Awesome progress! I scanned the thread, but didn't see anything about your projected spend rate in retirement, what it covers, and what contingencies you have built in.
FWIW, I started with a FIRE goal of age 50, and $1M. In my OMY syndrome, I'm at 53.25, and $2.6M. As I've aged, I added a wife to the family at age 47, and now she wants a house, rather than a condo, and a dive boat. I want to do more travel. I also want more security. So, I've kept up the race...
Anyway, to me, $1.8M at age 46 seems a bit on the tight side, but that depends on your desired level of spending, and how risk-averse you are. You could see 54 years in retirement. How's your AA, and do you have a spending plan that considers taxes and health care?
Hi NHL Bill. Thanks for the encouragement. Seems like you're doing quite well. Congrats. First off, I'm not really planning for a 54 year retirement, as it's extremely doubtful that I'll live to 100 (nor do I want to).
As for my expenses/spend rate, I have budgeted:
-35,000 a year for "necessary" expenses including: utilities, cable, marina (for my jet ski), condo maintenance fees, ACA healthcare, car insurance, jet ski insurance , home insurance and property taxes.
-43,000 a year (or approx. 3,500 a month) for "fun" expenses to live, eat, drink, travel and play, as well as for any unexpected expenses.
I'm planning for a 40 year retirement, taking me to age 86. According to Firecalc, I have a 100% chance of success if I spend 78K a year (which is the above scenario), which includes adding another 100K within the next year and receiving my estimated SS payment starting in 2035.
Another scenario allows me to spend 100K a year (35K a year on "necessary" expenses and 65K on "fun" expenses) with a 97.4% rate of success if/when I receive my share of an inheritance (probably about 500K) when my parents pass away at a ripe old age many moons from now (hopefully).
As for my AA, I'm mostly invested in stocks in (65% in a diversified mix of individual stocks, ETFs, some mutual funds, domestic and international 401K funds, etc.); 10% in a variable indexed equity annuity, 3% in PE lending fund, 2% in a REIT fund; 12% in CDs; and 8% in cash.
As for life events, I know these are impossible to properly plan for. My love life is fairly complicated. I have a GF, who knows what I plan to do and wants to get married. She would find a job w/ health insurance so that is a potentially a cost I can remove (although I have a friend who is currently going through a hellish divorce, so that is scaring me pretty good). And, the GF just
loves when I hang out and commiserate with him
Also, in all likelihood, I'm sure I will do some kind of work again, but it will be something I want to do and it will not be full-time. More like two days a week for a few hours (Tuesdays and Thursdays 11am - 2pm with an hour for lunch sounds about right)
. But, the bottom line is I
may work, but do not want to
have to work.
Anyway, that's the basic plan, but life can and surely will throw some curve balls. Does this seem doable or completely unrealistic?