Poll: SIRE vs FIRE at ER.org

[Fedup]

Nope.

Looked further back and found the earlier poll and it’s precursor from 2010. That poll excluded Soc Sec. And that poll showed pension/annuity was the primary source of income. Along with Soc Sec which most everyone has, I thought it was very safe to assume that SIRE was a majority here.

Today’s poll strongly suggests otherwise - not sure how that could be despite 8 years.

http://www.early-retirement.org/forums/f28/poll-primary-retirement-income-source-53502-2.html

http://www.early-retirement.org/forums/f28/pre-poll-retirement-income-53495.html

I’m thinking in 2010, we just came off the low for the stock market, only people with pension and possibly retiree health insurance would make the jump. Now after a long bull market, more money and with ACA, more people will be FIREd, not SIREd.

 

[Teacher Terry]

We are sire with our pensions being 2/3rds of our income. The other third is my part time work.

 

[Nature Lover]

Late to this one, but I voted FIRE. Most of my income over my (hopefully long) retirement will come from FIRE assets. This is large part because my SIRE income covers my basic living expenses...so my portfolio continues to grow.

If the poll had been "what funds your current expenses?" I would have voted SIRE, as it covers all of my current living expenses - including taxes.

 

[racy]

Why do you call your RMD "income?" ...Do you call it income because you have to show it as income (in order to calculate the tax) when you file your fed taxes?...

Yes, sir.
"Note that the amounts you withdraw typically count as taxable income unless you already paid taxes on your contributions." - finra.org
https://www.finra.org/investors/alerts/rmd-common-questions-ira-accounts

 

[iloveyoga]

We are pretty close to 50/50.

 

[H2ODude]

Pretty close to 50-50 but if I had to give up the investments or SS (not fully taking yet) and non-cola'd pension, I'd give up the investments. Well, not sure about that really. If I did that there'd be a pretty hefty loss to kids if we checked out any time before late eighties. We spend far less that we could, could lose any of the three and live quite well but the investments by themselves are the biggest income generator. They are just a bit less predictable.

 

[albireo13]

what is SIRE?

 

[sheehs1]

Over 50% FIRE since I have not started SSN and do not have a pension. Business income from a K1 and Board Fees (part time work) more than support my needs and to date have allowed me to continue to save and/or not draw down my investments yet for yearly living expenses. Although this could change going forward. When it changes, depending how much the K1 is reduced, I will be part SIRE at that point drawing SSN and possibly a draw from investments.

But I did draw from investments to purchase a condo last year, furnish it, did some renovations and purchased a new car this year for cash. I do not like paying interest-although had the tax law not changed to no longer allow interest deductions from a HELOC I would have!

 

[RobbieB]

What is a pension?

 

[youbet]

"Note that the amounts you withdraw typically count as taxable income unless you already paid taxes on your contributions." - finra.org
https://www.finra.org/investors/alerts/rmd-common-questions-ira-accounts

Yeah, I understand. For fed income tax purposes, RMD's are called "taxable income" as you say. But since my net worth decreases as a result of taking my annual RMD, I think of it as an expense. Each year my RMD "taxable income" causes me to have less money than I had before the RMD.

 

[Just_Steve]

What is a pension?

It's a reward for a job well done. 3 more days until payday, Woo Hoo.

 

[DrRoy]

Pension and inheritance are about 45%. SS 10-12 years off.

 

[Amethyst]

For us, it's a paycheck for not working. We did pay into it, though - 7% off the top.

What is a pension?

 

[daylatedollarshort]

Pension and SS deposits are way cool. They are like getting regular pay checks without the having to work for a living part.

 

[scrabbler1]

Pension and SS deposits are way cool. They are like getting regular pay checks without the having to work for a living part.

For those of us not old enough to collect those, the monthly and quarterly dividends I receive are also like paychecks without having to endure the crummy commute and the general work thing to get them.!

 

[Walt34]

What is a pension?

While pensions are on the endangered species list, especially ones with COLAs, they do still exist and I get one of those. Every month until both DW and I die my former employer deposits several thousand dollars in our checking account. All we have to do to get that money is maintain a pulse.

I think it's pretty cool.

 

[RobbieB]

Yeah, Pops had one too. He worked at one Co. from graduation to 65. I had 8 different companies.

I think the first Co I worked had a pension after 20 years but they laid me off, sold off my division and then went bankrupt.

 

[DEC-1982]

If I manage to wait till age 70 for SS, it will be a long time to get to "over 50% SIRE".

 

[deserat]

Hmm, I answered SIRE and yet, it will be a combination of both FIRE and SIRE and will depend on how much I want to spend any given year....

 

[kaudrey]

My original plan was FIRE; last year I was divorced, and was projecting about 30% of my retirement expenses (for when I was planning to retire at 57 in 8 years) to come from my pension, but the rest from my portfolio.


I got re-married this year, and my DH is 12 years older; he will get a quite large pension in 3 years and his SS will be the max level whenever he starts taking that. I now plan to retire at 52, living mostly on his income sources until my pension/SS kick in.

 

[Dtail]

My original plan was FIRE; last year I was divorced, and was projecting about 30% of my retirement expenses (for when I was planning to retire at 57 in 8 years) to come from my pension, but the rest from my portfolio.


I got re-married this year, and my DH is 12 years older; he will get a quite large pension in 3 years and his SS will be the max level whenever he starts taking that. I now plan to retire at 52, living mostly on his income sources until my pension/SS kick in.

That's the way to do it.

 

[meleana]

We don't fit into either one of these categories exclusively so I couldn't vote.



We definitely need SS, and money also will come from our portfolio/savings/IRA's/my Beneficiary IRA, hubby's 401k and my rollover IRAS, and my husbands' small pension lump sum. That's it.


Lord knows I hope I don't have to work part time.


We want to sell our home- which we love- (because it is in tax hell hole NY) but don't think we can afford another where we want to move-NH- because prices are so high for a really nice place and inventory is low- plus the moving expenses. Not sure what the heck we are going to do their without messing up our finances in this regard. Maybe rent something. I hate the whole thought of it.

 

[lem1955]

Well, it depends on whether I count income from a private REIT as SI or FI. What do YOU think? If SI, then I'll be SIRE at 70. For the next five years it's >50% FIRE.

 

[Gumby]

We are both SIRE and FIRE. We can more than cover our expenses from either our pensions and social security or from a 4% draw on our portfolio.

 

[JDARNELL]

We are both SIRE and FIRE. We can more than cover our expenses from either our pensions and social security or from a 4% draw on our portfolio.

We fall into this category also. It is more comfortable spending the SIRE money but I am not as fire if it’s as fun as spending FIRE money. Haven’t done that yet.