Hi everyone. I have been reading a lot of posts and information for this site recently and have found it incredibly helpful. So much good information here from all points along the path to Fire that its helped me formalize a plan where before I was doing well at LBYM but didn't have a firm goal in mind. Sharing my personal situation plan below so if anyone has any comment or feedback is certainly welcome. Glad to meet you all!
My personal situation:
Targeting 44K in constant spending through firecalc gives me 98-99% success rates depending on portfolio performance inputs. This should give me some cushion for added expenses like health coverage and a 10K annual discretionary budget (that will likely not get used every year). I can easily see me downshifting spending when markets are unfavorable and bumping up if desired in good times. Shooting for ~1.1M as an end goal before FIRE.
Thanks for taking the time to read I hope I haven't left anything important out?
My personal situation:
- 40 years old no kids single (actually 40 in a couple months)
- 200K in 401K: ~65% Domestic Stock, 17% Foreign Stock, 15% Bonds, 5% short term
- 10K in Roth IRA: currently 100% global stock (ARTRX)
- 14K in silver commodities (physical silver)
- ~10K in cash and HSA (Cash is probably a little on the low side, but tax return is upcoming and plan is to liquidate silver in any emergency situation)
- 175K home value with remaining mortgage 115K that is currently being rented. I relocated 2 years ago and rather than buy another I'm renting the original home and renting locally. Financially its close to a wash but there are some nice tax benefits to the rental. Plan to have this paid off in 12 years or before FIRE.
- My current annual costs are pretty low at 20-25K annually, but I have been pretty frugal with spending. I plan to sock away at least 25K annually into the Roth IRA and 401K and probably 2-3K more into a brokerage account.
Targeting 44K in constant spending through firecalc gives me 98-99% success rates depending on portfolio performance inputs. This should give me some cushion for added expenses like health coverage and a 10K annual discretionary budget (that will likely not get used every year). I can easily see me downshifting spending when markets are unfavorable and bumping up if desired in good times. Shooting for ~1.1M as an end goal before FIRE.
Thanks for taking the time to read I hope I haven't left anything important out?
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