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03-09-2017, 12:18 PM
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#61
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Recycles dryer sheets
Join Date: Mar 2014
Posts: 53
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I plan on taking a sabbatical March 20th 2020, for 12 months. Should have ~$500-600k invested by then.
I will go back to work, in a more limited capacity till I eventually retire with ~$1M in investments.
I will be 32 when the sabbatical happens. It's amazing what a 50-70% savings rate can do over a few short years.
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03-09-2017, 12:39 PM
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#62
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Thinks s/he gets paid by the post
Join Date: Nov 2016
Location: Richards
Posts: 1,245
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Looking today at investments 1.2 m Everything paid off . Social security around 3400. mo . for both of us . Plans call for us to live on between 5k and 6K per mo. Our biggest cost monthly will be medical . We will be meeting with our financial planner and accountant this month . We always get strong tips.
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03-10-2017, 06:49 AM
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#63
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,521
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Some great plans and that is also some of the excitement that goes along when that day comes.
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03-15-2017, 12:02 PM
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#64
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Recycles dryer sheets
Join Date: May 2010
Location: Cincinnati
Posts: 390
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No number I'm shooting for. I plan on retiring as soon as the mortgage is paid off. It's on the books for another 10 years, but I know I can pay it off sooner. Once that's done. I'll live off whatever investments I have.
Like has been said before, I don't know how much time I have, so I'm going by a date and not a number. Market returns can dictate that number, I know my age in 10 years.
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03-15-2017, 06:46 PM
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#65
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Thinks s/he gets paid by the post
Join Date: Nov 2013
Location: Twin Cities
Posts: 3,941
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Quote:
Originally Posted by 2Birds1Stone
I plan on taking a sabbatical March 20th 2020, for 12 months.
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+1. Fully Firing is too big of a decision for us to make now so DW and I plan to do a dress rehearsal and take a year off from work to slow travel around the world. The plan is to quit 4 years from now when some stars align at both of our workplaces, allowing us both to step away on good terms. We ought to have about $2 million by then if present trends continue and, even if not, we should have plenty to take a gap year that we are excited about. I'm not worried that I won't find w*rk in my field when we come back, if we come back :-).
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03-21-2017, 02:30 AM
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#66
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Recycles dryer sheets
Join Date: Jul 2012
Posts: 407
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I'm currently shooting for 1 Million € in investments, and a paid of home. At least that's the plan for now - I'm still more than a decade away from anything close to this. I could do with less, but I like round numbers. If I get close to FI and absolutely hate my job, I will re-assess.
__________________
I am willing to perform services in exchange for currency. For now.
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03-29-2017, 01:44 PM
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#67
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Dryer sheet wannabe
Join Date: Jan 2012
Posts: 15
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Our plan is 1.2 million and a paid off house and we're currently on track to accomplish ER by age 52/49 which is 9 years away.
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You Dreamers what is your number
04-01-2017, 07:58 PM
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#68
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Thinks s/he gets paid by the post
Join Date: May 2014
Posts: 1,867
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You Dreamers what is your number
I appreciate that setting a goal can be critical but I'm not so sure anymore. There was a time when I thought a million dollars was the bees knees. So if you follow the 4% rule that's $40k a year plus social security. So I'll assume that's another 2 grand a month so we are at 64k a year. Roughly 5 grand a month but what is your healthcare insurance going to cost? Could it be 2 grand? Or more? No one can say for sure. Retirement planning wasn't ever easy but I think given the HC situation we are in a particularly tuff time.
I think it is better to just save as much as you can, avoid the toys and live simply. That doesn't mean pb and j every night but it may mean you forgo the $4 dollar moka something or other. We didn't have a target but did adopt a LBYM lifestyle.
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04-02-2017, 06:35 AM
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#69
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Moderator
Join Date: Sep 2006
Posts: 4,065
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We too have been affected by the rising health insurance premiums and max out of pocket limits going up.
In the fall of 2016, when I looked at plans on the market place, the best I could do for premiums + max OOP was $19,680/yr.
I just looked at plans again...the one I looked at in the fall is no longer available; they apparently pulled out of our market. Now the best I can find is $23,032/yr.
We are at the point now of realizing we are going to have to take the leap and hope we don't hit the max OOP regularly and also hope rates stop their ridiculous climb. If we don't take that chance, we may never retire early due to the goal posts continually being moved out due to healthcare.
Our contingency plan is accepting the fact that healthcare costs may require us to go back to work.
We've decided we don't want to "go home with an idol in our pocket" (Survivor reference). Serious health scare in our life has made us more willing to take risks....I think...hopefully we will stop the "OMY due to health insurance unknown" issue next year.
__________________
simple girl
less stuff, more time
(55, married; Mr. Simple Girl, 59. FIRED 12/31/19!)
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04-02-2017, 06:49 AM
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#70
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,714
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Quote:
Originally Posted by simple girl
We too have been affected by the rising health insurance premiums and max out of pocket limits going up.
In the fall of 2016, when I looked at plans on the market place, the best I could do for premiums + max OOP was $19,680/yr.
I just looked at plans again...the one I looked at in the fall is no longer available; they apparently pulled out of our market. Now the best I can find is $23,032/yr.
We are at the point now of realizing we are going to have to take the leap and hope we don't hit the max OOP regularly and also hope rates stop their ridiculous climb. If we don't take that chance, we may never retire early due to the goal posts continually being moved out due to healthcare.
Our contingency plan is accepting the fact that healthcare costs may require us to go back to work.
We've decided we don't want to "go home with an idol in our pocket" (Survivor reference). Serious health scare in our life has made us more willing to take risks....I think...hopefully we will stop the "OMY due to health insurance unknown" issue next year.
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SG, I know exactly what you mean and share your frustration with costs. I remember looking at an 8% increase and thinking "whew, it could have been so much worse". That's crazy.
I have found that Medicare costs are much more stable, so hopefully you'll find a way to bridge 'til then.
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04-02-2017, 07:21 AM
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#71
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 9,072
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Quote:
Originally Posted by simple girl
We too have been affected by the rising health insurance premiums and max out of pocket limits going up.
In the fall of 2016, when I looked at plans on the market place, the best I could do for premiums + max OOP was $19,680/yr.
I just looked at plans again...the one I looked at in the fall is no longer available; they apparently pulled out of our market. Now the best I can find is $23,032/yr.
We are at the point now of realizing we are going to have to take the leap and hope we don't hit the max OOP regularly and also hope rates stop their ridiculous climb. If we don't take that chance, we may never retire early due to the goal posts continually being moved out due to healthcare.
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I have been rolling the dice for the last 10 years as I have a $10k deductible. So far so good(knock on wood). A little over 2 more years and I will be on medicare. Of course I factored OOP max's into the equation when deciding to retire, but certainly happy it hasn't become a reality to state the obvious.
__________________
Retired 3/31/2007@52
Investing style: Full time wuss.
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04-02-2017, 07:22 AM
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#72
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Moderator
Join Date: Sep 2006
Posts: 4,065
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Quote:
Originally Posted by MichaelB
SG, I know exactly what you mean and share your frustration with costs. I remember looking at an 8% increase and thinking "whew, it could have been so much worse". That's crazy.
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So true!!! It is so crazy. Impossible to model how much these costs may go up over the next 15 years (time I would be on regular healthcare market until Medicare). I use the Fidelity RIP tool, and they only allow for a 5.5% increase in healthcare costs...obviously it is only modeling for projected Medicare increases in costs.
I ended up creating a spreadsheet of my own for modeling marketplace costs (projecting a 13% increase yearly), so that I could fool the RIP tool into giving me a more realistic prediction of "FIREworthy readiness." Obviously that wasn't a high enough percentage. Yikes!
Quote:
Originally Posted by MichaelB
I have found that Medicare costs are much more stable, so hopefully you'll find a way to bridge 'til then.
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Agreed! We'll be ok, I believe, as long as we don't hit the maxOOP every year. Not likely, but possible. Have to roll the dice at some point. I can't justify hubby continuing to work full-time for the "what if". Seeing too many people our age or just 5 years older croak unexpectedly!
I guess at some point the risk of croaking unexpectedly feels greater than the risk of having to go back to work to cover healthcare expenses. I think we are mentally very close to accepting that risk. Not easy, though!
As hubby would say, it's a choice between "the prettiest turd in the bowl".
__________________
simple girl
less stuff, more time
(55, married; Mr. Simple Girl, 59. FIRED 12/31/19!)
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04-02-2017, 07:25 AM
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#73
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Moderator
Join Date: Sep 2006
Posts: 4,065
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Quote:
Originally Posted by Dawg52
I have been rolling the dice for the last 10 years as I have a $10k deductible. So far so good(knock on wood). A little over 2 more years and I will be on medicare. Of course I factored OOP max's into the equation when deciding to retire, but certainly happy it hasn't become a reality to state the obvious.
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For real! Hope we have the same good luck!
__________________
simple girl
less stuff, more time
(55, married; Mr. Simple Girl, 59. FIRED 12/31/19!)
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04-06-2017, 03:37 PM
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#74
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Dryer sheet wannabe
Join Date: May 2015
Posts: 14
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I retired 2 years ago at age 47 and DH is still working. Our number will be 1.5 million and our house is already paid off. Hoping to get DH retired as soon as humanly possible but it's a bit complicated with a family business.
We are Canadian so don't have to factor in health care other than prescriptions and out of province medical coverage when we travel. I'm continuously grateful for this.
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04-10-2017, 02:58 PM
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#75
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Dryer sheet aficionado
Join Date: Apr 2016
Location: Manhattan
Posts: 25
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Currently my number is around 600-800k in post tax assets. Reckon investing that portfolio in higy yielding dividend stocks should more than cover expenses for me. Will move abroad and be able to live cheaply and travel full time (no desire to come back to the USA full time) on $25-30k a year. First stop, to be a dive instructor in the Maldives and see what I feel like doing after that!
Also have a property in Manhattan that I will sublet out that should generate a few hundred a month. It will ultimately be my "safety net" in 25 years once the mortgage is paid as that thing will be worth at least $1.5m.
My friends think i'm a bit of a nutjob for my plan. Currently am 30 and made about $270k last year (salary+bonus). I've mostly given up the unnecessary high rolling NYC lifestyle and manage to save most of my money (~70% of salary, and the entire bonus goes straight to the brokerage).
If i retired the old fashioned American way at 65 and assume my income increases a modest 3%/yr (which is hugely underestimated in the world of finance), Personal Capital is saying I'll have some ridiculous number like $25m. Who the hell actually needs that kind of money is my question!
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04-21-2017, 09:39 AM
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#76
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Confused about dryer sheets
Join Date: Apr 2017
Posts: 7
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I am looking to reach $2m by 2032 at Age 40 to be FI. Current net worth $100k invested, $250k home equity, currently adding about $60k per year, no debt.
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04-21-2017, 04:15 PM
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#77
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Thinks s/he gets paid by the post
Join Date: Mar 2017
Posts: 1,659
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At one point, I thought it was $700K plus pension and Social Security. That now seems low, or at least too low to retire before 60.
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04-21-2017, 09:43 PM
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#78
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Thinks s/he gets paid by the post
Join Date: Apr 2012
Location: Nashville
Posts: 2,506
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Quote:
Originally Posted by Out of Steam
At one point, I thought it was $700K plus pension and Social Security. That now seems low, or at least too low to retire before 60.
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Depends upon the size of your pension and the amount of your desired spending.... (as well as whether the job with pension also provides access to health insurance).
__________________
OMY * 3 2ish Done 7.28.17
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04-21-2017, 10:52 PM
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#79
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Thinks s/he gets paid by the post
Join Date: Nov 2009
Location: SF East Bay
Posts: 4,342
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Quote:
Originally Posted by street
So what number are you working for so you can retire?
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When working, I didn't have a number. My only goal was to save as much as possible, without making myself nuts. Somehow, I figured, when I stopped working, I'd come up with a way to live on what I had amassed - and that's how it worked out. When I was laid off, I had the choice of working for, say, 10 or 15 more years and retiring comfortably, or finding a way to live on less, and hopefully never having to work again. I chose the latter, and it has worked for me so far.
__________________
Contentedly ER, with 3 furry friends (now, sadly, 1).
Planning my escape to the wide open spaces in my campervan (with my remaining kitty, of course!)
On a mission to become the world's second most boring man.
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04-22-2017, 07:55 AM
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#80
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Thinks s/he gets paid by the post
Join Date: Mar 2017
Posts: 1,659
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Quote:
Originally Posted by 2017ish
Depends upon the size of your pension and the amount of your desired spending.... (as well as whether the job with pension also provides access to health insurance).
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Pension is inflation adjusted, comes with health insurance, and would provide almost half our income at 62. What's giving me hesitation right now is the speed at which money is going out the door on a moderate house renovation.
Spending $70K on a bathroom, driveway, and a bunch of maintenance items is sobering.
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