422k - Was travelling yesterday so missed the 4/1 balance. Up nearly $1M from one year ago....freaking amazing. Being so close to my number, $3M, I'm wondering if I should start to adjust my allocation to a more conservative approach. Current I'm something like 83/8/9. On the one hand, it's what got me here so if it ain't broke don't fix it, on the other hand, I don't want to see it go away in a correction. I'm young enough that I could continue to w*rk for a couple more years if needed, but I don't really want to. Also, now seems like the worst time to buy bonds. No clue what to do. Anyway, hope you all had a nice quarter, as well
07/05/2021 - $2,704k - Another amazing quarter. Of course owning NVDA has helped. Still worried about a pull back. Being so close to my number with still some years left has me nervous, not wanting to give it all back.
10/01/2021 - $2,672k - It was a rough last few weeks. High for the Q was actually $2,792.

01/01/2022 - $2,985k Really nice year; even hit the $3M mark a couple times in the last few months. Just bought a vacation home, so about $100k of this is now gone per Dec 28th, but being so close to the end of the year, I just left it in to keep 2021 clean. Original goal was $3M; with inflation I'm thinking I might need to up that to $3.5M or $4M

 

[luv2hunt]

Down a bit in Q3. Sitting at 4.849M or 88% of the goal

Started the year of invested assets at 76% of our goal and ended it at 92% (5.075M).

 

[Exit 2024]

Ended 2021 at all time high of $2,361k (+$333k for the year) - 78.7% of target.

 

[HenryD]

Ended at $1,444k up $325k (29%) for the year.

 

[NgineER]

56.4% investments and cash only
112.7% of target when including cash flow from properties

$1.67M invested assets (+270k in 2021), $2.65M (+450k in 2021) net worth including real estate.

30% Rental Equity (52% property equity)
29% traditional IRA+401k
31% Roth
7% Home Equity
2% ESPP
1% Cash

Sustained $1M invested in vanguard in 2021.

All rental properties rented and renovations complete on last unit.

Hit FI in 2021 and could retire with current spend, but want to be able to spend more... Great to be on the FI side of things, might have to drop off this thread as I think my plan will be shifted to retiring at 55 (2030) in order to use rule of 55 and also keep all unvested options when retiring.

 

[brokrken]

$1.67M invested assets (+270k in 2021), $2.65M (+450k in 2021) net worth including real estate.

30% Rental Equity (52% property equity)
29% traditional IRA+401k
31% Roth
7% Home Equity
2% ESPP
1% Cash

Sustained $1M invested in vanguard in 2021.

All rental properties rented and renovations complete on last unit.

Hit FI in 2021 and could retire with current spend, but want to be able to spend more... Great to be on the FI side of things, might have to drop off this thread as I think my plan will be shifted to retiring at 55 (2030) in order to use rule of 55 and also keep all unvested options when retiring.

Congrats on hitting FI, NgineER! That's a great accomplishment. No need to drop off this thread. I initially did my math wrong on when my daughter would graduate from High School and thought is was 2024, turns out it's 2025. Since then, I realize it probably makes sense to stay until March of 2026 to get that last bonus check. So, I'm also not still in the 2024 class. But, all my history is here, so I'll stick around.

 

[pjigar]

The invested capital is at 75% of the target. Primary home is now close to 1M but I can’t count it in the invested capital.

We have increased the FIRE target in light of the inflation concerns. The invested capital is about 64% of the target. I think we can still pull it off in 2024 but may delay to 2025.

 

[AlabaMalaysia]

New to these forums hello all. Me and my wife are targeting 2024 to FIRE. Currently I am 37 and she is 34 yo with stable well paying jobs in a low cost of living city.

Current target we are wanting to hit is $1.4M with a paid off house with all renovations/updates done by then is the goal.

Portfolio is at $1.2M currently pretty much all stock index funds (I will post account breakdown in another post sometime) with a paid off house in Malaysia and $90k remaining mortgage on house in USA.

We save around $120k per year with expenses around $34k. Wife is an accountant so she has kept records of every single dollar spent since we have been married so we know exactly our expenses and where they go to which is pretty nice.

Goal is a 3.25% SWR early on for the first decade.

Wondering some people's opinions on where we stand and if I should increase some holdings into bonds these next two years. I will breakdown my portfolio more in another post later.

 

[brokrken]

New to these forums hello all. Me and my wife are targeting 2024 to FIRE. Currently I am 37 and she is 34 yo with stable well paying jobs in a low cost of living city.

Current target we are wanting to hit is $1.4M with a paid off house with all renovations/updates done by then is the goal.

Portfolio is at $1.2M currently pretty much all stock index funds (I will post account breakdown in another post sometime) with a paid off house in Malaysia and $90k remaining mortgage on house in USA.

We save around $120k per year with expenses around $34k. Wife is an accountant so she has kept records of every single dollar spent since we have been married so we know exactly our expenses and where they go to which is pretty nice.

Goal is a 3.25% SWR early on for the first decade.

Wondering some people's opinions on where we stand and if I should increase some holdings into bonds these next two years. I will breakdown my portfolio more in another post later.

Welcome and congrats on a nice nst egg at such a young age. My only challenge would be that you will be looking at possible a 50 year + retirement. That is a long time and alot can happen in that time that could cause your expenses to increase. I would not feel comfortable retiring that young with $1.4M, but that's just me. Have you considered healthcare costs, costs of kids if you plan to have them, or taxes. Is all of the $1.4M in taxable accounts or in retirement accounts?

 

[AlabaMalaysia]

Hi brokrken thank you for the response which is the reason I joined here to get some critical feedback and outside opinions being two years out of our planned FIRE dates.

For a long retirement, quite a lot of work has been put into the math on withdraw rates under various inflation, CAPE, and market conditions as I have seen it. Here is a paper that I have leaned on for our math to see if it works = https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2920322

Seems like a 3% or even less withdraw rate for 60 years works quite well even with high CAPE valuations like today. If you see anything concerning in the data let me know or things to think about.

For healthcare, thanks to Obamacare and what we plan to spend for the first decade when looking at the costs it seems like we easily can afford it unless I am missing something when I see the costs of silver and gold plans and the out of pocket maxes for Alabama at $45k or under MAGI rates. Also, we have a house in Malaysia and my wife's whole side of the family there where healthcare is super cheap if I want to buy it and for her it is free and from my experience the service is far superior to America's health system circus. Children we do not want that we have been married 10 years and my wife has zero desire as do I if that was to change I know many people that have kids with far less money than us doing well and happy in life.

We will have around $390K in ROTH contributions, $150k in taxable, and $860,000 in our traditional IRAs after rollovers with two homes in two countries owned no debts. Idea was to live off the ROTH contributions while converting the pre-tax savings to ROTH staying in a very low tax bracket while converting all the amount over xx years. We paid low tax while we have been in our working years fully utilizing the traditional 401k max contribution deductions and when converting we will manipulate our income to low tax bracket by living off tax free ROTH contributions during the conversion years. Basically detailed here = https://www.madfientist.com/how-to-access-retirement-funds-early/

When I used to be more nervous about the math and the what ifs of a unknown future my wife always said well in 10 years if stuff has happened and the projections change for the next 10 or 20 years we could go back to work and be like everyone else for a few years until the math is back in our favor. Every calculator and scenario I have seen says 60 years with $1.4M with our withdraw rate in our situation works unless I have read it wrong. Also, I did not include it but my mother has assets over $5M with several land plots that me and my sister will get evenly eventually. I do not factor this in to our FIRE plan as I plan to use that money when I am older to give back to others in need and be involved in some causes important to me, but I will receive one day a not so trivial inheritance.

 

[NgineER]

Hi Alaba - nice work so far!

It looks like you have thought a lot about this. One thing you should consider is looking at the survivability over 30-40 years since that would include some of the worst periods in the US history at least. Calculating over a 60 year timeframe might exclude some of those worst case scenarios in the calculators.