Hit my number!

[meekie]

I joined in 2007 with about $300k in my accounts. This month we hit $3m in our retirement accounts, which is our FIRE number. I just turned 46, hubby is 49.

We started "coasting" a few years ago, I quit my job at megacorp, started a business, got a new megacorp job in a different field for a few years, then got laid off from that last June. Hubby worked until 3 years ago, and quit. Was casually looking for a job for a while, but he shouldn't need to go back now.

I found a seasonal position in the tax business, and I think I'll keep up with it for a few years as it's interesting, and during the time of year we wouldn't want to travel during anyway. It'll also pay for some house upgrades that aren't in our monthly budget.

Currently planning a west coast road trip for our first big retired vacation.

With work and rental income, our income is too high for ACA subsidies, so we're doing a lot of Roth conversions for last year and probably the next 2-3 years at least. Converting into the 24% bracket while it's here. Our 401k balances got very large, and our Roth's are not very large.

Thank you for all the great info and advice over the years! We couldn't of done it without you.

 

[kingfisher]

congratulations, this is amazing achievement. By the way, was your number always $3m or has that changed a few times along the way?

 

[Tiger8693]

Is this $3 million NW? $3 million in retirement accounts? Either way quite an achievement, just different. Congrats!

 

[disneysteve]

Congratulations! That's awesome and very exciting! Enjoy.

 

[Markola]

Wow!

 

[pacergal]

congratulations

 

[Yoheadden]

Congrats Meekie,
Great job on reaching your target number. That’s an impressive figure for anyone, let alone someone your ages.
Make sure to include a stop to Hearst Castle on your trip. Well worth the stop.

 

[Ronstar]

Congrats!

 

[Dtail]

Congrats.

 

[meekie]

Thanks all!
Our original number was 2 million when we first started out, but moved to 2.5 million pretty early. It did go up to 3m about 3 years ago when we were getting close to 2.5 and really looked at our current spending.

This is in retirement accounts. We have a lot of equity in our house since the market has doubled in 8 years but we consider it our forever home, and we have a rental house that I count as regular income, but we still have mortgages on both, which is counted in our monthly spend. We're doing a 4% draw, but once those mortgages are done in 22 years, we'll have a lot of extra money. We just need to worry about spending until that point.

 

[CindyBlue]

Congratulations! Woo Hoo!!

 

[Katiek]

Congratulations!!!

 

[flyingaway]

Thanks all!
Our original number was 2 million when we first started out, but moved to 2.5 million pretty early. It did go up to 3m about 3 years ago when we were getting close to 2.5 and really looked at our current spending.

This is in retirement accounts. We have a lot of equity in our house since the market has doubled in 8 years but we consider it our forever home, and we have a rental house that I count as regular income, but we still have mortgages on both, which is counted in our monthly spend. We're doing a 4% draw, but once those mortgages are done in 22 years, we'll have a lot of extra money. We just need to worry about spending until that point.

I guess it is the time to move the number to $3.5M.

 

[street]

Good for you! You should have plenty with SS down the road. Enjoy each day.

 

[Potterquilter]

Congratulations. When the mortgages are done you will also qualify for full social security, unless you opt to take it early. How are you planning to travel? We do the RV thing, but our friends do all kinds of things. Car road trips with Hampton inn types along the way. Renting houses. Cruises and soon.

The best thing is you can travel when people can’t due to jobs or kids school. Our favorites for touristy places or national parks are Sept/oct and March/April/May. But with good planning you can travel wherever and whenever post pandemic restrictions.

 

[seabourne]

Congratulations from someone else who joined around your time! Glad to see you hitting your goals!

 

[38Chevy454]

Congratulations and welcome to the retired club.

 

[meekie]

I thought about the RV thing, but it seemed pricey if we're just renting it for a month. I like comfortable hotels, and love shopping around so I'm usually able to find a nice Sheraton or similar most places I go. Our road trip will be a mix, and I'm even looking into some glamping spots in the national parks.
We usually do more international travel, but since we'll wait until the local population is vaccinated, it'll be a while till we get to Germany, Japan and Mexico. That's why I wouldn't really buy an RV either, since we do hope to go international again soon.

 

[swakyaby]

I guess it is the time to move the number to $3.5M.

[emoji81]

 

[24601NoMore]

With work and rental income, our income is too high for ACA subsidies..

Even at $100K (or higher) income, you should still benefit from ACA subsidies given the changes passed by Congress in one of the recent COVID relief bills - at least for 2021 and 2022. TBD if that will get extended into 2023 and beyond.

Your Roth conversions may put the numbers out of reach anyway, but the net is that you can receive subsidies for the difference between the cost of the 2nd lowest Silver plan in your market and 8.5% of your AGI..

For us, that worked out to over $6K a year, where we did not qualify for any subsidies previously (being over 4X FPL).